漢佰 (HBI) 2024 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the HanesBrands first-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to T.C. Robillard, Vice President of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 HanesBrands 2024 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我想把會議交給 T.C.羅比拉德，投資人關係副總裁。請繼續。

Good day, everyone, and welcome to the HanesBrands’ quarterly investor conference call and webcast. We are pleased to be here today to provide an update on our progress after the first quarter of 2024. Hopefully, everyone has had a chance to review the news release we issued earlier today. The news release, updated FAQ document, and the replay of this call can be found in the Investors section of our hanes.com website.

大家好，歡迎參加 HanesBrands 季度投資者電話會議和網路廣播。我們很高興今天能夠在這裡提供 2024 年第一季之後我們的最新進展。希望每個人都有機會閱讀我們今天早些時候發布的新聞稿。新聞稿、更新的常見問題解答文件以及本次電話會議的重播可以在我們的hanes.com 網站的投資者部分找到。

On the call today, we may make forward-looking statements either in our prepared remarks on the associated question-and-answer session. These statements are based on current expectations or beliefs and are subject to certain risks and uncertainties that may cause actual results to differ materially. These risks include those related to current macroeconomic conditions, consumer demand dynamics, our ability to successfully execute our strategic initiatives, including our full-potential transformation plan, the Champion performance plan and our evaluation of strategic alternatives for our global Champion business, our ability to deleverage on the anticipated time frame and the inflationary environment.

在今天的電話會議上，我們可能會在相關問答環節準備好的評論中做出前瞻性陳述。這些陳述是基於目前的預期或信念，並受到某些風險和不確定性的影響，可能導致實際結果出現重大差異。這些風險包括與當前宏觀經濟狀況、消費者需求動態、我們成功執行策略舉措的能力相關的風險，包括我們的全部潛力轉型計劃、冠軍績效計劃和我們對全球冠軍業務戰略替代方案的評估、我們去槓桿化取決於預期的時間框架和通膨環境。

These risks also include those detailed in our various filings with the SEC, which may be found on our website as well as in our news releases. The company does not undertake to update or revise any forward-looking statements, which speak only to the time at which they are made. Unless otherwise noted, today’s references to our consolidated financial results and guidance exclude all restructuring and other action-related charges.

這些風險還包括我們向 SEC 提交的各種文件中詳細說明的風險，這些風險可以在我們的網站和新聞稿中找到。該公司不承諾更新或修改任何前瞻性陳述，這些陳述僅代表做出這些陳述的時間。除非另有說明，今天引用的我們的綜合財務表現和指導不包括所有重組和其他與行動相關的費用。

Additional information, including a reconciliation of these and other non-GAAP performance measures to GAAP can be found in today’s news release. With me on the call today are Steve Bratspies, our Chief Executive Officer; and Scott Lewis, our Chief Financial Officer. For today’s call, Steve and Scott will provide some brief remarks, and then we’ll open it up to your questions. I will now turn the call over to Steve.

更多信息，包括這些和其他非 GAAP 績效指標與 GAAP 的調節，可以在今天的新聞稿中找到。今天與我一起參加電話會議的是我們的執行長 Steve Bratspies；和我們的財務長斯科特劉易斯。在今天的電話會議中，史蒂夫和斯科特將提供一些簡短的評論，然後我們將回答您的問題。我現在將把電話轉給史蒂夫。

Thank you, T.C. Good morning, everyone, and welcome to our call. Hanesbrands delivered solid first-quarter results with sales at the midpoint of our outlook, better-than-expected operating profit, positive cash flow generation, and further reduction of our leverage. The year is unfolding as anticipated, and given our strong visibility to our operating profit and cash flow guidance, we reiterated our full-year outlook.

謝謝你，T.C.大家早上好，歡迎打電話給我們。Hanesbrands 第一季業績穩健，銷售額處於我們預期的中點，營業利潤好於預期，現金流量為正，槓桿率進一步降低。今年的情況正如預期的那樣發展，鑑於我們對營業利潤和現金流指引的強烈可見性，我們重申了我們的全年展望。

In addition, we further strengthened our market leadership position in innerwear. We continued our progress on Champion, and with a positive inflection in margins and our lower fixed-cost structure, we believe we’re well-positioned to accelerate earnings growth and further reduce debt, putting in place a flywheel for shareholder value creation over the next several years.

此外，我們進一步鞏固了內衣市場的領導地位。我們繼續在 Champion 方面取得進展，隨著利潤率的積極變化和較低的固定成本結構，我們相信我們已做好準備，加速盈利增長並進一步減少債務，為股東價值創造提供飛輪未來幾年。

Today’s call, I’ll briefly touch on our innerwear and Champion businesses. Then I’ll discuss the value creation opportunity we see ahead of us. Looking at our global innerwear business, as expected, apparel sales globally remain under pressure as stretched consumers limit their spending. However, despite the headwind, we focused on strengthening our market-leading innerwear businesses, and our strategy of consumer centricity is working as we gain share and outperform the market.

在今天的電話會議上，我將簡要地談談我們的內衣和 Champion 業務。然後我將討論我們所看到的價值創造機會。看看我們的全球內衣業務，正如預期的那樣，由於消費者限制支出，全球服裝銷售仍然面臨壓力。然而，儘管面臨逆風，我們仍專注於加強市場領先的內衣業務，隨著我們獲得份額並超越市場，我們以消費者為中心的策略正在發揮作用。

We’re launching new consumer-led innovation, including Maidenform M, Bonds Shape Of, and the second phase of our successful Hanes Originals platform called SuperSoft. With our robust product pipeline, we expect 2024 to be another record year of innovation.

我們正在推出以消費者為主導的新創新，包括 Maidenform M、Bonds Shape Of 以及我們成功的 Hanes Originals 平台的第二階段 SuperSoft。憑藉我們強大的產品線，我們預計 2024 年將是另一個創紀錄的創新年。

We’re increasing brand marketing investments to support our current and future innovation launches, build greater brand relevance with younger consumers, gain incremental shelf space and seasonal programming, and further solidify the leadership position of our brand portfolio. In parallel, we continue to improve our operating model, including better inventory management capabilities and skewed discipline, improved service and on-shelf availability as well as a lower fixed-cost structure.

我們正在增加品牌行銷投資，以支持我們當前和未來的創新發布，與年輕消費者建立更大的品牌相關性，獲得增量貨架空間和季節性節目，並進一步鞏固我們品牌組合的領導地位。同時，我們繼續改進我們的營運模式，包括更好的庫存管理能力和傾斜的紀律、改進的服務和貨架可用性以及更低的固定成本結構。

As a result of our strategic work over the last three years, our brands are healthier. Our product pipeline is full and is resonating with consumers. Our gross margin is back to historical levels.

