Kontoor Brands Inc (KTB) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Kontoor Brands Inc first quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 Kontoor Brands Inc 2025 年第一季財報電話會議。（操作員指示）

I would not like to turn a conference call over to Michael Karapetian, Vice President of Corporate Development Enterprise Strategy and Investor Relations. Please go ahead.

我不想將電話會議交給企業發展企業策略和投資者關係副總裁 Michael Karapetian。請繼續。

Thank you, operator, and welcome to Kontoor Brands first quarter 2025 earnings conference call. Participants on today's call will make forward-looking statements. These statements are based on current expectations and are subject to uncertainties that could cause actual results to materially differ. These uncertainties are detailed in documents filed with the SEC. We urge you to read our risk factors, cautionary language, and other disclosures contained in those reports.

謝謝接線員，歡迎參加 Kontoor Brands 2025 年第一季財報電話會議。參加今天電話會議的人員將做出前瞻性陳述。這些聲明是基於當前預期，並受可能導致實際結果出現重大差異的不確定因素的影響。這些不確定性在提交給美國證券交易委員會的文件中詳細說明。我們敦促您閱讀這些報告中包含的風險因素、警告語言和其他揭露。

Amounts referred to on today's call will often be on an adjusted dollar basis, which we clearly defined in the news release that was issued earlier this morning and is available on our website at kontoorbrands.com. Reconciliations of GAAP measures to adjusted amounts can be found in the supplemental financial tables included in today's news release.

今日電話會議中提及的金額通常以調整後的美元為基準，我們在今天早上發布的新聞稿中對此進行了明確說明，新聞稿可在我們的網站 kontoorbrands.com 上查閱。 GAAP 指標與調整後金額的對帳表可在今日新聞稿中的補充財務表格中找到。

These tables identify and quantify excluded items and provide management's view of why this information is useful to investors. Unless otherwise noted, amounts referred to on this call will be in constant currency, which exclude the translation impact of changes in foreign currency exchange rates.

這些表格識別並量化了排除的項目，並提供了管理層對這些資訊對投資者有用的看法。除非另有說明，本次電話會議中提及的金額將以固定貨幣表示，不包括外幣匯率變動的折算影響。

Joining me on today's call are Kontoor Brands President, Chief Executive Officer, and Chairman, Scott Baxter; and Chief Financial Officer, Joe Alkire.

參加今天電話會議的還有 Kontoor Brands 總裁、執行長兼董事長 Scott Baxter 和財務長 Joe Alkire。

Following our prepared remarks, we will open the call for questions. Scott.

在我們準備好發言之後，我們將開始提問。斯科特。

Thanks, Mike, and thank you all for joining us today. I'd like to begin our call with the exciting news we shared this morning. We have cleared regulatory approval for the acquisition of Helly Hansen. In the coming weeks, we expect to close the transaction and begin the next chapter of our story fueled by accelerating top line growth stronger earnings in cash generation and significantly improved capital allocation optionality.

謝謝，麥克，也謝謝大家今天加入我們。我想以我們今天早上分享的令人興奮的消息開始我們的通話。我們已獲得監管部門對收購 Helly Hansen 的批准。在接下來的幾週內，我們預計將完成交易並開始我們故事的下一篇章，這得益於加速的收入成長、更強勁的現金產生收益和顯著改善的資本配置選擇性。

The goal is clear drive greater value for our shareholders and structurally increase our TSR potential. We expect to see an immediate benefit to 2025 revenue growth, earnings, and cash flow, and long term benefit is even greater. To ensure we deliver on our commitment, we have established a value creation framework built on four pillars.

我們的目標很明確，就是為股東創造更大的價值，並從結構上提升我們的 TSR 潛力。我們預計 2025 年的收入成長、收益和現金流將立即受益，長期效益將更大。為了確保我們履行承諾，我們建立了基於四大支柱的價值創造框架。

First, accelerate Helly Hansen's growth. The global opportunity for the brand is significant, as we discussed in February, the US is the largest outdoor apparel and footwear market in the world. While it is Helly's fastest growing, it remains significantly under penetrated relative to its peers through a combination of wholesale and retail expansion, strong digital growth, and investments in demand creation, we see a clear path to double-digit growth in our home market.

首先，加速Helly Hansen的成長。該品牌的全球機會巨大，正如我們二月所討論的，美國是世界上最大的戶外服裝和鞋類市場。雖然它是 Helly 成長最快的公司，但透過批發和零售擴張、強勁的數位成長以及對需求創造的投資，它相對於同業的滲透率仍然遠遠不足，我們看到了本土市場實現兩位數成長的明確途徑。

In addition to the US, we see significant opportunities in direct consumer China. Global workwear and category expansion that will further support long term sustainable growth. As a result, we expect a meaningful increase in our fundamental growth profile, greater diversification, and increased penetration in the attractive outdoor and workwear markets where we have deep expertise.

除了美國以外，我們也看到了中國直接消費者市場的巨大機會。全球工作服和類別擴張將進一步支持長期永續成長。因此，我們預計我們的基本成長狀況將顯著提高，業務更加多樣化，並且在我們擁有深厚專業知識的有吸引力的戶外和工作服市場中的滲透率將提高。

Second, double Helly's operating margin. We expect to increase operating margin from high single digits today to mid-teens through a combination of gross margin and SG&A benefits. We will leverage our global operating model as well as our supply chain and technology platforms. This will provide significant scale advantages for both organizations while driving greater backend efficiency, improve decision making, and increase investment capacities to support growth initiatives.

第二，將 Helly 的營業利益率提高一倍。我們預計，透過毛利率和銷售、一般及行政費用收益的結合，營業利潤率將從目前的個位數高點上升至十幾歲左右。我們將利用我們的全球營運模式以及供應鏈和技術平台。這將為兩個組織提供顯著的規模優勢，同時提高後端效率、改善決策並增加投資能力以支持成長計劃。

Third, increased capital allocation optionality. Over the near term, we will focus on improving Helly's profitability and networking capital, within 12 months we expect to be under 2 times leverage and within 24 months back to pre-deal leverage while consolidating a significant increase in earnings.

三是增加了資本配置的可選性。短期內，我們將專注於提高 Helly 的獲利能力和網路資本，我們預計在 12 個月內將槓桿率降至 2 倍以下，並在 24 個月內恢復到交易前的槓桿率，同時鞏固盈利的大幅增長。

Long term, we will deploy the increase in cash flow potential to support our capital allocation framework, including our dividend and share repurchase programs. And finally established Kontoor as the employer of choice in the industry.

從長遠來看，我們將利用增加的現金流潛力來支持我們的資本配置框架，包括我們的股利和股票回購計畫。並最終使 Kontoor 成為業界的首選雇主。

Attracting and retaining top talent will ensure long-term success. At the same time, any potential transaction needs to be a strong cultural fit. Helly accomplishes both. We continue to be impressed by their organization. There is depth of talent at all levels, but it is also humble, gritty, and committed to doing things the right way. These are the same qualities that you'll find at Kontoor.

吸引和留住頂尖人才將確保長期成功。同時，任何潛在交易都需要有強烈的文化契合度。Helly 做到了這兩點。他們的組織能力給我們留下了深刻的印象。各個層面都有深厚的才華，但他們也謙遜、堅韌，並致力於以正確的方式做事。您在 Kontoor 也能發現同樣的品質。

Canadian Tire has been a great steward of the business, but there has been one consistent message I've heard from the team above all others. Kontoor will be the first owner of the business in 20 years that operates in the apparel industry. We know the business and speak the same language.

加拿大輪胎公司一直出色地管理公司業務，但我從團隊那裡聽到的一個一致的訊息比其他訊息都更一致。Kontoor 將成為這家 20 年來服裝業企業的第一位老闆。我們了解業務並且講同一種語言。

They have been executing at a high level on their own, but I am more confident than ever in the significant benefits as a more synergistic global brand owner. Before turning to our results, let me spend a few moments on the current environment. As you are well aware, there has been an increase in macro volatility over the past few months.

他們一直在高水準地執行自己的計劃，但我比以往任何時候都更有信心，作為更具協同作用的全球品牌所有者，他們將獲得巨大的利益。在討論我們的結果之前，請允許我花一點時間了解目前的環境。眾所周知，過去幾個月宏觀波動有所加劇。

In the past, you have heard me talk about our focus on execution and controlling what we can. This time will be no different. We have operated through multiple cycles and have the team an operating playbook to not only navigate the current environment but come through the other side even stronger. Our first quarter highlights the resiliency of our organization with multiple paths to deliver our outlook.

過去，你們曾聽我談論過我們對執行的關注以及對能夠控制的事情的控制。這次也不例外。我們已經經歷了多個週期，並為團隊提供了操作手冊，不僅可以應對當前環境，還可以更強大地度過未來。我們的第一季凸顯了我們組織的韌性，並透過多種途徑實現我們的前景。

Despite a slowdown in POS mid-quarter, operational agility and the strength of our supply chain drove a significant increase in gross margin and better than expected earnings and cash flow. While the consumer remains under pressure around the globe, it has been resilient in times of disruption, consumers and retailers lean into brands they know and trust.

儘管本季中期 POS 成長放緩，但營運彈性和供應鏈實力推動毛利率大幅提升，獲利和現金流也優於預期。儘管全球消費者仍然面臨壓力，但他們在動盪時期表現出韌性，消費者和零售商傾向於選擇他們熟悉和信任的品牌。

We are managing the business prudently, but as Joe will discuss, we have seen trends improve in March and April. On tariffs, we do not expect an impact to second quarter results due to recently announced policy changes, and mitigating actions have been put in motion that will begin in the third quarter.

