Kontoor Brands Inc (KTB) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Kontoor Brands' second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Kontoor Brands 2025 年第二季財報電話會議。 （操作員指示）溫馨提示：本次會議正在錄製中。

It is now my pleasure to introduce your host, Michael Karapetian, Vice President, Corporate Development and Enterprise Strategy and Investor Relations. Thank you, sir. You may begin.

現在，我很高興介紹主持人 Michael Karapetian，他是企業發展、企業策略和投資者關係副總裁。謝謝先生。您可以開始了。

Thank you, operator, and welcome to Kontoor Brands’ second-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 年第二季財報電話會議。今天電話會議的參與者將做出前瞻性陳述。這些陳述是基於目前預期，並受不確定因素影響，可能導致實際結果出現重大差異。這些不確定性已在提交給美國證券交易委員會 (SEC) 的文件中詳細說明。我們建議您閱讀這些報告中包含的危險因子、警示性用語和其他揭露資訊。

Amounts referred to on today’s call will often be on an adjusted dollar basis, which we clearly define 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. 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.

今日電話會議中提及的金額通常以調整後的美元為基礎，我們在今早發布的新聞稿中對此進行了明確定義，該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。這些表格識別並量化了排除項目，並提供了管理層對此類資訊為何對投資者有用的觀點。除非另有說明，本次電話會議中提及的金額將以固定匯率計算，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 and Global Head of Operations, 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，以及財務長兼全球營運主管 Joe Alkire。

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

在我們準備好的發言之後，我們將開始提問。史考特？

Thanks, Mike, and thank you all for joining us today. Our strong second-quarter results exceeded expectations. Wrangler growth accelerated, the lead turnaround is on track, and Helly Hansen performed above plan. Our performance highlights the significant opportunities from our expanded brand portfolio with greater consumer, geographic, and channel diversification than we've ever had. In our first quarter as a combined company, we are off to a great start.

謝謝，麥克，也謝謝各位今天加入我們。我們強勁的第二季業績超乎預期。 Wrangler 成長加速，領先優勢正在扭轉，Helly Hansen 的表現也超出了預期。我們的業績凸顯了我們擴大品牌組合帶來的重大機遇，消費者、地理和通路的多元化程度達到了前所未有的水平。合併後的第一季度，我們取得了良好的開端。

Based on our better-than-expected first-half results and improving visibility, we are raising our revenue outlook and reiterating our full-year earnings outlook at the midpoint, now including tariffs and incremental demand creation investments. While the environment remains uncertain, we are entering the second half of the year from a position of strength.

基於我們上半年業績優於預期且前景可預見性的提升，我們上調了收入預期，並重申了全年盈利預期的中位數，目前已將關稅和新增需求創造投資納入考慮。儘管環境依然充滿不確定性，但我們正以強勁的勢頭邁入下半年。

Let me start with an update on Helly Hansen. First, the integration is progressing well. On the front end, the commercial teams are energized and performing at a high level. June results exceeded expectations and this momentum has carried into the third quarter, supported by a strong product pipeline and accelerating order book. To build on this momentum, we are creating the investment roadmap to accelerate growth.

首先，我來介紹一下Helly Hansen的最新情況。首先，整合工作進展順利。在前端，商業團隊充滿活力，業績表現優異。 6月份業績超出預期，強勁的產品線和訂單成長的支撐下，這一勢頭延續到了第三季。為了鞏固這一勢頭，我們正在製定投資路線圖，以加速成長。

We see significant opportunities in the US through a combination of wholesale and retail expansion, as well as investments in product innovation, category expansion, and demand creation to increase brand awareness. Helly is also under penetrated in key accounts and we are developing plans to unlock new channels of distribution starting in '26.

我們在美國看到了巨大的機遇，可以透過批發和零售擴張，以及在產品創新、品類擴展和需求創造方面的投資來提升品牌知名度。 Helly 在關鍵客戶方面的滲透率也較低，我們正在製定計劃，從2026年開始開拓新的分銷管道。

Products and category expansion is another significant opportunity for Helly Hansen. The strong connection with the professional community has been a differentiator since its founding. These partnerships have made us number one in sailing, a global leader in ski apparel, and now provide a platform for expansion into outdoor. These platforms are driving the strength we see in the business today and into next year.

產品和品類擴張是Helly Hansen的另一個重要機會。自成立以來，與專業社群的緊密聯繫一直是我們脫穎而出的關鍵。這些合作關係使我們成為帆船運動領域的領導者、滑雪服飾領域的全球領導者，如今也為我們拓展戶外領域提供了平台。這些平台正在推動我們目前以及明年的業務成長。

Within Workwear, we are driving growth across three strategic categories: construction, high visibility, and footwear. Product segmentation along a clear, good, better, best framework underpins our go-to-market approach. This has contributed to consistent growth over the past decade. Over the near term, we are expanding our lightweight and cooling platforms to increase penetration in southern climates. In addition, we are scaling our HH connect system, which provides unrivaled customization. This innovation has been an incredible success since launching in early '24.

在工裝領域，我們正推動三大策略類別的成長：建築、高能見度和鞋類。我們以清晰、優質、更好、最佳的框架進行產品細分，這鞏固了我們面向市場的策略。這在過去十年中促進了業務的持續成長。短期內，我們將擴展輕量化和降溫平台，以提昇在南方氣候地區的滲透率。此外，我們正在擴展 HH Connect 系統，該系統提供無與倫比的客製化服務。這項創新自 2024 年初推出以來，取得了巨大的成功。

On the back end, we are leveraging our global platforms to drive greater scale of efficiency. While Helly has been executing at a high level on its own, we are more confident than ever it will see significant benefits under our ownership as a more synergistic global brand operator. We have identified opportunities across supply chain, IT, HR, and finance. These will materialize over time and we will now expect to exceed our prior run rate synergy estimate of 15 million, which is not yet included in our outlook.

在後端，我們正在利用我們的全球平台來提升效率。雖然Helly本身的營運水準很高，但我們比以往任何時候都更有信心，在我們旗下，作為一家更具協同效應的全球品牌營運商，它將獲得顯著的收益。我們已經在供應鏈、IT、人力資源和財務領域發現了新的機會。這些機會將隨著時間的推移逐漸實現，我們預計其營運綜效將超過我們先前預測的1500萬的銷售額，但這尚未納入我們的展望中。

As we discussed last quarter, our value creation framework is now built on four pillars: accelerate growth, double Helly's operating margins, increase capital allocation optionality, and establish Kontoor as the employer of choice in the industry. We are off to a tremendous start and I could not be more excited about the opportunities ahead.

正如我們上個季度所討論的，我們的價值創造框架目前建立在四大支柱之上：加速成長、使Helly的營業利潤率翻倍、提升資本配置的選擇性，以及將Kontoor打造為行業首選雇主。我們迎來了良好的開端，我對未來的機會感到無比興奮。

Now let's review highlights from Q2. Wrangler had another strong quarter. Revenue increased 7%, including 9% growth in the US, and 16% growth in digital. Our female business continues to surpass expectations and we are in chase mode for many styles. Our investments in talent, product development, and demand creation are generating healthy returns.

現在讓我們回顧一下第二季的亮點。 Wrangler 又一個強勁的季度。收入成長了 7%，其中美國市場成長了 9%，數位業務成長了 16%。我們的女裝業務繼續超出預期，我們正在積極追逐各種風格。我們在人才、產品開發和需求創造方面的投資正在產生豐厚的回報。

As an example, Bespoke continues to be a tremendous success, driving strong digital growth while increasing our penetration in specialty retail. We will continue to scale this platform in the second half of this year. We also hosted key activations at the ACM Awards alongside the biggest stars of country music, including Lainey Wilson, who, for the second year in a row, won Entertainer of the Year, as well as awards for Female Artist and Album of the Year. Our connection to Western culture is deeply rooted in Wrangler's DNA and we see that translate to the sales momentum we have consistently demonstrated.

例如，Bespoke 繼續取得巨大成功，推動了強勁的數位成長，同時提升了我們在專業零售領域的滲透率。我們將在今年下半年繼續擴大平台的規模。我們還在 ACM 音樂獎上舉辦了重要的活動，邀請了鄉村音樂界的巨星，其中包括連續第二年榮獲年度最佳藝人獎、年度最佳女歌手獎和年度最佳專輯獎的 Lainey Wilson。我們與西方文化的連結深深植根於 Wrangler 的 DNA 中，我們看到這種連結轉化為我們持續展現的銷售動能。

During the quarter, our Western business grew mid-single digits. Combined with strength in our core denim business, Wrangler drove its 13th consecutive quarter of market share gains as measured by Circana in our men's and women's bottoms business. We gained 70 basis points of market share. Wrangler has had an excellent first half of the year. Wholesale revenue grew mid-single digits and D2C grew 11%, including 15% growth in digital and 3% growth in brick-and-mortar. The team is executing on all fronts, and I am confident we will deliver a strong finish to the year.