由於我們過去三年的策略工作，我們的品牌更加健康。我們的產品管線很齊全，正在引起消費者的共鳴。我們的毛利率回到了歷史水準。

We’re investing more in marketing than we have in over a decade, and we’re seeing all of this reflected in our market share, particularly with younger consumers as we gained another 50 basis points of market share during the quarter across both men’s and women’s in the US. We’re widening the gap against our competitors, and we’re well-positioned for growth as the category returns to its historical trend of steady growth.

我們在行銷方面的投資比過去十年還要多，我們看到所有這些都反映在我們的市場份額上，特別是在年輕消費者中，因為我們在本季度在兩個領域的市場份額又增加了50 個基點美國的男性和女性。我們正在擴大與競爭對手的差距，隨著該類別恢復到穩定成長的歷史趨勢，我們已經做好了成長的準備。

Turning to Champion, we’re aggressively implementing our performance-enhancement plan designed to strengthen the brand and position Champion for long-term profitable growth. We also continued our focus on building brand heat, particularly with younger consumers, including strategic collaborations as well as targeted new product offerings in key channels.

至於 Champion，我們正在積極實施績效提升計劃，旨在強化品牌並定位 Champion，以實現長期獲利成長。我們也持續致力於建立品牌熱度，特別是針對年輕消費者，包括策略合作以及在關鍵管道提供有針對性的新產品。

We moved our kids’ business to a license model, which is part of our strategic plan to optimize the portfolio. And as we highlighted last quarter, we’re increasing marketing investments to build on the momentum of our Champion What Moves You campaign ahead of our new fall-winter product offering.

我們將兒童業務轉為授權模式，這是我們優化產品組合策略計畫的一部分。正如我們上季度所強調的那樣，我們正在增加行銷投資，以在我們推出新的秋冬產品之前鞏固我們的 Champion What Moves You 活動的勢頭。

It’s early, but we’ve seen some initial green shoots that our marketplace segmentation strategy is working. As we’ve previously stated, it will take time for our strategic actions to fully translate to the P&L.

現在還為時過早，但我們已經看到了一些初步的萌芽，我們的市場區隔策略正在發揮作用。正如我們之前所說，我們的策略行動完全轉化為損益表需要時間。

Global Champion sales in the first quarter decreased 25% on a constant currency basis. During the quarter, we began the planned strategic move of our kids’ business to a license model. This move accounted for approximately 500 basis points of the decline.

以固定匯率計算，全球冠軍第一季銷售額下降了 25%。在本季度，我們開始計劃將兒童業務轉向許可模式。這項舉措導致了大約 500 個基點的下跌。

Normalizing for this, we saw a sequential improvement in Champion’s year-over-year trends. We expect the sales decline to continue to moderate in the second quarter. And we continue to expect Champion sales to trough in the first half as we move past our channel cleanup actions, our collegiate business returns to its normal seasonal cadence, and we build on our momentum in Asia.

將此正常化後，我們看到 Champion 的同比趨勢持續改善。我們預計第二季銷售額下降將繼續放緩。我們繼續預計，隨著我們完成通路清理行動、我們的大學業務恢復到正常的季節性節奏以及我們在亞洲的發展勢頭，Champion 的銷售將在上半年觸底。

With respect to our review of strategic alternatives for the Global Champion business, the process is progressing as expected. We continue to evaluate the right path forward, as we’ve seen strong interest from our broad and diverse group of global parties. And while there’s nothing specific to add at this time, we remain committed to updating you as appropriate when there’s news to share.

關於我們對全球冠軍業務策略替代方案的審查，該過程正在按預期進行。我們將繼續評估正確的前進道路，因為我們看到了廣泛而多元化的全球各方的強烈興趣。雖然目前沒有任何具體內容需要補充，但我們仍致力於在有消息要分享時酌情向您提供最新消息。

Now I’d like to turn to the significant value creation opportunity we see over the next several years. The underlying financial model of this company has always been strong, with healthy margins and consistent cash generation. While inflation, market disruption, and the challenging consumer demand environment have masked this for some time, this strength is once again visible. And over the past three years, we’ve taken necessary actions across the business to further enhance our operating and financial models.

現在我想談談我們在未來幾年看到的重大價值創造機會。該公司的基本財務模式一直很強勁，具有良好的利潤率和持續的現金產生能力。儘管通貨膨脹、市場混亂和充滿挑戰的消費者需求環境掩蓋了這一點一段時間，但這種優勢再次顯現出來。在過去的三年裡，我們在整個企業範圍內採取了必要的行動，以進一步增強我們的營運和財務模式。

We’ve built new capabilities around brand building, data analytics as well as inventory management and SKU discipline. We’ve added talent. We’ve streamlined our supply chain and extended our advantages. And we’ve taken out more than $200 million of fixed costs, nearly half of which were in SG&A.

我們圍繞著品牌建立、數據分析以及庫存管理和 SKU 規則建立了新的功能。我們增加了人才。我們簡化了供應鏈並擴大了我們的優勢。我們已經扣除了超過 2 億美元的固定成本，其中近一半用於銷售管理費用。

With our leading brand positions, lower fixed cost structure, reestablished gross margin, consistent cash generation, and a commitment to reduce debt, we’ve created a flywheel for shareholder value creation, one that we believe positions us over the next several years to accelerate earnings growth, drive faster de-leverage of our balance sheet as well as free up incremental capital to invest in growth initiatives.

憑藉我們領先的品牌地位、較低的固定成本結構、重建的毛利率、持續的現金產生以及減少債務的承諾，我們已經為股東價值創造創造了飛輪，我們相信這將使我們在未來幾年能夠實現加速獲利成長，推動資產負債表更快去槓桿化，並釋放增量資本投資於成長計畫。

As I close, I’d like to take a moment and thank the entire Hanesbrands team. Your dedication, teamwork, and commitment to our transformation journey is beginning to show in our results. We delivered a solid first quarter in a difficult consumer and apparel market.

在結束時，我想花一點時間感謝整個 Hanesbrands 團隊。您對我們轉型之旅的奉獻、團隊合作和承諾已開始在我們的成果中得到體現。我們在困難的消費者和服裝市場中實現了穩健的第一季業績。

We have strong visibility to achieving our outlook for the year. We’ve strengthened the long-term operating and financial models of the company, and we believe we’re well positioned to unlock shareholder value over the next several years. And with that, I’ll turn the call over to Scott.

我們對實現今年的前景有很強的預見性。我們已經加強了公司的長期營運和財務模式，我們相信我們有能力在未來幾年釋放股東價值。然後，我會將電話轉給斯科特。

Thanks, Steve. At a high level, we delivered solid first quarter results as we’ve met or exceeded guidance across all of our key metrics. And as I look at our results, I’m reminded of where we were a year ago and the progress we’ve made delivering on the core financial objectives we laid out.

謝謝，史蒂夫。在高水準上，我們交付了堅實的第一季業績，因為我們所有關鍵指標都達到或超過了指導。當我看到我們的表現時，我想起一年前我們的處境以及我們在實現我們所設定的核心財務目標方面所取得的進展。

Gross margins are back to historical levels. We’re taking costs out of the business. We’re generating consistent cash flow, and we’re paying down debt and reducing leverage.

