Levi Strauss & Co (LEVI) 2022 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Levi Strauss & Co. Fourth Quarter and Fiscal Year End Earnings Call for the period ending November 27, 2022. (Operator Instructions)

女士們先生們，美好的一天，歡迎來到 Levi Strauss & Co. 截至 2022 年 11 月 27 日期間的第四季度和財年末收益電話會議。（操作員說明）

This conference call is being recorded and may not be reproduced in whole or in part without written permission from the company. This conference call is being broadcast over the Internet, and a replay of the webcast will be accessible for 1 quarter on the company's website, levistrauss.com.

此電話會議正在錄製中，未經公司書面許可不得全部或部分複制。此電話會議通過互聯網進行直播，網絡直播的重播將在公司網站 levistrauss.com 上播放 1 個季度。

I would now like to turn the call over to Aida Orphan, Vice President of Investor Relations at Levi Strauss & Co.

我現在想把電話轉給 Levi Strauss & Co 投資者關係副總裁 Aida Orphan。

Thank you for joining us on the call today to discuss the results for our fourth fiscal quarter of 2022. Joining me on today's call are Chip Berg, President and CEO of Levi Strauss; and Harmit Singh, our Chief Financial and Growth Officer. We have posted complete Q4 and full year financial results in our earnings release on the IR section of our website, investors.levistrauss.com.

感謝您今天加入我們的電話會議，討論我們 2022 年第四財季的業績。與我一起參加今天電話會議的還有 Levi Strauss 總裁兼首席執行官 Chip Berg；和我們的首席財務和增長官 Harmit Singh。我們已在我們網站 investors.levistrauss.com 的 IR 部分的收益發布中發布了完整的第四季度和全年財務業績。

The link to the webcast of today's conference call can also be found on our site. We'd also like to remind everyone that we will be making forward-looking statements on this call, which involve risks and uncertainties. Actual results could materially differ from those contemplated by our forward-looking statements. Please review our filings with the SEC, in particular, the risk factors section of the annual report on the Form 10-K that we filed today for the factors that could cause our results to differ. Also note that the forward-looking statements on this call are based on information available to us as of today, and we assume no obligation to update any of these statements.

也可以在我們的網站上找到今天電話會議網絡廣播的鏈接。我們還想提醒大家，我們將在本次電話會議上做出前瞻性陳述，其中涉及風險和不確定性。實際結果可能與我們的前瞻性陳述中預期的結果存在重大差異。請查看我們向美國證券交易委員會提交的文件，特別是我們今天提交的 10-K 表格年度報告的風險因素部分，了解可能導致我們結果不同的因素。另請注意，本次電話會議的前瞻性陳述基於截至今日我們可獲得的信息，我們不承擔更新任何此類陳述的義務。

During this call, we will discuss certain non-GAAP financial measures. These non-GAAP measures are not intended to be a substitute for our GAAP results. Finally, this call in its entirety is being webcast on our IR website, and a replay of the call will be available on our website shortly. (Operator Instructions)

在這次電話會議中，我們將討論某些非 GAAP 財務指標。這些非 GAAP 措施無意替代我們的 GAAP 結果。最後，我們的 IR 網站正在對此次電話會議進行完整的網絡直播，很快我們的網站將提供電話會議的重播。 （操作員說明）

And now I'd like to turn over the call to Chip.

現在我想把電話轉給奇普。

Good afternoon, and thanks for joining us today. Q4 concluded a strong fiscal 2022 performance with the quarter delivering on the high end of our expectations for both revenue and EPS. This was driven by strong growth internationally and in our direct-to-consumer business, which saw a record quarter performances across U.S. DTC channels and positive comp sales across the Americas, Europe and Asia. On a constant currency basis, Q4 net revenues were flat with the prior year's record Q4 revenue, and we grew the business 6% above 2019's prepandemic level.

下午好，感謝您今天加入我們。第四季度結束了 2022 財年的強勁表現，該季度實現了我們對收入和每股收益預期的高端。這是由國際和我們直接面向消費者的業務的強勁增長推動的，該業務在美國 DTC 渠道的季度業績創下歷史新高，並且在美洲、歐洲和亞洲的銷售業績良好。按固定匯率計算，第四季度淨收入與去年第四季度創紀錄的收入持平，我們的業務增長比 2019 年大流行前水平高 6%。

For the full year, we delivered another year of strong growth. We grew reported revenues plus 7%, plus 12% in constant currency. We delivered strong market share growth globally. And despite facing a more challenging consumer environment in the second half as well as currency headwinds, we grew adjusted EPS year-over-year by managing the factors within our control.

對於全年，我們又實現了強勁增長。我們報告的收入增長了 7%，以固定匯率計算增長了 12%。我們在全球實現了強勁的市場份額增長。儘管下半年面臨更具挑戰性的消費環境以及貨幣逆風，但我們通過管理我們控制範圍內的因素，實現了調整後每股收益的同比增長。

We continue to diversify our business. Nearly 40% of our revenues came from outside of denim bottoms. We drove outsized growth on women's tops, DTC and international. We returned $350 million to shareholders, an 84% increase over prior year, and we charted the course for sustainable, profitable long-term growth by introducing our new strategic plan and long-term financial targets.