本季度，我們的西部業務實現了中等個位數成長。加上我們核心牛仔布業務的強勁表現，Wrangler 的男女下裝業務（以 Circana 為衡量標準）的市場份額連續第 13 個季度增長。我們的市佔率成長了 70 個基點。 Wrangler 今年上半年表現優異。批發收入實現了中等個位數成長，D2C 銷售額成長了 11%，其中數位通路成長了 15%，實體店成長了 3%。團隊在各方面都表現出色，我相信我們今年將會圓滿成功。

Turning to Lee. As expected, revenue declines sequentially improved as our brand repositioning unfolds. Digital continues to lead the way. Our US business grew high-single digits in the quarter. Our refreshed creative vision is generating results with brand equity, purchase intent, and brand favorability all increasing. This is translating to increased revenue on our own digital platform as well as our wholesale partners.

轉向Lee。正如預期，隨著我們品牌重新定位的推進，收入下滑的勢頭環比有所改善。數位行銷持續引領潮流。本季度，我們的美國業務實現了高個位數成長。我們煥然一新的創意願景正在產生成效，品牌資產、購買意願和品牌好感度都在提升。這轉化為我們自有數位平台以及批發合作夥伴的收入成長。

To support this momentum, we will be launching our brand equity campaign in September. Built on Lee's authority and denim, it speaks to the strength and quality that has defined the brand for more than 135 years, now reimagined for today's younger generation. Test results have been very encouraging and we are excited to bring the new vision to life ahead of the holiday season.

為了延續這股勢頭，我們將於9月啟動品牌資產宣傳活動。該活動以Lee的權威和牛仔服飾為基石，展現了品牌135多年來所秉持的力量和品質，如今，我們為當今的年輕一代進行了重新詮釋。測試結果令人鼓舞，我們非常期待在假日季節到來之前將這一全新願景付諸實踐。

We are also addressing existing distribution challenges. We are being more deliberate within US mid-tier and have identified growth opportunities that are better aligned with Lee's refreshed brand positioning. We are also evaluating opportunities to optimize distribution in Europe and Asia. Progress will not be linear, and it will take time to do it right, but we are confident the turnaround is on track.

我們也正在應對現有的分銷挑戰。我們在美國中端市場更加審慎，並已找到與Lee全新品牌定位更契合的成長機會。我們也在評估優化歐洲和亞洲分銷管道的機會。進展並非直線性，需要時間才能達到成效，但我們有信心扭轉局面。

Finally, as we announced last week, Tom Waldron will be leaving Kontoor at the end of September. I would like to thank Tom for his contributions to Wrangler and Lee for almost 30 years. This is a bittersweet moment, and I wish him the best as he pursues new opportunities.

最後，正如我們上周宣布的那樣，湯姆沃爾德倫將於9月底離開Kontoor。我要感謝湯姆近30年來對Wrangler和Lee的貢獻。這是一個苦樂參半的時刻，我祝福他在追尋新機會的過程中一切順利。

Before turning it over to Joe, let me reiterate the confidence we have in achieving our '25 plan. Wrangler has significant momentum. Lee is on track, and the integration of Helly Hansen is progressing well. After an uneven start to the year, trends have improved and we are seeing this momentum carry into the third quarter. The environment remains uncertain, but we are executing at a high level and have meaningful opportunity to create shareholder value.

在將話題交給喬之前，請允許我重申我們對實現「25計畫」的信心。 Wrangler 勢頭強勁。 Lee 的營運進展順利，Helly Hansen 的整合也進展順利。在經歷了年初的起伏之後，趨勢有所改善，我們看到這種勢頭延續到了第三季度。儘管環境仍然充滿不確定性，但我們正在高水準地執行，並擁有創造股東價值的寶貴機會。

We are also excited to share that we are planning an Investor Day in the first half of '26. This will provide a great opportunity to share the strategic vision for our brand portfolio, the power of our improving financial model, and the significant optionality that underpins our value creation framework. We will share more details in the coming months, but I am confident we are on the path to drive strong value for our shareholders. Joe?

我們也很高興地宣布，我們計劃在2026年上半年舉辦投資者日活動。這將提供一個絕佳的機會，分享我們品牌組合的策略願景、我們不斷改進的財務模型的強大力量，以及支撐我們價值創造框架的重要選擇權。我們將在未來幾個月分享更多細節，但我相信我們正走在為股東創造強大價值的道路上。喬？

Thanks, Scott, and thank you all for joining us today. Our second-quarter results highlight the power of our operating model. While the environment remains dynamic, I am confident we have the right team, strategy, and brand portfolio to create significant value for our shareholders in the years ahead.

謝謝斯科特，也謝謝各位今天蒞臨。我們第二季的業績凸顯了我們營運模式的強大力量。儘管市場環境依然瞬息萬變，但我相信，我們擁有合適的團隊、策略和品牌組合，能夠在未來為股東創造巨大的價值。

Now let's review our second-quarter results. Global revenue increased 8%, including a four-point benefit from the contribution from Helly Hansen.

現在我們來回顧一下第二季的業績。全球營收成長了8%，其中Helly Hansen的貢獻貢獻了4個百分點。

By brand, Wrangler global revenue increased 7%. In the US, revenue increased 9%, driven by 16% growth in DTC and 8% growth in wholesale. Growth was broad-based, including continued market share gains, category expansion, and solid growth in Western. Following the slowdown in February, POS trends have rebounded and increased at a mid-single-digit rate in the second quarter, with trends further accelerating in July. Wrangler International revenue decreased 6%, driven by a 6% decrease in wholesale, partially offset by a 4% increase in brick-and-mortar retail.

按品牌劃分，Wrangler 全球營收成長 7%。在美國，營收成長 9%，主要得益於 DTC 業務成長 16% 和批發業務成長 8%。成長基礎廣泛，包括市場份額持續成長、品類擴張以及西部地區的穩健成長。繼 2 月成長放緩之後，POS 銷售趨勢在第二季度出現反彈，並以中等個位數成長，7 月成長趨勢進一步加快。 Wrangler 國際營收下降 6%，主要得益於批發業務下降 ​​6%，但實體零售業務成長 4% 部分抵消了這一影響。

Turning to Lee. Global revenue decreased 6% and was in line with our expectations as the turnaround remains on track. US revenue decreased 5%, driven by a decline in wholesale, partially offset by 9% growth in digital. We are encouraged by the continued strength we are seeing in our digital business, where we have seen momentum continue into the third quarter with revenue up double digits quarter to date.

談李先生。全球營收下降6%，符合我們的預期，公司仍在穩定復甦。美國收入下降5%，主要由於批發業務下滑，但數位業務9%的成長部分抵消了這一影響。我們對數位業務持續強勁的表現感到鼓舞，該業務的勢頭延續到了第三季度，本季迄今營收已實現兩位數成長。

Lee International revenue decreased 6%, with declines in wholesale offsetting low single-digit growth in DTC. We are taking further action in APAC to establish a stronger foundation from which to grow the business. While these actions will have a near-term impact on revenue in the second half of the year, we are confident these actions better position the brand and our retail partners for sustainable growth moving forward.

Lee International 營收下降 6%，批發業務的下滑抵消了直銷業務的低個位數成長。我們正在亞太地區採取進一步行動，為業務成長奠定更堅實的基礎。雖然這些舉措短期內會對下半年的收入產生影響，但我們相信，這些舉措將更能幫助品牌和零售合作夥伴實現未來的永續成長。

Now turning to Helly Hansen. Global revenue of $29 million in June exceeded our outlook of $20 million to $25 million. Sport and Workwear revenue was $17 million and $9 million, respectively. On a stand-alone basis, Helly Hansen revenue growth was slightly above our expectations in the second quarter. Revenue growth has further accelerated into the third quarter as we expect the growth rate of the business to continue to accelerate in the second half of the year.

現在來看看Helly Hansen。 6月全球營收2900萬美元，超出了我們2000萬至2500萬美元的預期。運動服和工裝業務的營收分別為1700萬美元和900萬美元。就獨立業務而言，Helly Hansen第二季的營收成長略高於我們的預期。第三季度，營收成長進一步加快，我們預計該業務的成長將在下半年繼續加快。

Now moving to the remainder of the P&L. Adjusted gross margin expanded 120 basis points to 46.4%, driven by the benefits of Project Jeanius, lower input costs, and mix. In addition, Helly Hansen was accretive by about 20 basis points. We exceeded our gross margin plan due to earlier-than-expected benefits from Project Jeanius, a stronger gross margin contribution from Helly Hansen, and lower product costs.

現在來看看剩餘的損益表。調整後毛利率擴大了120個基點，達到46.4%，這得益於Jeanius專案帶來的效益、更低的投入成本以及產品組合。此外，Helly Hansen也帶來了約20個基點的增幅。由於Jeanius專案帶來的效益早於預期，Helly Hansen的毛利率貢獻更高，以及產品成本下降，我們的毛利率超過了預期。

Adjusted SG&A expense was $206 million, up 6% compared to prior year. Excluding Helly Hansen, adjusted SG&A expense decreased 5%, driven by prudent management of discretionary expenses, Project Jeanius, and lower distribution and freight, partially offset by investments in demand creation. We remain focused on expense management and driving further improvements in operating efficiency in light of the environment.