毛利率回到歷史水準。我們正在降低業務成本。我們正在產生穩定的現金流，我們正在償還債務並降低槓桿。

We’re also continuing to strengthen our operating model. We’re increasing brand investment. We’re rolling out even greater levels of product innovation, all of which is expected to generate strong earnings growth this year as well as position us for more consistent top and bottom line growth over time.

我們也繼續加強我們的營運模式。我們正在增加品牌投資。我們正在推出更高水準的產品創新，所有這些創新預計將在今年帶來強勁的獲利成長，並使我們能夠隨著時間的推移實現更穩定的營收和利潤成長。

For today’s call, I’ll touch on the highlights from the quarter, our improved financial position, and then I’ll provide some thoughts on our outlook. For additional details on the quarter’s results and our guidance, I’ll port you to our news release and FAQ document.

在今天的電話會議中，我將談論本季度的亮點、我們改善的財務狀況，然後我將提供一些關於我們前景的想法。有關本季度業績和我們的指導的更多詳細信息，我會將您轉至我們的新聞稿和常見問題解答文件。

Looking at the details of the quarter, net sales of $1.16 billion was at the midpoint of our guidance range. This represents a decrease of $233 million or nearly 17% versus prior year. Of this decrease, approximately $15 million was from FX, $20 million was from the US hosiery divestiture last year, and $65 million was from discrete timing related items within the activewear segment that we discussed on last quarter’s call.

從本季的詳細資料來看，淨銷售額為 11.6 億美元，處於我們指引範圍的中點。這意味著比去年減少了 2.33 億美元，即近 17%。其中，約 1500 萬美元來自外匯，2000 萬美元來自去年的美國襪業剝離，6500 萬美元來自我們在上季度電話會議上討論的運動服細分市場中離散計時相關項目。

These include the strategic shift of the Champion kids business to a license model, accelerated orders from customers ahead of our SAP implementation, and shipment timing within our collegiate business, all of which benefited last year’s first quarter. Adjusting for these, the comparable sales base of our business decreased approximately 10% year over year in the first quarter.

其中包括 Champion 兒童業務向許可模式的策略轉變、在 SAP 實施之前加速客戶訂單以及我們大學業務內的發貨時間，所有這些都使去年第一季受益。調整後，第一季我們業務的可比銷售基礎年減約 10%。

Looking at sales by segment within US innerwear, as expected, the category remained challenging in the quarter. Sales decreased 8% as compared to prior year. This was roughly 200 basis points below our outlook, driven by a higher than anticipated level of inventory management actions by select retailers. However, we are seeing that our strategy is working. We are winning in the marketplace. Our point of sale trends outperformed the market as we gained another 50 basis points of share in the quarter.

從美國內衣細分市場的銷售來看，正如預期的那樣，該類別在本季仍然充滿挑戰。銷售額較前一年下降 8%。由於特定零售商的庫存管理行動水準高於預期，這比我們的預期低了約 200 個基點。然而，我們看到我們的策略正在發揮作用。我們正在市場上獲勝。我們的銷售點趨勢優於市場，本季我們的市佔率又增加了 50 個基點。

In our US activewear business, sales decreased approximately 31% or $97 million as compared to prior year, which was in line with our outlook. Approximately $65 million, or two-thirds of the decline, was driven by the previously mentioned timing related items in the prior year quarter.

在我們的美國運動服業務中，銷售額比前一年下降了約 31%，即 9,700 萬美元，這與我們的預期相符。大約 6500 萬美元（即下降的三分之二）是由之前提到的上一季的時間相關項目造成的。

Adjusting for this, activewear sales decreased nearly 14%, which represents a sequential improvement in the underlying year-over-year trends in both the Champion brand and the activewear segment. And in our international business, constant currency sales decreased 9% compared to last year, which was in line with our outlook.

對此進行調整後，運動服銷售額下降了近 14%，顯示 Champion 品牌和運動服領域的基本同比趨勢均有所改善。在我們的國際業務中，以固定匯率計算銷售額與去年相比下降了 9%，這與我們的預期相符。

For the quarter, growth in Latin America, Japan, and China were more than offset by decreases in Europe and Australia as macroeconomic headwinds continue to impact demand in these regions. According to margins, gross margin of 39.9% was strong, coming in 140 basis points above our outlook.

本季度，拉丁美洲、日本和中國的成長被歐洲和澳洲的下降所抵消，因為宏觀經濟逆風繼續影響這些地區的需求。從利潤率來看，毛利率高達 39.9%，較我們的預期高出 140 個基點。

As compared to last year, gross margin increased 720 basis points, driven primarily by the benefits from lower input costs, cost savings initiatives as well as the impact from business mix. With respect to SG&A, we decreased expenses $13 million as compared to last year, in line with our outlook. The lower expense was driven primarily by the benefits from cost savings initiatives and disciplined expense management.

與去年相比，毛利率成長了 720 個基點，主要得益於投入成本降低、成本節約措施以及業務組合的影響。在 SG&A 方面，與去年相比，我們減少了 1300 萬美元的支出，這與我們的預期一致。費用降低主要是因為成本節約措施和嚴格的費用管理所帶來的好處。

These savings helped fund a 50% increase in brand marketing investments, which was focused on our US innerwear and global Champion businesses in the quarter. This resulted in an operating margin of 7.3% for the quarter, an increase of 270 basis points over last year and ahead of our expectation, driven by the strong gross margin performance.

這些節省的資金幫助品牌行銷投資增加了 50%，該投資主要集中在我們本季的美國內衣和全球冠軍業務。在強勁的毛利率表現的推動下，本季營業利潤率為 7.3%，比去年增長 270 個基點，超出了我們的預期。

Looking at the remainder of the P&L, interest and other expenses were $76 million. Tax expense was $15 million, and earnings per share for the quarter was a loss of $0.02, which was ahead of our outlook.

從損益表的其餘部分來看，利息和其他費用為 7,600 萬美元。稅金為 1500 萬美元，該季度每股收益虧損 0.02 美元，超出了我們的預期。

Turning to cash flow and the balance sheet, we continue to strengthen our balance sheet and our financial flexibility in the quarter. We generated cash flow from operations of $26 million. This was driven by better than expected profit performance and disciplined working capital management.

談到現金流和資產負債表，我們在本季繼續加強資產負債表和財務靈活性。我們的營運產生了 2600 萬美元的現金流。這是由好於預期的利潤表現和嚴格的營運資本管理所推動的。

Leverage at the end of the quarter was five times on a net debt to adjusted EBITDA basis, which was nearly a half a turn lower than last year. The improvement in our leverage was driven by lower debt, reflected in the $500 million of debt we paid down last year. All of this has led to a strong liquidity position of more than $1.2 billion at the end of the first quarter.