我們正在謹慎地管理業務，但正如喬將要討論的那樣，我們已經看到三月和四月的趨勢有所改善。關於關稅，我們預計最近宣布的政策變化不會對第二季的業績產生影響，並且已經採取了緩解措施，並將於第三季開始實施。

As an organization, we challenge ourselves to look around corners. Coming through the supply chain disruptions over the last several years, we put plans in motion to create a more agile organization. As part of Project Genius, we kicked off an SKU level analysis to create increased flexibility within our manufacturing and sourcing operations.

作為一個組織，我們挑戰自己去觀察周遭環境。在經歷了過去幾年的供應鏈中斷之後，我們制定了一個計劃來創建一個更敏捷的組織。作為 Project Genius 的一部分，我們啟動了 SKU 層級分析，以提高製造和採購業務的靈活性。

This body of work has given us a tremendous head start, and I am confident we will be able to meaningfully offset the impact from tariffs in a 12 to 18 month period. We have dealt with supply chain shocks in the past and have proven the resiliency to maintain profit and returns over time.

這項工作為我們提供了巨大的領先優勢，我相信我們將能夠在 12 到 18 個月內有效抵消關稅的影響。我們過去曾應對供應鏈衝擊，並已證明能夠長期保持利潤和回報的彈性。

With that, let's review highlights from Q1. Wrangler had another solid quarter, with global revenues increasing 3%. Growth has been broad braced across all regions and channels including a 15% increase in digital. Female continues to be a remarkable success story. During the quarter, female grew 40%.

讓我們回顧一下第一季的亮點。Wrangler 本季業績表現穩健，全球營收成長 3%。所有地區和通路均實現了廣泛增長，其中數位管道增長了 15%。女性繼續取得令人矚目的成功。本季度，女性人數增加了 40%。

Our investments in the team, product development, and marketing are delivering excellent results. Following a very strong year, our collaboration with Lainey Wilson is off to a great start in '25. We launched our second collection in the spring, including a broader expansion in EMEA that coincided with Lainey's European to kickoff and we are building on the momentum generated by our female fit innovation bespoke. We are scaling the platform following a strong ['24], and I am pleased to share the collection continues to perform very well, driving greater growth and penetration within the specialty channel.

我們在團隊、產品開發和行銷方面的投資正在產生優異的成果。繼過去一年的強勁表現之後，我們與 Lainey Wilson 的合作在 25 年迎來了良好的開端。我們在春季推出了第二個系列，其中包括在歐洲、中東和非洲地區 (EMEA) 的更廣泛擴張，這與 Lainey 的歐洲啟動同時發生，我們正在利用女性合身創新定制所產生的勢頭。在強勁的 ['24] 之後，我們正在擴大平台規模，我很高興地告訴大家，該系列產品繼續表現良好，推動了專業管道的更大增長和滲透。

At just 10% of global revenue, Wrangler's female business is just getting started. What used to simply draft off the male business is now a dedicated focus. We are targeting the female consumer and seeing results, giving me tremendous confidence in the long-term growth opportunity in the years ahead.

Wrangler 的女性業務僅佔其全球收入的 10%，才剛起步。過去只是簡單地從男性業務中抽調資金，現在已成為關注的焦點。我們瞄準的是女性消費者，並且看到了成效，這讓我對未來幾年的長期成長機會充滿信心。

The heart of the Wrangler brand Western also drove strong growth in the quarter, coming off mid-single digit growth in '24. Trends accelerated to mid-teens in the first quarter. Our key wholesale customers are healthy and growing. Western culture is expanding, including record rodeo attendance, and our product portfolio has never been better.

牧馬人品牌的核心 Western 也推動了本季的強勁成長，2024 年實現了中等個位數的成長。第一季度，這一趨勢加速至十幾歲。我們的主要批發客戶健康且不斷成長。西方文化正在不斷擴張，包括創紀錄的牛仔競技表演出席人數，我們的產品組合從未如此出色。

As a result, Wrangler delivered another 25% of share gains. According to Serkana, in our men's and women's bottom business, Wrangler gained 70 basis points of market share in the first quarter. Wrangler is on an incredible trajectory, and 2025 is off to a great start.

結果，Wrangler 的股價又上漲了 25%。Serkana 表示，在我們的男女下裝業務中，Wrangler 在第一季獲得了 70 個基點的市場份額。牧馬人正處於令人難以置信的發展軌跡中，2025 年將有一個良好的開端。

Turning to Lee, the quarter performed as expected, with revenue declining 8%. Our brand repositioning is tracking to plan, and we are seeing green (inaudible) that give us confidence in sequential improvement going forward.

談到李，本季的表現符合預期，營收下降了 8%。我們的品牌重新定位正在按計劃進行，我們看到了綠色（聽不清楚），這讓我們對未來的連續改進充滿信心。

Our new creative vision is starting to show up in the marketplace. We are driving better segmentation across consumer types, sharpening our storytelling to be more aligned with Lee's consumer and addressing challenges in mid-tier distribution. We are confident we have the right team in place. And a new strategic playbook to build our way back to growth over time.

我們的新創意願景開始在市場上顯現。我們正在推動不同消費者類型的更好細分，改進我們的故事敘述方式，使其更符合李的消費者，並解決中端分銷中的挑戰。我們相信我們已經擁有合適的團隊。並制定了新的策略方針，幫助我們逐步恢復成長。

To support these efforts, we are leveraging our improved multi-brand platform. Over the last 18 months, we have doubled the tools available to the team to drive greater consumer-driven insights. As a result, digital traffic, brand equity, and purchase intent all increased in the first quarter.

為了支持這些努力，我們正在利用改進的多品牌平台。在過去的 18 個月裡，我們為團隊提供了一倍可用的工具，以獲得更多消費者驅動的洞察力。因此，第一季的數位流量、品牌資產和購買意願均有所增加。

The barometer of the business is digital, where we have a direct path between building better products and telling better stories and engaging our consumers. This is where we expected to see the first proof points that our realignment is working, and that's exactly what we're seeing. In the first quarter, digital increased 8%, and we have seen that momentum continue in April.

業務的晴雨表是數位化，透過數位化，我們可以直接打造更好的產品、講述更好的故事並吸引消費者。我們希望在這裡看到我們的調整正在發揮作用的第一個證據點，而我們也確實看到了這一點。第一季度，數位業務成長了 8%，我們看到這一勢頭在四月得以延續。

Looking ahead, our new equity campaign is planned for the back half of the year, which will bring our new vision to life. We are sharpening the brand's focus, establishing a stronger foundation, and refining consumer choices. I am confident these steps will put the brand on its best footing in decades and fuel the brand's return to growth.

展望未來，我們計劃在今年下半年開展新的股權運動，這將使我們的新願景成為現實。我們正在加強品牌的重點，建立更強大的基礎，並改善消費者的選擇。我相信這些舉措將使該品牌幾十年來處於最佳狀態，並推動該品牌恢復成長。

Before I turn it over to Joe, a few closing remarks. Regardless of the environment, we have tremendous optionality in the business. Wrangler has momentum and is winning with the consumer. Lee's performance improvement is underway. Project Genius is ramping, and Helly Hansen will significantly enhance our fundamental algorithm.

在將發言權交給喬之前，我想說幾句結束語。無論環境如何，我們在業務上都擁有巨大的選擇權。牧馬人勢頭強勁，正在贏得消費者的青睞。李的表現正在不斷改善。Project Genius 正在加速推進，Helly Hansen 將顯著增強我們的基本演算法。

Our first quarter was better than expected, and we remain on track to deliver the outlook we provided in February. While our outlook for Helly Hansen has strengthened. Our teams are executing at a high level, and I am confident we are on a path to drive long-term value creation for our shareholders, Joe.

我們的第一季表現優於預期，我們仍有望實現二月提出的預期。我們對 Helly Hansen 的展望也變得更加樂觀。我們的團隊正在高水準地執行，我相信我們正在為股東創造長期價值，喬。

Thanks, Scott, and thank you all for joining us today. For the balance of the call, I'd like to focus on three topics. First, I'll provide an update on the acquisition of Helly Hansen. Second, I'll review the highlights of our first quarter results. And finally, I'll provide an update on our full year outlook, including tariffs, and add some perspective on the current operating environment and why we believe we are well positioned to continue to drive strong returns for our shareholders.

謝謝，斯科特，也謝謝大家今天加入我們。為了平衡本次通話，我想集中討論三個主題。首先，我將提供有關收購 Helly Hansen 的最新情況。其次，我將回顧我們第一季業績的亮點。最後，我將提供我們全年展望的最新情況，包括關稅，並對當前的經營環境提出一些看法，以及為什麼我們相信我們有能力繼續為股東帶來強勁回報。

Starting with Helly Hansen, as we announced this morning, I am pleased to share we have cleared all required regulatory approvals. The acquisition of Helly significantly increases our long-term TSR profile by both accelerating growth and increasing our cash flow optionality.

從 Helly Hansen 開始，正如我們今天早上宣布的那樣，我很高興地告訴大家，我們已經獲得了所有必要的監管批准。收購 Helly 不僅加速了成長，還增加了我們的現金流可選性，從而顯著提高了我們的長期 TSR 狀況。

We have progressed well through integration planning and anticipate closing the transaction at the end of May. We are looking forward to welcoming the entire Helly Hansen organization to the Kontoor family. We expect Helly Hansen to contribute approximately $425 million to full year revenue as the business is on track to deliver double-digit growth on a year over year basis in the second half of the year.

