漢佰 (HBI) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the HanesBrands second-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 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I'd 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 second quarter of 2025. 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。我們很高興今天能在這裡介紹 2025 年第二季之後的進展。希望大家都有機會閱讀我們今天早些時候發布的新聞稿。新聞稿、更新的常見問題解答文件和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 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. 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 time frame and the inflationary environment.

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。這些陳述是基於目前的預期或信念，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。這些風險包括與當前宏觀經濟狀況、消費者需求動態、我們成功執行策略性舉措（包括重組和其他行動相關項目）的能力、我們在預期時間範圍內去槓桿的能力以及通膨環境相關的風險。

These risks also include those detailed in our various filings with the SEC, which may be found on our website. 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. 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.

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。這些前瞻性陳述應與我們新聞稿和向美國證券交易委員會提交的文件中提出的警告性聲明一起考慮。本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。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。

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. 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.

有關本季度業績和我們的指導的更多信息，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。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。

I will now turn the call over to Steve.

現在我將把電話轉給史蒂夫。

Thank you, T.C. Good morning, everyone, and welcome to our second-quarter earnings call. For the third consecutive quarter, HanesBrands delivered better-than-expected sales, gross margin, operating profit and earnings per share. Our strong performance underscores the continued success of our growth strategy and is why we're raising our full year guidance. I want to thank the global HBI team for all their hard work and efforts.

謝謝，T.C。大家早安，歡迎參加我們的第二季財報電話會議。連續第三個季度，HanesBrands 的銷售額、毛利率、營業利潤和每股盈餘均超出預期。我們的強勁表現凸顯了我們成長策略的持續成功，這也是我們提高全年業績預期的原因。我要感謝全球 HBI 團隊的辛勤工作和努力。

As we've highlighted over the past several quarters, HanesBrands is a new company. We're healthier, more focused and more profitable. Our brands are stronger. We're driving innovation, including the expansion of our Hanes Moves products. We're elevating the HanesBrands, including our exclusive product offering with Urban Outfitters in the US and our Hanes premium T-shirts offerings at specialty retailers in Japan. We're creating new categories behind our absorbency products in Australia and the US. We're extending our brand into adjacent categories, including loungewear and scrubs, and we're consistently investing in our brands at levels that are more than double what we spent four years ago.

正如我們在過去幾個季度所強調的那樣，HanesBrands 是一家新公司。我們更健康、更專注、更有獲利。我們的品牌更加強大。我們正在推動創新，包括擴展我們的 Hanes Moves 產品。我們正在提升 HanesBrands 的品質，包括與美國 Urban Outfitters 合作提供的獨家產品以及在日本專賣店提供的 Hanes 優質 T 卹。我們正在澳洲和美國的吸收性產品背後創造新的類別。我們正在將我們的品牌擴展到相鄰的類別，包括家居服和工作服，我們對我們的品牌的投資持續增加，投資金額是四年前的兩倍多。

We're generating structurally higher profit margins through increased productivity and lower fixed costs even while simultaneously investing for growth. We streamlined our supply chain while remaining diversified and balanced across the globe, which makes us more efficient and provides us with capacity for growth. And we're leveraging advanced analytics with the use of AI to drive operational improvement around the globe, including inventory and assortment management as well as demand planning and forecasting.

我們透過提高生產力和降低固定成本來產生結構性更高的利潤率，同時也進行成長投資。我們簡化了供應鏈，同時保持了全球的多元化和平衡性，這使我們更加高效，並為我們提供了成長能力。我們正在利用人工智慧的高級分析來推動全球營運改進，包括庫存和分類管理以及需求計劃和預測。

We've also strengthened our balance sheet, paying down $1.5 billion of debt and reducing leverage by nearly 2.5 turns over the past two years. Our transformation work and the execution of our growth strategy are generating tangible results. We're operating on a stronger foundation. We're leveraging our competitive advantages, and we're delivering strong financial performance. For the second quarter, we once again saw growth rates that accelerated down the P&L, as sales increased 2%, operating profit increased 22% and EPS increased 60% over prior year.