調整後銷售、一般及行政費用為2.06億美元，較上年成長6%。不計入Helly Hansen，調整後銷售、一般及行政費用下降5%，這得益於對可自由支配費用的審慎管理、Jeanius項目以及配送和運費的降低，但需求創造方面的投資部分抵消了這一影響。我們將繼續專注於費用管理，並根據當前情勢進一步提升營運效率。

And adjusted earnings per share was $1.21, increasing 23% compared to prior year. Helly Hansen contributed a $0.12 loss per share compared to our outlook of a $0.28 loss per share. Excluding Helly Hansen, adjusted EPS was $1.33 and increased 36% compared to prior year.

調整後每股收益為1.21美元，較上年成長23%。 Helly Hansen每股虧損0.12美元，而我們預期每股虧損0.28美元。不計Helly Hansen，調整後每股收益為1.33美元，較上年成長36%。

Turning to the balance sheet. Inventory increased 40% to $686 million. Excluding Helly Hansen, inventory decreased 1% to $482 million as we continue to drive improvements in net working capital. Over the near term, we are focused on improving Helly's working capital and inventory turnover to increase cash generation and accelerate debt repayment. We are harmonizing processes for planning, procurement, product development, and inventory management. And we will begin to leverage our global supply chain capabilities, including our supply chain and AR financing programs, which will be a significant unlock for the business.

再來看看資產負債表。庫存增加了40%，達到6.86億美元。不包括Helly Hansen，庫存減少了1%，至4.82億美元，這得益於我們持續提升淨營運資本。短期內，我們專注於提升Helly的營運資本和庫存週轉率，以增加現金流並加快債務償還速度。我們正在協調規劃、採購、產品開發和庫存管理流程。此外，我們將開始利用我們的全球供應鏈能力，包括我們的供應鏈和應收帳款融資項目，這將對業務發展起到至關重要的作用。

We are pleased with the quality and composition of our inventory and we'll continue to manage working capital prudently. Excluding Helly, we expect inventory to increase at a high-single-digit rate in the third quarter, driven primarily by our growth expectations as well as Project Jeanius-related operational transitions within the supply chain. We expect inventory growth to normalize in the fourth quarter with our days on hand projected to remain consistent with prior-year levels.

我們對庫存品質和組成感到滿意，並將繼續審慎管理營運資金。除Helly外，我們預計第三季庫存將以高個位數成長，這主要得益於我們的成長預期以及與Jeanius專案相關的供應鏈營運轉型。我們預計第四季庫存成長將恢復正常，庫存週轉天數預計將與去年同期持平。

We finished the quarter with net debt or long-term debt less cash of $1.3 billion and $107 million of cash on hand. On a pro forma basis, our net leverage ratio or net debt divided by trailing 12-month adjusted EBITDA was 2.5x. During the quarter, we made a voluntary $25 million debt repayment.

本季末，我們的淨債務（即長期債務減去現金）為13億美元，庫存現金為1.07億美元。以備考基礎計算，我們的淨槓桿率（即淨債務除以過去12個月調整後EBITDA）為2.5倍。本季度，我們自願償還了2500萬美元的債務。

And finally, on a trailing 12-month basis, adjusted return on invested capital was greater than 30%, excluding Helly Hansen. We now anticipate returning to approximately 2 times net leverage by year-end and back to pre-acquisition leverage by the middle of 2026, reflecting our expectations of stronger cash generation. Our $500 million revolver remains undrawn and 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.

最後，過去12個月，調整後的投資資本報酬率（不包括Helly Hansen）超過30%。我們目前預計，到年底，淨槓桿率將恢復到約2倍，到2026年中期將恢復到收購前的水平，這反映了我們對更強勁現金流創造能力的預期。我們5億美元的循環信貸額度尚未提取，股票回購活動短期內仍處於暫停狀態，因為我們專注於償還收購相關債務並降低槓桿率。我們目前的股票回購授權餘額為2.15億美元。正如先前宣布的那樣，董事會宣布每股0.52美元的定期季度現金股息。

Before moving to our outlook, let me provide an update on tariffs. Our full-year outlook now includes the estimated impact of higher tariffs, net of mitigating actions. This includes transferring production within our global supply chain, pricing increases, inventory management, supplier partnership initiatives, and other proactive mitigating actions. We started implementing a portion of these initiatives at the beginning of the third quarter with additional measures expected in 2026. We have assumed a 30% reciprocal tariff on all China imports and a 20% reciprocal tariff on all other countries from which we source product with the exception of Mexico.

在展望未來之前，我先來介紹一下關稅的最新情況。我們目前的全年展望已包含關稅上調的預估影響，並扣除了緩解措施。這些措施包括在全球供應鏈內轉移生產、提高價格、管理庫存、開展供應商合作計畫以及其他積極的緩解措施。我們從第三季初開始實施部分此類措施，預計2026年將採取更多措施。我們假設所有中國進口產品均徵收30%的互惠關稅，除墨西哥外，所有其他進口產品的國家均徵收20%的互惠關稅。

Based on currently available information, Mexico remains exempt under USMCA. At these levels, the anticipated net impact to operating profit in 2025 is approximately $15 million or about $0.20 per share. We expect trade policy to continue to evolve and remain highly dynamic. That said, our supply chain is a competitive advantage. While we are not immune from the impact of higher tariffs, we remain confident we can substantially offset the impact of the business within a 12- to 18-month period.

根據目前掌握的信息，墨西哥仍享有USMCA的豁免權。以此標準計算，預計2025年營業利潤的淨影響約為1500萬美元，或每股約0.20美元。我們預計貿易政策將繼續演變，並保持高度動態。即便如此，我們的供應鏈仍是一項競爭優勢。雖然我們無法免受關稅上調的影響，但我們仍然有信心在12至18個月內大幅抵消業務影響。

Now let's review our updated outlook. Full-year revenue is now expected to be in the range of $3.09 billion to $3.12 billion, representing growth of 19% to 20% compared to our prior outlook of 17% to 19% growth. Helly Hansen is now expected to contribute $455 million to full-year revenue compared to our prior outlook of $425 million. Our outlook includes the impact of a 53rd week, which is not expected to meaningfully impact revenue on a full-year basis. Excluding Helly Hansen, we expect revenue growth of 1% to 2%, including approximately 2% to 3% growth for the balance of the year, including the impact of the 53rd week.

現在，讓我們回顧一下我們最新的展望。目前預計全年收入將在30.9億美元至31.2億美元之間，增幅為19%至20%，而我們先前的預期是17%至19%。目前預計Helly Hansen將為全年營收貢獻4.55億美元，而我們先前的預期是4.25億美元。我們的展望包含了第53週的影響，預計這不會對全年收入產生重大影響。除Helly Hansen外，我們預計全年營收將成長1%至2%，其中，包括第53週的影響在內的全年營收成長約為2%至3%。

We continue to plan the business conservatively. For Wrangler and Lee, our updated outlook assumes no meaningful change in POS trends or retail inventory positions for the balance of the year. This is consistent with our prior outlook. For Helly Hansen, our revenue outlook is supported by current demand trends and the fall/winter 2025 order book, which accounts for the majority of sport revenue. For the third quarter, we expect revenue of approximately $855 million, representing growth of 28%, including the expected contribution from Helly Hansen.

我們將繼續保守地規劃業務。對於Wrangler和Lee，我們最新的展望假設今年餘下時間POS趨勢或零售庫存狀況不會發生重大變化。這與我們先前的展望一致。對於Helly Hansen，我們的營收展望受到當前需求趨勢和2025年秋冬訂單（佔運動產品收入的大部分）的支持。我們預計第三季營收約為8.55億美元，成長28%，其中包括Helly Hansen的預期貢獻。

Moving to gross margin. Adjusted gross margin is now expected to be approximately 46.1% at the high end of our prior outlook of 45.9% to 46.1%. Our outlook represents an increase of approximately 100 basis points compared to gross margin of 45.1% in 2024. Our full-year outlook now includes the impact of higher tariffs, net of mitigating actions. We expect third quarter adjusted gross margin of approximately 45.5%, representing an increase of approximately 50 basis points compared to prior year.

談到毛利率。調整後毛利率目前預計約為46.1%，位於我們先前預測的45.9%至46.1%的高點。與2024年的45.1%相比，我們的預期成長了約100個基點。我們的全年預期已將關稅上調的影響（扣除緩解措施）納入考慮。我們預計第三季調整後毛利率約為45.5%，較上年增長約50個基點。

Adjusted SG&A is expected to increase approximately 24%, reflecting the contribution from Helly Hansen and an incremental $15 million of demand creation and other investments relative to our prior outlook. We are entering the second half of the year with strong momentum. We will continue to manage the business prudently, but believe we have an opportunity to capitalize on marketplace disruption and the strength of our brands and drive increased investment in support of our growth initiatives. Our investment priorities are unchanged. And with the addition of Helly Hansen, we see significant opportunities to accelerate growth through geographic, category and channel expansion.

