漢佰 (HBI) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the HanesBrands first-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 HanesBrands 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to T.C. Robillard, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資人關係副總裁 T.C. Robillard。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 2025. Hopefully, everyone has had a chance to review the news release we issued earlier today.

大家好，歡迎參加 HanesBrands 季度投資者電話會議和網路廣播。我們很高興今天能在這裡報告 2025 年第一季之後的進展。希望大家都有機會閱讀我們今天早些時候發布的新聞稿。

The news release, updated FAQ document, and the replay of this call can be found in the Investors section of our hanes.com website. On the call today, we may make forward-looking statements, either in our prepared remarks or in 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.

新聞稿、更新的常見問題解答文件以及本次通話的重播可以在我們的 hanes.com 網站的投資者部分找到。在今天的電話會議上，我們可能會在準備好的發言中或在相關的問答環節中做出前瞻性的陳述。這些聲明是基於當前的預期或信念，並受某些風險和不確定性的影響，可能導致實際結果大不相同。

These risks include those related to current macroeconomic conditions; consumer demand dynamics; our ability to successfully execute our strategic initiatives, including our restructuring and other action-related items; our ability to deleverage on the anticipated timeframe; and the inflationary environment. These risks also include those detailed in our various filings with the SEC, which may be found on our website.

這些風險包括與當前宏觀經濟狀況相關的風險；消費者需求動態；我們成功執行策略性舉措的能力，包括重組和其他行動相關項目；我們在預期的時間內去槓桿的能力；以及通膨環境。這些風險還包括我們向美國證券交易委員會提交的各種文件中詳述的風險，可在我們的網站上找到。

These forward-looking statements should be considered in conjunction with the cautionary statements in our news release and in our filings with the SEC. The company does not undertake to update or revise any forward-looking statements, which speak only to the time at which they are made.

這些前瞻性陳述應與我們新聞稿和提交給美國證券交易委員會的文件中提出的警示性聲明一起考慮。該公司不承擔更新或修改任何前瞻性陳述的責任，這些陳述僅代表其作出時的觀點。

Unless otherwise noted, today's references to our consolidated financial results and guidance exclude all restructuring and other action-related charges, and speak to continuing operations. Additional information on the quarter's results and our guidance, including a reconciliation of these and other non-GAAP performance measures to GAAP, can be found in today's news release.

除非另有說明，今天對我們合併財務業績和指導的引用不包括所有重組和其他行動相關的費用，並涉及持續經營。有關本季度業績和我們的指引的更多信息，包括這些和其他非 GAAP 績效指標與 GAAP 的對賬，可以在今天的新聞稿中找到。

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'll now turn the call over to Steve.

今天與我一起參加電話會議的還有我們的執行長史蒂夫·布拉茨皮斯 (Steve Bratspies) 和我們的財務長 Scott Lewis。在今天的電話會議上，史蒂夫和斯科特將發表一些簡短的評論，然後我們將回答大家的提問。我現在將電話轉給史蒂夫。

Thank you, T.C. Good morning, everyone, and welcome to our first-quarter earnings call. Today, I'd like to focus on two key points related to the transformation work we've completed and the long-term growth strategy we are executing.

謝謝，T.C。大家早安，歡迎參加我們的第一季財報電話會議。今天，我想重點談談我們已經完成的轉型工作和正在執行的長期成長策略的兩個關鍵點。

The first is that our strategy is working and continues to drive strong results. And second, we believe our strategy enables us to successfully manage through the current tariff environment, which presents challenges but also creates real opportunities.

首先，我們的策略正在發揮作用，並繼續帶來強勁的成果。其次，我們相信我們的策略使我們能夠成功應對當前的關稅環境，這既帶來了挑戰，也創造了真正的機會。

From a margin standpoint, we believe we will fully mitigate the tariff headwind as we have many levers to pull, including further cost reductions and pricing actions. Our mitigation initiatives are consistent with and built upon the work we're already doing within our growth strategy.

從利潤率的角度來看，我們相信我們將完全緩解關稅逆風，因為我們有許多槓桿可以利用，包括進一步降低成本和採取定價行動。我們的緩解措施與我們在成長策略中已經進行的工作一致，並且建立在這些工作的基礎上。

And from an opportunity standpoint, we're already seeing tariff-related disruptions creating incremental revenue opportunities in the market. With our Western Hemisphere supply chain speed and capability, matched with our strong retail relationships, we believe we're in an advantage position to capture new revenue and gain additional market share.

從機會的角度來看，我們已經看到與關稅相關的市場波動正在創造新的收入機會。憑藉我們在西半球的供應鏈速度和能力，以及我們強大的零售關係，我們相信我們處於優勢地位，能夠獲得新的收入並獲得更多市場份額。

Beginning with my first point, and thanks to the hard work of the global HBI team, our growth strategy is working. We're seeing it in our results as we deliver another strong quarter, including better-than-expected sales, gross margin, operating profit, and earnings per share.

首先我想說的是，由於全球HBI團隊的辛勤工作，我們的成長策略正在奏效。業績也印證了這一點，我們又一個季度的強勁表現，銷售額、毛利率、營業利潤和每股收益均優於預期。

Over the past few earnings calls, we've spoken about the successful transformation work we've done to simplify and reposition HanesBrands. We strengthened our brands, we streamlined our supply chain assets, while remaining diversified and balanced across the globe with capacity for growth.

在過去的幾次財報電話會議上，我們談到了為簡化和重新定位 HanesBrands 所做的成功轉型工作。我們強化了我們的品牌，精簡了我們的供應鏈資產，同時保持了全球多元化和平衡性，並具有成長能力。

We built disciplined operating capabilities, including category-best consumer-led innovation, assortment management, and advanced analytics to drive growth. We removed fixed costs. And we strengthened our balance sheet by paying down over $1 billion of debt last year and refinancing our 2026 maturities in March.