以淨負債與調整後 EBITDA 計算，本季末的槓桿率為五倍，比去年低近半圈。我們槓桿率的改善是由債務減少所推動的，這反映在我們去年償還的 5 億美元債務上。所有這些導致第一季末流動性頭寸超過 12 億美元。

And now, turning to guidance. All of my comments were referred to adjusted results and will be based on the midpoint of our guidance ranges. We reiterated our full-year guidance for sales, operating profit, earnings per share, and operating cash flow.

現在，轉向指導。我的所有評論均涉及調整後的結果，並將基於我們指導範圍的中點。我們重申了對銷售、營業利潤、每股收益和營業現金流的全年指引。

Our view for the year is unchanged since our previous call. As a reminder, we highlighted that we expect the macro consumer environment to remain challenging for our categories in 2024, with progression in the year-over-year sales trends as we move through the year.

自從上次電話會議以來，我們對今年的看法沒有改變。提醒一下，我們強調，我們預計 2024 年宏觀消費環境對我們的品類仍將充滿挑戰，隨著全年銷售趨勢的進展，我們的產品類別將繼續面臨挑戰。

We continue to remain highly confident in our operating profit guide, which implies 26% growth over the last year, as we believe we have appropriately de-risked in this uncertain consumer environment. Our confidence in delivering $500 million to $520 million of operating profit is based on our visibility to input costs on our balance sheet for the rest of the year and our proven cost savings programs that continue to exceed our expectations.

我們繼續對我們的營業利潤指南保持高度信心，這意味著比去年增長 26%，因為我們相信我們在這種不確定的消費環境中已經適當地降低了風險。我們有信心實現 5 億至 5.2 億美元的營業利潤，這是基於我們對今年剩餘時間資產負債表上投入成本的了解，以及我們行之有效的成本節約計劃繼續超出我們的預期。

With respect to our second quarter outlook, we expect net sales on a reported basis to decrease approximately 6% as compared to last year. Adjusting for the impact from the US hosiery divestiture and FX headwinds, organic constant currency sales are expected to decrease approximately 3%.

就我們第二季的前景而言，我們預計報告的淨銷售額將比去年下降約 6%。在調整美國襪業剝離和外匯逆風的影響後，固定貨幣銷售額預計將下降約 3%。

That said, we expect second-quarter operating profit to increase approximately 40% over prior year and operating margin to expand nearly 300 basis points to 9%, driven by the benefits from lower input costs and our cost savings initiatives. And given the lower debt balances, we expect interest expense to decrease year over year, resulting in earnings per share of $0.09 as compared to a loss of $0.01 last year.

也就是說，我們預計第二季營業利潤將比去年同期成長約 40%，營業利潤率將擴大近 300 個基點至 9%，這得益於較低的投入成本和我們的成本節約措施。鑑於債務餘額較低，我們預計利息支出將同比減少，每股收益為 0.09 美元，而去年為虧損 0.01 美元。

So in closing, the year has unfolded as anticipated. We have confidence and visibility in our full-year outlook. We’re paying down debt and lowering interest expense. And we’re increasing investments to drive growth. This has created a multi-year flywheel to generate meaningfully higher earnings and significantly reduce debt, which we believe will drive strong shareholder returns over the next several years. And with that, I’ll turn the call over to TC.

總而言之，這一年的發展正如預期的那樣。我們對全年展望充滿信心和預見性。我們正在償還債務並降低利息支出。我們正在增加投資以推動成長。這創造了一個多年飛輪，可以產生有意義的更高收益並顯著減少債務，我們相信這將在未來幾年推動強勁的股東回報。然後，我會將電話轉給 TC。

Thanks, Scott. That concludes our prepared remarks. We’ll now begin taking your questions, and we’ll continue as time allows. I’ll turn the call back over to the operator to begin the question-and-answer session. Operator?

謝謝，斯科特。我們準備好的演講到此結束。我們現在開始回答您的問題，並在時間允許的情況下繼續。我會將電話轉回接線生開始問答環節。操作員？

(Operator Instructions) Jay Sole, UBS.

（操作員說明）Jay Sole，UBS。

Great. Thank you so much. Steve, you touched on this in your prepared remarks a little bit, but can you just elaborate on the visibility you feel like you have into the company’s profit recovery? And maybe just touch on the long-term earnings algorithm with margins coming back. How do you see it? If you could give us a little bit more color there, that’d be great. Thank you.

偉大的。太感謝了。史蒂夫，您在準備好的發言中稍微提到了這一點，但是您能否詳細說明一下您對公司利潤復甦的看法？也許只是觸及利潤率回歸的長期獲利演算法。你怎麼看？如果您能給我們多一點色彩，那就太好了。謝謝。

Thanks, Jay. I think when you think about profit, as we’ve stated in remarks, we are highly confident in the operating profit guide that we have here. And we continue to expect that year-for-year improvement each quarter in both gross and operating margins.

謝謝，傑伊。我認為，當你考慮利潤時，正如我們在評論中所說，我們對我們這裡的營業利潤指南非常有信心。我們繼續預計每季的毛利率和營業利潤率都會比去年同期改善。

The macro consumer environment is going to remain challenging for us, and we think we factored that inappropriately. But when we look at the input to the visibility costs that we have on the balance sheet through the remainder of the year, the cost savings programs that we have in place, which continue to over deliver. so I thank the team for the hard work that they’re doing there.

宏觀消費環境對我們來說仍然充滿挑戰，我們認為我們不恰當地考慮了這一點。但是，當我們查看今年剩餘時間內資產負債表上可見性成本的投入時，我們實施的成本節約計劃繼續超額交付。因此，我感謝團隊在那裡所做的辛勤工作。

We’re really confident that we’ve got the $500 million to $520 million guide covered. And we think we see risks appropriately. We haven’t put all the cost savings in. So despite a challenging sales environment, we feel pretty good about where we are and where we can take it going forward.

我們非常有信心我們已經完成了 5 億至 5.2 億美元的指南。我們認為我們正確地看待風險。我們還沒有將所有節省的成本投入其中。因此，儘管銷售環境充滿挑戰，但我們對自己的現狀以及未來的發展方向感到非常滿意。

Got it. Okay. Thank you so much.

知道了。好的。太感謝了。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hi, everyone. This is Brian Chin on for Paul. Just wanted to dig on the gross margin reported for the quarter above expectations. I guess, what are you expecting for the rest of the year? Why wouldn’t you be able to achieve a similar rate in the back half? What are some of the puts and takes there?

大家好。我是保羅布萊恩欽 (Brian Chin)。只是想了解該季度報告的毛利率是否高於預期。我想，你對今年剩下的時間有什麼期待？為什麼你不能在後半段達到類似的速度？那裡有哪些看跌期權和看跌期權？

Thanks, Brian. Well, I’ll start and Scott, you can come in. I think we are very confident our gross margin for the rest of the year. And while there’s business mix changes that happen throughout the year, when you think about some of the key components, whether its cotton, whether it’s distribution, we have really good visibility to that. And it’s already on the balance sheet.