調整後的銷售、一般及行政開支預計將增長約24%，這反映了Helly Hansen的貢獻，以及相對於我們先前預期增加的1500萬美元的需求創造及其他投資。我們正以強勁的勢頭進入下半年。我們將繼續審慎管理業務，但相信我們有機會利用市場顛覆和我們品牌的優勢，增加投資以支持我們的成長計劃。我們的投資重​​點保持不變。隨著Helly Hansen的加入，我們看到了透過地理、品類和通路擴張來加速成長的重要機會。

Excluding Helly, we expect SG&A to increase at a low-single-digit rate on an adjusted basis, consistent with our prior outlook and including the demand creation and other investments previously discussed. We continue to anticipate Project Jeanius savings to mature to a full run rate in excess of $100 million in 2026. Adjusted EPS is now expected to be approximately $5.45, representing an increase of 11%. This compares to our prior outlook in the range of $5.40 to $5.50. Our outlook now includes about a $0.20 impact from higher tariffs and approximately $0.20 of incremental demand creation and other investments compared to our prior outlook.

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增長率增長，與我們先前的預測一致，並已將先前討論的需求創造和其他投資納入考慮。我們繼續預計 Jeanius 專案節省的成本將在 2026 年達到超過 1 億美元的完全運行率。調整後每股收益目前預計約 5.45 美元，增幅 11%。相比之下，我們先前的預測範圍為 5.40 美元至 5.50 美元。與先前的預測相比，我們目前的預測包含了約 0.20 美元的關稅上調影響，以及約 0.20 美元的增量需求創造和其他投資。

Helly Hansen is expected to continue to benefit full-year 2025 adjusted EPS by approximately $0.20, including the impact of higher tariffs, consistent with our prior outlook. The integration is progressing well, and we now have line of sight to greater than $20 million of synergies compared to our prior estimate of more than $15 million. We have not included any synergy benefit in our outlook at this point in the year. We expect third-quarter adjusted EPS of approximately $1.35. Helly Hansen is expected to be breakeven from an earnings standpoint as strong accretion from the operations of the business is offset by acquisition-related interest expense.

預計Helly Hansen 2025年全年調整後每股收益將持續成長約0.20美元，其中包括關稅上調的影響，這與我們先前的預期一致。整合進展順利，我們目前預計綜效將超過2000萬美元，而我們先前預期的綜效超過1500萬美元。目前，我們的預期中尚未包含任何協同效應。我們預計第三季調整後每股收益約為1.35美元。由於業務營運帶來的強勁成長被收購相關的利息支出所抵消，Helly Hansen預計將實現損益平衡。

Our third-quarter outlook includes the impact of higher tariffs and the incremental investments previously discussed. Finally, we continue to expect another year of strong cash generation. Cash from operations is expected to exceed $375 million, including the contribution from Helly Hansen. This compares to our prior outlook for cash from operations to exceed $350 million.

我們對第三季的展望涵蓋了關稅上調和先前討論過的增量投資的影響。最後，我們繼續預期公司明年將保持強勁的現金流。預計營運現金流將超過3.75億美元，其中包括Helly Hansen的貢獻。相比之下，我們先前的預期是營運現金流將超過3.5億美元。

Before opening it up for questions, I want to reiterate the confidence we have in achieving our 2025 objectives. We are entering the second half of the year with momentum. Our teams are executing at a high level and our expanded brand portfolio and strong operating model provides multiple paths to drive revenue and earnings growth.

在開始提問之前，我想重申我們對實現2025年目標的信心。我們正以強勁的勢頭進入下半年。我們的團隊正在高水準地執行，我們不斷擴展的品牌組合和強大的營運模式為推動收入和獲利成長提供了多種途徑。

As we move into 2026, we expect our capital allocation optionality to be significant, supported by strengthening cash flow and accelerated debt repayment. While tariff headwinds will likely remain, we have multiple levers within our supply chain, combined with scaling Project Jeanius savings to mitigate the impact to the business. We are operating from a position of strength, and I am confident we are on a path to create significant value for our shareholders in the years ahead.

隨著我們邁入2026年，在現金流增強和債務償還加速的支撐下，我們預期資本配置的選擇性將顯著提升。儘管關稅逆風可能仍將持續，但我們在供應鏈中擁有多種槓桿，並結合擴大Jeanius專案的成本節約，以減輕其對業務的影響。我們目前擁有雄厚的實力，我相信我們正走在未來幾年為股東創造巨大價值的道路上。

This concludes our prepared remarks. I will now turn the call back to the operator.

我們的準備演講到此結束。現在我將把電話轉回給接線生。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員指示）

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Hey, good morning, everyone. Congrats on the good results. Two from me, I think both for Joe. But the first question is basically, Joe, you raised the Helly Hansen revenue to $455 million. Can you tell us what the EBIT contribution is this fiscal year? And then just bigger picture, just on -- because you obviously don't have a full year of this. On an annualized basis, what is Helly currently run rating on revenue and EBIT?

大家早安。祝賀你們取得如此好的業績。我想，喬也有兩個問題。但第一個問題是，喬，你把Helly Hansen的收入提高到了4.55億美元。可以告訴我們本財年的息稅前利潤（EBIT）貢獻是多少嗎？然後，再從更宏觀的角度，因為顯然你們沒有全年的業績。以年率計算，Helly目前的收入和息稅前利潤（EBIT）的評級是多少？

Yeah. Hey, good morning, Ike. So when we announced the transaction, we highlighted about $680 million of revenue for Helly and about $50 million of operating income. That really hasn't changed in terms of our expectations, but it's evolved a bit given the impact of tariffs, et cetera. I'd say when you look at our second-half outlook and what's implied, we've got about $425 million of revenue assumed. That's up on a pro forma basis in the high single-digit range. And certainly, we've got the order book to support that.

是的。嘿，早上好，艾克。我們宣布交易時，重點強調了Helly約6.8億美元的營收和約5000萬美元的營業利潤。就我們的預期而言，這實際上並沒有改變，但考慮到關稅等因素的影響，情況略有變化。我想說，當你看到我們下半年的展望和隱含的預期時，我們假設營收約為4.25億美元。這比預估的個位數高出不少。當然，我們的訂單量也支持這一點。

From an earnings accretion standpoint, there's roughly $0.32 of accretion implied in the second half, and that includes a pretty meaningful drag from the acquisition-related interest expense, right? So that will begin to abate as we move into '26.

從獲利成長的角度來看，下半年隱含的獲利成長約為0.32美元，這其中也包括了收購相關利息支出帶來的相當顯著的拖累，對吧？所以，隨著我們進入26年，這種拖累將會開始減弱。

Got it. And then that was kind of my next question is just there's a lot of moving pieces with the interest expense and your plan for debt paydown and half a year of Helly or 75% of the year of Helly. I guess it just might be helpful, Joe, if you could give us some kind of initial shape of '26 with kind of the main question being the growth rate that you think can be sustained on the core, the algo that you're using for Helly?

明白了。接下來我想問的是，利息支出、債務償還計劃以及半年或全年75%的Helly計劃，有很多不確定因素。 Joe，我想這可能對您有幫助，您能否給我們一個2026年的初步數據？主要問題是，您認為在核心業務上能夠維持的成長率，以及您為Helly使用的演算法？

And then just kind of if you can wrap roll it up and then the main question being like can you expand from the corporate margin that you're at right now in the low 14s because obviously, Helly is a lower-margin business. Just can you continue to -- do you think the operating margin of the KTB business continues to move higher next year? Just any puts and takes at a high level would be great.

然後，如果你能把一切都總結一下，那麼主要的問題是，你能否在目前14%出頭的公司利潤率的基礎上繼續擴張，因為顯然，Helly是一家利潤率較低的公司。你能否繼續下去－你認為明年KTB業務的營業利潤率會繼續走高嗎？只要能維持高水準的投入和產出就很好了。

Yeah. So look, certainly appreciate the question given the moving pieces to the story. I'd say on Helly, big picture, we expect high single-digit growth over time, and we expect to double their operating margins, right? Certainly, synergies will be a part of that. We increased the synergy target this quarter. We've got a couple of months under our belt. And as we work more closely with that team, the list of synergies is growing.

是的。所以，鑑於事情發展的變化，我當然很欣賞你提出的問題。我想說，就Helly而言，總體而言，我們預計隨著時間的推移，公司將實現高個位數成長，並且預計其營業利潤率將翻一番，對嗎？當然，協同效應將是其中的一部分。我們本季提高了協同效應目標。我們已經取得了幾個月的成果。隨著我們與該團隊的合作更加緊密，協同效應的潛力也不斷擴大。

So that's how I would think about Helly. I'd say for the company in total, we're not giving a '26 outlook today, but I'll give you a high-level framework. I mean, barring a major slowdown in the macro environment, we expect the organic business to grow next year. That will be largely driven by Wrangler. We expect '26 to be a transition year for Lee, but we certainly expect continued improvement from the brand. We said we expect to substantially offset the impact of tariffs over a 12- to 18-month period.