我們還加強了資產負債表，在過去兩年中償還了 15 億美元的債務，並將槓桿率降低了近 2.5 倍。我們的轉型工作和成長策略的實施正在產生實際的成果。我們的營運基礎更加牢固。我們正在利用我們的競爭優勢，並實現強勁的財務業績。第二季度，我們再次看到成長率加速下降，銷售額比去年同期成長 2%，營業利潤成長 22%，每股收益成長 60%。

On a constant currency basis, sales increased over prior year in the Americas, were flat in Australia, and decreased slightly for about $5 million in the US, with our performance in each region in line with our expectations. As we've experienced over the past several quarters, ongoing consumer headwinds continue to pressure the US innerwear market, especially with the intimate apparel category. While our intimates business was down compared to last year, we delivered strong growth in our other businesses, including low single-digit growth in basics, nearly 30% growth in active, 165% growth in new businesses, which includes our scrubs and loungewear products.

以固定匯率計算，美洲地區的銷售額比去年有所成長，澳洲的銷售額持平，美國的銷售額略有下降，約 500 萬美元，我們在每個地區的業績都符合我們的預期。正如我們在過去幾季所經歷的那樣，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。雖然我們的內衣業務與去年相比有所下滑，但我們的其他業務卻實現了強勁增長，包括基礎款低個位數增長、活動款近 30% 的增長、包括手術服和家居服產品在內的新業務 165% 的增長。

We delivered another quarter of strong profit growth, driven primarily by our cost restructuring actions and productivity improvement initiatives. For the quarter, operating margin expanded 255 basis points over the last year to 15.5%, with the improvement roughly split between gross margin expansion and SG&A leverage.

我們又實現了一個季度的強勁利潤成長，這主要得益於我們的成本重組措施和生產力改進措施。本季度，營業利潤率較去年同期擴大 255 個基點，達到 15.5%，其中毛利率的提高和銷售、一般及行政費用槓桿的提高大致相同。

SG&A levered 110 basis points in the quarter, marking a second consecutive quarter of leverage as our cost reduction actions have scaled to the point where they are more than offsetting our investments. And with lower interest expense from our debt reduction actions, profit growth further accelerated, resulting in a 60% increase in EPS for the quarter.

本季銷售、一般及行政費用的槓桿率上升了 110 個基點，這是連續第二個季度出現槓桿率，因為我們的成本削減措施已經擴大到足以抵消我們的投資的程度。由於我們採取了減債行動，利息支出降低，利潤成長進一步加快，導致本季每股收益成長了 60%。

So in closing, our strategy is working. It's delivering consistent, strong results, and we're confident it positions us for continued success long term. We have a strong global asset base, meaningful competitive advantages and the speed and flexibility to manage through the current market environment. And we have multiple avenues to drive increased shareholder returns over the next several years through consistent sales growth, additional margin expansion, and continued debt reduction.

總而言之，我們的策略正在發揮作用。它正在提供持續、強勁的成果，我們相信它將使我們長期持續取得成功。我們擁有強大的全球資產基礎、顯著的競爭優勢以及應對當前市場環境的速度和靈活性。我們有多種途徑在未來幾年內透過持續的銷售成長、額外的利潤率擴大和持續的債務削減來提高股東回報。

And with that, I'll turn the call over to Scott.

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. This strong performance over the first half of the year is a direct result of our growth strategy and transformation work and gives us the confidence to raise our full-year guidance. During this call, I'll touch on the highlights from the quarter, then I'll provide some thoughts on our outlook. For additional details, I'll point you to our news release and FAQ document.

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。今年上半年的強勁表現是我們成長策略和轉型工作的直接成果，使我們有信心提高全年業績預期。在這次電話會議中，我將談談本季的亮點，然後就我們的前景提出一些想法。如需更多詳細信息，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 $991 million. Adjusting for the impact from foreign exchange rates, transition service revenue, sales on an organic constant currency basis were relatively consistent with prior year. We saw continued year-over-year expansion in both our gross and operating margins, as our cost savings and productivity initiatives, such as assortment management, are driving structurally higher and sustainable margins while funding growth-related investments.