我們繼續多元化我們的業務。我們近 40% 的收入來自牛仔下裝以外的產品。我們推動女裝上衣、DTC 和國際上衣的大幅增長。我們向股東返還了 3.5 億美元，比上一年增長了 84%，並且我們通過引入新的戰略計劃和長期財務目標，為可持續、盈利的長期增長制定了路線。

Let me go into more detail. Note that for the balance of our remarks, Harmit and I will reference revenue growth in constant currency. Starting with our brands, focusing first on Levi's.

讓我更詳細一點。請注意，對於我們的評論的平衡，Harmit 和我將參考固定貨幣的收入增長。從我們的品牌開始，首先關注 Levi's。

In 2022, the Levi's brand grew 11% and grew global market share more than any other denim brand for the second year in a row, led by share gains in both men's and women's. Levi's is bigger than the next 3 brands combined, reflecting market share gains for 5 out of the last 6 years. According to Euromonitor, in 2022, the denim category grew low single digits globally, outpacing total apparel for the full year and is projected to grow at a similar rate in 2023 and at a mid-single-digit CAGR over the next several years.

2022 年，Levi's 品牌增長 11%，全球市場份額連續第二年增長超過任何其他牛仔品牌，其中男裝和女裝市場份額均有所增長。 Levi's 的規模超過接下來 3 個品牌的總和，反映了過去 6 年中 5 年的市場份額增長。根據 Euromonitor 的數據，到 2022 年，牛仔布類別在全球範圍內的增長率將保持低個位數，超過全年的服裝總量，預計 2023 年將以類似的速度增長，並在未來幾年內以中等個位數的複合年增長率增長。

With exciting initiatives planned through the year, including rolling out a robust and innovative product pipeline and a powerful brand marketing campaign, we remain well positioned to continue to grow market share and drive category growth in the year ahead. Levi's brand equity remains very strong as evidenced by the 6% AUR increase and healthy 60% gross margin, which was up another 20 basis points in 2022. Another barometer for the health of the brand is the success of our iconic 501, which grew nearly 30% for the year. Looser fits remain on trend and grew double digits this year representing more than half of our total bottoms assortment for the year.

憑藉今年計劃的激動人心的舉措，包括推出強大的創新產品線和強大的品牌營銷活動，我們仍然處於有利地位，可以在來年繼續擴大市場份額並推動品類增長。 Levi's 的品牌資產仍然非常強勁，6% 的 AUR 增長和 60% 的健康毛利率證明了這一點，毛利率在 2022 年又上升了 20 個基點。品牌健康的另一個晴雨表是我們標誌性的 501 的成功，它增長了近年 30%。寬鬆版型仍然是趨勢，今年增長了兩位數，占我們全年下裝總品種的一半以上。

And in 2023, we're celebrating the 150th anniversary of the iconic 501 jean. This will be anchored in a powerful multimedia brand campaign that launches next week during the Grammys and will show up around the globe across TV, cinema, print and digital. We also have an exciting lineup of exclusive collaboration drops and continued product freshness and innovation hitting stores across the world throughout the year.

2023 年，我們將慶祝標誌性 501 牛仔褲問世 150 週年。這將以強大的多媒體品牌活動為基礎，該活動將於下週在格萊美頒獎典禮期間啟動，並將在全球範圍內通過電視、電影、印刷和數字形式出現。我們還擁有一系列令人興奮的獨家合作系列，以及全年持續在全球各地的商店推出的產品新鮮度和創新。

Turning to our direct-to-consumer business. We made excellent progress in growing our global DTC business which was up 18% for the year driven by a 19% increase in our owned and operated stores and a high single-digit increase in e-commerce. Combined, DTC delivered solid mid-single-digit growth in Q4 plus 10% growth, excluding Russia, and comprised 39% of total company net revenues, a fourth quarter record.

轉向我們的直接面向消費者的業務。我們在發展全球 DTC 業務方面取得了出色的進展，今年增長了 18%，這得益於我們自有和經營的商店增長 19% 以及電子商務的高個位數增長。合併後，DTC 在第四季度實現了穩健的中等個位數增長，加上 10% 的增長（不包括俄羅斯），占公司淨收入總額的 39%，創第四季度紀錄。

In both Q4 and throughout the year, we generated solid comp store sales growth while expanding our footprint with our global rollout of 136 NextGen stores. In the U.S., our DTC business broke a Q4 record with mainline and outlet stores and e-commerce each delivering record revenue. We continue to see strong momentum in traffic across our fleet as well as strength in AURs, which increased high single digits versus last year.

在第四季度和全年，我們在全球範圍內開設了 136 家 NextGen 門店，實現了實體店銷售額的穩健增長，同時擴大了我們的足跡。在美國，我們的 DTC 業務打破了第四季度的記錄，主線和直銷店以及電子商務均創造了創紀錄的收入。我們繼續看到我們機隊的交通強勁勢頭以及 AUR 的實力，與去年相比增加了高個位數。

We opened 11 mainline stores in the U.S. in Q4 alone, bringing total U.S. mainline doors to 66. Early results are very encouraging, with most of them exceeding revenue and profitability expectations since their opening. And we have a great pipeline of mainline doors coming in 2023, including Nashville, Honolulu and Miami. During the year, we grew our base of loyalty consumers to nearly 23 million representing an almost 50% increase over last year. And our app is now up in 18 countries across the U.S., Europe and India.