我們的整合規劃進展順利，預計五月底完成交易。我們期待歡迎整個 Helly Hansen 組織加入 Kontoor 大家庭。我們預計 Helly Hansen 將為全年營收貢獻約 4.25 億美元，因為該業務預計將在下半年實現同比兩位數的成長。

We expect Helly to now contribute $0.20 to full year earnings per share, including $0.48 in the second half of the year, excluding synergies. This compares to our previous expectation of $0.15 of accretion. Our confidence in the significant value creation opportunity as a combined company has further increased.

我們預計 Helly 目前將為全年每股收益貢獻 0.20 美元，其中下半年將貢獻 0.48 美元（不包括協同效應）。這與我們之前預期的 0.15 美元增幅相比。我們對合併後公司創造重大價值機會的信心進一步增強。

Let me share one example. As we discussed in February, Helly operates as a standalone business today. Within the supply chain, it utilizes its own inbound and outbound freight contracts independent from Canadian tire. As you'd expect, Kontoor supply chain and global scale will provide Helly with capability enhancements and significant cost advantages.

讓我分享一個例子。正如我們在二月討論的那樣，Helly 目前作為一家獨立企業運作。在供應鏈中，它利用獨立於加拿大輪胎的自己的進出貨運合約。正如您所期望的，Kontoor 供應鏈和全球規模將為 Helly 提供能力增強和顯著的成本優勢。

More specifically, as part of Kontoor, Helly's freight expenses will decrease between 10% and 20%. The benefits of which are not yet included in our accretion expectations. By leveraging our global operating platform, we have clear line of sight to double Hally's operating margin over time by both gross margin expansion and SG&A leverage.

更具體地說，作為 Kontoor 的一部分，Helly 的運費將下降 10% 至 20%。其帶來的好處尚未包括在我們的成長預期中。透過利用我們的全球營運平台，我們可以清楚地看到，隨著時間的推移，透過擴大毛利率和提高銷售、一般及行政費用槓桿，Hally 的營業利潤率將翻倍。

This will create additional investment capacity to further accelerate top line growth, improve profitability and cash flow, and generate even greater long-term value for our shareholders. In April we successfully completed our financing of the transaction. We have entered into an amended and restated credit agreement, a portion of which will be used to fund the acquisition.

這將創造額外的投資能力，進一步加速營收成長，提高獲利能力和現金流，並為我們的股東創造更大的長期價值。四月我們成功完成了交易融資。我們已達成修訂和重述的信貸協議，其中一部分將用於資助此收購。

Our improved capital structure also provides us with greater flexibility and debt capacity. We intend to fund the acquisition with $660 million of new debt and approximately $240 million of excess cash, driven by stronger cash generation in the first quarter relative to our previous expectations.

我們改善的資本結構也為我們提供了更大的靈活性和債務能力。我們計劃透過 6.6 億美元的新債務和約 2.4 億美元的超額現金來為此次收購提供資金，這得益於第一季相對於我們先前預期更強勁的現金產生能力。

In addition, we have entered into a series of interest rate swaps to mitigate our exposure and risk. Our expected effective interest rate is approximately 5% compared to our prior expectation in the 6% to 7% range.

此外，我們還進行了一系列利率互換，以降低我們的風險敞口和風險。我們預期的有效利率約為 5%，而我們先前的預期是 6% 至 7%。

Before moving on, I'd like to echo Scott's comments and thank the Helly Hansen and Kontoor teams for their dedication and commitment throughout the transaction and integration process. Together we are creating a powerful, more diversified business with enhanced growth characteristics and even stronger value creation potential in the years to come.

在繼續之前，我想附和斯科特的評論，並感謝 Helly Hansen 和 Kontoor 團隊在整個交易和整合過程中的奉獻和承諾。我們正在共同創造一個強大、更多元化的企業，在未來幾年中，該企業將具有更強的成長特性和更強大的價值創造潛力。

And let's review our first quarter results. Global revenue was flat with the prior year and consistent with our outlook. As we discussed last quarter, after an encouraging start to the year, POS trends softened in late January and into February. January POS increased 4% and February declined at a low single digit rate to the first three weeks of the month.

讓我們回顧一下第一季的業績。全球收入與上年持平，與我們的預期一致。正如我們上個季度所討論的那樣，在經歷了令人鼓舞的開年之後，POS 趨勢在 1 月底和 2 月有所減弱。1 月 POS 成長了 4%，而 2 月前三週 POS 則以個位數低速下降。

Following our fourth quarter earnings call, POS trends further deteriorated with the final week of February declining at a mid-team rate below our expectations. Trends improved from February to March with March POS declining approximately 1%.

在我們第四季度財報電話會議之後，POS 趨勢進一步惡化，2 月的最後一周以低於我們預期的中期速度下降。從二月到三月，趨勢有所改善，三月 POS 下降了約 1%。

Softer than anticipated POS in our key accounts in the first quarter was offset by strength in Western, ETC and our international businesses relative to our plants. POS trends were steady in April, declining 1%, and have turned positive in early May.

第一季度，我們主要客戶的 POS 表現低於預期，但被 Western、ETC 以及我們工廠相關的國際業務的強勁表現所抵消。4 月 POS 趨勢保持穩定，下降了 1%，5 月初已轉為正數。

While we are encouraged by the recent improvement in POS, we have seen month to month variability over the last year and continue to plan the business prudently, as I'll discuss in more detail in our outlook. By brand, Wrangler Global revenue increased 3%. Growth was broad-based across all channels and geographies.

雖然我們對 POS 的近期改善感到鼓舞，但我們在過去一年中看到月與月之間的變化，並繼續謹慎地規劃業務，我將在展望中更詳細地討論這一點。按品牌劃分，Wrangler 全球營收成長 3%。所有通路和地域均實現了廣泛成長。

We saw particular strength in our female business which increased 40% in the quarter. In the US, revenue increased 3%, driven by 2% growth in wholesale and 14% growth in DTC. The relative strength at wholesale drove another 25% of market share gains.

我們的女性業務表現尤為強勁，本季成長了 40%。在美國，營收成長了 3%，這得益於批發業務成長 2% 和 DTC 業務成長 14%。批發業務的相對強勁推動市場佔有率再成長 25%。

As measured by Circana, Wrangler male and female bottoms gained 70 basis points of market share during the quarter. Wrangler International revenue increased 4%, driven by 6% growth in wholesale, partially offset by a decline in DTC.

根據 Circana 的測量，Wrangler 男女下裝在本季的市佔率增加了 70 個基點。Wrangler International 的營收成長了 4%，這得益於批發業務 6% 的成長，但被 DTC 的下降部分抵消。

Now turning to Lee, global revenue decreased 8% and was in line with our expectations. US revenue decreased 8%, driven by a decline in wholesale, partially offset by 12% growth in digital. We have seen this momentum continue into the second quarter.

現在轉向李，全球收入下降了 8%，符合我們的預期。美國收入下降 8%，原因是批發業務下滑，但數位業務成長 12% 部分抵消了這一下降。我們看到這種勢頭持續到了第二季。

Lee International revenue decreased 8% with declines in wholesale offsetting growth in DTC. Performance was modestly better than expected despite the uneven macro environment in both Europe and APAC.

Lee International 的收入下降了 8%，批發業務的下降抵消了 DTC 業務的成長。儘管歐洲和亞太地區的宏觀環境不平衡，但業績仍略好於預期。

Now moving to the remainder of the P&L, adjusted gross margin expanded 200 basis points to 47.7%, driven by the benefits of lower input costs and mix. This was partially offset by the carryover of targeted pricing actions from a year ago.

現在轉向損益表的其餘部分，調整後的毛利率擴大了 200 個基點，達到 47.7%，這得益於投入成本和產品組合的降低。這被一年前採取的有針對性的定價行動所部分抵消。

Relative to our outlook, we exceeded our gross margin plan by 170 basis points, reflecting the strength of our supply chain, favorable mix, and the early benefits from Project Genius. As a great example, SKU rationalization is contributing to improved inventory health and lower promotional support.

相對於我們的前景，我們的毛利率超出了計劃 170 個基點，這反映了我們供應鏈的實力、良好的產品組合以及 Project Genius 帶來的早期效益。一個很好的例子是，SKU 合理化有助於改善庫存狀況並降低促銷支援。

Over the past 12 months, we have reduced SKUs by approximately 20% in the US. We will expand these efforts to our international operations in the second half of the year. While the environment remains dynamic, our operational agility is a competitive advantage in support of our earnings algorithm and cash generation.

在過去的 12 個月中，我們在美國減少了約 20% 的 SKU。我們將在下半年將這些努力擴展到我們的國際業務。儘管環境仍然動態，但我們的營運敏捷性是支援我們的獲利演算法和現金產生的競爭優勢。

Adjusted SGA expense was $201 million up 3% compared to prior year driven by investments in demand creation. In addition, the quarter included $8 million of incremental acquisition-related stock-based compensation expense that was not included in our previous outlook.

調整後的 SGA 費用為 2.01 億美元，較上年增長 3%，主要得益於對需求創造的投資。此外，本季還包括 800 萬美元的增量收購相關股票薪酬費用，這未包括在我們先前的展望中。

Excluding the incremental stock-based compensation expense, SG&A was down 1% compared to the prior year. An adjusted earnings per share was $1.20 including an $0.11 impact from the previously mentioned acquisition-related stock-based compensation expense.