談談本季的細節。據報道，銷售額比上年增長 2%，達到 9.91 億美元。調整外匯匯率的影響後，過渡服務收入、以有機固定匯率計算的銷售額與前一年基本一致。我們的毛利率和營業利潤率均持續同比增長，因為我們的成本節約和生產力舉措（例如分類管理）在為增長相關的投資提供資金的同時，也推動了結構性更高且可持續的利潤率。

For the quarter, gross margin increased 145 basis points over prior year to 41.2%. SG&A expenses decreased 2% compared to prior year or 110 basis points as a percent of sales. The combination of these drive a 255-basis point expansion of our operating margin to 15.5% for the quarter. And with respect to earnings per share, EPS increased 60% over last year to $0.24, driven by higher margins as well as lower interest expense as we benefited from meaningful debt reduction efforts over the past year.

本季毛利率較上年同期增加 145 個基點，達到 41.2%。銷售、一般及行政費用與前一年相比下降了 2%，佔銷售額的百分比下降了 110 個基點。這些因素共同推動我們本季的營業利潤率擴大 255 個基點，達到 15.5%。就每股盈餘而言，每股盈餘較去年同期成長 60%，達到 0.24 美元，這得益於利潤率的提高以及利息支出的降低，而我們受益於過去一年有意義的債務削減努力。

With respect to cash flow and the balance sheet, we reported $36 million of operating cash flow in the quarter, driven by strong profit performance and disciplined working capital management. Leverage at the end of the second quarter was 3.3 times on a net debt-to-adjusted EBITDA basis, which is 1.3 turns lower than prior year and is approaching our target range of 2 to 3 times.

關於現金流和資產負債表，我們報告本季的營運現金流為 3,600 萬美元，這得益於強勁的利潤表現和嚴格的營運資本管理。第二季末的槓桿率為 3.3 倍（以淨負債與調整後 EBITDA 計算），比前一年低 1.3 倍，接近我們 2 至 3 倍的目標範圍。

And now turning to guidance. Our outlook for the third quarter includes continued margin expansion and operating profit growth and even faster EPS growth. For the third quarter, we expect sales of approximately $900 million, operating profit of approximately $122 million, and EPS of approximately $0.16. We also raised our full-year sales and profit outlook to reflect our strong performance year-to-date.

現在轉向指導。我們對第三季的展望包括利潤率持續擴大、營業利潤持續成長以及每股盈餘更快成長。我們預計第三季銷售額約9億美元，營業利潤約1.22億美元，每股收益約0.16美元。我們還上調了全年銷售額和利潤預期，以反映我們今年迄今為止的強勁表現。

We now expect full-year sales to increase over prior year to approximately $3.53 billion. We expect operating profit to increase 17% to approximately $485 million. We expect EPS to increase 65% to approximately $0.66.

我們現在預計全年銷售額將比前一年增加至約 35.3 億美元。我們預計營業利潤將成長 17%，達到約 4.85 億美元。我們預計每股收益將成長 65% 至約 0.66 美元。

Putting some context on the assumptions within our full-year outlook, as we have all year, we continue to take a conservative view in the muted consumer environment. With our advantaged supply chain, we continue to have good visibility to input costs and cost savings through the remainder of the year, and our outlook reflects what we know about tariffs today. We continue to believe we are well positioned to manage through the current tariff environment and remain confident that we can fully mitigate the cost headwinds, both in the short and long term.

結合我們對全年展望的假設，正如我們全年所做的那樣，在低迷的消費環境下，我們繼續持保守態度。憑藉我們的優勢供應鏈，我們在今年剩餘時間內繼續對投入成本和成本節約有良好的了解，我們的前景反映了我們對當前關稅的了解。我們仍然相信，我們有能力應對當前的關稅環境，並且仍然相信我們能夠完全緩解短期和長期的成本阻力。

So in closing, our transformation work and the execution of our growth strategy are delivering consistent results. We're operating on a stronger foundation with meaningful competitive advantages. We're leaner, healthier, more profitable and well positioned to succeed in any operating environment. And we believe we can deliver strong shareholder returns over the next several years through consistent revenue growth, margin expansion and strong cash generation.