僅在第四季度，我們就在美國開設了 11 家主線門店，使美國主線門店總數達到 66 家。早期的結果非常令人鼓舞，其中大部分都超過了開業以來的收入和盈利預期。我們在 2023 年將有大量的主線門戶，包括納什維爾、火奴魯魯和邁阿密。在這一年裡，我們的忠誠消費者群增加到近 2300 萬，比去年增長了近 50%。我們的應用程序現已在美國、歐洲和印度的 18 個國家/地區推出。

As we look to the year ahead, we're investing in capabilities and talent to drive sustainable, profitable long-term growth in our digital business. Last week, we announced hiring our new Chief Digital Officer. Jason Gowans joins us in early February from Nordstrom, where he was most recently SVP of Digital Commerce. Jason will focus on bringing together our engineering, data, AI and digital product management to spearhead our digital efforts for both e-commerce and our digital go-to-market.

展望未來一年，我們正在投資能力和人才，以推動數字業務實現可持續、盈利的長期增長。上週，我們宣布聘請新的首席數字官。 Jason Gowans 於 2 月初從 Nordstrom 加入我們，他最近擔任 Nordstrom 的數字商務高級副總裁。 Jason 將專注於整合我們的工程、數據、人工智能和數字產品管理，以帶頭開展電子商務和數字上市方面的數字工作。

We also made progress in wholesale. For the year, our total global wholesale business grew 9%, and is more elevated and digitally oriented. In the quarter, against the 20% comp a year ago, global wholesale was down 4% largely because we were unable to fulfill approximately $40 million in orders due to capacity challenges at our U.S. DCs. Still within wholesale, we saw bright spots particularly our Levi's women's business at our top 10 accounts, which grew mid-single digits compared to the prior year. As we move into 2023, we are encouraged by healthier inventories in the channel and the work we have done to improve our own inventory dynamics and actions to improve capacity at our U.S. DCs.

我們在批發方面也取得了進展。今年，我們的全球批發業務總額增長了 9%，並且更加高端和數字化。在本季度，與一年前的 20% 相比，全球批發量下降了 4%，這主要是因為美國配送中心的產能挑戰導致我們無法完成大約 4000 萬美元的訂單。在批發業務中，我們看到了亮點，尤其是我們前 10 大客戶的 Levi's 女裝業務，與上一年相比增長了中等個位數。隨著我們進入 2023 年，我們對渠道中更健康的庫存以及我們為改善我們自己的庫存動態所做的工作以及為提高美國配送中心能力而採取的行動感到鼓舞。

Finally, we also achieved substantial progress on our diversification strategy. Nearly 40% of our 2022 revenue was beyond denim bottoms, including chinos, active leggings, tops, dresses, footwear and accessories. These businesses grew 10% in 2022, and we expected sales penetration to continue to grow meaningfully over the coming years. Expanding our women's and tops businesses is a key priority in our strategic plan.

最後，我們的多元化戰略也取得了實質性進展。我們 2022 年近 40% 的收入來自牛仔下裝，包括斜紋棉布褲、運動緊身褲、上衣、連衣裙、鞋類和配飾。這些業務在 2022 年增長了 10%，我們預計未來幾年銷售滲透率將繼續顯著增長。擴大我們的女裝和上衣業務是我們戰略計劃中的一個關鍵優先事項。

And in 2022, we drove double-digit growth in each category. Total company women's revenue grew 13%, surpassing $2 billion, and our tops business grew 12%, exceeding $1.2 billion for the year. We are expanding our offerings in both women's and tops and believe these areas still represent meaningful upside.

到 2022 年，我們在每個類別中都實現了兩位數的增長。公司女性總收入增長 13%，超過 20 億美元，我們的上衣業務增長 12%，全年超過 12 億美元。我們正在擴大女裝和上衣的產品範圍，並相信這些領域仍然代表著有意義的上升空間。

International diversification is also a key strength in these times of macro uncertainty, and international now represents 53% of our total business.

在這些宏觀不確定性時期，國際多元化也是一個關鍵優勢，國際現在占我們總業務的 53%。

In 2022, our international business grew 13%, 15% excluding Russia, even as we navigated a more challenging consumer environment,in Europe and lockdowns in China. This was driven by broad-based growth in Latin America, Asia and Europe, excluding Russia.

2022 年，我們的國際業務增長了 13%，不包括俄羅斯，增長了 15%，儘管我們在歐洲面臨更具挑戰性的消費環境，在中國處於封鎖狀態。這是由拉丁美洲、亞洲和歐洲（不包括俄羅斯）的廣泛增長推動的。

The Dockers and Beyond Yoga businesses are also becoming growth drivers with long runways that expand our addressable market opportunity. For the year, Dockers grew 27%, driven by broad-based double-digit growth across all geographies and nearly double the EBIT. Revenue continues to shift to a healthier mix with nearly half of sales now coming from outside the U.S. and about 1/3 in DTC.