不包括增量的股票薪酬費用，銷售、一般及行政費用較上年下降 1%。調整後的每股盈餘為 1.20 美元，其中包括前面提到的收購相關股票薪酬費用的 0.11 美元影響。

Excluding this expense, adjusted EPS was $1.31 compared to our prior outlook of $1.16 and increased 13% compared to prior year. Turning to the balance sheet, inventory decreased 12% to $443 million. We are pleased with the quality and composition of our inventory and will continue to manage working capital prudently in light of the environment while opportunistically leveraging our supply chain model.

不包括這項費用，調整後的每股收益為 1.31 美元，而我們先前預測的每股收益為 1.16 美元，比去年同期增長 13%。從資產負債表來看，庫存減少 12% 至 4.43 億美元。我們對庫存的品質和組成感到滿意，並將繼續根據環境謹慎管理營運資金，同時抓住機會利用我們的供應鏈模式。

That said, we are also making targeted inventory investments to capitalize on growth opportunities as they arise. Looking forward, we expect inventory to decline in the second quarter and grow approximately in line with revenue in the second half of the year.

也就是說，我們也在進行有針對性的庫存投資，以利用出現的成長機會。展望未來，我們預期第二季庫存將下降，下半年庫存將與營收大致同步成長。

We finished the quarter with net debt or long-term debt less cash of $379 million and $357 million of cash on hand. Our net leverage ratio, or net debt divided by trailing 12 month adjusted EBITDA was 0.9 times below the low end of our targeted range as expected in advance of the upcoming acquisition of Helly Hansen.

本季結束時，我們的淨債務或長期債務減去現金為 3.79 億美元，庫存現金為 3.57 億美元。我們的淨槓桿率（即淨債務除以過去 12 個月調整後的 EBITDA）比我們目標範圍的低端低 0.9 倍，這與即將收購 Helly Hansen 之前預期的一樣。

Our liquidity position is strong. Post closing, our pro forma net leverage ratio will be less than 3 times, and we anticipate returning to under 2 times net leverage within 12 months and back to pre-deal leverage within 18 to 24 months.

我們的流動性狀況良好。交易完成後，我們的淨槓桿率預計將低於 3 倍，我們預計在 12 個月內將恢復到 2 倍以下的淨槓桿率，並在 18 至 24 個月內恢復到交易前的槓桿率。

Our $500 million revolver remains undrawn. Share repurchase activity remains on pause near term as we focus on paying down acquisition related debt and reducing leverage. We have $215 million remaining under our current share repurchase authorization. And as previously announced, our board declared a regular quarterly cash dividend of $0.52 per share.

我們的 5 億美元循環信貸仍未動用。由於我們專注於償還收購相關債務並降低槓桿率，因此股票回購活動短期內仍處於暫停狀態。我們目前的股票回購授權還剩餘 2.15 億美元。正如先前宣布的那樣，我們的董事會宣布每股 0.52 美元的定期季度現金股息。

Finally, on a trailing 12 month basis, our adjusted return on invested capital was 32%. Representing an increase of 710 basis points compared to the prior year. Before moving to our outlook, let me briefly discuss our decision to continue to provide a 2025 outlook amidst the uncertainty of the current environment.

最後，在過去 12 個月中，我們的調整後投資資本報酬率為 32%。與上年度相比增加了710個基點。在談到我們的展望之前，讓我先簡單討論一下我們在當前環境不確定的情況下繼續提供 2025 年展望的決定。

First, we delivered strong first quarter results that were well ahead of our previous expectations. While our business has become more volatile week to week, overall trends have generally improved over the past two months. Despite some puts and takes, we have not seen a meaningful change in our ability to deliver our full year commitments.

首先，我們第一季的業績表現強勁，遠遠超出我們先前的預期。雖然我們的業務每週都變得更加不穩定，但過去兩個月的整體趨勢總體有所改善。儘管我們做出了一些讓步，但我們履行全年承諾的能力並未發生顯著變化。

Our outlook for Helly Hansen has strengthened, and our tariff mitigation plans are crystallizing. We've taken steps to protect the business, including a disciplined posture on discretionary expenses, inventory commitments, and capital spending, while protecting the investments required to further advance our strategies.

我們對 Helly Hansen 的前景更加樂觀，我們的關稅減免計劃也正在逐步明確。我們已採取措施保護業務，包括對可自由支配的開支、庫存承諾和資本支出採取嚴謹的態度，同時保護進一步推進我們的策略所需的投資。

We have a deep sense of responsibility to manage the business appropriately, as well as an obligation to our shareholders, employees, and stakeholders to communicate what we're seeing in the business and how that's informing our decisions.

我們深感有責任妥善管理業務，同時也有義務向我們的股東、員工和利害關係人傳達我們在業務中看到的情況以及這些情況如何影響我們的決策。

We hold strongly a belief that this transparency is even more important in times of uncertainty. Operational agility, execution, and optionality are cornerstones of our model. If there is one message to take away from today, it is our commitment to delivering our 2025 objectives by accessing multiple levers, including supply chain agility, operational and financial discipline, project genius, and the acquisition of Helly Hansen.

我們堅信，在不確定的時期，這種透明度更為重要。營運敏捷性、執行力和可選性是我們模型的基石。如果今天要傳達一個訊息，那就是我們致力於透過多種手段實現我們的 2025 年目標，包括供應鏈敏捷性、營運和財務紀律、專案天才以及對 Helly Hansen 的收購。

We have put ourselves in a position to successfully navigate the current environment, emerge stronger, and take advantage of the disruption in the marketplace. So with that, let's review our updated outlook.

我們已經做好了成功應對當前環境、變得更強大並利用市場變革的準備。因此，讓我們回顧一下更新後的展望。

Full year revenue is now expected to be in the range of $3.06 billion to $3.09 billion, representing growth of 17% to 19%. Helly Hansen is expected to contribute $425 million to full year revenue, assuming an end of May closing.

目前預計全年收入將在 30.6 億美元至 30.9 億美元之間，成長率為 17% 至 19%。假設 5 月底完成交易，Helly Hansen 預計將為全年收入貢獻 4.25 億美元。

Our outlook for 2025 includes the impact of the 53rd week, which is not expected to meaningfully impact revenue on a full year basis. Excluding Helly, we expect organic revenue growth of 1% to 2%. This compares to our prior outlook of 1% to 3% growth.

我們對 2025 年的展望包括第 53 週的影響，預計不會對全年收入產生重大影響。除 Helly 外，我們預計有機收入成長率為 1% 至 2%。相比之下，我們先前預測的成長率為 1% 至 3%。

We continue to plan the business conservatively and assume no meaningful change in retail inventory positions for the year. This is consistent with our prior outlook. While inventory levels at retail remain suboptimal, our retail partners remain in a conservative posture with regard to inventory management.

我們將繼續保守地規劃業務，並假設今年零售庫存狀況不會有重大變化。這與我們先前的展望一致。雖然零售的庫存水準仍然不理想，但我們的零售合作夥伴在庫存管理方面仍然保持保守的態度。

The low end of our revenue outlook assumes a low-single digit decline in POS for the balance of the year consistent with our prior outlook. The high end of our revenue outlook now assumes a more modest POS environment than what we experienced throughout 2024 and into January of this year, reflecting the impact of increased macro uncertainty on consumer behavior.

我們收入預期的低端假設是今年餘下時間 POS 收入將出現低個位數下降，這與我們先前的預期一致。我們目前的收入預期高端假設 POS 環境比我們在 2024 年全年和今年 1 月經歷的更為溫和，這反映了宏觀不確定性增加對消費者行為的影響。

For the second quarter, we expect revenue of approximately $630 million representing growth of 4%. Our outlook includes an expected $20 million to $25 million dollar contribution from Helly Hansen. Excluding Helly, our second quarter outlook reflects POS trends that are consistent with March and April, offset by the timing of seasonal programs and distribution expansion.

對於第二季度，我們預計營收約為 6.3 億美元，成長 4%。我們的預期包括 Helly Hansen 預計提供的 2,000 萬至 2,500 萬美元的貢獻。除 Helly 外，我們對第二季度的展望反映出 POS 趨勢與三月和四月一致，但受到季節性計劃和分銷擴張時間的影響。

Our updated outlook implies approximately 3% growth in the second half of the year, driven almost entirely by the benefit of new programs, distribution gains, and the impact of the 53rd week.

我們最新的展望意味著下半年將出現約 3% 的成長，這幾乎完全得益於新項目的好處、分銷收益以及第 53 週的影響。

Moving the gross margin, adjusted gross margin is now expected in the range of 45.9% to 46.1%. Our outlook represents an increase of approximately 80 basis points to 100 basis points compared to gross margin of 45.1% in 2024.

調整毛利率後，預計調整後的毛利率將在 45.9% 至 46.1% 之間。我們的預期是，與 2024 年 45.1% 的毛利率相比，毛利率將增加約 80 至 100 個基點。

Helly Hansen is expected to benefit full year gross margin by approximately 40 basis points. Excluding Helly, we expect full year gross margin expansion of 40 basis points to 60 basis points compared to our prior outlook of 20 basis points to 40 basis points.