總而言之，我們的轉型工作和成長策略的執行正在取得持續的成果。我們擁有更堅實的基礎和顯著的競爭優勢。我們更加精簡、更健康、獲利能力更強，並且能夠在任何營運環境中取得成功。我們相信，透過持續的收入成長、利潤率擴大和強勁的現金創造，我們可以在未來幾年為股東帶來豐厚的回報。

And 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 will 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。我們現在開始回答您的問題，並將在時間允許的情況下繼續回答。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。

Steve, I'd like to just ask if you could elaborate a little bit on what drove the outperformance in the quarter? And also, what gave you the confidence to increase the outlook and sort of what's driving that increased outlook? That's where I'd like to start the first.

史蒂夫，我想問一下，您能否詳細說明一下本季業績優異的原因是什麼？此外，是什麼讓您有信心提高前景，又是什麼推動了前景的提升？這就是我想要開始的第一件事。

Sure, Jay, good morning. Well, Scott, I'll let you talk about kind of the quarter, and I'll talk a little bit about the outlook and the guidance.

當然，傑伊，早安。好吧，斯科特，我讓你談談本季的情況，我會談談前景和指導。

Sounds good. Good morning, Jay, thanks for your question. So we were very pleased with our Q2 performance, and we're continuing to build on the momentum that we started last year. For Q2 specifically, we really exceeded expectations across all of our key metrics.

聽起來不錯。早安，傑伊，謝謝你的提問。因此，我們對第二季度的表現非常滿意，並且我們將繼續保持去年開始的勢頭。具體來說，對於第二季度，我們的所有關鍵指標都超出了預期。

On the sales side, we saw upside there, as we just continue to focus on driving the benefits from our growth strategy. On the profit side, [op] margin, had a really good performance there. We're now consistently generating structurally higher margins. We're seeing that every quarter now. Q2 op margin came in at 15.5%, which was 280 basis points above last year and 150 basis points above our guide.

在銷售方面，我們看到了上升空間，因為我們只是繼續專注於推動成長策略帶來的好處。在利潤方面，營業利益率表現非常好。我們現在正在持續產生結構性更高的利潤率。我們現在每季都會看到這種情況。第二季營業利益率為 15.5%，比去年同期高出 280 個基點，比我們的預期高出 150 個基點。

And to give you some color around that, within gross margin, the benefits from our cost savings and productivity initiatives continue to build and we're seeing strong performance with our facilities. The productivity there has been really good (technical difficulty) favorably above and beyond our expectations. Our savings initiatives are coming through and just general plant performance has been really, really strong.

為了讓您了解這一點，在毛利率範圍內，我們的成本節約和生產力舉措帶來的好處繼續增加，並且我們的設施表現出色。那裡的生產力確實很好（技術難度）遠遠超出了我們的預期。我們的節約計畫正在取得成效，工廠的整體表現也非常強勁。

On SG&A, similar story there. We're seeing really good benefits from our cost reduction actions. We're now scaling our SG&A leverage now from quarter to quarter. You saw, in the first quarter, we levered SG&A down 220 basis points. In the second quarter, it was down 110 basis points. So we're consistently [through again] these benefits. We're seeing it from an incremental standpoint and at a faster clip. We're seeing those savings in our facilities, within our distribution centers. Also in our back office, corporate and business support activities, we're seeing that we're operating much leaner than we actually initially anticipated. So we're going really well there.

關於銷售、一般及行政費用 (SG&A)，也有類似情況。我們的成本削減行動確實帶來了良好的效益。我們現在正在逐季度擴大銷售、一般和行政費用槓桿。大家看到了，在第一季度，我們將銷售、一般及行政費用的槓桿率降低了 220 個基點。第二季則下降了110個基點。因此，我們始終如一地（再次）提供這些福利。我們從增量的角度和更快的速度看到了這個變化。我們在自己的設施和配送中心內看到了這些節省。此外，在我們的後台辦公室、公司和業務支援活動中，我們發現我們的營運比我們最初預期的要精簡得多。所以我們在這方面進展得非常順利。

And then the last thing I'd point out, it's on interest, and we've talked a lot about debt and reduction there. We're seeing that benefit flowing through on the P&L side with lower interest and leverage coming down. So that's even magnifying the growth rate from a P&L perspective.