Dockers 和 Beyond Yoga 業務也正在成為增長動力，長跑道擴大了我們可尋址的市場機會。這一年，Dockers 增長了 27%，這得益於所有地區廣泛的兩位數增長和幾乎翻倍的息稅前利潤。收入繼續轉向更健康的組合，現在近一半的銷售額來自美國以外，約 1/3 來自 DTC。

2022 was the year of integration for Beyond Yoga and we're pleased with its $100 million revenue contribution. In Q4, we opened Beyond Yoga's first 2 brick-and-mortar stores giving the brand an opportunity to showcase its full category offering. Approximately 50% of their sales are from customers new to the brand, and we believe brick-and-mortar will be a powerful catalyst for the brand.

2022 年是 Beyond Yoga 的整合年，我們對其 1 億美元的收入貢獻感到高興。在第四季度，我們開設了 Beyond Yoga 的前 2 家實體店，讓該品牌有機會展示其全品類產品。他們大約 50% 的銷售額來自該品牌的新客戶，我們相信實體店將成為該品牌的強大催化劑。

As we look forward to 2023, we have a lot to be excited about. We are the undisputed leader in the denim category and are driving its growth. Our brands are stronger than ever, resonating in the marketplace and driving strong AURs. We have exciting initiatives planned to continue to capture market share. And on top of our continued DTC momentum, we are driving even more excitement with the 150th anniversary of our most iconic product, the 501.

展望 2023 年，我們有很多值得興奮的事情。我們是牛仔品類無可爭議的領導者，並正在推動其增長。我們的品牌比以往任何時候都更強大，在市場上引起共鳴並推動強勁的 AUR。我們計劃採取激動人心的舉措來繼續佔領市場份額。除了我們持續不斷的 DTC 動力之外，我們還在慶祝我們最具標誌性的產品 501 誕生 150 週年，這讓我們更加興奮。

Finally, I'm excited about the future leadership of this company. Michelle Gass joined us as President earlier this month, and she has hit the ground running. Michelle brings deep omni retail experience and strong brand-building skills. As President, Michelle is responsible for the Levi's brand and the global commercial organization, which includes all go-to-market wholesale franchise, retail and e-commerce. She effectively has about 85% of the company's P&L. And though it's only been 3 weeks, she's already making a difference.

最後，我對這家公司未來的領導層感到興奮。米歇爾·加斯 (Michelle Gass) 本月早些時候加入我們擔任總裁，她已經開始行動。米歇爾帶來了深厚的全方位零售經驗和強大的品牌建設技能。作為總裁，米歇爾負責 Levi's 品牌和全球商業組織，包括所有進入市場的批發特許經營、零售和電子商務。她實際上擁有公司 85% 的損益。雖然只有 3 週，但她已經有所作為。

She and I have a well mapped out transition plan, and I'm confident she will become our next CEO within the next 18 months. I'm also pleased to share that Harmit's role is expanding the Chief Financial and Growth Officer. You all know that Harmit and I have had a great working relationship, and I cannot understate the role that he has played as my partner these last 10 years in turning the company around, taking it public, instilling financial discipline and driving accelerated profitable growth.

她和我有一個精心設計的過渡計劃，我相信她將在未來 18 個月內成為我們的下一任首席執行官。我也很高興分享 Harmit 的角色是擴大首席財務和增長官。你們都知道 Harmit 和我有著良好的工作關係，我不能低估他在過去 10 年作為我的合作夥伴在扭轉公司局面、上市、灌輸財務紀律和推動盈利加速增長方面所發揮的作用。

In this expanded role, Harmit will assume additional responsibilities for strategy and retail real estate. I'm certain with the expansion of his role, he will continue to be a key partner for me and Michelle in steering the company to our long-term goals. Congratulations, Harmit and over to you.

在這個擴大的角色中，Harmit 將承擔戰略和零售房地產的額外職責。我確信隨著他角色的擴大，他將繼續成為我和米歇爾的重要合作夥伴，帶領公司實現我們的長期目標。恭喜你，Harmit 和你。

Thanks, Chip. I'm both humbled and excited to be taking on the new role given the tremendous opportunity for our portfolio of brands. I remain committed to this company and delivering on our long-term plan and working with you and Michelle to deliver for our stakeholders.

謝謝，奇普。鑑於我們品牌組合的巨大機遇，我很榮幸能擔任新職務。我仍然致力於這家公司並實現我們的長期計劃，並與您和米歇爾一起為我們的利益相關者提供服務。

Before I walk you through our Q4 results and the outlook for '23, let me start with 3 key points. First, we delivered a solid quarter with net revenues in line with prior year, highlighted by continued strength in our direct-to-consumer business. This quarter's performance reflects the benefits of the diversification of our business as our success internationally in Asia and Latin America, both sustained incredible momentum in Q4 demonstrating the power of the Levi's brand around the world and helping offset declines in U.S. wholesale and Europe, largely driven by Russia.