謝謝，布萊恩。好吧，我開始了，史考特，你可以進來了。我認為我們對今年剩餘時間的毛利率非常有信心。儘管業務組合全年都會發生變化，但當你考慮到一些關鍵組成部分時，無論是棉花還是分銷，我們都對此有很好的了解。它已經出現在資產負債表上。

So we know what’s going to roll off throughout the year. So obviously, we had a really strong first quarter at 39.9% and are really pleased with where that is. We feel really good about where we’ve been. We think our guide is actually relatively conservative overall, but a lot of confidence that we can get there based on what we know about our business already.

所以我們知道全年會發生什麼事。顯然，我們第一季的表現非常強勁，達到 39.9%，我們對此感到非常滿意。我們對自己所處的位置感覺非常好。我們認為我們的指南實際上總體上相對保守，但基於我們對業務的了解，我們對實現這一目標充滿信心。

Okay. And just to add a little bit of color to the first quarter, rightly, like Steve said, a great start to the year. The next point and something I think you probably recall this, on the first quarter, we had a heavier mix of sales in our international business, which has a higher concentration of retail. And so that has a higher gross margin rate but also a higher SG&A rate.

好的。只是為了給第一季增添一點色彩，正如史蒂夫所說，這是今年的一個好開始。下一點，我想你可能還記得這一點，在第一季度，我們的國際業務的銷售組合更加豐富，零售業務的集中度更高。因此，它的毛利率較高，但銷售管理費用率也較高。

So we saw that in the first quarter. That’s a normal seasonal trend that you see in the first quarter and over the course of the year. And like Steve said, rest of the year, we have great visibility to the input cost. And as you think about my modeling perspective, for the second quarter, I would guide you to 38.5% to 39% gross margin rate.

所以我們在第一季就看到了這一點。這是第一季和全年中看到的正常季節性趨勢。正如史蒂夫所說，在今年剩下的時間裡，我們對投入成本有很大的了解。當你考慮我的建模觀點時，我會引導你第二季的毛利率為 38.5% 至 39%。

And then as you think about the rest of the year and the full year, I would continue to use that 38.5% to 39% rate for gross margin. And great visibility. We have the cost identified. We know it’s going to roll off. We have cost savings that have been in place. Again, we de-risk that profit guide. So it gives us a lot of confidence that we know we can deliver that profit number.

然後，當你考慮今年剩餘時間和全年時，我將繼續使用 38.5% 至 39% 的毛利率。而且能見度很高。我們已經確定了成本。我們知道它將會成功。我們已經節省了成本。再次，我們降低了利潤指南的風險。因此，這給了我們很大的信心，我們知道我們可以實現這個利潤數字。

Got it. And just to clarify, you're not seeing any pricing pressure to pass through some of those cost savings?

知道了。澄清一下，您沒有看到任何定價壓力來透過其中一些成本節省？

So we lost the last part of your question. Could you say it again?

所以我們丟失了你問題的最後一部分。你能再說一次嗎？

Sure. Yeah. And just to clarify, you’re not seeing any pricing pressure to pass through some of the savings you’re receiving on cotton?

當然。是的。澄清一下，您沒有看到任何價格壓力來轉嫁您在棉花上獲得的一些節省嗎？

On cotton? No, we actually think we’re in a really good position. And we have really good visibility. Cotton, all the way through this year. We know where we’re going to be. So if there’s any movement, it’s not going to be anything this year that we incur at all.

棉質的？不，我們實際上認為我們處於一個非常有利的位置。我們的能見度非​​常好。棉花，今年貫穿始終。我們知道我們要去哪裡。因此，如果有任何變動，今年我們根本不會有任何變化。

Okay. And one more. Sorry if my line is breaking up. Can you qualify the POS trends that you’re seeing right now and the retailer’s decision to take down inventory? Is there potentially a restocking opportunity here eventually? Can they continue to restock because I feel like we’ve heard about them continuing to restock that channel for a while now? So I would suspect that their inventories are pretty ruined.

好的。還有一個。抱歉，如果我的線路中斷了。您能否描述一下目前看到的 POS 趨勢以及零售商削減庫存的決定？最終這裡是否有潛在的補貨機會？他們能否繼續補貨，因為我覺得我們已經聽說他們繼續在該渠道補貨一段時間了？所以我懷疑他們的庫存已經被毀了。

Yes. So let me talk about POS overall, then I’ll talk about inventory. When we came through the quarter, the beginning of the quarter was softer on POS than the month of March was. Some of that is just a strengthening in business. Some of that is -- there’s an Easter flip in there. So but March was definitely stronger than January and February.

是的。讓我先談談 POS 的整體情況，然後再談談庫存。當我們度過本季時，本季初的 POS 業務比 3 月還要疲軟。其中一些只是業務的加強。其中一些是——其中有一個復活節翻轉。所以，三月絕對強於一月和二月。

And as we get through the Easter flip, we’re starting to see that more positive trend in POS as we start to come into April. So we feel pretty good about our POS performance. Category is still struggling. There’s no doubt about that, and it’s soft. But our POS is definitely outperforming. And that’s why we got the 50 basis points as we go forward.

隨著復活節的到來，進入 4 月份，我們開始看到 POS 出現更積極的趨勢。所以我們對我們的 POS 性能感覺非常好。類別仍在掙扎。毫無疑問，而且它很軟。但我們的 POS 絕對表現出色。這就是為什麼我們在前進過程中獲得了 50 個基點。

When you think about the inventory, as we planned Q1 and guided, we expected some inventory reduction to be there. It turned out to be a little more than we expected, but it was only -- it’s about $10 million to $15 million lower than we expected.

當你考慮庫存時，正如我們第一季的計劃和指導，我們預計庫存會減少。結果比我們預期的要多一點，但也只是——比我們的預期低了大約 1000 萬到 1500 萬美元。

We don’t think this is a business model shift. There’s always some changes and adjustments that are made. But we don’t anticipate this being an ongoing challenge of a movement in inventory.

我們不認為這是商業模式的轉變。總是會做出一些改變和調整。但我們預計這不會成為庫存變動的持續挑戰。

Will it be a restocking? Look, we’re always trying to find opportunities for inventory out there. We work very closely with our partners to find opportunities where there’s gaps in assortment or gaps in inventory all the way down to the store level. We’ve built a lot of data analytics to help us do that and really partner with them. And we have a really good working relationship on that front. But overall, we have not put a restock into our guide going forward.

會不會補貨？看，我們一直在努力尋找庫存機會。我們與合作夥伴密切合作，尋找機會，以彌補一直到商店層級的品種或庫存缺口。我們已經建立了大量的數據分析來幫助我們做到這一點並真正與他們合作。我們在這方面有著非常良好的工作關係。但總的來說，我們還沒有在未來的指南中重新進貨。

Okay. And just maybe one more point on the earlier comment about cotton because you may be asking about from a pricing standpoint. Like we said, our last year, we did not fully price for the inflationary peak. So that’s stabilizing off. We do not anticipate again pricing pressure on that side of it.