最後我要指出的是，關於利息，我們已經討論了很多關於債務和減免的問題。我們看到，隨著利息和槓桿率的下降，收益在損益表中不斷增加。因此，從損益表的角度來看，這甚至擴大了成長率。

Steve, [you want to] talk about guidance?

史蒂夫，[你想]談談指導嗎？

Yes. So obviously, Scott, it's a good recap. So obviously, we feel really good about where we are, and we think we have really good visibility to the back half. If you look at on the revenue side of the guide, certainly, the strong first half results kind of boost or bolster where we're going to go. The transformation work that we're doing, we're a simple business, and that really positions us well to operate in this environment. POS is improving in the business.

是的。顯然，斯科特，這是一個很好的回顧。顯然，我們對目前的狀況感到非常滿意，我們認為我們對後半部分有很好的了解。如果你看一下指南的收入方面，那麼強勁的上半年業績肯定會推動或支持我們的發展。我們正在進行的轉型工作，我們是一家簡單的企業，這確實使我們能夠在這種環境中很好地運作。POS 業務正在改善。

And if you go back and you look, June was better than May. July has been better than June. So still headwinds there, but we're starting to see momentum in the business, and we feel good about that. So whether it's us continuing to invest in our brands, leveraging the new assortment capabilities we have, the new businesses, which are really starting to gain traction, we feel good about top line and continue to perform as we've been performing.

如果你回顧一下，你會發現六月的情況比五月好。七月比六月好。因此，雖然仍然存在阻力，但我們開始看到業務的發展勢頭，我們對此感到滿意。因此，無論是我們繼續投資於我們的品牌，利用我們擁有的新產品組合能力，還是真正開始獲得關注的新業務，我們都對營收感到滿意，並將繼續保持我們一直以來的表現。

And then as Scott said, about profit in the first half, we did well, and we continue to see that margin expansion coming as we have more cost savings opportunities, and we have most importantly visibility that we have to the cost that will be flowing into the P&L in the back half of the year. So you roll all that up, and that's our confidence to take the guide up for the back half.

然後，正如斯科特所說，關於上半年的利潤，我們做得很好，而且我們繼續看到利潤率擴大，因為我們有更多的成本節約機會，而且最重要的是，我們清楚地知道下半年將流入損益表的成本。所以，你把所有這些都捲起來，這就是我們對後半部指南的信心。

Peter McGoldrick, Stifel.

彼得·麥戈德里克，Stifel。

This is Alex Douglas on for Peter. Apologies if I missed this in the prepared remarks, but could you maybe provide any insight into kind of the cadence of tariff impacts kind of through '25 and '26? And do you still not expect an impact for tariffs until 4Q? Thank you.

這是亞歷克斯·道格拉斯 (Alex Douglas) 代替彼得。如果我在準備好的發言中遺漏了這一點，請見諒，但您能否提供一些關於 25 年和 26 年關稅影響節奏的見解？您是否仍預期關稅的影響要到第四季才會顯現？謝謝。

Sure, Morning, Doug. Yes, when you think about tariffs and the impact on our business, first of all, we won't be really experiencing that cost until Q4 because of the inventory that we have and the way cost flows off of our balance sheet. But we're very confident that we will mitigate the tariffs at the rates that we're experiencing today. We have very clear plans to do that.

當然，早安，道格。是的，當你考慮關稅及其對我們業務的影響時，首先，由於我們擁有的庫存以及成本從我們的資產負債表中流出的方式，我們要到第四季度才會真正感受到這一成本。但我們非常有信心，我們將按照目前的稅率降低關稅。我們有非常明確的計劃來實現這一點。

And as you think about our business, not only do you have the Q4 impact, but you have to think about those other offsets about meaningful US content that we have in our products that are exempt from reciprocal, the good East-West balance that we have in our supply chain.