在我向您介紹我們第四季度的結果和 23 年的展望之前，讓我先從 3 個要點開始。首先，我們實現了一個穩定的季度，淨收入與上年持平，這突出體現在我們直接面向消費者的業務持續強勁。本季度的業績反映了我們業務多元化的好處，因為我們在亞洲和拉丁美洲的國際成功，在第四季度都保持了令人難以置信的勢頭，展示了 Levi's 品牌在全球的影響力，並幫助抵消了美國批發和歐洲的下滑，這在很大程度上推動了由俄羅斯。

Second, the steps we have taken to emerge stronger from the pandemic have substantially improved the structural economics of our business, enabling us to deliver gross margin for the year, 380 basis points ahead of 2019, and adjusted EBIT margin, excluding foreign exchange of 12%.

其次，我們為從大流行中變得更強大而採取的措施大大改善了我們業務的結構經濟，使我們能夠實現今年的毛利率，比 2019 年提前 380 個基點，調整後的息稅前利潤率（不包括外匯）為 12 %。

We have positive momentum entering '23. Our global direct-to-consumer business is delivering strong growth, accelerating through the holidays and positioning us to drive further revenue acceleration in the channel. Europe exited December with positive constant currency growth, which was broad-based across major markets. And we also expect to benefit from several tailwinds, especially in the second half including improved commodity costs, foreign exchange and the continued benefit of cost initiatives we have implemented.

我們有進入 23 年的積極勢頭。我們的全球直接面向消費者的業務正在實現強勁增長，在假期期間加速增長，並使我們能夠進一步推動該渠道的收入加速增長。歐洲在 12 月份以穩定的正貨幣增長結束，這在主要市場中具有廣泛的基礎。我們還預計將受益於一些有利因素，尤其是在下半年，包括商品成本的改善、外匯以及我們實施的成本舉措的持續受益。

I will now walk you through the progress we achieved in Q4 then what that positive momentum means for '23. Net revenue was in line with the prior year driven by strong growth in our DTC business. Our international business was up 3%, offset by a mid-single-digit decline in the U.S., which was primarily due to supply chain challenges impacting U.S. wholesale.

我現在將向您介紹我們在第四季度取得的進展，以及這種積極勢頭對 23 年意味著什麼。在我們的 DTC 業務強勁增長的推動下，淨收入與上一年持平。我們的國際業務增長了 3%，被美國的中等個位數下降所抵消，這主要是由於供應鏈挑戰影響了美國批發。

Our DTC channel net revenue grew by 6% driven by positive comp sales growth across all segments, including in the U.S. and Europe. Traffic, AURs and UPTs all grew on a global basis. And despite consumers returning to our stores in large numbers, our e-commerce business grew 5%.

我們的 DTC 渠道淨收入增長了 6%，這得益於包括美國和歐洲在內的所有細分市場的正銷售增長。流量、AUR 和 UPT 都在全球範圍內增長。儘管有大量消費者返回我們的商店，但我們的電子商務業務增長了 5%。

Adjusted gross margin in reported dollars was 55.8%, up 150 basis points versus 2019, but contracting 230 basis points year-over-year partially due to an approximate 100 basis points unfavorable currency exchange rate impact. Price increases and a favorable channel mix partially offset the impact of higher product costs and lower full price sales. The decline in gross margin was greater than our guidance owing primarily to the impact of foreign currency and lower full-price sales than we anticipated.

調整後的報告美元毛利率為 55.8%，比 2019 年增長 150 個基點，但同比收縮 230 個基點，部分原因是不利的貨幣匯率影響約 100 個基點。價格上漲和有利的渠道組合部分抵消了產品成本上升和全價銷售下降的影響。毛利率的下降幅度大於我們的指引，這主要是由於外彙的影響和低於我們預期的全價銷售額。

Moving to SG&A. Adjusted SG&A expenses in the quarter was $745 million, down 4% from last year as we remain laser focused on controlling costs while continuing to invest selectively for the long term.

搬到 SG&A。本季度調整後的 SG&A 費用為 7.45 億美元，比去年下降 4%，因為我們仍然專注於控製成本，同時繼續有選擇地進行長期投資。

Adjusted EBIT margin was 9%, contracting 300 basis points on a reported basis and 210 basis points on a constant currency basis. Adjusted diluted EPS was $0.34 at the high end of our Q4 outlook despite a $0.04 negative impact from foreign exchange.

調整後的息稅前利潤率為 9%，按報告基準收縮 300 個基點，按固定匯率計算收縮 210 個基點。儘管外匯帶來 0.04 美元的負面影響，但調整後的攤薄每股收益在我們第四季度展望的高端為 0.34 美元。

I'll now take you through key highlights by segment. In the Americas, net revenues declined 5%. A strong growth in DTC and double-digit growth in wholesale in Canada and Latin America was offset by a decline in U.S. wholesale. DTC growth of 8% was driven by positive store comps in the U.S., Canada and Latin America and e-commerce as well as the addition of new stores. Overall, Canada was up mid-single digits and Latin America grew 15% driven in part by strong growth in our second largest market, Mexico.