我們建立了嚴謹的營運能力，包括類別最佳的消費者主導的創新、分類管理和進階分析，以推動成長。我們取消了固定成本。我們去年償還了超過 10 億美元的債務，並在 3 月為 2026 年到期的債務進行再融資，從而增強了我們的資產負債表。

Today, we're a new company. We're healthier, leaner, and more profitable. We're operating on a stronger foundation. And we're leveraging our competitive advantages to drive revenue growth, margin expansion, and strong cash flow.

今天，我們是一家新公司。我們更健康、更精簡、更有獲利。我們的營運基礎更加牢固。我們正在利用我們的競爭優勢來推動收入成長、利潤率擴大和強勁的現金流。

The benefits from our transformation plan and the reduction of debt are evident in our first-quarter results. We drove accelerating growth rates down the P&L. As sales increased 2%, operating profits increased 61% and EPS increased 240% over the prior year.

我們轉型計劃和債務減少帶來的好處在第一季的業績中得到了明顯體現。我們推動了損益表中的成長率的加速。由於銷售額成長 2%，營業利潤比上年增長 61%，每股收益成長 240%。

On an organic constant currency basis, international sales increased 4%, which was ahead of our outlook, driven by growth in Australia and Asia. In the US, sales decreased 1%, which was in line with our expectations. Ongoing consumer headwinds continue to pressure the US innerwear market, in particular the intimate apparel category, which typically experiences the greatest pressure in tough macroeconomic environments.

以有機固定匯率計算，國際銷售額成長 4%，高於我們的預期，這得益於澳洲和亞洲的成長。在美國，銷售額下降了 1%，符合我們的預期。持續的消費逆風繼續給美國內衣市場帶來壓力，尤其是貼身內衣類別，該類別通常在嚴峻的宏觀經濟環境下承受最大的壓力。

While our intimates business was down mid-teens as compared to last year, we generated solid growth in our other businesses, including low single-digit growth in basics, mid-single-digit growth in active, and 60% growth in new businesses, which includes our scrubs and loungewear products, among others.

雖然我們的內衣業務與去年相比下降了百分之十幾，但我們的其他業務卻實現了穩健的增長，包括基礎款低個位數增長、活動款中等個位數增長以及新業務 60% 的增長，其中包括我們的手術服和家居服產品等。

We also delivered strong profit growth. Our assortment management initiatives and cost restructuring actions helped drive 390 basis points of operating margin expansion over prior year. Approximately 60% of the margin improvement came from lower SG&A expenses and 40% from further expansion of our gross margin.

我們的利潤也實現了強勁成長。我們的產品分類管理措施和成本重組措施有助於推動營業利潤率較上年增長 390 個基點。約 60% 的利潤率成長來自於銷售、一般及行政費用的降低，40% 的利潤率成長來自於毛利率的進一步提高。

Of particular note, SG&A levered 225 basis points over prior year, even with the incremental 50 basis points of brand investment in the quarter, as our cost reduction actions have scaled to the point where they're more than offsetting our investments. And with over $1 billion of debt reduction last year, we had lower interest expense in the quarter, which further accelerated our profit growth and helped drive a 240% increase in EPS.

特別值得注意的是，即使本季品牌投資增加了 50 個基點，銷售、一般和行政費用仍比上年高出 225 個基點，因為我們的成本削減措施已擴大到足以抵銷我們的投資的程度。由於去年減少了超過 10 億美元的債務，我們本季的利息支出有所降低，這進一步加速了我們的利潤成長，並幫助推動每股收益成長 240%。

As I pivot to my second point on how our strategy enables us to successfully manage through the current tariff environment, I'd like to take a moment and help ground everyone on the mix of our business and our supply chain network. The US accounts for roughly 75% of our sales and cost of goods. The remaining roughly 25% are in international markets. Therefore, 25% of our P&L is not directly impacted by the US tariffs. With respect to sales in the US, roughly two-thirds are basic products, namely underwear and socks.

接下來我要談談我的第二點，我們的策略如何幫助我們成功應對當前的關稅環境。在此之前，我想先花點時間，幫助大家了解我們的業務結構和供應鏈網路。美國市場約占我們銷售額和商品成本的75%。其餘約25%在國際市場。因此，我們的 25% 損益不會直接受到美國關稅的影響。就美國的銷售而言，大約三分之二是基本產品，即內衣和襪子。

Looking closer at our US cost of goods, approximately 85% is from our own manufacturing facilities, which gives us greater speed and ability to shift units within our supply chain. Of this, we are essentially split evenly between our Western Hemisphere network, which includes the Dominican Republic, El Salvador, and Honduras; and our Eastern Hemisphere network, which includes Vietnam and Thailand.

仔細觀察我們在美國的商品成本，大約 85% 來自我們自己的製造工廠，這使我們能夠以更快的速度和更大的能力在供應鏈內轉移單位。其中，我們的西半球網路（包括多明尼加共和國、薩爾瓦多和宏都拉斯）和東半球網路（包括越南和泰國）基本上平均分配。

The remaining 15% of our US cost of goods is sourced from a number of different countries across various regions. With respect to China, we no longer source any US products from there. China historically was a low single-digit percent of US cost of goods. Today, it is zero.

我們美國商品成本的其餘 15% 來自不同地區的多個國家。就中國而言，我們不再從那裡採購任何美國產品。從歷史上看，中國在美國商品成本中所佔比例僅為個位數。如今，這數字為零。

As I mentioned, the current tariff environment creates both challenges and real opportunities. Over the past several years, you've seen us be proactive and have a number of levers we can pull. We're confident in our ability to successfully manage through this environment.

正如我所提到的，目前的關稅環境既帶來了挑戰，也帶來了真正的機會。在過去的幾年中，您已經看到我們積極主動，並且擁有許多可以利用的槓桿。我們有信心能夠成功應對這種環境。

Our confidence comes from two factors. First, we have a proven track record of managing through market disruptions and coming out the other side, a stronger company. And second, the initiatives we're taking to mitigate costs and capture incremental revenue are aligned with and built upon the work we're already doing within our growth strategy. And as we've seen over the past several quarters, our growth strategy is delivering results, including our strong start to the year.