當你考慮我們的業務時，你不僅要考慮第四季度的影響，而且還要考慮我們產品中免於互惠的有意義的美國內容的其他抵消，以及我們供應鏈中良好的東西方平衡。

And the team is being extremely proactive. A lot of cost actions that we are taking to reduce costs, we're going to have some surgical pricing actions that we'll be taking. And we just have a lot of ability to not have that impact our business fully in Q4. So we feel good. It's all built into our guide, and we can offset the situation.

並且團隊非常積極主動。我們正在採取許多成本措施來降低成本，我們將採取一些外科定價措施。我們完全有能力避免這種情況在第四季度對我們的業務造成全面影響。所以我們感覺很好。這一切都已納入我們的指南中，我們可以彌補這種情況。

Ike Boruchow, Wells Fargo.

艾克‧博魯喬 (Ike Boruchow)，富國銀行。

Hi, good morning. This is Julianna on for Ike. So there's been some chatter in the mass channel on pushback on pricing. I'm curious if you could speak towards your conversation today and how you're thinking about that mass channel through the second half. Thank you.

嗨，早安。這是朱莉安娜 (Julianna) 為艾克 (Ike) 表演的。因此，大眾通路中出現了一些關於降低定價的討論。我很好奇您能否談談今天的談話以及您對下半年大眾管道的看法。謝謝。

Hi, Julianna. Correct me if I'm wrong. I think you were asking about pricing in the mass channel and our ability and the pushback that we're going to get. You broke up a little bit. Is that correct?

你好，朱莉安娜。如果我錯了，請糾正我。我想您問的是大眾通路的定價以及我們的能力以及我們將要遇到的阻力。你們分手了一點。對嗎？

Yes, that's correct.

是的，沒錯。

Okay. So yes, pricing is going to be a part of our tariff offset program. As you can imagine, I'm not going to get into details for competitive reasons. It is one of the tools and levers that we have. But we feel really good and confident about our ability to take price, supported by our brand strength, continued investment that we're making, and very important is the innovation that we're putting into the market.

好的。是的，定價將成為我們關稅抵銷計劃的一部分。正如你所想像的，出於競爭原因，我不會談論細節。這是我們擁有的工具和槓桿之一。但我們對我們的定價能力感到非常滿意和自信，這得益於我們的品牌實力、我們持續的投資以及我們向市場推出的非常重要的是創新。

So in the past, when we've taken price, it has stuck, and we certainly expect that to go through as we go forward. We're going to take a very strategic approach. We know very well how the market reacts, understand the competitive situation. We put the consumer at the center of pricing decisions that we make.

因此，在過去，當我們確定價格時，它就保持不變，我們當然希望在未來的發展中，它能夠保持不變。我們將採取非常有策略的方法。我們非常清楚市場的反應，了解競爭情勢。我們將消費者置於定價決策的中心。

So while we haven't taken price in a few years, we're very confident in our ability to do that. Obviously, we have very in-depth conversations with all of our key customers, including the mass channel. And we think our share leadership position and the innovation and other things we're bringing to market puts us in a really good position to take the appropriate price, what we need and where we need to take it.

因此，儘管我們幾年來沒有進行定價，但我們對自己的能力非常有信心。顯然，我們與所有主要客戶（包括大眾管道）進行了非常深入的對話。我們認為，我們的市場領導地位以及創新和其他優勢使我們處於非常有利的地位，能夠以合適的價格提供我們所需的產品和市場定位。

David Swartz, Morningstar.

大衛‧斯沃茨，晨星公司。

Can you explain maybe what you're doing to try to bring the profitability of the international business up to the -- closer to the US operations? And do you think that, over time, the difference will close?

您能否解釋一下您正在採取哪些措施來使國際業務的盈利能力更接近美國業務的盈利能力？您認為隨著時間的推移，這種差異會消失嗎？

Yes, good morning, David. So the international business, very similar to the US business, when we talk about our cost savings initiative, it's broadly, right? It's not just one business or just one specific function and really focusing on taking out fixed costs across the Board.