好的。也許對之前關於棉花的評論還有一點，因為您可能是從定價的角度詢問的。就像我們去年所說的那樣，我們沒有完全考慮到通膨高峰。所以情況正在穩定下來。我們預期這方面不會再面臨定價壓力。

Ike Boruchow, Wells Fargo

艾克·博魯喬（Ike Boruchow），富國銀行

Hi, everyone. Good morning. Maybe Steve, can you talk a little bit to -- maybe a little bit more granular on some of the categories that are key to you guys? There have been some reads from some of your competitors, I think, on the underwear category being under the most pressure. I’m kind of curious if you can parse out the different pieces of underwear and if you’re seeing varying degrees of demand and just any other color would be helpful when you think about that into 2Q and beyond.

大家好。早安.也許史蒂夫，你能談談對你們來說很重要的一些類別嗎？我認為，你們的一些競爭對手已經了解到內衣類別面臨的壓力最大。我有點好奇你是否能分析出不同的內衣，如果你看到不同程度的需求，當你考慮到 2Q 及以後的情況時，任何其他顏色都會有幫助。

Sure, Ike. As you think about the categories, at the most macro level, it’s pretty consistent performance when you look at POS. And if you look at our share gains, pretty consistent across the business, which add up to that 50 basis points.

當然，艾克。當您考慮這些類別時，從最宏觀的角度來看，POS 的表現非常一致。如果你看看我們的份額收益，整個業務相當一致，加起來就是 50 個基點。

You will see that men’s underwear is outperforming more than other businesses, and it’s always been probably the strongest category for this company. And we’re going to continue, obviously, to lean into that. We’ve got all the innovation in that space with SuperSoft, which is doing extremely well.

您會發現男士內衣的表現優於其他業務，而且它一直可能是該公司最強大的類別。顯然，我們將繼續致力於這一點。我們透過 SuperSoft 獲得了該領域的所有創新，並且表現得非常出色。

I’m encouraged about what’s happening with Maidenform and with the launch of M and Valley with Breathe coming at the end of the year. So we’re looking for some impact in the back half on that. But the categories overall, there’s not major differences across the board. There’s puts and takes in one month over another, but it’s relatively consistent.

Maidenform 的進展以及 M 和 Valley with Breathe 將於今年年底推出，這讓我深受鼓舞。因此，我們正在尋找後半部分對此的影響。但總體而言，類別並沒有全面的重大差異。每個月的投入和投入都比另一個月多，但相對穩定。

And maybe add a little bit to that from a guide standpoint. I know we don’t guide by segments, but let me give you some directions on the US underwear business. We had the 8% decline in Q1. But as you look at Q2, again, we expect that moderating trend to continue.

也許可以從指南的角度添加一點內容。我知道我們不會按細分市場進行指導，但讓我為您提供有關美國內衣業務的一些指導。第一季下降了 8%。但當你再次審視第二季時，我們預計這種放緩趨勢將持續下去。

And also, we’re going to continue to outperform the category for all the things that Steve was talking about. We’ve got brand investment supporting the innovations that are coming. So as you think about the US underwear, we’re guiding, again, directionally to a 3% to 4% year-over-year decline, factoring all that in.

而且，在史蒂夫談到的所有事情上，我們將繼續超越同類產品。我們擁有品牌投資來支持即將到來的創新。因此，當您考慮美國內衣時，考慮到所有這些因素，我們再次定向同比下降 3% 至 4%。

And then just to touch on while we’re talking about segments, just real quick, on the international side, as you think about modeling for Q2, I would say that would be down mid-single digits on a reported basis and essentially flat on a constant currency basis. And then on active wear in the US, I would guide you down to mid-to-high single digits. And that compares to down 14% in the first quarter on that adjusted basis when you factor and take out the timing odds that we talked about in our earlier remarks.

然後，當我們談論細分市場時，很快，在國際方面，當你考慮第二季的建模時，我會說，根據報告，這將下降中個位數，並且基本上持平在固定貨幣基礎上。然後，關於美國的運動服裝，我將引導您將其降至中高個位數。相較之下，如果你考慮並剔除我們在先前的評論中談到的時機賠率，那麼在調整後的基礎上，第一季下降了 14%。

Got it. Thanks so much.

知道了。非常感謝。

David Swartz, Morningstar.

大衛‧斯沃茨，晨星公司。

Good morning. Thanks for taking my question. Firstly, can you let us know if you’re seeing any differences in trends in Australia and if it seems like that business is getting better or is it remaining under pressure? Secondly, are you confirming that you have decided to maintain control of Champion and will not be selling the business? Thanks.

早安.感謝您提出我的問題。首先，您能否告訴我們您是否發現澳洲的趨勢有任何差異，以及該業務是否正在好轉或仍面臨壓力？其次，您是否確認您已決定保持對 Champion 的控制權並且不會出售該業務？謝謝。

So in terms of Australia, we’re starting to see some improvement. And it really depends on the business over there. Bonds business over there has continued to do particularly strong. It’s been particularly strong, particularly in the wholesale business and the grocery channel.

因此，就澳洲而言，我們開始看到一些改善。這實際上取決於那裡的業務。那裡的債券業務繼續表現尤其強勁。它的表現尤其強勁，尤其是在批發業務和雜貨通路方面。

The DTC business with bras and things has remained a little bit softer, but we’re starting to see a little bit of improvement. We are expecting some tax relief in the back half of this year and anticipating a little bit of interest rate improvement, although there is some uncertainty right there. But the comps and compares get easier as we go into the second half. So we anticipate that business starting to rebound.

胸罩等 DTC 業務仍然有些疲軟，但我們開始看到一些改善。我們預計今年下半年會出現一些稅收減免，並預計利率會有所改善，儘管存在一些不確定性。但隨著我們進入下半場，比較和比較變得更加容易。因此，我們預計業務將開始反彈。

I would tell you I’m really pleased with the work team is doing over there. I’m excited about the innovation in Baby and the Bonds Chafe Off product. So we’re leaning in. We have some aggressive advertising campaigns that are going on right now that are that are resonating. So I feel good about that business as we go forward.

我想告訴你，我對那裡的工作團隊所做的事情感到非常滿意。我對 Baby and the Bonds Chafe Off 產品的創新感到興奮。所以我們正在努力。我們現在正在進行一些積極的廣告活動，引起了共鳴。因此，隨著我們的發展，我對這項業務感覺良好。

In terms of Champions, we’re not making any announcement today in terms of just keeping the business as you ask the question or selling it. The process is continuing. We’re going to continue to evaluate the right path forward. The process is progressing as we expected.

就冠軍而言，我們今天不會發布任何關於僅在您提出問題時保留業務或出售業務的公告。該過程仍在繼續。我們將繼續評估正確的前進道路。該過程正在按我們的預期進行。

And in parallel with that, we’re going to continue to implement the long-term growth strategy like we said we always have. And we will follow the same protocol as we have in the past. And we will update you as appropriate when there’s news for us.