這就是我對 Helly 的看法。我想說，就整個公司而言，我們今天不會給出 2026 年的展望，但我會提供一個大致的框架。我的意思是，除非宏觀環境出現大幅放緩，否則我們預計明年的有機業務將會成長。這將主要由牧馬人 (Wrangler) 推動。我們預計 2026 年將是 Lee 的過渡年，但我們當然也期待品牌能持續改進。我們之前說過，我們預計將在 12 到 18 個月內大幅抵消關稅的影響。

Certainly, the tariff headwind will be bigger in '26. You've got a full year plus a 20% reciprocal versus 10% a couple of months ago. But we've got more time to respond. We've got more levers to pull and we'll do so accordingly. Certainly, Project Jeanius, you have those benefits scaling. We talked about approaching a full run rate as we move across 2026.

當然，2026年的關稅逆風會更大。我們有整整一年的時間，關稅互惠率還要達到20%，而幾個月前只有10%。但我們有更多時間應對。我們能動用的手段更多，我們會相應地採取行動。當然，Jeanius項目會擴大這些優惠。我們討論過2026年時要達到滿載運轉。

And then you've got capital allocation. We're generating a lot of cash. We're repaying debt more quickly. So again, we like where we are. We like our model. We've got a lot of optionality to drive accelerated growth and returns. So hopefully, that's helpful.

然後是資本配置。我們正在創造大量現金。我們正在更快地償還債務。所以，我們再次肯定，我們喜歡目前的狀況。我們喜歡我們的模式。我們擁有許多可選方案來推動加速成長和回報。希望這些能有所幫助。

Mauricio Serna, UBS.

Mauricio Serna 的瑞銀。

Great, good morning. Thanks for taking my question. I guess could you elaborate a little bit more on the cadence for the second-half revenue growth? I think if you do the math, it's like 31% in the third quarter and then it accelerates to -- yes, so maintaining -- and then -- sorry, it's like 28% and accelerates then to 38%. So just trying to understand what's driving that acceleration in the fourth quarter.

好的，早安。感謝您回答我的問題。能否更詳細地介紹下半年營收成長的節奏？我計算一下，第三季的營收成長大概是31%，然後加速到——是的，所以保持成長——然後——抱歉，大概是28%，然後加速到38%。我只是想了解一下是什麼推動了第四季的營收成長。

And then on Lee, could you elaborate a little bit more about -- you talked about some opportunities for distribution and some actions in APAC to clean up like the business. Maybe could you talk a little bit more about what's happening in that part of the business? Thank you.

關於李先生，您能否更詳細地闡述一下——您談到了一些分銷機會，以及在亞太地區採取的一些整頓業務的措施。您能否再談談這部分業務的進展？謝謝。

Joe, do you want to take the first one and then you and I will do the second one?

喬，你想先做第一個，然後我跟你做第二個嗎？

Sure, Scott. So Mauricio, yeah, on the back half, we gave you the revenue outlook for the third quarter of $855 million. You've got the full year, so you can back into the fourth quarter. I'd say in terms of the fourth quarter weighting, there's really two things. We've got a 53rd week in terms of the organic business and Helly's business is more weighted toward the fourth quarter as well. So that's really what's driving the Q3, Q4 cadence.

當然，斯科特。毛里西奧，是的，關於下半年，我們給你提供了第三季8.55億美元的收入預期。你已經有了全年的數據，所以你可以回到第四季。我想說，就第四季的權重而言，實際上有兩件事。就有機業務而言，我們已經進入第53週，Helly的業務也更專注於第四季。所以這才是推動第三季和第四季節奏的真正因素。

Scott, do you want to start with China, and then I'll come behind you.

史考特，你想先從中國開始，然後我再跟進。

Yeah, I can start with China. We've taken some actions to improve our inventory position and also, most importantly, to go ahead and strengthen our broad base of retailers that we have there and our partner base. We think it's the right thing to do going forward. And I'll tell you the specific reason for that is because our product is so good moving forward that we have a real great opportunity to do that. So we really like the team, and we really like the strategy that we have right there going forward right now.

是的，我先從中國說起。我們已經採取了一些措施來改善庫存狀況，最重要的是，我們將繼續鞏固我們在中國廣泛的零售商基礎和合作夥伴基礎。我們認為這是未來正確的做法。具體原因是，我們的產品未來表現非常出色，我們擁有絕佳的機會來實現這一點。我們非常欣賞我們的團隊，也非常欣賞我們目前所製定的未來策略。

Joe?

喬？

Yeah, Mauricio. We've been working on this for about 18 months to really reestablish the foundation in China for LEED. It's part of the brand's global approach to the turnaround. I'd say our results have improved over the past year, but certainly more work to be done, and that market remains highly dynamic, as you know. So these actions are really the next set of initiatives to strengthen our presence in the marketplace, establish a stronger foundation and set us up for more sustainable growth going forward with our retail partners.

是的，毛里西奧。我們為此已經努力了大約18個月，真正為中國市場重塑LEED基礎。這是品牌全球轉型策略的一部分。我想說，我們的業績在過去一年有所改善，但肯定還有很多工作要做，而且正如你所知，中國市場仍然充滿活力。因此，這些行動實際上是下一步的舉措，旨在加強我們在市場上的地位，建立更堅實的基礎，並為我們與零售合作夥伴未來更永續的成長做好準備。

So no change to the significant opportunity we see in China longer term. As Scott said, we've got a strong team on the ground and I'd say we're more confident in our approach going forward than we've been in the last couple of years.

因此，我們在中國長期看好的巨大機會不會改變。正如史考特所說，我們擁有一支強大的本土團隊，而且我認為，與過去幾年相比，我們對未來的發展策略更有信心。

Mauricio, you asked a little bit about domestically. I wanted to go ahead and make sure we answered your question there. So we talked about sequentially improving over time, which we have again this quarter. The product looks really good. Here's the key, though. We're starting to see it from a digital standpoint where we touch the customer immediately. So you've seen our performance improve there. And now we're going to supplement that with our first big campaign that we've had, our first big equity campaign in a very, very long time, well over a decade.

毛里西奧，你問了一些關於國內市場的問題。我想繼續回答你的問題，確保我們已經回答了你的問題。我們談到了逐步改進，本季我們再次談到了這一點。產品看起來確實不錯。關鍵在於，我們開始從數位化的角度來看待它，因為我們可以即時接觸客戶。所以你已經看到我們在這方面的業績有所提升。現在，我們將透過我們進行的首個大型行銷活動來補充這一點，這是我們十多年來首次開展的大型股權行銷活動。

It's really a good campaign. We're really pleased with it. We back that up with really strong product, and then we'll start to go ahead and enhance our distribution as it relates to our new product introductions and also the campaign for the consumer that we're working with going forward in the future. So we do see a really nice runway going there going forward, but we're doing it in incremental steps.

這真是一場精彩的宣傳活動，我們非常滿意。我們以強大的產品為後盾，之後我們會繼續加強分銷，這與我們新產品的推出以及未來針對消費者的宣傳活動息息相關。因此，我們確實看到了一條非常美好的發展之路，但我們正在循序漸進地推進。

What's really happening right now is there's been a lot of work on this brand and a big thank you and shout out to the team over the last 18 months. And now you're starting to see that all fall into place. So stay tuned, much more of the story to come in the future, and we will make sure that we keep you updated on all of it going forward.

目前，我們為這個品牌付出了很多努力，在過去18個月裡，我們衷心感謝並感謝團隊。現在，您開始看到一切步入正軌。敬請期待，未來還會有更多精彩內容，我們也確保隨時向您通報所有進展。

Very helpful. Just a quick follow-up on the tariff commentary. Maybe could you elaborate on the two of the initiatives that you're doing to mitigate? Particularly interested in hearing what you're doing in terms of transferring production, like where you moving things around?

非常有幫助。我只是想快速跟進一下關於關稅的評論。您能否詳細說明您正在採取的兩項緩解措施？我特別想聽聽你們在轉移生產方面正在做什麼，例如你們在哪裡轉移？

And I think you've talked about -- before you've talked about some selective price increases. What has been like the reaction from consumers and from your wholesale partners from those pricing actions? Thank you.

我記得您之前提到過選擇性漲價。消費者和批發合作夥伴對這些價格調整有何反應？謝謝。

Joe, you want to take the take first and I'll take the second part?

喬，你想先拍一部分，然後我拍第二部分嗎？

Yeah, sure. I can take this. So Mauricio, look, there's still quite a bit of uncertainty in terms of trade policy. We expect the environment to remain dynamic here. We feel like we're well prepared to respond to changes in the policy landscape as well as the impact of tariffs. So we've mitigated all but $15 million or about $0.20 of the $25 impact. Pricing is a piece of that. Scott will touch on that in a moment.