我們的信心來自於兩個因素。首先，我們擁有成功應對市場動盪並最終成為更強大公司的良好記錄。其次，我們為降低成本和獲取增量收入而採取的措施與我們在成長策略中已經開展的工作一致，並且建立在這些工作的基礎上。正如我們在過去幾個季度所看到的，我們的成長策略正在取得成果，包括今年強勁的開局。

Looking at the cost impact of tariffs, we believe we can fully mitigate these headwinds, both in the short and long term. For starters, announced tariffs are not expected to impact us until Q4. And we have US yarn and US cotton content in our products, which are not subject to reciprocal tariffs. In other words, we have natural tariff offsets embedded in our products, as the US content within our imported products is exempt from reciprocal tariffs.

從關稅的成本影響來看，我們相信我們可以完全緩解這些短期和長期不利因素。首先，預計宣布的關稅要到第四季才會對我們產生影響。我們的產品含有美國紗線和美國棉花，因此不徵收互惠關稅。換句話說，我們的產品中嵌入了自然的關稅抵消，因為我們進口的產品中的美國成分免徵互惠關稅。

We have a number of levers we can pull to mitigate the cost impact, and we expect to use a combination of initiatives. Our current cost reduction actions are delivering savings faster than expected and will continue to accelerate these actions. We're further tightening our spending as well as taking actions to preserve cash flow.

我們可以採取多種手段來減輕成本影響，並且我們希望採取多種措施。我們目前的成本削減措施正在比預期更快地帶來節約，並將繼續加快這些措施。我們正在進一步緊縮開支並採取行動來維持現金流。

We're taking strategic and surgical pricing actions, supported by the strength of our brand and market-leading innovation. We're driving additional cost savings through vendor consolidation and price negotiations. And with our diversified supply chain, we also have the ability to shift production and further optimize the network.

我們正在採取策略性和外科定價行動，並藉助我們品牌的力量和市場領先的創新。我們透過供應商整合和價格談判來進一步節省成本。而且憑藉我們多元化的供應鏈，我們也有能力轉移生產並進一步優化網路。

Turning to the revenue opportunity, we believe we are well-positioned to navigate the current demand environment. We have visibility to incremental revenue opportunities that have been created from tariff-related disruptions in the market.

談到收入機會，我們相信我們已準備好應對當前的需求環境。我們看到了因關稅相關的市場混亂而產生的增量收入機會。

With our Western Hemisphere supply chain speed and capability, matched with our strong retail relationships, we believe we're in an advantaged position to capture this revenue and gain additional market share. In fact, we've already received a number of inbound inquiries from retailers across multiple channels that range from innerwear to activewear programs to replace product sources from China.

憑藉我們西半球的供應鏈速度和能力，加上我們強大的零售關係，我們相信我們處於有利地位，可以獲得這一收入並獲得額外的市場份額。事實上，我們已經透過多種管道收到了來自零售商的大量諮詢，這些諮詢涵蓋內衣到運動服等各種產品，旨在替換來自中國的產品來源。

We're also advanced to drive additional revenue growth through our transformation work, which has simplified the business and positioned us in more stable basic products as well as our growth strategy. It's working, and we're leading in. Brand investment and innovation have been contributing to growth, and we'll continue to make these investments.

我們也透過轉型工作推動了額外的收入成長，這簡化了業務並使我們擁有更穩定的基礎產品和成長策略。它正在發揮作用，我們正在領先。品牌投資和創新一直促進成長，我們將繼續進行這些投資。

We're driving new businesses, which increased 60% over prior year in the first quarter. And we expect growth to continue this year, driven by new product launches, meeting incremental consumer needs, and space expansions.

我們正在推動新業務，第一季新業務比去年同期成長了 60%。我們預計今年的成長將持續，這得益於新產品的推出、不斷增長的消費者需求的滿足以及空間的擴張。

And we're leveraging our assortment management capabilities and advanced analytics, which make us more nimble and able to quickly pivot to capture demand, whether it shifts channels, products, or pack sizes. We're closely monitoring all of our retail programming, staying close to the consumer, and making sure our portfolio matches the demand in life.

我們正在利用我們的分類管理能力和先進的分析能力，這使我們更加靈活，能夠快速調整以滿足需求，無論是轉變通路、產品還是包裝尺寸。我們密切注意我們所有的零售計劃，貼近消費者，並確保我們的產品組合滿足生活中的需求。

So in closing, we are confident that our transformation work and our growth strategy positions us for success both in the near and long term. We're delivering strong financial results as evidenced by our most recent quarter. We have a strong asset base, meaningful competitive advantages, and speed and flexibility to manage through the current market environment.

最後，我們相信，我們的轉型工作和成長策略將使我們在近期和長期都獲得成功。我們最近一個季度的財務業績表現強勁。我們擁有強大的資產基礎、顯著的競爭優勢以及應對當前市場環境的速度和靈活性。

And finally, we have multiple avenues to drive increased shareholder returns over the next several years through consistent sales growth, further margin expansion, and continued debt reduction. And with that, I'll turn the call over to Scott.

最後，我們擁有多種途徑，透過持續的銷售成長、進一步的利潤率擴大和持續的債務削減，在未來幾年內推動股東回報的成長。說完這些，我會把電話轉給史考特。

Thanks, Steve. We delivered another strong quarter, including better-than-expected sales, gross margin, operating profit, and earnings per share. It's great to see the benefits of our growth strategy, as well as our transformation work reflected in our results. Our strong performance is a testament to all the hard work from the team over the last several years.

謝謝，史蒂夫。我們又度過了一個強勁的季度，銷售額、毛利率、營業利潤和每股盈餘都優於預期。我們很高興看到我們的成長策略以及轉型工作所帶來的好處反映在我們的業績中。我們的出色表現證明了團隊過去幾年的辛勤工作。

While this year is bringing a new set of challenges, I believe we are a stronger, more resilient company today. And we are very well positioned to succeed in any operating environment. For today's call, I'll touch on the highlights from the quarter, and then I'll provide some thoughts on our outlook. For additional details, I'll point you to our news release and FAQ document.