預計 Helly Hansen 全年毛利率將提高約 40 個基點。不包括 Helly，我們預計全年毛利率將擴大 40 個基點至 60 個基點，而我們先前預測的是 20 個基點至 40 個基點。

We now expect first half gross margin to expand approximately 100 basis points compared to our prior outlook of 10 basis points to 20 basis points reflecting our stronger first quarter results. We do not expect Helly Hansen to have a meaningful impact on second quarter gross margin.

我們現在預計上半年毛利率將擴大約 100 個基點，而我們先前預測的毛利率為 10 個基點至 20 個基點，這反映了我們第一季業績的強勁增長。我們預計 Helly Hansen 不會對第二季的毛利率產生重大影響。

SG&A is expected to increase approximately 20%, reflecting the contribution from Helly Hansen. Excluding Helly, we expect SG&A to increase at a low-single digit rate on an adjusted basis consistent with our prior outlook.

預計銷售、一般及行政費用 (SG&A) 將增加約 20%，反映 Helly Hansen 的貢獻。除 Helly 外，我們預計銷售、一般及行政費用 (SG&A) 經調整後將以低個位數成長率成長，與我們先前的預測一致。

We will manage the business prudently while prioritizing investments in support of our strategic initiatives. Full year SG&A now includes $9 million of incremental acquisition related stock-based compensation expense, the majority of which occurred in the first quarter.

我們將審慎管理業務，同時優先投資以支持我們的策略性舉措。全年銷售、一般及行政費用現包括 900 萬美元的增量收購相關股票薪酬費用，其中大部分發生在第一季。

Our investment priorities and expected benefit from Project Genius are unchanged. Project Genius savings are expected to mature to a full run rate in excess of $100 million in 2026, consistent with our prior outlook. EPS is now expected to be in the range of $5.40 to $5.50 representing an increase of 10% to 12%.

我們對 Project Genius 的投資重點和預期收益保持不變。預計 Project Genius 節省的資金將在 2026 年達到超過 1 億美元的全部運行率，這與我們先前的預測一致。目前預計每股收益將在 5.40 美元至 5.50 美元之間，增幅為 10% 至 12%。

Helly Hansen is expected to benefit full year 2025 EPS by approximately $0.20, excluding synergies. This compares to our prior outlook of $0.15. Excluding Helly, we expect full year adjusted EPS of $5.20 to $5.30. This is consistent with our prior outlook and now includes an incremental $0.13 of acquisition related stock-based compensation expense.

預計 Helly Hansen 2025 年全年每股收益將增加約 0.20 美元（不包括協同效應）。相比之下，我們先前的預期為每股0.15美元。不計Helly，我們預計全年調整後每股收益為5.20美元至5.30美元。這與我們先前預期的一致，現已包含0.13美元的收購相關股票薪酬費用。

The Helly Hansen business exhibits revenue and earnings seasonality similar to other brands in the outdoor industry. Historically, the second quarter has been Helly Hansen's smallest quarter, which has resulted in operating losses.

Helly Hansen 業務的收入和利潤季節性與戶外產業的其他品牌類似。從歷史上看，第二季度是 Helly Hansen 最小的一個季度，導致了經營虧損。

Including Helly, we expect second quarter EPS of approximately $0.80. Excluding Helly, we expect second quarter EPS of $1.08 representing an increase of approximately 10%. Finally, we expect another year of strong cash generation. Cash from operations is now expected to exceed $350 million including Helly Hansen.

包含Helly在內，我們預計第二季每股收益約為0.80美元。不包含Helly在內，我們預期第二季每股收益為1.08美元，年增約10%。最後，我們預計今年的現金流將再創強勁。目前，包括 Helly Hansen 在內的經營現金流預計將超過 3.5 億美元。

Moving to tariffs, the situation clearly remains highly dynamic. That said, we have evaluated a range of outcomes and have developed a robust set of mitigating actions that will begin to take effect in the third quarter should tariffs prove to be more permanent.

談到關稅，情況顯然仍然高度活躍。儘管如此，我們已經評估了一系列結果，並製定了一套強有力的緩解措施，如果關稅被證明是更持久的，這些措施將在第三季開始生效。

The majority of our expected 2025 US production volume originates from Bangladesh, Mexico, Egypt. Pakistan and Kenya. Our China exposure is immaterial as the sourcing we do from China is directly for China. Based on currently available information, Mexico is exempt under USMCA.

我們預計 2025 年美國產量大部分來自孟加拉、墨西哥和埃及。巴基斯坦和肯亞。我們對中國的依賴並不大，因為我們從中國採購的產品直接供應給中國。根據目前可用的信息，墨西哥根據 USMCA 獲得豁免。

Excluding Helly, the unmitigated impact to operating profit in 2025 is now approximately $35 million based on the current tariffs in effect. This compares to our prior estimate of $50 million. Helly Hansen is 100% sourced, with the majority of its US production volume originating from Southeast Asia, including China, Vietnam, Bangladesh, and Cambodia.

除 Helly 外，根據現行關稅，對 2025 年營業利潤的未減輕影響目前約為 3,500 萬美元。相比之下，我們先前估計的數字為 5000 萬美元。Helly Hansen 100% 採用原料生產，其美​​國產量大部分來自東南亞，包括中國、越南、孟加拉和柬埔寨。

Recall that approximately 75% of Helly's global revenue is outside the US. Should tariffs remain at the currently proposed levels on all imports, the unmitigated impact to operating profit in 2025 is approximately $50 million, including Helly Hansen.

回想一下，Helly 全球收入的約 75% 來自美國以外。如果所有進口產品的關稅保持在先前提議的水平，那麼對 2025 年營業利潤的不可減輕的影響約為 5000 萬美元，包括 Helly Hansen。

This assumes no mitigating actions, including transferring production within our global supply chain, pricing increases, inventory management, supplier partnership initiatives, and other proactive mitigating cost actions.

這不假設任何緩解措施，包括在我們的全球供應鏈內轉移生產、提高價格、庫存管理、供應商合作計劃和其他主動緩解成本的行動。

While we are not immune over the near term, our supply chain is a competitive advantage. We expect to begin to offset the impact of tariffs beginning in the third quarter of this year. And we expect the mitigated impact of tariffs in 2025 to be below $50 million and are confident we can substantially offset the impact of tariffs within a 12 to 18 month period.

雖然短期內我們無法倖免，但我們的供應鏈是一個競爭優勢。我們預計從今年第三季開始抵銷關稅的影響。我們預計 2025 年關稅的緩解影響將低於 5000 萬美元，並且有信心我們可以在 12 到 18 個月內大幅抵消關稅的影響。

As Scott discussed, we have successfully navigated supply chain shocks in the past, including cotton spikes, supply chain and ocean freight disruption, and inflation, and have proven the ability to recover and maintain profitability and returns on capital over a relatively short time horizon.

正如史考特所討論的，我們過去成功應對了供應鏈衝擊，包括棉花價格暴漲、供應鏈和海運中斷以及通貨膨脹，並已證明有能力在相對較短的時間內恢復並保持盈利能力和資本回報率。

Before opening it up for questions, I'd like to reiterate the confidence we have in our 2025 objectives and our ability to successfully navigate the environment and emerge stronger. In the coming weeks, we expect to complete the acquisition of Helly Hansen, significantly increasing our value creation potential.

在開始提問之前，我想重申我們對 2025 年目標的信心，以及我們成功駕馭環境並變得更強大的能力。在接下來的幾週內，我們預計將完成對 Helly Hansen 的收購，這將大大提高我們的價值創造潛力。

Combined with Project Genius, our strong fundamentals, and operational agility, we have multiple paths to drive increasing revenue and earnings growth. Operational execution and financial discipline are hallmarks of Kontoor's organization and culture.

結合 Project Genius、我們強大的基本面和營運靈活性，我們有多種途徑來推動營收和獲利的成長。營運執行和財務紀律是 Kontoor 組織和文化的標誌。

Our operating model has proven resilient regardless of market conditions, and I am highly confident in our ability to drive superior returns in the years ahead. We are in a position of strength and well positioned to capitalize on opportunities that arise from the disruption and volatility in the marketplace.

無論市場狀況如何，我們的營運模式都具有彈性，我對我們在未來幾年實現卓越回報的能力充滿信心。我們擁有雄厚的實力，能夠充分利用市場混亂和波動所帶來的機會。

This concludes our prepared remarks, and I'll now turn the call back to the operator.

我們的準備好的演講到此結束，現在我將把電話轉回給接線生。

(Operator Instructions)

（操作員指示）

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey, thanks. Good morning, everyone. A couple of questions for me. Maybe I want to start high level stated US consumer, I think you used the word confused three months ago when kind of describing the end market.

嘿，謝謝。大家早安。我有幾個問題。也許我想從高層開始說美國消費者，我想三個月前你在描述終端市場時使用了「困惑」這個詞。

Is that still the case in your mind? It sounds like things are a little better, but is anything changing and then just to kind of take that same conversation over to your retail partners, how is that trended relative to the last time we heard from you?

您現在的想法還是這樣嗎？聽起來情況稍微好了一些，但有什麼改變嗎？然後，將相同的對話傳達給您的零售合作夥伴，與我們上次聽到您的訊息相比，趨勢如何？

Good morning, Mike. This is Scott. I'll go ahead and take that one. Yeah, I think incredibly resilient is how I would term it now and coming back in a very positive way. The start of the year was really strong in January, and then all I would say about February is that people were absorbing all the information that was coming in at them from the new administration and all that was happening.