是的，當然。我可以接受。毛里西奧，你看，貿易政策方面仍然存在相當大的不確定性。我們預計貿易環境仍將保持動態。我們覺得自己已經做好了充分的準備，能夠應對政策格局的變化以及關稅的影響。因此，除了1500萬美元（約2500萬美元影響中的0.20美元）之外，我們已經化解了所有影響。定價是其中的一部分。斯科特稍後會談到這一點。

But one of our competitive strengths is our global diversified supply chain. So while we're not immune, at least in the short term, we do have the ability to mitigate the impact over a 12- to 18-month period, and we remain committed to that. So pricing is part of a holistic strategy, moving production around is part of a holistic strategy. We called out supplier partnerships, cost sharing, et cetera, other initiatives to just help minimize the impact here. And we've got a broader set of initiatives as we move into '26 that will help us mitigate the impact to the business.

但我們的競爭優勢之一是我們全球多元化的供應鏈。因此，雖然我們至少在短期內無法免受影響，但我們有能力在12到18個月內減輕影響，並且我們將繼續致力於此。因此，定價是整體策略的一部分，轉移生產也是整體策略的一部分。我們呼籲與供應商合作、成本分攤等等，以及其他一些舉措，以幫助最大限度地減少影響。邁入2026年，我們將採取一系列更廣泛的舉措，以幫助我們減輕對業務的影響。

Yeah, Just good job, Joe. Just a quick comment. I think the single most important thing relative to how we've transitioned as an organization versus the past is, Mauricio, our brands are just in a much stronger competitive position. So you look at the strength of Wrangler and how it's just working with their consumer. And you look at the strength of Helly Hansen, our latest acquisition, you look at how we're building Lee back up, we're in a much better position from a pricing standpoint going forward.

是的，喬，幹得好。我簡單說一下。毛里西奧，我認為與過去相比，我們公司轉型過程中最重要的一點是，我們的品牌現在的競爭地位更加強大。所以，看看Wrangler的實力，看看它如何與消費者合作。再看看我們最近收購的Helly Hansen的實力，看看我們如何重建Lee，從未來的定價角度來看，我們處於更有利的地位。

We just are doing a much better job. So we're being real strategic about it and real smart about it, and Joe talked a little bit about how we're going about it. So I feel real confident that we're priced correctly in the marketplace, and we'll continue to work with our consumers and customers going forward. We feel really good about where we are right now.

我們做得確實好多了。所以我們在這方面非常有戰略眼光，而且非常明智。 Joe 也稍微談了一下我們的行動方式。因此，我非常有信心，我們的市場定價是正確的，未來我們將繼續與消費者和客戶合作。我們對目前的狀況感到非常滿意。

Great. Thanks so much.

太好了！非常感謝。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

Good morning. Thanks for taking my question. Sorry, but just a clarifying question on the tariff impact. So the press release cites a $30 million tariff impact. Last quarter, you spoke to a $50 million unmitigated impact. Is that $30 million number net of both mitigation efforts and higher rates since then?

早安.感謝您回答我的問題。抱歉，我只是想澄清一下關於關稅影響的問題。新聞稿中提到了3000萬美元的關稅影響。上個季度，您提到了5000萬美元的未緩解影響。這個3000萬美元的數字是扣除了緩解措施和此後的加息後的影響嗎？

And as we look to next year, what is a good full-year run rate impact from tariffs? And when do you expect to be able to fully mitigate that impact? Thank you.

展望明年，關稅對全年的運行率影響有多大？您預計什麼時候能夠完全緩解這種影響？謝謝。

Hey Paul, good morning, Scott, I'll take this one. So the $30 million that we called out in the release that's now included in the outlook. There are two pieces to that. First piece is a $15 million tariff impact that's fully mitigated. So that's the hit to earnings this year as a result of tariffs now that our mitigating actions are in place. The other $15 million includes increased investments mainly around demand creation for our brands that's now included in our outlook. So that's the $30 million.

嘿，保羅，早安，史考特，我來談談這個問題。我們在新聞稿中提到的3000萬美元現在已包含在展望中。這筆損失包含兩部分。第一部分是1500萬美元的關稅影響，目前已完全抵銷。也就是說，在我們採取了緩解措施之後，這筆損失是關稅對今年獲利造成的。另外1500萬美元包括增加的投資，主要用於創造我們品牌的需求，現在也已包含在展望中。所以，這就是3000萬美元。

In terms of the tariff impact, Paul, I mean, we quantified $50 million of unmitigated a quarter ago. That assumed a 10% reciprocal rate. We now have a 20% reciprocal rate, but our mitigating actions are now fully embedded. So the net of all that is a $15 million impact to 2025.

就關稅影響而言，保羅，我的意思是，我們上個季度量化了5000萬美元的未緩解影響。當時假設的互惠稅率是10%。現在我們的互惠稅率是20%，但我們的緩解措施已經完全實施。所以，所有這些影響的淨額到2025年將達到1500萬美元。

Great thank you. And if you could also just comment on -- maybe just on the Wrangler business specifically. And I know you're priced appropriately, but what are the conversations with the retailers? How are they managing inventory levels in the channel? And just anything that you can add for the outlook for the remainder of the year on Wrangler? Thank you.

非常感謝。您能否具體談談牧馬人（Wrangler）的業務？我知道你們的定價很合理，但與零售商的溝通狀況如何？他們如何管理通路庫存水準？您能否對牧馬人今年剩餘時間的前景做些補充？謝謝。

I'll start, Joe, and you can chime in. Our Wrangler business continues to really thrive. And it's because the team has done the right thing from a coordination effort around our brand, around product, around our marketing campaigns, around the folks that we're working with like Elaine Wilson. Our interactions and our conversations with our customers are really significantly great right now. They want our product. They want to showcase our product. They want our product in the front of their stores.

我先開始，喬，你也可以插話。我們的牧馬人業務持續蓬勃發展。這要歸功於團隊在品牌、產品、行銷活動以及像伊萊恩威爾森這樣的合作夥伴方面所做的正確協調。我們與客戶的互動和對話現在非常順暢。他們想要我們的產品。他們想要展示我們的產品。他們希望我們的產品擺放在他們商店的門口。

Our women's business is doing really well, which has complemented a strong men's business that we've had for a very long time. We've introduced some things that have just -- they've exceeded our expectations like bespoke because the product is just so good and it's just resonating with females around the country. So we're in a really good position there. Western is doing really well. It's a lifestyle, and it's a lifestyle that's here to stay and that's continuing to thrive, and we're really investing in that culture through rodeos and things like that and some of our entertainers.

我們的女裝業務表現非常出色，這與我們長期以來強勁的男裝業務形成了良好的互補。我們推出了一些超出預期的產品，例如客製化服務，因為產品本身就非常出色，而且在全國各地的女性中引起了共鳴。所以我們在這方面處於非常有利的地位。 Western 的表現也非常好。這是一種生活方式，而且這種生活方式將會持續發展，並將繼續蓬勃發展。我們正在透過牛仔競技表演等活動以及我們的一些藝人來大力投資這種文化。

So the product pipeline looks really good. The future looks really good. Our marketing campaigns look good and our relationships with our customers and our consumers from a digital standpoint are really -- in a really good place right now.

所以，我們的產品線看起來非常好。未來前景也非常好。我們的行銷活動看起來不錯，而且從數位角度來看，我們與客戶和消費者的關係目前處於非常好的狀態。

Joe, anything to add?

喬，還有什麼要補充的嗎？

Yeah. Well, I'd say that the outperformance in the second quarter on the top line was really driven by strength in Wrangler. And we saw POS improve. So you'll recall, February was slow. We saw trends improve into March, April. We saw POS further accelerate into May and June. And we've seen that strength continue into July, and that's after our pricing went into effect.

是的。我想說，第二季營收的出色表現其實是由牧馬人（Wrangler）的強勁表現所推動的。我們看到銷售點（POS）有所改善。所以你應該還記得，二月銷售緩慢。我們看到三月和四月的趨勢有所改善。五月和六月，銷售點進一步加速成長。我們看到這種強勁勢頭持續到了七月，而且這還是在我們定價生效之後。

And to Scott's point, the growth has been fairly broad-based. It's been wholesale, it's been D2C, it's been female, et cetera. So we're in a really, really good place with the Wrangler brand as we move into the second half.

正如斯科特所說，成長基礎相當廣泛。包括批發、D2C、女性消費者等等。因此，隨著我們進入下半年，Wrangler 品牌的處境非常非常好。

Appreciate the answers. Best of luck. Thank you.

感謝您的回答。祝您好運。謝謝。

Peter McGoldrick, Stifel.

彼得·麥戈德里克（Peter McGoldrick），Stifel。

Hey, thanks for taking my question. I'm interested in the Helly Hansen opportunity. As you begin the integration process, I'm curious what you're seeing today relative to at the beginning of the acquisition process. Are there any parts of the business where you feel better about the tangibility of growth or profitability opportunities?