儘管今年我們面臨一系列新的挑戰，但我相信我們今天已經是一家更強大、更有韌性的公司。我們已做好充分準備，能夠在任何營運環境中取得成功。在今天的電話會議上，我將談談本季的亮點，然後就我們的前景提供一些想法。欲了解更多詳細信息，請參閱我們的新聞稿和常見問題解答文件。

Turning to the details of the quarter, sales on a reported basis increased 2% over prior year to $760 million. Adjusting for the impact from foreign exchange rates and transit and services revenue, sales on an organic cost of currency basis were consistent with prior year. We saw continued year-over-year expansion in both our gross and operating margins, as our cost savings and assortment management initiatives are driving structurally higher and sustainable margins, while funding increased brand investment.

談到本季的具體情況，據報道，銷售額比上年增長 2%，達到 7.6 億美元。經調整匯率影響以及運輸和服務收入後，以有機貨幣成本計算的銷售額與上年持平。毛利率和營業利潤率均持續同比增長，這得益於我們實施的成本節約和產品組合管理舉措，這些舉措正在結構性地提高利潤率並實現可持續增長，同時為增加品牌投資提供了資金。

For the quarter, gross margin increased 165 basis points over prior year to 41.6%. SG&A expenses decreased 5% compared to prior year or 225 basis points as a percent of sales. Combination of these drove a 390 basis points' expansion of our operating margin to 10.7% for the quarter.

本季毛利率較上年同期增加 165 個基點，達到 41.6%。銷售、一般及行政費用較上年同期下降 5%，佔銷售額的百分比下降 225 個基點。這些因素共同推動我們本季的營業利潤率擴大 390 個基點，達到 10.7%。

In respect to earnings per share, EPS increased 240% over the last year to $0.07, driven primarily by higher margins, as well as lower interest expense, as we benefited from our meaningful debt reduction efforts over the past year. With respect to cash flow and the balance sheet, we reported a use of $108 million of cash flow from operations in the quarter, as we saw the normal seasonal inventory bill ahead of our planned back-to-school programs with key retailers.

就每股收益而言，每股收益在過去一年增長了240%，達到0.07美元，這主要得益於利潤率的提高以及利息支出的降低，這得益於我們過去一年卓有成效的債務削減舉措。就現金流和資產負債表而言，我們報告本季營運現金流使用量為1.08億美元，原因是我們與主要零售商計劃的返校活動之前出現了正常的季節性庫存費用。

Leverage at the end of the first quarter was 3.6 times on the net debt to adjusted EBITDA basis, which was 1.4 times lower than prior year. In March, we refinanced all of our 2026 maturities, resulting in a greater mix of prepayable debt. This increased flexibility in our debt structure allows us to continue to meaningfully deleverage our balance sheet going forward.

第一季末的槓桿率為淨負債與調整後 EBITDA 比率的 3.6 倍，比前一年低 1.4 倍。3 月份，我們對所有 2026 年到期債務進行了再融資，增加了可提前償還債務的組成。我們的債務結構靈活性的提高使我們能夠在未來繼續有效地降低資產負債表的槓桿率。

Now turning to guidance, outlook for the second quarter includes a continued margin expansion and operating profit growth, and even faster EPS growth. For the second quarter, we expect sales of approximately $970 million, operating profit of approximately $136 million, and EPS of approximately $0.18.

現在談到指導，第二季的前景包括利潤率的持續擴大和營業利潤的成長，以及更快的每股盈餘成長。對於第二季度，我們預計銷售額約為 9.7 億美元，營業利潤約為 1.36 億美元，每股收益約為 0.18 美元。

We also reiterated our four-year outlook, which now reflects the impact of tariffs as of what we know today. Putting some context on the assumptions within our four-year outlook, from a sales standpoint, recall what we initially set our outlook in February. We took a more conservative view of the consumer environment relative to the market's consensus view at the time.

我們也重申了我們的四年展望，這反映了我們今天所知的關稅的影響。從銷售的角度來看，對我們的四年展望中的假設進行一些背景介紹，回想一下我們在二月最初設定的展望。相對於當時市場的普遍看法，我們對消費環境持較保守的看法。

Post-transformation, the mix of our business has us better positioned in the current environment. 25% of our sales are from international markets, which continue to perform well and are outside of the US tariff challenges.

轉型後，我們的業務組合使我們在當前環境中處於更有利的地位。我們25%的銷售額來自國際市場，這些市場持續表現良好，不受美國關稅挑戰的影響。

And within the US, roughly two-thirds of our sales are from basic innerwear products, which historically outperform other apparel categories during tough macroeconomic periods. And as Steve mentioned, we are pursuing and evaluating incremental revenue opportunities from a number of our retail partners who are looking to address expected supply gaps as well as reduce exposure to high-tariff countries.

在美國，我們大約三分之二的銷售額來自基本內衣產品，在宏觀經濟困難時期，這類產品的表現歷來優於其他服裝類別。正如史蒂夫所提到的，我們正在尋求和評估來自一些零售合作夥伴的增量收入機會，他們希望解決預期的供應缺口並減少對高關稅國家的曝險。

From a profit perspective, we continue to have good visibility to input cost and cost savings, essentially through the remainder of the year. Our outlook now reflects what we know about tariffs today and our expectations for the impact on our business, including an adjustment to the US content within our products that is exempt from reciprocal tariffs.

從利潤角度來看，我們基本上在今年剩餘時間內繼續對投入成本和成本節約保持良好的了解。我們現在的展望反映了我們目前對關稅的了解以及我們對其對我們業務的影響的預期，包括對我們產品中免徵互惠關稅的美國內容的調整。

And with roughly two-quarters of inventory on hand, the cost headwind from tariffs will not impact us until the fourth quarter this year, which is expected to give us plenty of time to enact our mitigation initiative as well as monitor the progress of negotiation. Factoring in everything we know today, which certainly could change, we believe we are well-positioned to manage through the current tariff environment.