早上好，麥克。這是斯科特。我會繼續拿那個。是的，我認為我現在可以用「極具韌性」來形容它，並且會以非常積極的方式回歸。今年一月份的開局確實很強勁，而關於二月份我想說的是，人們正在吸收新政府發布的所有資訊以及正在發生的一切。

I think things have settled now down to a normal path, and we've seen March bounced back incredibly strong. April also, and now it's inflected positive in May, which has been really nice. And I think really what it boils down to for us is we're controlling what we can. Our product is terrific, our male and female, which is really nice to be able to talk a lot about the great female product that we're, making right now in addition to the fact that we continue to gain share.

我認為現在一切都已回歸正常軌道，而且我們已經看到三月出現了強勁的反彈。四月也是如此，現在五月已經轉為正數，這真是太好了。我認為對我們來說最重要的就是控制我們所能控制的一切。我們的產品非常棒，無論男女，能夠談論我們現在正在生產的出色的女性產品真是太好了，而且我們的市場份額還在增加。

Joe talked about that. I talked about that. We continue to market. We're going ahead and taking advantage of the time, I think the other thing I can, we've talked about this in the past is times like this for a product like ours, we're catching the up and the down. We are in a great space. We're at a great price. We're in a trusted brand, and we have very broad distribution across the globe, and you probably saw the results in our international markets was pretty strong too.

喬談到了這一點。我談到了這一點。我們繼續行銷。我們正在繼續前進並利用時間，我認為我可以做的另一件事是，我們過去曾談論過這個問題，對於像我們這樣的產品來說，我們正在趕上起伏。我們處在一個偉大的空間。我們的價格很優惠。我們是一個值得信賴的品牌，我們在全球擁有非常廣泛的分銷管道，您可能已經看到我們在國際市場的業績也相當強勁。

So I would characterize this as a really good time heading into an even better time, and we feel real confident going forward. Thanks.

因此，我認為這是一個真正美好的時代，正邁向更美好的時代，我們對未來充滿信心。謝謝。

Got it. And then just one more for Joe, just so the guidance that's kind of implied for two in the back half is it basically kind of POS in that flattish range that you're kind of baking in plan. And then Joe, any chance you could help us with some initial 2026 (inaudible) commentary you'll have Helly obviously things will be a little bit more stable. Just curious if you could give us any insight to how you would start to plan that out.

知道了。然後也要向喬問一個問題，所以對後半部分兩個數字所暗示的指導基本上是你在計劃中製定的平坦範圍內的 POS。然後喬，你能否幫助我們對 2026 年（聽不清楚）做出一些初步評論，顯然情況會更加穩定一些。我只是好奇您是否可以告訴我們您將如何開始製定計劃。

Yeah, sure. Good morning, Ike. Yeah, on the second half, we took the top end of our full year revenue growth down about a point. So we now are expecting 1% to 2% growth on an organic basis. That implies second half growth of just about 3%. The growth in the second half that we have contemplated is effectively all driven by the 53rd week, new programs and some distribution expansion where frankly our visibility is quite high, similar to the same dynamic we had in the second half of '24.

是的，當然。早安，艾克。是的，下半年，我們的全年營收成長最高值下降了約一個百分點。因此，我們現在預計有機成長率將達到 1% 至 2%。這意味著下半年的成長率僅為3%左右。我們預計下半年的成長實際上全部由第 53 週、新項目和一些分銷擴張推動，坦白說，我們的知名度相當高，類似於 24 年下半年的動態。

We have moderated our POS assumptions somewhat on the top end of our guide relative to where we were before, just given the overall. Environment and we have assumed that inventory levels remain at their current state which as we talked for several quarters in a row now, they continue to be quite lean as our retail partners manage inventory very conservatively as you would expect./

考慮到整體情況，相對於先前的情況，我們對 POS 假設的上限進行了一定程度的調整。環境，我們假設庫存水準保持在當前狀態，正如我們連續幾個季度所談論的那樣，由於我們的零售合作夥伴非常保守地管理庫存，正如您所期望的那樣，庫存水準仍然相當精簡。

On '26, well, we're not going to have a '26 outlook today, certainly appreciate the question given all the moving parts. To our story, but I will give you a high level framework. And again this is barring a major slowdown in the macro environment. The organic business Wrangler and Lee, the brands are performing well, and we do expect those businesses to grow.

關於 26 年，嗯，我們今天不會對 26 年做出展望，考慮到所有變動因素，我們當然會回答這個問題。對於我們的故事，我會給你一個高層次的框架。且這還不包括宏觀環境大幅放緩的情況。有機業務 Wrangler 和 Lee 這兩個品牌表現良好，我們確實預期這些業務將會成長。

Next year we do have the tariff impact or potential tariff impact, but we expect to substantially offset that impact over a 12 to 18 month period, as we said. You'll have Project Genius savings that will be maturing to a full run rate and we'll reinvest at least a portion of those savings back into the business to continue to drive growth.

明年我們確實會受到關稅影響或潛在關稅影響，但正如我們所說，我們預計在 12 到 18 個月內大幅抵消這種影響。您將獲得 Project Genius 儲蓄，這些儲蓄將逐漸成熟並達到滿額運行率，我們將把其中至少一部分儲蓄重新投資到業務中，以繼續推動成長。

The Helly business, as you can see, is performing really well given the cash we expect to generate as a combined company. We'll delever quickly and that'll be a tailwind as well as add some additional capital allocation optionality as we consolidate and grow the earnings and cash flow of the combined business. So again, we like where we are, we like our model. We clearly have a lot of levers we can pull to drive accelerated growth and returns over the next handful of years.

如您所見，考慮到我們預計合併後的公司將產生的現金，Helly 業務表現非常好。我們將迅速去槓桿，這將是一個順風，同時在我們整合和增加合併業務的收益和現金流時增加一些額外的資本配置選擇。所以，我們再次喜歡我們現在的處境，我們喜歡我們的模式。顯然，我們可以利用許多手段來推動未來幾年的加速成長和回報。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning, and thank you for taking our question, Scott. I was hoping that you could unpack the Lee transition in a little bit more detail. How is that progressing versus your expectations and how should we be thinking about the timeline for an inflection back to growth in the Lee brand, specifically in the US business?

早安，感謝您回答我們的問題，斯科特。我希望您能更詳細地解釋李的轉變。與您的預期相比，進展如何？我們應該如何考慮 Lee 品牌（尤其是美國業務）恢復成長的時間表？

So I would characterize it like this, and I'm going to hit three bullet points that are really meaningful to me. I've been around this business, Brooke, for almost 20 years now, and in those 20 years, I have never seen better product, and that's where it all starts with great product.

所以我會這樣描述它，我會提出三個對我來說真正有意義的要點。布魯克，我從事這個行業已經快 20 年了，在這 20 年裡，我從未見過比這更好的產品，這就是偉大的產品的一切的開始。

We have been testing some product. We've been pushing some product out early. We've done some collapse. We've done some things that we've never done before. And what we're hearing and what we're seeing and the feedback we're getting is exceptional, and we've been rolling product out, as you can imagine, for fall and spring next year.

我們一直在測試一些產品。我們已提前推出一些產品。我們已經發生了一些崩潰。我們做了一些以前從未做過的事。我們所聽到的、看到的和得到的回饋都是非常棒的，正如你所想像的，我們已經在為明年秋季和春季推出產品。

So I would start with the fact that in those 20 years we're listening to our consumer, building better product, doing things that we've never done before. So that's what gives me incredible confidence. The next piece is the digital piece. That's the thing that we can get after quickest, and that's the thing that we can be closest to storytelling online, things like that, and the consumer is just grabbing our product they love it.

首先我想說的是，在這 20 年裡，我們一直在傾聽消費者的聲音，打造更好的產品，做我們從未做過的事。這給了我無比的信心。下一個部分是數字部分。這是我們能最快實現的目標，也是我們能最接近在線上說故事的目標，諸如此類，消費者購買我們的產品時就會喜歡它。

So both male and female. So we're up, as you heard us both say, about 8% in the digital space, and it continues to grow in. And we see that continuing throughout the year and into next year. So really positive from the standpoint of where we can touch the consumer very quickly. It's really resonating and working exceptionally well.

所以無論男女。因此，正如你們所說，我們在數位領域的成長約為 8%，而且還在繼續成長。我們認為這種趨勢將持續到今年甚至明年。因此，從我們能夠快速接觸消費者的角度來看，這確實是正面的。它確實引起了共鳴並且效果非常好。

And then there's one of the thing that's really interesting that's been really good for us and really good for the team is that we are now coming out with a fairly sizable equity campaign, and that comes out in the fall. And we're testing that, and it tested even better than the Wrangler campaign that we just rolled out this past year that's done exceptionally well that all of you have seen.

然後有一件非常有趣的事情，對我們和團隊來說都非常有利，那就是我們現在正在推出一個相當規模的股權活動，並將於秋季推出。我們正在對此進行測試，測試結果甚至比我們去年剛推出的 Wrangler 活動還要好，大家都看到了，Wrangler 活動的表現非常出色。

So we've got a really good campaign, being supported by incredible product and really good storytelling, and we've really worked really hard at this, and I want to, give a shout out to the teams that have been leading this effort, and I think that in 206 we'll start to see this inflect positive again but feel very confident about what that team has done and real proud of that group and what they've done to put us in a position to win in the lead brand here going forward.