是的，早上好，大衛。因此，國際業務與美國業務非常相似，當我們談論成本節約計劃時，它是廣泛的，對嗎？它不只是一項業務或一項特定功能，而是真正專注於全面削減固定成本。

And so the international business, we're seeing that improvement year over year, very consistently with the US business. The one thing to factor in when you're looking at the international business, it has a heavier retail component. So you have some more fixed cost -- SG&A type cost that's flowing through there. The top line has been challenged there, but it's coming [around]. We feel like we are -- we're not sitting still there. We see opportunities to grow the top line, will help kind of leverage that SG&A even more so going forward.

因此，我們看到國際業務逐年改善，與美國業務非常一致。當你審視國際業務時，需要考慮的一件事是，它具有更大的零售成分。因此，您還會有一些固定成本——SG&A 類型的成本流經那裡。營收受到了挑戰，但挑戰正在到來[約]。我們感覺到我們──我們並沒有靜靜地坐在那裡。我們看到了增加營業收入的機會，這將有助於在未來進一步利用銷售、一般和行政費用。

Yes. And one thing I would add to that is when you look at the international market, you have a little bit of quarter-to-quarter fluctuation because we have a lot more direct-to-consumer business, as Scott mentioned, called the retail business, there's a lot of fixed costs in there. So when we get into Q4 and there's more volume flowing through there, you'll see a better margin in the fourth quarter. So it does fluctuate quarter to quarter and then with seasonality.

是的。我想補充一點，當你觀察國際市場時，你會發現季度間存在一些波動，因為我們有更多的直接面向消費者的業務，正如斯科特提到的，稱為零售業務，其中有很多固定成本。因此，當我們進入第四季度並且有更多的交易量流入時，您將看到第四季度的利潤率更高。因此它確實會隨著季度和季節的變化而波動。

Secondly, on this announcement with S&S and the printwear channel, can you explain why you decided to make S&S your exclusive distributor and what that means for your printwear business going forward?

其次，關於與 S&S 和印花服裝通路的此次合作，您能否解釋為什麼決定讓 S&S 成為您的獨家經銷商，以及這對您未來的印花服裝業務意味著什麼？

Yes. I'm not going to get to the specifics of the arrangement with S&S. What I'd tell you is they're a great partner as are some of the other players that we have. Printwear is an expected business that we think can grow over time for us.

是的。我不會談論與 S&S 達成的協議的具體細節。我想告訴你的是，他們是我們很棒的合作夥伴，就像我們的其他一些球員一樣。我們認為，印花服裝是我們預期的業務，隨著時間的推移，這項業務將會不斷成長。

As we think about the assets that we have, our brand and some of the key products we have, we thought it was an arrangement that would be very beneficial to both sides as we go forward. And that's a business that we're going to continue to lean into as we go forward.

當我們考慮到我們擁有的資產、我們的品牌和一些關鍵產品時，我們認為這種安排對雙方的未來都非常有利。這是我們未來將繼續致力於的業務。

(Operator Instructions) William Reuter, Bank of America.

（操作員指示）美國銀行威廉·路透。

I have two. The first, I was wondering if you could quantify what the benefit of lower cotton was on margins in the quarter. Or you talked a lot about cost savings and productivity, if you could unpack some of the specific drivers of that gross margin improvement.

我有兩個。首先，我想知道您是否可以量化棉花價格下跌對本季利潤率的影響。或者您談了很多關於成本節約和生產力的問題，如果您能解釋一下毛利率提高的一些具體驅動因素。

Hey, good morning, and thanks for the question. We don't disclose specific kind of details within cotton as far as the benefit from quarter to quarter. I would say that cotton is a relatively small percentage of our total cost of sales. And we're seeing the productivity in the vast majority of that flowing through broadly across all of our raw materials. We're seeing that within our productivity and facilities.

嘿，早上好，謝謝你的提問。就棉花季度收益而言，我們不會透露具體細節。我想說棉花在我們的總銷售成本中所佔的比例相對較小。我們看到，絕大多數生產力廣泛地流向我們所有的原料。我們在生產力和設施中看到了這一點。

And so we see a tailwind from input costs in the first half, we expect that tailwind to continue into the back half. And so that's layered on top of all the savings and other initiatives that we have. So we've really seen that gross margin really expand quarter to quarter. And then full year will be up 55 basis points is what we're seeing at this point.