由於庫存約為四分之二，關稅帶來的成本逆風要到今年第四季才會對我們產生影響，預計這將給我們充足的時間來實施緩解措施並監控談判進度。考慮到我們目前掌握的所有資訊（這些資訊當然可能會改變），我們相信我們完全有能力應對當前的關稅環境。

We're confident we can fully mitigate the cost and cash flow headwind, both in the short and long term. And with our transformed business, the momentum in our growth strategy, and the incremental revenue opportunities due to our Western Hemisphere capabilities, we believe we have the tools and the agility to successfully navigate the current demand environment.

我們有信心，無論短期或長期，我們都能完全緩解成本和現金流量的不利因素。憑藉我們轉型後的業務、成長策略的強勁勢頭，以及西半球業務能力帶來的增量收入機會，我們相信，我們擁有成功應對當前需求環境所需的工具和敏捷性。

So in closing, we feel really good about our competitive position and believe we are very well-positioned to succeed in any operating environment. We're a healthier, leaner, and more profitable company. We're operating on a stronger foundation. And we're leveraging our competitive advantages to drive revenue growth, margin expansion, strong cash flow over the next several years.

總而言之，我們對自己的競爭地位感到非常滿意，並相信我們有能力在任何營運環境中取得成功。我們是一家更健康、更精簡、更獲利的公司。我們的營運基礎更加牢固。我們將利用我們的競爭優勢來推動未來幾年的營收成長、利潤率擴大和強勁的現金流。

With that, I'll turn the call over to T.C.

說完這些，我將把電話轉給 T.C.

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。我們的準備好的演講到此結束。我們現在開始回答你們的問題，如果時間允許的話我們會繼續回答。我會將電話轉回接線生，開始問答環節。操作員？

(Operator Instructions) Jay Sole, UBS.

（操作員指示）Jay Sole，瑞銀。

Great. Thank you so much. Steve, two questions for you, and then, Scott, one for you. First, just on tariffs and your ability to mitigate the impact, you gave a lot of great color. But just tell us a little bit more about what your effective tariff rate is, given that some of the product does come from the US that's not impacted by the reciprocal tariffs. If you can talk about that, that would be helpful.

偉大的。太感謝了。史蒂夫，我問你兩個問題；然後，史考特，我問你一個問題。首先，僅就關稅以及您減輕影響的能力而言，您就給出了許多精彩的闡述。但請告訴我們更多關於你們的有效關稅稅率的信息，因為有些產品確實來自美國，並且不受互惠關稅的影響。如果您能談論這個問題，那將會很有幫助。

And also, these revenue opportunities you mentioned, can you just maybe give us a little bit more color on where they're coming from? Are we talking about making private label for companies, or are we talking about more opportunity for the HanesBrands and other brands in the portfolio?

另外，您提到的這些收入機會，能否向我們詳細介紹它們的來源？我們是在談論為公司建立自有品牌，還是在談論為 HanesBrands 和投資組合中的其他品牌提供更多機會？

And then, Scott, just because the company earned $0.07 in Q1, and I think the guidance was for $0.02, can you just maybe elaborate on where the upside was in the quarter? What was better than you expected? Thanks so much.

然後，斯科特，因為該公司第一季的盈利為 0.07 美元，而我認為預期盈利為 0.02 美元，您能否詳細說明一下本季度的盈利空間在哪裡？什麼比你預期的更好？非常感謝。

Thanks, Jay. Good morning. Yeah, let me start with we believe that we can fully mitigate the tariff headwinds, both in the short and the long term. And we think that'll start from day one. Some context on it, for starters --and you mentioned this, the tariffs aren't expected to hit us until Q4.

謝謝，傑伊。早安.是的，首先，我們相信我們可以完全緩解關稅阻力，無論是短期還是長期。我們認為這將從第一天開始。首先，介紹一下相關背景——正如您所提到的，預計關稅要到第四季度才會對我們產生影響。

So we've got two quarters of inventory on hand that allows us to kind of manage through in the short term. And we do have meaningful US content in our products, and this is exempt from reciprocal tariffs. We're primarily a basics company, and there's a lot of cotton in that product. So we have some natural nets to the overall tariff impact.

因此，我們手邊有兩個季度的庫存，可以讓我們在短期內應付過去。我們的產品中確實含有美國成分，因此可以免徵互惠關稅。我們主要是一家基礎產品公司，產品中含有大量棉花。因此，我們對總體關稅影響有一些自然的認知。

Our mitigation plans also assume a higher tariff rate. So as we have planned and done our internal work, we are planning for a higher number than is out there right now to give us some cushion, if the numbers stay where they are, which gives me a lot of confidence in our ability to offset. We also have a great balance of East-West manufacturing in our supply chain and zero exposure to China now. So that gives us a lot of capability to maneuver in this difficult environment.

我們的緩解計畫也假設更高的關稅稅率。因此，正如我們已經計劃並完成的內部工作一樣，我們計劃實現一個比現在更高的數字，以便為我們提供一些緩衝，如果數字保持不變，這讓我對我們的抵消能力充滿信心。我們的供應鏈中東西方製造業實現了很好的平衡，目前對中國的依賴為零。這讓我們在這種困難的環境中擁有了極大的機動能力。

So we're being very proactive. There's a lot of different levers we can pull, including both cost and pricing actions. And some of those cost actions are things we've already been doing that we're accelerating. Some of them are new. We are tightening spending to think about preserving cash. And we've got additional cost savings initiatives through further vendor consolidation and price negotiations.

所以我們非常積極主動。我們可以採取許多不同的手段，包括成本和定價行動。其中一些成本行動是我們已在採取並加速實施的。其中一些是新的。我們正在緊縮開支以考慮保留現金。我們也透過進一步的供應商整合和價格談判獲得了額外的成本節約措施。

And on top of that, we are thinking about strategic and surgical pricing actions. And we know with the strength of our brands, the market share leadership that we have, we're confident in our ability to take that action over time. And I would tell you, this will be a fluid situation. We have the ability to shift production and optimize our network further. So we have a plan. It'll be fluid, and we'll stay kind of on our front foot as we go through this.