因此，我們開展了一場非常好的活動，得到了令人難以置信的產品和非常好的故事的支持，我們確實為此付出了很多努力，我想向領導這項工作的團隊致敬，我認為在 206 年，我們將開始再次看到這種積極的變化，但對這個團隊所做的事情感到非常有信心，並為這個團隊以及他們所做的一切感到自豪，這使我們能夠在未來贏得領先的事情。

That's really helpful. Thank you. Joe, can you help us understand the drivers of the significant gross margin outperformance this quarter and the levers that are driving the higher margin outlook that was offered today for your base business? How should we be thinking about the sustainability of each of those drivers about performance?

這真的很有幫助。謝謝。喬，您能否幫助我們了解本季毛利率大幅上漲的驅動因素，以及推動今天為您的基礎業務提供的更高利潤前景的槓桿？我們應該如何考慮每個驅動因素對績效的可持續性？

Sure. Good morning, Brooke. So yeah, in the quarter on a year over year basis we were up about 200 basis points. Mix was about 80% of that. We're still seeing the benefits of lower product costs. That was about 40 basis points and then the balance is genius and a handful of other things, which adds the additional [80]. I'd say relative to our plan and our prior outlook.

當然。早上好，布魯克。是的，本季與去年同期相比，我們的利潤成長了約 200 個基點。混合約佔其中的 80%。我們仍然看到產品成本降低的好處。這大約是 40 個基點，然後平衡是天才和一些其他的東西，這增加了額外的[80]。我想說的是相對於我們的計劃和我們先前的展望。

We were about 170 basis points higher than where we thought we'd be. There was some conservatism built into the outlook in light of the environment, and we executed really well across the quarter. We also have a fairly meaningful mixed benefit with Western DTC and our international businesses performing above plan, as those are accretive areas of the business for us, and you start to have Project Genius benefits that are that are beginning to kick in a fairly meaningful way.

我們比預想的水平高出約 170 個基點。考慮到當前的環境，我們對前景持保守態度，但整個季度我們的表現確實很好。我們也從 Western DTC 和我們的國際業務中獲得了相當有意義的混合收益，這些收益超出了計劃，因為這些是我們業務的增值領域，並且您開始獲得 Project Genius 收益，這些收益開始以相當有意義的方式發揮作用。

As you think about the balance of the year, the mixed benefit will moderate a bit but still remain positive. Our genius benefits are intact, and then our input costs, our product costs will become more muted in the second quarter relative to the prior year and flip to a modest headwind as we enter the as we enter the back half.

當你考慮今年的餘額時，混合收益會略有緩和，但仍然保持正值。我們的天才福利完好無損，然後我們的投入成本，我們的產品成本在第二季度將相對於上年同期變得更加溫和，並且在我們進入下半年時轉向適度的逆風。

Great, thanks so much. I'll pass it on.

太好了，非常感謝。我會傳達的。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

Hi, good morning. Thanks for taking my question. One quick clarifying question and then follow up. What's assumed in the $50 million unmitigated tariff impact? Is it just a continuation of the tariff rates for the pause period? And what are the mitigating efforts already being put into place?

嗨，早安。感謝您回答我的問題。快速澄清一個問題，然後跟進。5000 萬美元未緩解的關稅影響是如何假設的？這是否只是暫停期內關稅稅率的延續？目前已經採取了哪些緩解措施？

Yeah, I'll start. Good morning, Paul. So on the $50 million so recall, Paul, last quarter we had estimated $50 million for just the Kontoor business. That's now $35 million, and the biggest change there is Mexico. So where we had assumed Mexico would be at a 25% tariff rate, that's now zero and protected under USMCA, at least currently.

是的，我這就開始。早安，保羅。保羅，回想一下，上個季度我們為 Kontoor 業務估計的價值為 5000 萬美元。目前這一數字為 3500 萬美元，其中變化最大的是墨西哥。因此，我們之前假設墨西哥的關稅稅率為 25%，但現在該稅率為零，並且受到 USMCA 的保護，至少目前是如此。

For the rest of the world for KTB, we've assumed the 10% baseline tariff. China for us is (inaudible) On the Helly side, there's about a $15 million estimated impact. That's really 10% for Southeast Asia, and then you have China at a more elevated rate.

對於韓國其他地區的貿易，我們假設基準關稅為 10%。對我們來說，中國是（聽不清楚）在 Helly 方面，估計影響約為 1500 萬美元。對東南亞來說，這一比例實際上是 10%，而中國的比例更高。

Okay, great. And the follow up is, with the advantage that Mexico now has under the current tariffs. What is the capacity in Mexico to take on further production? What are the opportunities to further lean on vertical integration and what are the constraints? Thank you.

好的，太好了。接下來的問題是，墨西哥在現行關稅下具有優勢。墨西哥的產能有多少可以承受進一步的生產？進一步依賴垂直整合的機會有哪些？限制因素又有哪些？謝謝。

Hey, Paul. It's Scott, I'll go ahead and take that. We run those plants really well and have for a very long time. And then if you recall about a year ago we moved out of Nicaragua and we moved a lot of the production from there into our Mexico plants. So I've got to say that there's not much room left, but I've got to say that that's an extreme positive because we run those plants so well and so efficiently. So we do a really nice job down there. So right now I think we're in a really good place.

嘿，保羅。我是史考特，我會繼續接手。我們經營這些工廠非常好，而且已經很久了。如果你還記得的話，大約一年前我們搬出了尼加拉瓜，並將大量生產從那裡轉移到了墨西哥工廠。所以我不得不說剩下的空間不多了，但我不得不說這是一個非常積極的信號，因為我們把這些工廠運作得非常好，非常有效率。所以我們在那裡做得非常好。所以現在我認為我們處於一個非常好的位置。

Thank you, I'll pass it on.

謝謝，我會傳達的。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

Hi, thanks for taking my question. I was curious how we should think of the annual run rate contribution from Helly Hansen relative to the $650 million revenue and $75 million even out performance in 2024 as you scale to the US penetration opportunity, can you help us think of the pace of development upon ownership?

你好，謝謝你回答我的問題。我很好奇，當您擴大美國滲透機會時，我們應該如何看待 Helly Hansen 的年度運行率貢獻相對於 2024 年 6.5 億美元的收入和 7500 萬美元的均衡業績，您能幫助我們思考所有權後的發展速度嗎？

Yeah, hey, Peter, I'll start. Scott can jump in. Yeah, I think a little bit premature to go too far given that we don't own the business yet, but I will say a couple things. So, year-to-date through the first, four or five months of 2025, the business has performed in line to modestly better than what we expected for the second half we talked about. $400 million to $405 million of revenue that reflects double-digit growth on a year over year basis.

是的，嘿，彼得，我先開始了。斯科特可以加入。是的，我認為現在說得太早還為時過早，因為我們還沒有擁有自己的業務，但我還是想說幾件事。因此，從年初到 2025 年的第一季或第四季度，業務表現與我們對下半年的預期一致，略好於預期。 4 億美元至 4.05 億美元的收入反映了同比兩位數的成長。

So pretty solid growth, pretty broad growth across channel geography and categories. We do expect the brand to expand margins and profitability in the second half of the year. That excludes synergy. So the fundamentals of the business are in pretty good shape, I think.

因此，成長相當穩健，跨通路、跨地域和跨類別的成長相當廣泛。我們確實預計該品牌的利潤率和獲利能力將在下半年擴大。這就排除了協同效應。所以我認為，業務基本面狀況良好。

Longer term, medium term, we have said that our expectation for the brand is to grow at a high single digit rate and we think under our ownership, we can not only invest more back into the business, but also improve profitability given our capabilities.

從長期和中期來看，我們曾表示，我們對該品牌的期望是以高個位數增長，我們認為在我們的所有權下，我們不僅可以將更多資金投入到業務中，而且還可以根據我們的能力提高盈利能力。

And Joe, I'll add a couple of things, Peter. Maybe this will help clarify some of maybe what you're getting at a little bit relative to an outdoor brand, and we've all been around outdoor brands quite a bit. Seasonality can play a big part in that being weather. The one thing we love about Helly Hansen here is that work wear component. That large workwear component is a very steady annuity in the business month to month, year to year.

喬，彼得，我還要補充幾點。也許這將有助於澄清一些與戶外品牌相關的問題，我們都對戶外品牌有相當多的了解。季節性在其中起著重要作用，例如天氣。我們喜歡 Helly Hansen 的一點是它的工作服元素。工作服這一大塊業務每年都會為公司帶來非常穩定的收入。

So that is a benefit relative to how we think about owning this entire business. And I think Joe's points are spot on for the rest, but as you think about how the business is going to play itself out, I think of it as an outdoor company and how that usually works, and you know the strong quarters there, but now, underpinned with that really strong work for business that's just very steady month to month.

因此，相對於我們如何看待擁有整個業務而言，這是一個好處。我認為喬的觀點對其他人來說都是正確的，但是當你思考業務將如何發展時，我認為它是一家戶外公司，它通常是如何運作的，你知道它有強勁的季度業績，但是現在，在真正強勁的業務工作的支持下，業務每個月都非常穩定。

Thanks for that perspective. And then I was curious on working capital -- strong working capital progress in the quarter. He talked about the requirements for working capital for the Helly Hansen business and how that contributes to the $350 million of cash flows from operations. I think the commentary was for inventory in line with forward sales growth in the back half, and I just wanted to make sure that was on a consolidated basis with including Helly Hansen.