因此，我們看到上半年投入成本帶來順風，我們預計這種順風將持續到下半年。因此，這是我們所有儲蓄和其他舉措的頂層設計。因此，我們確實看到毛利率逐季度擴大。那麼，我們目前看到的是，全年將上漲 55 個基點。

Got it. And then you discussed a little bit of softness in innerwear. You mentioned the category is a little bit soft. I guess how do you think you performed relative to the category? And given that private label continues to be a disruptive force kind of across every product in the world, are you seeing any increased competition from third-party private label manufacturers? That's it.

知道了。然後您討論了內衣的柔軟度。您提到該類別有點軟。我猜您認為您的表現相對於該類別而言如何？鑑於自有品牌繼續成為全球每種產品的顛覆性力量，您是否看到來自第三方自有品牌製造商的競爭加劇？就是這樣。

Yes. So just because the softness we referenced was in the intimates part of our portfolio, not in the broader innerwear business. Broader innerwear business is actually is doing quite well. Our basics business is actually up low single digits, active business up nearly 30%. So it's really contained in the intimates business.

是的。因為我們提到的柔軟度只是屬於我們產品組合中的貼身衣物部分，而不是更廣泛的內衣業務。更廣泛的內衣業務實際上表現相當不錯。我們的基礎業務實際上成長了個位數，活躍業務成長了近 30%。因此它確實包含在貼身衣物業務中。

And really inside intimates, that's really driven by the Maidenform brand and some of the challenges that we have there. So we are taking real action there as the exposure to Shapewear is pretty significant inside of intimates. I feel good about Bali and Playtex and where they're headed, particularly in our growth in the mass channel and Amazon.

而在內衣領域，這實際上是由 Maidenform 品牌和我們面臨的一些挑戰所推動的。因此，我們正在採取實際行動，因為塑身衣在內衣領域的曝光率相當高。我對 Bali 和 Playtex 以及它們的發展方向感到滿意，尤其是我們在大眾通路和亞馬遜的成長。

But we have some work to do in the Maidenform business. The M innovation that we brought to market last year did good in its intention, which was to gain share with younger consumers. It improved the brand perception, but it was a little bit too narrow to drive the overall brand. So we're pivoting this year to a much broader focus into T-shirt, bras, and a broader focus in the mass and the online channel. So work to do in intimates, no doubt about that as we go forward.

但在 Maidenform 業務方面我們還有一些工作要做。我們去年推向市場的 M 創新很好地實現了其目標，即贏得年輕消費者的青睞。它提高了品牌認知度，但對於推動整體品牌發展來說還是有點太狹窄了。因此，我們今年將把重點更廣泛地轉向 T 卹、胸罩以及大眾和線上管道。因此，在我們前進的過程中，毫無疑問，我們需要在親密關係中開展工作。

On private label, it's a mixed bag. If you look at our most important category to us, men's underwear, private label is down and it's not gaining share. It's actually losing share. It is up slightly in women's on the innerwear side. So our strategy always has been to manage private label is to run our business and run it really well as a branded business.

對於自有品牌來說，情況好壞參半。如果你看我們最重要的類別，男士內衣，自有品牌正在下滑，而且份額沒有增加。它實際上正在失去市場份額。女裝內衣方面則略有上升。因此，我們的策略一直是管理自有品牌，經營我們的業務，並將其作為品牌業務很好地經營。

So I'm a firm believer of if we continue to invest in our brands, we continue to drive innovation, we continue to be market leader partner with our retail partners on insights and have the best service that we will win versus private label as we go forward.

因此，我堅信，如果我們繼續投資於我們的品牌，繼續推動創新，繼續成為市場領導者，與我們的零售合作夥伴一起洞察市場，並提供最好的服務，我們將在未來戰勝自有品牌。

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，我們期待很快與您交談。祝你有美好的一天。

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

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。