我現在將按細分帶您了解主要亮點。在美洲，淨收入下降了 5%。 DTC 的強勁增長以及加拿大和拉丁美洲批發量的兩位數增長被美國批發量的下降所抵消。 DTC 增長 8% 的原因是美國、加拿大和拉丁美洲的積極商店收入和電子商務以及新商店的增加。總體而言，加拿大增長了中個位數，拉丁美洲增長了 15%，部分原因是我們第二大市場墨西哥的強勁增長。

Europe outperformed our expectations, down modestly at 4%, excluding Russia, on top of 17% growth in the prior year. Overall, Europe's Q4 revenues saw a sequential improvement relative to Q3 primarily driven by DTC and the strength in our core bottoms business. DTC was up 3%, excluding Russia, and we experienced momentum in key markets like the U.K., Germany and Spain entering Q1 '23.

歐洲的表現好於我們的預期，在去年增長 17% 的基礎上小幅下降 4%，不包括俄羅斯。總體而言，歐洲第四季度的收入相對於第三季度有所改善，這主要是由 DTC 和我們核心底部業務的實力推動的。 DTC 上漲 3%，不包括俄羅斯，進入 23 年第一季度，我們在英國、德國和西班牙等主要市場經歷了勢頭。

In Asia, net revenues were up 17%, reflecting sustained broad-based growth across most markets led by India, ANZ and Indonesia. DTC revenue growth of 17% was driven by strong comp performance in company-operated stores and wholesale also grew 16%.

在亞洲，淨收入增長了 17%，反映了以印度、澳新銀行和印度尼西亞為首的大多數市場的持續廣泛增長。 DTC 收入增長 17%，這得益於公司經營門店的強勁業績，批發收入也增長了 16%。

Our successful pricing actions also delivered double-digit AUR growth in the quarter. Overall, operating margin also expanded over 600 basis points to 11.4%.

我們成功的定價行動還在本季度實現了兩位數的 AUR 增長。總體而言，營業利潤率也擴大了 600 多個基點，達到 11.4%。

Turning to balance sheet and cash flows. As we discussed throughout last year, we have strategically built inventory ahead of our U.S. ERP implementation in the first half. Reported inventories increased 58% on a dollar basis over prior year in line with our plan. If you exclude the ERP build and goods in transit, the increase is approximately 35%.

轉向資產負債表和現金流量。正如我們去年全年所討論的那樣，我們在上半年實施美國 ERP 之前戰略性地建立了庫存。按照我們的計劃，報告的庫存按美元計算比上一年增加了 58%。如果排除 ERP 構建和在途貨物，增幅約為 35%。

The bulk of the increase was in core products, which can be sold across multiple future seasons and represents more than 2/3 of total inventories. We are confident that Q4 inventory growth will be the high point and have managed [buys down] for the first half of '23 by 25%.

大部分增長來自核心產品，這些產品可以在未來多個季節銷售，佔總庫存的 2/3 以上。我們有信心第四季度的庫存增長將達到高點，並且已經將 23 年上半年的 [buy down] 減少了 25%。

With the ERP preparation underway, we expect to bring inventory back to normal levels by the end of Q2, which will provide a working capital tailwind in the second half.

隨著 ERP 準備工作的進行，我們預計將在第二季度末將庫存恢復到正常水平，這將為下半年提供營運資金支持。

Cash and liquidity remained strong with the end of quarter net debt of approximately $500 million and overall liquidity of $1.5 billion.

現金和流動性保持強勁，季度末淨債務約為 5 億美元，整體流動性為 15 億美元。

Our leverage ratio remained at 1.1x. Owing to investments in inventory, adjusted free cash flow was approximately negative $53 million in the fourth quarter.

我們的槓桿比率維持在 1.1 倍。由於庫存投資，調整後的自由現金流在第四季度約為負 5300 萬美元。

We remain committed to returning capital to shareholders. And in the fourth quarter, we returned approximately $82 million, bringing our '22 total return to $350 million. In Q1, the company declared a dividend of $0.12 per share, in line with last quarter, and we currently have approximately $700 million remaining under our share repurchase program, which has no expiration date.

我們仍然致力於向股東返還資本。在第四季度，我們的回報約為 8200 萬美元，使我們 22 年的總回報達到 3.5 億美元。在第一季度，公司宣布派發每股 0.12 美元的股息，與上一季度一致，目前我們的股票回購計劃剩餘約 7 億美元，該計劃沒有到期日。

Before turning to our outlook for the year, I will touch on our holiday performance. DTC momentum continued through the holiday period of November and December, up almost 10% versus prior year. Growth accelerated sequentially from November into December. This reflects the continuing strength of the Levi's brand, generating strong results across the globe, led by continued strength in brick-and-mortar, including in the U.S.

在談到我們今年的展望之前，我將談談我們的假期表現。 DTC 的勢頭持續到 11 月和 12 月的假期期間，與去年同期相比增長了近 10%。從 11 月到 12 月連續加速增長。這反映了 Levi's 品牌的持續實力，在全球範圍內產生了強勁的業績，其中包括美國在內的實體店的持續實力。

And despite operating in a largely promotional marketplace during the November, December period, gross margin remained robust, almost 200 basis points ahead of 2019.

儘管在 11 月和 12 月期間主要在促銷市場運營，但毛利率仍然強勁，比 2019 年高出近 200 個基點。

Now let's turn to our fiscal '23 outlook. As we look forward, we are confident in our strategies and continue to expect profitable growth in '23. That said, we acknowledge there's still a lot of macro uncertainties and have [assumed] caution in our outlook. We do, however, expect additional tailwinds in the second half as we lap higher product costs and the stronger dollar.