除此之外，我們也正在考慮策略性和外科性的定價行動。我們知道，憑藉我們品牌的實力和我們所擁有的市場份額領導地位，我們有信心隨著時間的推移採取這一行動。我想告訴你，這將是一個不穩定的局面。我們有能力轉移生產並進一步優化我們的網路。所以我們有一個計劃。這將是流暢的，我們將在經歷這一過程時保持主動。

Underlying a lot of this, or along with this, is the tariff -- we'll call it revenue opportunities that we've been talking about. And we feel that we're really well positioned to capture them. If you remember, we started the year with a relatively conservative position on the top line, and these are additive to that. And they are driven by our Western Hemisphere supply chain, the speed and the capability that we have.

其中很大一部分的根本原因或伴隨原因就是關稅——我們稱之為我們一直在談論的收入機會。我們覺得我們確實已經準備好去抓住這些機會。如果你還記得的話，我們在年初對營收採取了相對保守的立場，而這些只是錦上添花。這些都得益於我們西半球的供應鏈、速度和能力。

So we've got a lot of inbound already from a number of our retail partners that we have great relationships with. And they're looking to replace products that they are concerned about. It's not private label, to answer your question directly. So we're looking at expanding our brands and the ability to do that. You put all this together, and whether it's revenue opportunities, the cost position, our position on tariffs, we are able to, with confidence, confirm our guide for the full year.

因此，我們已經從許多與我們關係良好的零售合作夥伴那裡獲得了大量入站資訊。他們正在尋找他們所關心的替代產品。這不是自有品牌，直接回答你的問題。因此，我們正在考慮擴大我們的品牌，並提升實現這一目標的能力。綜合考慮所有這些因素，無論是收入機會、成本狀況，還是關稅立場，我們都能滿懷信心地確認全年業績指引。

Hey, good morning, Jay, and thanks for your question. We're very pleased with our first-quarter performance. And it really -- the upside came in several areas. One is, sales came in better than expected. The teams did a really good job of delivering on the core sales standpoint across the board, US and international.

嘿，早上好，傑伊，謝謝你的提問。我們對第一季的表現非常滿意。而它確實在多個方面都取得了進步。一是銷售額好於預期。這些團隊在美國和國際市場的核心銷售方面表現非常出色。

And then, if you move down to cost of sale and gross profit, we're seeing cost savings bill. We're seeing the assortment management mix really coming through. And it's really -- it's interesting as you see the combination of those two as they build and build. We are looking to, overall for the full year, our gross margin is going to be up. And as you move forward, SG&A is going to be a bigger part of our operating margin increase.

然後，如果您轉向銷售成本和毛利，我們會看到成本節約帳單。我們看到，組合管理確實發揮了作用。這確實很有趣，因為你會看到這兩者不斷結合、不斷建構。我們預計，從全年來看，我們的毛利率將會上升。隨著我們不斷前進，銷售、一般及行政費用 (SG&A) 將在我們的營業利潤率成長中佔據更大比重。

SG&A, cost savings are flowing through. We're at a pace now where our investments are at a good level. And now you're seeing those cost savings flow through the P&L. We're better leveraging SG&A as you move on, so again, across the board, across all those areas.

銷售、一般及行政費用，成本節省正在流出。我們現在的投資速度處於良好水準。現在您可以看到這些成本節省流入損益表。隨著你們的前進，我們會更好地利用銷售、一般和行政費用，所以再次強調，在所有這些領域都是如此。

Got it. Thank you so much.

知道了。太感謝了。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

Hey, good morning. Nice results. Thanks for taking my question. Can you talk a bit more about what you're seeing in the market and the conversations with retailers, and how they're managing their inventory? Additionally, what are you seeing competitors do in terms of pricing today?

嘿，早安。效果不錯。感謝您回答我的問題。您能否進一步談談您在市場上看到的情況以及與零售商的對話以及他們如何管理庫存？此外，您看到競爭對手目前在定價方面採取了什麼措施？

And then just a clarifying question on the last one, where retailer partners are looking to backfill inventory that maybe was coming from China, they're looking to backfill potentially private label with HanesBrands. Is that the correct interpretation? Thank you.

然後，我再澄清最後一個問題，零售商合作夥伴希望補充可能來自中國的庫存，他們希望用 HanesBrands 來補充潛在的自有品牌。這是正確的解釋嗎？謝謝。

Yeah. So let me take the last one first. No, we're not in private label discussions with retailers. We're a branded company, and we're going to continue to build that. Sometimes, they're looking to backfill other brands. They're looking to fill any short-term or long-term gaps that they expect. But to be clear, we're not getting into the private label business, and that is not a focus of what we're doing.

是的。讓我先談最後一個。不，我們沒有與零售商進行自有品牌討論。我們是一家品牌公司，我們將繼續打造這一點。有時，他們正在尋找其他品牌來填補空缺。他們正在尋求填補他們預期的任何短期或長期空白。但要先明確的是，我們不會涉足自有品牌業務，這也不是我們的重點。

Clearly, there'll be some space moves around, and we expect to gain some incremental space while this goes on. We've got a great back-half plan on space to begin with just in our core business. But we think this will be some incremental growth in space for us as we go forward.

顯然，會有一些空間移動，我們希望在過程中獲得一些增量空間。我們已製定了有關太空的宏偉後半部分計劃，首先將其作為我們核心業務的一部分。但我們認為，隨著我們不斷前進，這將為我們帶來空間上的一些增量成長。

In terms of discussions with retailers, they're very positive right now. We've got very deep long-term relationships with all the major retailers. And they know based on past disruptions in the market that they can come to us, and we can deliver very quickly opportunities for them.