嘿，謝謝你回答我的問題。我對Helly Hansen的投資機會很感興趣。隨著你們開始整合，我很好奇你們現在的情況與收購初期相比有什麼不同。在業務的哪些方面，你覺得成長或獲利機會的實質較好？

Yeah. So I'll go ahead and start, Peter. Peter, after doing a lot of these through the years and having some experience here, there's one thing that always gives you incredible apprehension. So you know we bought a great brand with a really good business model with a really nice opportunity. And one of the strategic reasons that we bought the brand is because there was a big North American opportunity, and we know the business.

是的。彼得，我先開始吧。彼得，這些年來我做了很多這方面的事情，累積了一些經驗，但有一件事總是讓我感到無比擔憂。你知道，我們收購了一個很棒的品牌，它擁有非常好的商業模式和絕佳的機會。我們收購這個品牌的策略原因之一是它在北美市場擁有巨大的機遇，而且我們了解這個產業。

We think there's a big outdoor business. But when you go into these, you have to really get the culture right. And one of the things that's been really important to us is make sure that our two cultures are working together. And I've been blown away by the culture at HH and how it fit our culture and how well they're working together. I got to tell you, I'm really impressed with the talent at Helly Hansen, how easy these folks are to work with, how quickly they get it and how our two businesses have emerged together in a very, very short period of time.

我們認為戶外業務規模很大。但當你涉足其中時，你必須真正理解其文化。對我們來說，真正重要的一件事就是確保我們兩家公司的文化能夠協同工作。我對HH的文化感到震驚，它與我們的文化如此契合，而且合作得如此默契。我必須說，我對Helly Hansen的人才印象深刻，他們合作起來如此輕鬆，他們學習的速度如此之快，以及我們兩家公司如何在很短的時間內走到一起。

We've got really good product coming out. And there's a big opportunity here from an outdoor standpoint from a workwear standpoint, from a footwear standpoint. And we think we can get after that in a pretty elegant way going forward. We've got a couple of key hires to make here from a President standpoint and from some key hires in North America. But we knew that from the very beginning.

我們即將推出非常好的產品。從戶外用品、工裝到鞋類，都蘊藏著巨大的機會。我們相信，未來我們能夠以相當優雅的方式抓住這些機會。我們還需要招募幾位總裁和北美地區的一些關鍵人才。但我們從一開始就知道這一點。

It's part of our plan here in '26, and we'll go ahead and get that done in '25 into '26, and we'll get that done and will put us in a really enviable position going forward. But I think it all starts with the culture, and then you've got really great product. We're telling some great stories and the teams are working really well together. I would tell you, I give this an A to an A+ from all the different ones that I've done in my long career.

這是我們2026年計畫的一部分，我們會在2025年到2026年期間繼續努力完成，最終讓我們在未來處於令人羨慕的地位。但我認為一切都始於文化，然後你才能擁有真正優秀的產品。我們講了一些精彩的故事，團隊合作也非常順暢。我可以說，在我漫長的職業生涯中，我做過很多不同的項目，這次的評分是A到A+。

Joe?

喬？

Joe Yeah, Peter, I think just in terms of growth in the building blocks, I mean, we've got high-single-digit growth in the back half. It's fairly broad-based. It's sport, it's workwear, it's wholesale, it's D2C. It's fairly broad from a geographic standpoint. We've got the order book in hand. We're starting to get visibility into spring/summer next year. That's looking pretty strong as well.

喬：是的，彼得，我認為就基礎業務的成長而言，我的意思是，我們在下半年實現了高個位數的成長。業務範圍相當廣泛，包括運動服、工裝、批發和D2C。從地域角度來看，業務範圍相當廣泛。我們手邊有訂單。我們開始對明年春夏系列有所了解。看起來也相當強勁。

And then from a margin standpoint, you can see what we've embedded in the second half of this year that really doesn't impact synergies yet. That doesn't reflect some of the opportunities we see just as we begin to work more closely with that team and the discipline and rigor we're going to put around the planning process, the inventory process, et cetera.

從利潤率的角度來看，我們在今年下半年實施的措施目前尚未真正影響綜效。這並沒有反映出我們在與團隊更緊密合作時看到的一些機會，以及我們將在規劃流程、庫存流程等方面實施的紀律性和嚴謹性。

And I think one of the most attractive things about this is as they plug into our machine, there were many growth investments that they were having to make on their own that they now do not have to make because it's already built, right? So that growth will come at a really accretive rate as we move forward.

我認為最吸引人的地方之一是，當他們連接到我們的系統後，許多原本需要他們自己進行的成長投資現在都不需要了，因為系統已經建好了，對吧？所以，隨著我們不斷前進，這種成長速度將會真正遞增。

All right. Thank you. And then just thinking about the opportunities in the domestic market, I'm curious how we should think of the expanding domestic representation. Where will the consumer see Helly Hansen showing up more strongly? And from the investment community standpoint, where should we expect the growth to come from within the distribution -- established distribution, new distribution?

好的。謝謝。說到國內市場的機會，我很好奇我們應該如何看待不斷擴大的國內銷售管道。消費者會在哪裡看到Helly Hansen更強勁地展現其影響力？從投資界的角度來看，我們應該預期成長來自於分銷管道的哪些面向－既有分銷管道，還是新的分銷管道？

So I think it starts with the fact that they already have a fairly decent base, but now you're going to layer on the machine that we're going to help them with from a digital standpoint here domestically, and we've already started that process. You're going to go ahead and layer on the fact that we've got a nice D2C engine that we're going to help them with. They've got a nice series of D2C stores, but we see an opportunity to open more stores here over the next few years as we go ahead and continue to fine-tune that model.

所以我認為首先，他們已經擁有相當不錯的基礎，但現在你需要在國內市場拓展數位化業務，並利用我們現有的設備為他們提供支持，而我們已經啟動了這一流程。接下來，你需要利用我們優秀的D2C引擎來幫助他們。他們已經擁有一系列優秀的D2C門市，但隨著我們不斷完善這個模式，我們認為未來幾年有機會在這裡開設更多門市。

And then from a product standpoint, we think there's a big opportunity in outdoor, and that will relate to the current business that they have right now in sport and the current business that they have in sailing. We think that consumer all kind of navigates to the same area and shops in a very similar pattern. You'll see us in some of the more outdoor specialty opportunities. And you'll see us continue to go ahead and invest on the mountain because we think on the mountain is going to bring us a lot of halo effect going down.

從產品角度來看，我們認為戶外領域蘊藏著巨大的機遇，這與他們目前在體育和帆船領域的業務息息相關。我們認為，消費者都會選擇相同的區域，並以非常相似的模式購物。您會在一些更具戶外特色的項目中看到我們的身影。您會看到我們繼續在山峰領域投資，因為我們認為山峰領域會為我們帶來巨大的光環效應。

So we kind of have a lot of opportunities in few different spaces where we need to go ahead and invest and prioritize in those. But I think the single most important thing is we see years of opportunity in years of growth. And that is, again, why we made the acquisition.

所以，我們在幾個不同的領域中有很多機會，我們需要繼續投資並優先考慮這些領域。但我認為最重要的是，我們在多年的成長中看到了未來的機會。這也是我們進行收購的原因。

Now the other interesting part about this business is the workwear piece of this business, which has a minimal impact here in the US, but we think there's incredible innovation in the workwear business globally that we haven't seen here in the United States. And Helly is going to allow us to go ahead and bring that into this huge workwear environment in a pretty significant way. So we think there's a real nice opportunity from a footprint standpoint there also, leading with really innovative and technology innovative type product. So lots to come, but a really nice opportunity here domestically going forward for a long time.

現在，這項業務另一個有趣的部分是工作服部分，它在美國的影響微乎其微，但我們認為全球工作服產業存在著令人難以置信的創新，而這些創新在美國是前所未見的。 Helly 將使我們能夠繼續推進，並將這些創新以相當顯著的方式帶入這個龐大的工作服市場。因此，我們認為從業務覆蓋的角度來看，這確實是一個絕佳的機會，能夠引領真正創新和技術創新的產品。未來還有許多發展空間，但在國內市場，這確實是個長期的良機。

Thank you very much.

非常感謝。

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 you could contextualize the magnitude and the timing of some of the additional marketing investments that you're making, both in your core and also in Helly Hansen and the results that you expect to drive as you make those investments?

早安，感謝您回答我們的問題。史考特，我希望您能具體介紹一下您在核心業務和Helly Hansen進行的一些額外行銷投資的規模和時機，以及您期望透過這些投資實現的成果。

Sure. Let's go ahead and start with Wrangler. We've made, as you know, significant investments in Wrangler through the years. And you're going to see us continue to do that. You're going to see us continue in the next few years to invest more money behind that big engine and that big machine. And I'll tell you why. It's really simple. We believe in the people that are doing it. They're doing an excellent job. They're making really great choices.