現在讓我們轉向我們的 23 財年展望。展望未來，我們對我們的戰略充滿信心，並繼續期待 23 年的盈利增長。也就是說，我們承認仍然存在很多宏觀不確定性，並且[假定]我們對前景持謹慎態度。然而，隨著產品成本上升和美元走強，我們確實預計下半年會有更多順風。

For fiscal '23, we expect net revenues between $6.3 billion and $6.4 billion, reflecting reported revenue growth of 1.5% to 3% year-over-year, inclusive of 200 basis points of headwind split evenly from foreign exchange and the suspension of our business operations in Russia.

對於 23 財年，我們預計淨收入在 63 億美元至 64 億美元之間，反映出報告的收入同比增長 1.5% 至 3%，其中包括來自外彙和我們業務暫停的 200 個基點的不利因素在俄羅斯的業務。

In reported dollars, we expect low single-digit growth in the Americas and Europe, excluding Russia, and mid-single-digit growth in Asia. This includes a negative 100 basis points of FX impact in Europe and 500 basis points in Asia.

以報告的美元計算，我們預計美洲和歐洲（不包括俄羅斯）將實現低個位數增長，亞洲將實現中等個位數增長。這包括歐洲 100 個基點的外匯影響和亞洲 500 個基點的負面影響。

For gross margin, we anticipate expansion of 20 to 30 basis points driven by the favorable accelerated shift of our business towards DTC, digital, women's and international. Our SG&A rate is expected to deleverage 40 to 50 basis points due to continued strategic investments to set us up for future growth, yet remaining disciplined on expenses.

對於毛利率，我們預計將擴大 20 至 30 個基點，這是由於我們的業務向 DTC、數字、女性和國際的有利加速轉變所推動。我們的 SG&A 率預計將去槓桿化 40 至 50 個基點，這是由於持續的戰略投資使我們為未來的增長做好準備，同時仍嚴格控制開支。

Overall, we expect adjusted EBIT margin to be down 10 to 30 basis points versus '22. We expect interest expense to normalize to approximately $15 million a quarter due to not benefiting from deferred comp interest as we did in '22, and a full year tax rate in the mid- to high teens.

總體而言，我們預計調整後的息稅前利潤率將比 22 年下降 10 至 30 個基點。我們預計利息支出將正常化為每季度約 1500 萬美元，因為沒有像我們在 22 年那樣從遞延補償利息中受益，而且全年稅率處於中高水平。

Adjusted diluted EPS is expected to be in the range of $1.30 to $1.40. We continue to invest behind high ROI growth initiatives, uses of capital in '23 include full year CapEx of around $280 million. We expect cash flow to be positive as inventory normalizes in H2.

調整後的攤薄每股收益預計在 1.30 美元至 1.40 美元之間。我們繼續投資於高投資回報率增長計劃，23 年的資本使用包括約 2.8 億美元的全年資本支出。隨著下半年庫存正常化，我們預計現金流為正。

In terms of DTC brick-and-mortar, we anticipate opening more than 80 net new company-operated stores globally. In the U.S., we plan to open around 15 full-priced Levi's NextGen doors in '23, taking our mainline door count to approximately 80 by the end of the year as we progress towards the goal of opening 100 full-priced doors in the U.S.

就 DTC 實體店而言，我們預計在全球新開超過 80 家公司自營門店。在美國，我們計劃在 23 年開設大約 15 個全價 Levi's NextGen 門，到年底將我們的主線門數增加到大約 80 個，因為我們正在朝著在美國開設 100 個全價門的目標前進。

I will now share some color on H1 versus H2 and then some H1 quarterly detail given the ERP implementation taking place in the U.S. in the second quarter following successful implementation in Canada and Mexico.

我現在將分享一些關於 H1 和 H2 的顏色，然後分享一些 H1 季度細節，因為 ERP 在加拿大和墨西哥成功實施後第二季度在美國實施。

Our guidance assumes that our business will strengthen in H2 versus H1 given more difficult compares in H1 as well as continued headwinds from foreign exchange and higher product costs. Therefore, we expect reported revenues in H1 to be down low to mid-single digits compared to prior year. We expect these headwinds to moderate in H2 and reported revenues to increase high single digits.

我們的指導假設，鑑於上半年的比較困難以及外彙和產品成本上漲帶來的持續不利因素，我們的業務將在下半年比上半年增強。因此，我們預計上半年的報告收入與上年相比將下降至中個位數。我們預計這些不利因素將在下半年緩和，並且報告的收入將以高個位數增長。

Given the 150th anniversary kicking off in late Q1, we expect advertising as a percentage of revenues to be higher in H1 than a year ago by 40 basis points with no change on a full year basis. As we advance wholesale orders prior to the ERP implementation, we expect revenues to increase low single digits for Q1.