同時，我們將像我們一直所說的那樣繼續實施長期成長策略。我們將遵循與過去相同的協議。當有消息時，我們會及時通知您。

Okay, thanks a lot.

好的，非常感謝。

Paul Kearney, Barclays.

保羅·科爾尼，巴克萊銀行。

Good morning. Thanks for taking my questions. On the brand marketing opportunities and investments you’re making, can you go over what you’re doing differently today and where the marketing investments are concentrated and kind of the timing of those through the year? Thanks.

早安.感謝您回答我的問題。關於您正在進行的品牌行銷機會和投資，您能否回顧一下您今天所做的不同做法以及行銷投資集中在哪裡以及全年的時間表？謝謝。

Sure. As you said, we increased our investment pretty significantly in the first quarter, and this has been a build over the last couple of years. One of the things that we’ve been focused on for a while now is strengthening our brands. And I think these brands have been underinvested in for a long period of time.

當然。正如您所說，我們在第一季大幅增加了投資，這是過去幾年的累積。一段時間以來，我們一直關注的事情之一就是加強我們的品牌。我認為這些品牌長期以來一直投資不足。

And if you want to be a consumer-centric company, you want to be a brand-driven company, you want to be an innovation-driven company, you have to invest and you have to continue to lean in to your brands.

如果你想成為一家以消費者為中心的公司，你想成為一家品牌驅動的公司，你想成為一家創新驅動的公司，你必須投資，你必須繼續依賴你的品牌。

The bulk of our advertising in the near term has been around and is going to continue to be around innovation. It leveraged the brand, but talk about the news. And the news, last year was really around Originals, and this year it’s around M by Maidenform.

我們近期的大部分廣告一直並將繼續圍繞著創新。它利用了品牌，但談論新聞。去年的新聞主要圍繞著 Originals，而今年則是圍繞著 M by Maidenform。

It’s the next stage of Originals, which is super soft. On the Champion side, it’s going to continue to talk about the brand and our positioning and how -- what that brand represents and really leaning in when we have our new fall winter line that’s coming as we go forward. And along with that in the back half, we’ll have Valley Breathe.

它是 Originals 的下一階段，非常柔軟。在 Champion 方面，它將繼續談論品牌和我們的定位，以及如何——該品牌代表什麼，以及當我們隨著我們的前進而推出新的秋冬系列時，我們會真正傾向於該品牌。與後半部一起，我們還將進行山谷呼吸。

So when you think about our advertising, you think about our media, think about it as leaning in behind branded innovation. And I think that’s the best way for us to talk about. The mix over time is going to continue to change and depending upon the brand. So Hanes will go to market differently than Champion will go to market. It’ll show up in different channels, whether that linear TV or that's more direct-to-consumer channels.

因此，當您想到我們的廣告時，您就會想到我們的媒體，並將其視為品牌創新的支持者。我認為這是我們討論的最佳方式。隨著時間的推移，這種組合將繼續發生變化，具體取決於品牌。因此，Hanes 進入市場的方式與 Champion 進入市場的方式不同。它會出現在不同的頻道中，無論是線性電視還是更直接面向消費者的頻道。

And what gives me confidence is we’re starting to see the results of that. So take M Maidenform for example, when we started to really lean into that on the first part of this year, we saw POS jump 18% in that business.

讓我充滿信心的是我們開始看到這樣做的結果。以 M Maidenform 為例，當我們在今年上半年開始真正關注這一領域時，我們看到 POS 在該業務中成長了 18%。

So we’ve got confidence that our messaging is right. Our approach is right. And we’re going to continue to make those investments over time. Back to some of the things we talked about earlier, our cost position and the way we continue to take costs out, of course, margin improvement, the SG&A focus enables us to fund those investments. And we’re going to continue to find that right balance going forward.

因此，我們確信我們的訊息是正確的。我們的做法是正確的。隨著時間的推移，我們將繼續進行這些投資。回到我們之前討論的一些事情，我們的成本狀況以及我們繼續降低成本的方式，當然，利潤率的提高，SG＆A重點使我們能夠為這些投資提供資金。未來我們將繼續尋找適當的平衡。

Thank you.

謝謝。

Hale Holden, Barclays.

黑爾·霍頓，巴克萊銀行。

Hi, good morning. The last couple of quarters, we’ve talked about declines in the US innerwear industry, not necessarily your segment, but the whole sales opportunity set. And was wondering, it sounds like you’ve seen that stabilize this quarter and in the next quarter. And maybe if you’d give us some dynamics about what you’re seeing in the segment.

早安.過去幾個季度，我們討論了美國內衣產業的下滑，不一定是您的細分市場，而是整個銷售機會集。我想知道，聽起來您已經看到本季和下季的情況趨於穩定。也許您可以向我們提供一些有關您在該細分市場中看到的動態。

Yeah, when you think about the innerwear segment, I think you have to think more broadly about the consumer environment and where it is. Overall, consumer demand remains challenging for apparel across the board in the US, Europe, Australia. We’ve been seeing those headwinds for several quarters, whether it’s interest rate impact, inflation.

是的，當你考慮到內衣市場時，我認為你必須更廣泛地考慮消費環境及其所在。總體而言，美國、歐洲和澳洲的消費者對服裝的需求仍面臨挑戰。幾個季度以來，我們一直看到這些不利因素，無論是利率影響還是通貨膨脹。

Consumers are definitely seeking value. We can see their activity of shopping events. And you definitely see that in the POS. When we look at the category from a long term perspective, I’ve got a ton of confidence that it’s going to rebound to historical levels, which is 1%-plus growth. You’ve seen that -- go back to '08, '09, when all the challenges in the market right there, the categories impacted and then it rebounded, we expect that’s going to happen over time.

消費者肯定在尋求價值。我們可以看到他們的購物活動。您肯定會在 POS 中看到這一點。當我們從長遠角度看待這個類別時，我非常有信心它會反彈至歷史水平，即 1% 以上的成長。您已經看到了 - 回到 08 年、09 年，當時市場上的所有挑戰都受到影響，類別受到影響，然後反彈，我們預計隨著時間的推移，這種情況將會發生。

Even if you look at the last three years, on average, the category performed at historical rates. It’s just been incredibly disruptive. 2001, I hate to go back that far, was such a massive growth, 24%, 25%. And then, it’s been challenged ever since.

即使你看看過去三年，平均而言，該類別的表現也符合歷史水平。這具有令人難以置信的破壞性。2001年，我討厭回到那麼遠的時候，成長如此之大，24%、25%。從那時起，它就受到了挑戰。

But we expect that to moderate over time. We’re starting to see some stability over time. And we got a lot of confidence this category will perform to its long-term run rate as we go forward.

但我們預計這種情況會隨著時間的推移而減弱。隨著時間的推移，我們開始看到一些穩定性。我們非常有信心，隨著我們的前進，這個類別將發揮其長期運行率。

Great. Thank you very much.

偉大的。非常感謝。

William Reuter, Bank of America.