感謝您的觀點。然後我對營運資本感到好奇——本季營運資本進展強勁。他談到了 Helly Hansen 業務的營運資金需求以及其如何為 3.5 億美元的營運現金流做出貢獻。我認為該評論針對的是庫存與下半年預期銷售成長相符的情況，我只是想確保這是在包括 Helly Hansen 在內的合併基礎上的。

Yeah, thanks for the question, Peter. Yeah, on the KTB side, from an inventory perspective, we expect inventory to be down year over year and then grow in line with our with our revenue expectations in the second half, which are more in that 3% kind of range. As it relates to Helly, you can see the cash contribution that we expect from that business that does not yet include a fairly significant working capital benefit that we see for the business that will happen over the course of 2026. Thank you.

是的，謝謝你的提問，彼得。是的，就 KTB 方面而言，從庫存角度來看，我們預計庫存將同比下降，然後根據我們下半年的收入預期增長，增幅將在 3% 左右。就 Helly 而言，您可以看到我們預期該業務將帶來的現金貢獻尚未包括我們認為在 2026 年期間實現的相當大的營運資本利得。謝謝。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Oh, good morning. Thanks for all the call this morning. So back in late October, I think it was called out that [1H] top line should grow 4%, but today's guidance calls, I think, for (inaudible) slightly down, maybe down as much as 1%. Organic compares do get harder in 2H, so curious to know what gives you the confidence that 2H organic revenues should grow, slightly, low-to-mid single digits. Thank you very much.

噢，早安。感謝大家今天早上的來電。所以早在 10 月下旬，我認為就有人預測 [1H] 營收應該會成長 4%，但我認為今天的指導意見是（聽不清楚）略有下降，可能下降 1%。下半年的自然比較確實變得更加困難，所以我很好奇是什麼讓您有信心下半年的有機收入應該會略微增長，達到低到中等個位數。非常感謝。

I'll go ahead and start and then kick it over to Joe. I really think it's the team, and you think about, if I think about this, the product that we are developing here is so exceptional. The fact that we're getting after our female consumer in a really significant way, you're seeing this Wrangler campaign that we kicked off really gaining traction.

我先開始，然後交給喬。我真的認為是團隊的問題。想想看，我們在這裡開發的產品真是太棒了。事實上，我們正​​在大力爭取女性消費者，你會看到我們發起的 Wrangler 活動確實獲得了關注。

You're seeing us continue 12 quarters in a row to gain market share and bottoms, which is really significant. You're starting to see the turnaround of Lee and an equity campaign of Lee, so you've got a lot of green shoots there. You've got a really strong resilient economy and consumer. We play at a great price point, really good distribution, adding Helly Hansen and a really strong workforce and then we've got our target business that kicks in in a more significant way.

您會看到我們連續 12 個季度不斷獲得市場份額並觸底，這確實意義重大。你開始看到李的轉變和李的股權運動，所以你已經看到了很多復甦的跡象。你們擁有真正強勁的彈性經濟和消費者。我們以極好的價格、非常好的分銷管道、加上 Helly Hansen 和一支非常強大的員工隊伍，我們的目標業務就以更重要的方式開始發揮作用。

So as I look around and think about all the things that are going very well and the things that we simply that we can control, it's a really positive environment. And then the one thing that's been, really nice is the international businesses have really found their footing and have done really well, so we've been pleased with that too.

因此，當我環顧四周並思考所有進展順利的事情以及我們能夠控制的事情時，這是一個非常積極的環境。然後，真正令人高興的一件事是，國際企業已經真正站穩了腳跟，並且做得很好，所以我們對此也感到高興。

And then I'll tell you, there's another thing here too, and lastly, and then Joe, I'll kick it over to you if you have some comments, but the fact the Helly Hansen acquisition has been a real shot in the arm for the organization. I think the organization is really energized and really excited about the fact that we're adding them to our portfolio and then on the side of that, I think the Helly Hansen Group is really excited to join our organization because we speak the same language, they haven't worked for an apparel company for 20 years, haven't been owned by an apparel company for 20 years.

然後我會告訴你，這裡還有另一件事，最後，喬，如果你有任何意見，我會把它交給你，但事實上，收購 Helly Hansen 對該組織來說是一劑真正的強心針。我認為該組織對於我們將他們添加到我們的投資組合中感到非常興奮和振奮，另一方面，我認為 Helly Hansen 集團非常高興加入我們的組織，因為我們講同一種語言，他們 20 年來從未在服裝公司工作過，20 年來從未被服裝公司收購過。

And now they're going to be, and I think there's high energy there. And I'll tell you what, we have been thrilled with the talent that we've seen there too. So absorbing that talent, bringing that brand in-house, all of us working together, all the things that we have going on, I think it gives us a lot of confidence here at Kontoor Brands.

現在他們就要開始了，我認為那裡充滿活力。而且我可以告訴你，我們也對在那裡看到的才華感到非常興奮。因此，吸收這些人才，將品牌帶入公司內部，我們所有人共同努力，以及我們正在進行的所有事情，我認為這給了我們 Kontoor Brands 很大的信心。

Yeah, I'd say just a couple of things. So as you think about, what we communicated or flashed last fall for the first half versus today, a few pieces, so FX became a larger headwind than what we saw in the fall. We clearly did not anticipate a high-single digit decline in POS for February and certainly did not anticipate the volatility in the overall environment.

是的，我只想說幾件事。所以，你想一想，去年秋天我們針對上半年所傳達或閃現的信息與今天相比有幾點不同，因此 FX 帶來的阻力比我們在秋天看到的更大。我們顯然沒有預料到 2 月 POS 會出現高個位數的下降，當然也沒有預料到整體環境的波動。

Those are the biggest pieces I think if you think about the implied growth in the second half, like I said, it's really the 53rd week and the visibility we have into new programs and distribution, as Scott just mentioned, the POS assumptions are, pretty much what we saw in March, April, which is down about 1%.

我認為，如果考慮到下半年隱含的成長，這些就是最重要的部分，就像我說的，這實際上是第 53 週，而且我們對新項目和分銷的了解也非常深入，正如斯科特剛才提到的，POS 假設與我們在 3 月和 4 月看到的差不多，下降了約 1%。

Super helpful. Thank you very much. And how much is the 53rd week contribute for top line and bottom line and then I've got a follow up question on the (inaudible)

超有幫助。非常感謝。第 53 週對收入和利潤的貢獻是多少？然後我有一個關於（聽不清楚）

Thank you.

謝謝。

Yeah, on the 53rd week, Laurent, I mean, we don't have a big retail business, as it will be bigger with Helly, so just pure KTB organic, it won't have a meaningful impact, but it is bigger for the second half and for the fourth quarter in particular.

是的，在第 53 週，Laurent，我的意思是，我們的零售業務並不大，因為有了 Helly 之後，零售業務會變得更大，所以僅僅是純粹的 KTB 有機增長，不會產生重大影響，但對於下半年，尤其是第四季度，影響會更大。

Okay, very helpful. And then the remaining question is on the (inaudible) it looks like it's losing $0.28 in 2Q for the guide, but that's only with one month of ownership, since the deal closes in late May. So I'm just curious, is it the right way to think about it that if you owned it for three months it would lose something around $0.70, we're asked another way, how should we think about this business. As we think about an NTM basis like EPS contribution 2Q and 1Q. Thank you.

好的，非常有幫助。然後剩下的問題是（聽不清楚）看起來它在第二季度損失了 0.28 美元，但這只是擁有一個月的結果，因為交易在 5 月底結束。所以我只是好奇，這樣想是否正確，如果你擁有它三個月，它會損失大約 0.70 美元，我們被問到另一種方式，我們應該如何看待這項業務。當我們考慮 NTM 基礎時，例如 EPS 貢獻 2Q 和 1Q。謝謝。

Yes, I'll take that on. So this business does exhibit typical seasonality similar to other outdoor peers, as you know very well. Q2 is Helly's lowest volume quarter, and it has historically generated losses in that quarter. I'd say the $0.28 impact for really just June is not reflective of a full quarter, so I would not run rate that.

是的，我會接受。因此，如您所知，這項業務確實表現出與其他戶外同行類似的典型季節性。第二季度是 Helly 銷量最低的季度，從歷史上看，該季度該公司一直出現虧損。我想說，6 月的 0.28 美元影響實際上並不能反映整個季度的情況，所以我不會對此進行評估。

It's really timing within a single month which can have an outsized impact. You also have some interest expense and financing amortization for that month without the benefit of the earnings of the business. So there's a little bit of noise in the stub period, but I would not take the $0.28 and assume that that's what a full quarter will be for the business going forward.

事實上，一個月之內的時間安排就可能產生巨大的影響。您當月還會產生一些利息支出和融資攤銷，但無法從企業收益中獲益。因此，在存根期間存在一些噪音，但我不會接受 0.28 美元並假設這就是未來整個季度的業務水平。

Okay, thank you very much. Best of luck.

好的，非常感謝。祝你好運。

Okay. There are no further questions at this time. I will now hand the call back over to Scott Baxter, CEO for the closing remarks.

好的。目前沒有其他問題。現在我將把電話交還給執行長 Scott Baxter 作結束語。

Thanks everyone for joining us for the call. Really appreciate it. We're looking forward to getting together again this summer and we'll continue to stay in touch. Best of luck to all of you as we head into the summer season, late spring, and we'll talk to you soon. Thanks again, everyone.

感謝大家參加此次電話會議。真的很感激。我們期待今年夏天再次相聚，並將繼續保持聯繫。在我們即將進入夏季和春末之際，祝大家好運，我們很快會再與你們交談。再次感謝大家。

Thank you ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝女士們、先生們，會議到此結束。感謝大家的加入。你們都可以斷開自己的線路。