當然。我們先從牧馬人開始吧。如你所知，這些年來我們對牧馬人進行了大量的投資。你會看到我們繼續這樣做。你會看到我們在未來幾年繼續在這個強大的引擎和這台巨無霸上投入更多資金。我來告訴你原因。很簡單。我們相信那些正在做這件事的人。他們做得非常出色。他們做出了非常明智的選擇。

Lainey Wilson is a great example, making great choices from a product standpoint. We just recently brought some new entertainers onto our platform. So a lot of great decision-making is happening in Wrangler that's helping us to drive our business. So we're going to go ahead and continue investing there.

萊尼威爾森就是一個很好的例子，她從產品角度做出了非常明智的選擇。我們最近剛引進了一些新的藝人。所以，Wrangler 平台正在做出許多明智的決策，這有助於我們推動業務發展。所以我們將繼續在那裡投資。

Now I will tell you, we haven't done as good a job as we need to from a lead perspective, but we're starting that. We are kicking off. And it's really interesting. We're kicking off a huge campaign, haven't done that in a very long time, shame on us. But now we're going to do it, and we've got the product to back it up. So that's what took so long.

現在我要告訴你，從領導的角度來看，我們做得還不夠好，但我們正在開始。我們正在啟動。這真的很有趣。我們正在啟動一個大型活動，很久沒這樣做了，真丟臉。但現在我們要開始了，而且我們有產品來支持它。所以才花了這麼長時間。

When you think about these big turnarounds that happen, you have to put all those components and pieces in place a year, 1.5 years ago. So you've got to build your product engine in a sophisticated way. You got to put the team in place. You got to start thinking about your distribution and you got thinking about where you're going to place your bets. So we've done all that work, and now the team has put some really good work into the equity campaign, and we're going to invest behind that.

想想這些發生的重大轉變，你必須在一年或一年半前就把所有組件和零件都安裝到位。所以，你必須以精妙的方式建立你的產品引擎。你必須組建團隊。你必須開始思考你的通路，思考你的投資方向。所以，我們已經完成了所有這些工作，現在團隊在股權激勵方面也取得了一些非常出色的成果，我們將為此進行投資。

We're not going to do all that work and not go ahead and show it and invest it and make sure that everyone sees it. And there's a nice investment in our digital piece there, too. And that's probably where I'm most encouraged. I'm encouraged by the fact that we've been investing in the digital component and the D2C component, from a marketing standpoint, and we're seeing the customer really attract to that.

我們不會在做完所有工作後就停止投入，繼續展示、投入，確保每個人都能看到。我們在數位業務方面也投入了不少精力。這或許是最讓我感到鼓舞的地方。從行銷的角度來看，我們一直在投資數位業務和D2C業務，我們看到客戶確實對此很感興趣，這讓我很受鼓舞。

So that's been really important. And then we really like what Helly has done from the standpoint of in the European, the Canadian, the international markets in a really, really strong way. But we think that we can help them here understand this consumer domestically a little bit better and help them from that standpoint, and that work is being undertaken right now. And Joe talked about it and you heard him talk about the investment that we're making in the businesses right now because our business is just so strong. It's an enviable position to be in to be able to invest back in your businesses during these times.

所以這真的很重要。我們非常欣賞Helly在歐洲、加拿大和國際市場所做的非常非常有力的貢獻。但我們認為，我們可以幫助他們更了解國內消費者，並從這個角度為他們提供幫助，這項工作目前正在進行中。 Joe也談到了這一點，你也聽到他談到了我們目前正在對業務進行的投資，因為我們的業務非常強勁。能夠在疫情期間將資金回流到業務上，令人羨慕。

That's really great.

這真是太棒了。

So from a cadence standpoint, a disproportionate amount of the $15 million investment will hit the third quarter. That's why you see the earnings growth a little more muted than what you otherwise would expect. We're doing that very deliberately in front of the important holiday season.

因此，從節奏的角度來看，1500萬美元的投資中，很大一部分將在第三季到達。這就是為什麼你會看到獲利成長比預期略顯平淡的原因。我們是在重要的假期來臨之前特意這麼做的。

And then just finally for me, Joe, can you give us any quantification of the benefit that you're getting from incremental distribution opportunity in the core in the back half of this year?

最後，喬，您能否量化一下您從今年下半年核心增量分銷機會中獲得的收益？

Yeah, Brooke, our growth for the core business in the second half is approximately 2% to 3%. The big drivers of that are the 53rd week as well as the new programs and the distribution that we've talked about. From an underlying POS inventory perspective, we really haven't assumed any change relative to where we've been.

是的，布魯克，我們下半年核心業務的成長約為2%到3%。主要驅動因素是第53週的業績，以及我們之前提到的新項目和分銷。從基礎POS庫存的角度來看，我們實際上並沒有假設與以往相比有任何變化。

And July was -- has been running ahead of those assumptions. So we have assumed a moderation August into September. We just -- we're a little cautious here on the consumer.

7月份的消費成長已經超出了這些預期。所以我們預計8月到9月的消費成長會放緩。我們只是對消費成長持謹慎態度。

Great. Thanks so much. I'll pass it on.

太好了！非常感謝。我會轉告你的。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good morning. Thank you very much for taking my question. I wanted to ask, Joe, what is the Helly Hansen revenue contribution for the third quarter so that we can actually calculate the organics for 3Q? Thank you.

早安.非常感謝您回答我的問題。我想問一下，Joe，Helly Hansen 對第三季的營收貢獻是多少？這樣我們才能真正計算出第三季的有機收入。謝謝。

Hey, Laurent, I would think of something in that $175 million kind of range.

嘿，勞倫特，我想考慮一下 1.75 億美元左右的價格。

Okay, thank you very much, Joe. And then, Joe, we've seen a lot of vendors so far report and report kind of shift from 3Q to 2Q, which makes sense ahead of August tariffs. Curious to know if you saw any shift from 3Q to 2Q because you have a large US wholesale business.

好的，非常感謝，喬。喬，到目前為止，我們已經看到許多供應商的報告顯示，銷售額從第三季度轉向了第二季度，這在8月關稅生效之前是合理的。我很好奇，由於您在美國有大量批發業務，所以您是否看到了銷售額從第三季轉向第二季的跡象。

Yeah. We really didn't see that, Laurent. I think we thought that might be the case as we were moving through June and saw trends accelerate a little bit, but things have further accelerated in July. So we really don't think timing has been a big driver for us, meaningful impact to us.

是的。我們確實沒有預料到這種情況，Laurent。我想我們當時覺得情況可能會如此，因為進入6月份，我們看到趨勢略有加速，但7月份的情況進一步加速。所以我們真的不認為時機對我們來說是一個很大的驅動因素，對我們沒有任何重大影響。

Okay, thank you very much. And my last question is, FX has moved quite a lot as of late. Should we assume -- I think it's like one to two-point benefit from FX relative to 90 days ago, particularly, I think what I'd like to really hone in on is just like Hey Hansen, you can disclose it 60% Europe. Just like to understand what is the FX gain on the full year for the guide relative to what, 90 days ago?

好的，非常感謝。我的最後一個問題是，外匯最近波動很大。我們是否可以假設——我認為外匯相對於90天前上漲了1到2個百分點，特別是，我想真正關注的是，就像嘿，漢森，你可以透露歐洲60%的匯率。我想知道，相對於90天前，全年外匯收益是多少？

Yeah. So on a combined basis, currency is not a material impact. We've been helped a little bit on the translation side. That's mostly Helly related. We've been hurt a bit on the transaction side.

是的。所以總的來說，匯率因素並沒有造成實質影響。翻譯方面我們得到了一些幫助，這主要與Helly有關。交易方面我們受到了一些影響。

That's mostly peso related given our manufacturing presence in Mexico. But part of the increase in the Helly outlook is currency, but we've also seen a strengthening in terms of the underlying business profile.

鑑於我們在墨西哥的製造業務，這主要與比索有關。 Helly 前景的提升部分源自於貨幣因素，但我們也看到了基礎業務狀況的增強。

That's great. Thank you so much for all the color and best of luck with the rest of the quarter.

太棒了！非常感謝你的精彩報道，祝你本季剩餘時間一切順利。

Thank you. We have no further questions at this time. Mr. Baxter, I'd like to turn the floor back over to you for closing comments.

謝謝。目前我們沒有其他問題。巴克斯特先生，我想把發言權交還給您，請您發表最後評論。

Thank you. I just wanted to say thank you to everyone. Thank you to the team. We had a great quarter. We're working really hard. It's heads down, driving results and look forward to sharing those with you upcoming here in the fall. Havele a wonderful rest of the summer, and thank you for all your support. We greatly appreciate it. Have a nice day, everyone.

謝謝。我只想對大家說聲謝謝，也謝謝團隊。我們這個季度表現非常出色。我們工作非常努力，全力以赴，努力取得成果，並期待在秋季與大家分享這些成果。祝大家有個美好的夏天，也謝謝大家的支持。我們非常感激。祝大家有美好的一天。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

女士們，先生們，今天的電話會議到此結束。您可以掛斷電話了。感謝您的參與，祝您有美好的一天。