威廉·路透，美國銀行。

Good mornings. For the sales decreases of Champion, I was wondering if you could talk a little bit about what channels those decreases in, whether those were kind of specialty channels, whether they were off price channels, mass versus department stores? Where did you see the biggest declines in your sales into?

早安.對於Champion的銷量下降，我想知道您是否可以談談下降的管道是什麼，是否是專賣管道，是否是折扣管道，大眾管道還是百貨管道？您發現哪裡的銷售額下降幅度最大？

Yeah, thanks for the question. When you think about it, it really varies by geography in terms of over performing. In the US, it’s really generally across most channels or all channels. And that has a lot to do with cleaning up of inventory that’s been out there.

是的，謝謝你的提問。仔細想想，不同地區的表現確實有所不同。在美國，它實際上普遍存在於大多數管道或所有管道。這與清理庫存有很大關係。

And I think we’ve finally repositioned ourselves to a place where the channels are cleaner. And we can prepare to move forward. And as I mentioned earlier, we’re excited about the fall-winter line that’s coming and think that’s going to help start to rebuild the business as we go forward.

我認為我們終於將自己重新定位到了渠道更加乾淨的地方。我們可以準備繼續前進。正如我之前提到的，我們對即將推出的秋冬系列感到興奮，並認為這將有助於我們在前進的過程中開始重建業務。

In Europe, wholesale has been challenging. And the customers are just being conservative with -- they’ve been in inventory challenges in the past. I think there are challenges going forward.

在歐洲，批發一直充滿挑戰。客戶只是持保守態度——他們過去一直面臨庫存挑戰。我認為未來會面臨挑戰。

When we look at Asia, Asia’s performing pretty well. Japan’s up, China’s up. We’re seeing opportunities there to continue to grow. And those have -- those markets have rebounded from where they’ve been the last couple of years.

當我們觀察亞洲時，亞洲的表現相當不錯。日本崛起，中國崛起。我們在那裡看到了繼續成長的機會。這些市場已經從過去幾年的水平反彈。

So I think it's a mix by geography. But I think going forward, we're well positioned across all the different channels. If you look at you in the US, our e-commerce business was up 12% in the first quarter. So we're starting to build some momentum there.

所以我認為這是地理上的混合。但我認為，展望未來，我們在所有不同管道都處於有利地位。如果你看看美國，我們的電子商務業務第一季成長了 12%。所以我們開始在那裡建立一些勢頭。

And more importantly, the programming that we have now is channel specific. And I think that's what has been missing in the past. We weren't -- we don't differentiated enough by channel. We weren't segmented enough by channel and by product. And the product that we have going forward accomplishes all that.

更重要的是，我們現在的節目是針對特定頻道的。我認為這就是過去所缺少的。我們沒有──我們在通路上的差異化不夠。我們沒有按通路和產品進行足夠的細分。我們未來的產品可以實現這一切。

We've instituted a more global approach to how we go to market. And that's really what's going to make a difference for us in terms of global platforms, on product, our fit, on color. All those different things are going to help us win across channels and something that we haven't done very well the past.

我們針對如何進入市場制定了更全球化的方法。這確實會對我們的全球平台、產品、版型和顏色產生影響。所有這些不同的事情都將幫助我們贏得跨渠道的勝利，以及我們過去做得不太好的事情。

I guess just one a little more specifically on that. Were there intentional reductions to off price that impacted the sales of Champion?

我想對此有更具體的一點。是否故意降低折扣價格影響了 Champion 的銷售？

No, nothing intentional. We’re managing through or have been managing through high inventory positions in the channels and consistently looking for opportunities as we go there. We think the brand can play very effectively across a lot of different channels and will continue to activate that way.

不，沒有什麼故意的。我們正在或一直在管理頻道中的高庫存狀況，並在我們進入那裡時不斷尋找機會。我們認為該品牌可以在許多不同的管道上非常有效地發揮作用，並將繼續以這種方式激活。

Great. That’s all for me. Thank you.

偉大的。這就是我的全部。謝謝。

Michael Coppola, JPMorgan.

麥可‧科波拉，摩根大通。

Hi, good morning and thanks for taking our questions. The first one we had was on the Champion Kids licensing deal. Did you guys receive any cash payment for that? And I know you called out, there is a 500 basis point impact to revenue. Just how we think about revenue and margins pro forma for that going forward?

你好，早安，感謝您提出我們的問題。我們達成的第一個協議是 Champion Kids 授權協議。你們收到現金付款了嗎？我知道您大聲疾呼，收入受到 500 個基點的影響。我們如何看待未來的營收和利潤率？

Yeah, that wasn’t a transaction where we sold something. We actually converted it to more of a top line wholesale model to a to a license model. So we get a real income stream going forward.

是的，這不是我們出售東西的交易。實際上，我們將其更多地從頂級批發模式轉變為許可模式。這樣我們就能獲得真正的未來收入流。

That's it. thank you.

就是這樣。謝謝。

And you'll see that was the biggest headwind from that will be in Q1 and it will moderate as we go forward.

您會發現，這是第一季最大的阻力，隨著我們的前進，阻力將會減弱。

Okay, great. Thank you. And the second one, I'm going to guess and I reaffirm that you plan on paying down about $300 million in debt this year. Any comment on wether you prefer to go after term loan or bonds for that as well? Or there is any way you're thinking about that?

好的，太好了。謝謝。第二個，我猜測並重申，你們計劃今年償還約 3 億美元的債務。對於您喜歡定期貸款還是債券有什麼評論嗎？或者你有辦法思考這個問題嗎？

Yeah, great. Thanks for your question again. We paid down $500 million last year of debt. We got another $300 million-plus coming in this year. But really good about the cash flow generation. We talked about the profit driving that working capital is coming through.

很好。再次感謝您的提問。去年我們還清了 5 億美元的債務。今年我們又獲得了 3 億多美元的收入。但對於現金流的產生確實很好。我們討論了營運資金帶來的利潤驅動。

As you think about how to apply that $300 million-plus of debt pay down, ee have a lot of flexibility with our debt structure. When our senior secured credit facility, we have the term A and term B loans that are prepayable without any penalty. And so that’s higher rate debt is prepayable and that’s what we’ll focus on, the debt paydown.

當你考慮如何應用這 3 億多美元的債務償還時，我們的債務結構有很大的彈性。當我們的優先擔保信貸安排時，我們有可提前償還的 A 期和 B 期貸款，無需支付任何罰金。因此，較高利率的債務是可以提前償還的，這就是我們要關注的問題，即債務償還。

Great. Thank you very much and I'll pass it off.

偉大的。非常感謝你，我會把它轉過去。

That concludes today's question-and-answer session. I'd like to turn the call back to T.C. Robillard for closing remarks.

今天的問答環節到此結束。我想把電話轉回 T.C.羅比拉德致閉幕詞。

We'd like to thank everyone for joining our call today, and we look forward to speaking with you soon. Have a great day.

我們要感謝大家今天加入我們的電話會議，我們期待很快與您交談。祝你有美好的一天。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。