就與零售商的討論而言，他們現在非常積極。我們與所有主要零售商都建立了非常深厚的長期合作關係。根據過去市場動盪的情況，他們知道可以來找我們，我們可以迅速為他們提供機會。

And that's kind of what's happening right now. There's a discussion with a number of retailers, some we do business with today and some we're not doing business with today, that are approaching us to see what we can do for them in the near term to drive business and fill gaps that they're anticipating.

這就是目前正在發生的事情。我們正在與一些零售商進行討論，其中一些我們目前仍在合作，而另一些則尚未合作。他們正在與我們接洽，希望了解我們近期能為他們做些什麼，以推動業務發展，並填補他們預期的缺口。

Everyone's managing inventory relatively tightly as you can imagine. We don't see any disruptions in inventory in the market. The business is progressing pretty well in those as far as inventory is concerned. I think the third question was around pricing and what are we seeing in the market right now.

正如您所想像的，每個人都在相對嚴格地管理庫存。我們沒有看到市場庫存出現任何中斷。就庫存而言，這些業務進展相當順利。我想第三個問題是關於定價以及我們目前在市場上看到的情況。

We monitor the market incredibly closely, watch exactly what's going on, and know what everyone's doing. I don't think you're going to see -- or we haven't seen a lot of significant price moves yet in the market. But we're watching it very closely.

我們密切關注市場，準確觀察正在發生的事情，並了解每個人的舉動。我認為你不會看到——或者我們還沒有看到市場上出現很多重大的價格變動。但我們正在密切關注。

More importantly, we are building our plan for what we're going to do. We have some strategic pricing. It's a very surgical pricing. It may differ by brand. It may differ by category. It may differ by geography. But we're very confident in our ability to take price as necessary as a part of our broader plan to offset the tariff situation. And that should put us in position to have a real strong year building on the first quarter.

更重要的是，我們正在製定我們要做的事情的計劃。我們有一些策略定價。這是一個非常精準的定價。可能因品牌不同而有所差異。它可能因類別而異。它可能因地理位置而異。但我們非常有信心，我們有能力根據需要採取價格措施，作為我們抵消關稅狀況的更廣泛計劃的一部分。這應該會讓我們在第一季的基礎上迎來真正強勁的一年。

David Swartz, Morningstar.

晨星公司的大衛‧斯沃茨。

Hi, thanks for taking my question. Steve, you mentioned some weakness in the women's business in the quarter. I was wondering if you expect that to persist and whether you think that's due to market conditions solely? Or is it also market share loss a factor? And also, in the past, when you've had weakness in that category due to economic issues, how quickly you've seen it bounce back? Thanks.

你好，謝謝你回答我的問題。史蒂夫，你提到本季女裝業務存在一些疲軟表現。我想知道您是否預計這種情況會持續下去？您是否否認為這完全是由於市場狀況造成的？還是市佔率的損失也是一個因素？此外，過去，當由於經濟問題導致該類別表現疲軟時，您看到它反彈的速度有多快？謝謝。

Sure. Good morning, David. First of all, I'd say, we talked about weakness in the intimate apparel business, not necessarily women's business. Our women's business across Haines is doing quite well, and we're confident and feel good about that business.

當然。早安，大衛。首先，我想說，我們討論的是貼身內衣業務的弱點，不一定是女裝業務的弱點。我們在海恩斯的女性業務做得很好，我們對這項業務充滿信心，感覺很好。

But in intimate, what I'd tell you is, it is the most challenged category in the innerwear business, which is typical in difficult economic environment. It tends to be the category that suffers the most and tends to be the one that moves first. It's also the most exposed to the mid-tier department store channel, which is the most challenged channel right now.

但就貼身衣物而言，我想告訴你的是，它是內衣產業中最具挑戰性的類別，這在困難的經濟環境下很常見。它往往是受害最深的一個類別，同時也往往是最先受到影響的一個類別。它也是最受中階百貨通路影響的，而中階百貨通路是目前最具挑戰性的通路。

On top of that, though, I would tell you is, I'm not happy with where we are in intimates right now. We have work to do to continue to improve that business, and it's different parts of our business. So for example, our Bali and Playtex businesses are actually doing quite well, and we're seeing growth in those businesses.

但除此之外，我想告訴你的是，我對我們目前的親密關係並不滿意。我們需要繼續努力來改善該業務，它是我們業務的不同部分。例如，我們的峇裡島和 Playtex 業務實際上表現相當不錯，而且我們看到這些業務正在成長。

I like how they're positioned in the mass channel and Amazon. Those parts of the business are doing quite well. We continue to expect those to outperform over time with the innovation that we're bringing the investments that we're putting behind the brand.

我喜歡他們在大眾頻道和亞馬遜中的定位。這些業務部分進展相當順利。我們繼續期待，隨著時間的推移，憑藉我們為品牌帶來的創新和投入，這些產品將取得更好的表現。

The biggest challenge we have right now is our Maidenform business. We have an opportunity to improve and broaden our approach there. We launched M last year, and it worked well in terms of gaining share with younger consumers and improving brand perception.

我們目前面臨的最大挑戰是 Maidenform 業務。我們有機會改進和拓寬我們的方法。我們去年推出了 M，它在吸引年輕消費者和提高品牌認知度方面效果顯著。

But it really wasn't focused on a large enough portion of the category. So we're pivoting this year. You're going to see us focus on T-shirt bras in the Maidenform business, which is the biggest part of the category, and continue to focus that in mass and online. And I think we'll be able to see that business turnaround.

但它實際上並沒有關注足夠大的一部分類別。因此我們今年將做出調整。您將會看到我們專注於 Maidenform 業務中的 T 卹胸罩，這是該類別中最大的部分，並且我們將繼續在大眾和線上市場關注這項業務。我認為我們將能夠看到業務的改善。

But all of that said, I think the intimates business will have the longest headwind in the current economy than the more basics business, which has been growing quite well for us. And we had a good first quarter across basics, up low single digits; and the active business, up mid-single-digits. So we're working to offset the weakness in intimates.

但儘管如此，我認為在當前經濟狀況下，貼身衣物業務將比基本衣物業務遭遇最長的逆風，而基本衣物業務對我們來說增長一直相當不錯。我們第一季的基本業務表現良好，成長了低個位數；活躍業務也成長了中等個位數。因此，我們正在努力彌補親密產品市場的疲軟。

That's helpful. Thanks a lot.

這很有幫助。多謝。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey, good morning, everyone. Two questions for me. Sorry, Steve, I jumped on a little late. I understand on the tariff side, you're in pretty good shape based on the nuances of your business. Is it to the extent where you would say the unmitigated tariff impact on your business is zero? Is it a little bit above that? I'm curious how granular you'd be comfortable getting on that?

嘿，大家早安。我有兩個問題。抱歉，史蒂夫，我來晚了一點。我理解在關稅方面，根據您的業務細節，您的狀況相當不錯。您是否認為未減輕的關稅對您的業務的影響為零？是不是稍微高一點？我很好奇您對此能有多大的興趣？

And then, based on anything that you've kind of encountered the last couple of months, obviously pretty volatile environment, any change to the low 40s kind of gross margin outlook you have for the business go forward? Any near-term volatility to that? Just curious how you'd frame that. Thank you.

然後，根據您過去幾個月遇到的情況，顯然環境相當不穩定，您對未來業務 40% 以下的毛利率前景有任何變化嗎？近期會出現波動嗎？只是好奇你會如何構思它。謝謝。

Sure. Good morning, Ike. In terms of the impact, I mean, we will mitigate all of it. So that'll be zero. If you think about the tariff rates that are out there right now as they exist, we know we can mitigate that. And we are planning for more than that to be able to offset to build -- we always plan for a rainy day and build cushion into how we're approaching it. So we feel good about our ability to mitigate that and have lots of levers to pull.

當然。早安，艾克。就影響而言，我的意思是，我們將減輕所有影響。所以那將是零。如果你考慮一下現在的關稅稅率，我們知道我們可以減輕這個影響。我們正在製定更多計劃，以便能夠抵消建設成本——我們總是未雨綢繆，為我們的處理方式建立緩衝。因此，我們對自己緩解這一問題的能力感到滿意，並且有很多手段可以運用。

Regarding the gross margin in low-40s, the short answer is no, no change in our outlook for that. We have continued to have offsets. I've been very pleased with our performance in the gross margin, and our -- the way we built back both past the inflation and now going beyond that. And we continue to see really strong performance quarter over quarter. And we will see that for the full year. So no issues there at all.

至於 40% 以下的毛利率，簡短的回答是“不”，我們對此的展望沒有改變。我們繼續保持抵消。我對我們的毛利率表現非常滿意，而且我們克服了通貨膨脹的影響，現在又超越了通貨膨脹。我們繼續看到季度環比表現強勁。我們將在全年看到這一點。所以根本沒有問題。

Cool. Thank you.

涼爽的。謝謝。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey, everyone. This is Brandon Cheatham for Paul. I was hoping we could double click into the potential benefit from these incremental programs that you're receiving inbounds on. What is your capacity currently?

嘿，大家好。我是布蘭登‧奇瑟姆，為保羅報道。我希望我們可以雙擊您所接收的這些增量程序所帶來的潛在利益。您目前的容量是多少？

And I was hoping that you could break that out versus your Eastern capacity and your Western capacity. Just if we could try and like size the potential opportunity there. And the inbounds you've received, are they mostly interested in your Western manufacturing capacity? Or is it kind of your whole network?

我希望您能將其與東方能力和西方能力進行比較。如果我們能夠嘗試並評估那裡的潛在機會就好了。您收到的來訪大多是對您的西方製造能力感興趣的嗎？還是它是你的整個網路？

Sure. Good morning, Brandon. So let me see if I can try to break some of this out for you. In terms of the interest that's coming in, they're interested in ability to supply product in an effective, cost-efficient way, and then, rely on us to figure out where to make that, how to make that for them, depending upon timeline.

當然。早上好，布蘭登。因此，讓我看看是否可以嘗試為您解決其中的一些問題。就即將到來的興趣而言，他們感興趣的是以有效、經濟的方式提供產品的能力，然後依靠我們根據時間表來確定在哪裡生產、如何為他們生產。

So certainly, the Western Hemisphere creates a lot of interest. And often, I would probably argue calls come first because of that. But we have the capability to move it around the globe to -- we'll make it where it's best to make it and where that is the most efficient from a cost perspective and from a time perspective. So flexibility there.

因此，西半球無疑地引起了人們的極大興趣。而我常常會認為正是因為這個原因，呼叫才是第一位的。但我們有能力將其運送到全球各地——我們會將其運送到最適合的地方，並且從成本和時間角度來看效率最高。所以具有靈活性。

In terms of capacity, we've done a lot of work on our supply chain over the last couple of years in terms to streamline it, to make it more effective, more efficient. Obviously, the sale of Champion was a big lever in that. We closed some facilities, closed some distribution centers to make us optimize from a cost perspective.

在產能方面，過去幾年我們在供應鏈方面做了大量工作，以簡化供應鏈，使其更有效、更有效率。顯然，Champion 的出售起到了很大的推動作用。我們關閉了一些設施，關閉了一些配送中心，以便從成本角度進行最佳化。

That said, we have capacity for growth. And as we went through all of that supply chain work, that was one of our priorities is to make sure that we have both short-term and long-term growth ability. So we have surge capacity in our network today. And then, we have long-term capability at the same time. So I'm not worried about running out of capacity as we go after these new revenue opportunities.

話雖如此，我們仍有成長的能力。當我們完成所有供應鏈工作時，我們的首要任務之一就是確保我們擁有短期和長期的成長能力。因此，我們今天的網路容量激增。同時，我們也有長期的能力。因此，當我們追求這些新的收入機會時，我並不擔心產能耗盡。

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。我想請 T.C. Robillard 做最後發言。

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

我們感謝大家今天參加我們的電話會議，並期待很快與您交談。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。