鑑於 150 週年在第一季度末拉開序幕，我們預計上半年廣告佔收入的百分比將比一年前高 40 個基點，全年不變。由於我們在 ERP 實施之前推進批發訂單，我們預計第一季度的收入將以低個位數增長。

Q1 gross margin is expected to be down at least 200 basis points. Conversely, for Q2, we expect revenues to be down high single digits due to the shift in sales to Q1. Q2 gross margin is expected to be slightly up due to a more favorable mix with higher DTC penetration.

預計第一季度毛利率將至少下降 200 個基點。相反，對於第二季度，由於銷售轉移到第一季度，我們預計收入將下降高個位數。由於更有利的組合和更高的 DTC 滲透率，預計第二季度毛利率將略有上升。

Before I turn it over for Q&A, I want to leave you with 3 key points: our market share expansion, the diversity of our business, and December exit rates bolster our confidence in our ability to continue to deliver profitable growth in 2023.

在我進行問答之前，我想給大家留下 3 個關鍵點：我們的市場份額擴大、我們業務的多樣性和 12 月的退出率增強了我們對我們在 2023 年繼續實現盈利增長的能力的信心。

The investments we have made in DTC are driving strong and sustainable performance. We will continue to strategically invest in growing our store base, ensuring we drive comp sales growth and accelerate e-commerce.

我們在 DTC 上的投資正在推動強勁和可持續的業績。我們將繼續在戰略上投資於擴大我們的商店基礎，確保我們推動銷售增長並加速電子商務。

Finally, our commitment to our long-term growth goals and strategy is unwavering. Although '23 will be impacted by the softer macro environment, the underlying momentum in our business and strength of our brands gives us confidence in our ability to deliver on a growth algorithm beyond '23.

最後，我們對長期增長目標和戰略的承諾是堅定不移的。儘管 23 年將受到宏觀環境疲軟的影響，但我們業務的潛在勢頭和品牌實力使我們相信我們有能力在 23 年之後實現增長算法。

With that, I'll now go ahead and open the call for Q&A.

有了這個，我現在將繼續打開問答電話。

(Operator Instructions) Our first question comes from the line of Laurent Vasilescu, BNP Paribas.

（操作員說明）我們的第一個問題來自法國巴黎銀行的 Laurent Vasilescu。

Harmit, congrats on the additional responsibilities. Harmit, it's very helpful, the guidance. Question here, Harmit, is on gross margins. There's a lot of debate out there if you think about -- if you compare your gross margins relative to 2019, they're up 400 basis points. Harmit, I think during the pandemic, in 2021, you talked about 3/4 of that is more structural. And then maybe 100 basis points is just the lack of promos. We did see the promos kick in, in this fourth quarter.

Harmit，恭喜你承擔了額外的責任。 Harmit，指導很有幫助。 Harmit，這裡的問題是毛利率。如果你考慮一下，就會有很多爭論——如果你將你的毛利率與 2019 年相比，它們上升了 400 個基點。 Harmit，我認為在 2021 年大流行期間，你談到其中 3/4 是結構性的。然後也許 100 個基點只是缺乏促銷。在第四季度，我們確實看到了促銷活動。

How do we -- is that still the framework that we should think about going forward? And then maybe just clicking down on 2023 guidance. This gross margin of 20 to 30 bps. Can you kind of maybe walk through like how much is ocean freight recapture, commodities offset by increased promotions?

我們如何 - 這仍然是我們應該考慮前進的框架嗎？然後也許只需點擊 2023 年指南。這個毛利率為 20 到 30 個基點。你能說說海運費的回收、商品被增加的促銷活動抵消了多少嗎？

Sure. Good question, Laurent. So to your point, when we started '22, we had anticipated gross margin accretion, 3/4 structural. Fourth, potentially giving way to higher promotions. I think as we ended the year, the variables were broadly similar, but I think slightly different. So I think what probably happened, the accretion is largely structural. We had further promotion. I'd say it was -- second half got a little bit more promotional. So the 100 probably -- I'm just thinking aloud here, is probably $150 million. We also got foreign exchange headwinds in the second half, which was different to what we anticipated.

當然。問得好，洛朗。因此，就您的觀點而言，當我們從 22 年開始時，我們曾預計毛利率會增加，3/4 是結構性的。第四，可能讓位給更高的晉升。我認為在我們年底時，變量大致相似，但我認為略有不同。所以我認為可能發生的情況是，增長主要是結構性的。我們得到了進一步的提升。我會說這是——下半場有更多的促銷活動。所以 100 可能 - 我只是在這里大聲思考，可能是 1.5 億美元。下半年我們也遇到了外匯逆風，這與我們的預期不同。

Now as you know, we do hedge, but we don't hedge every currency. And so that was probably the third element that got introduced. But given the diverse nature of our business, I think we ended the year structurally from a gross margin perspective a lot better and a lot stronger company. So you think about '23, and our gross margin guidance that I gave, I'd say primarily driven by structural improvements. Higher DTC is growing at a fast pace. I think our DTC business in '23 is going to grow at low double digits.

如您所知，我們進行對沖，但我們不會對沖所有貨幣。所以這可能是引入的第三個元素。但鑑於我們業務的多樣性，我認為從毛利率的角度來看，我們在結構上結束了這一年，公司變得更好、更強大。所以你想想 23 年，以及我給出的毛利率指導，我想說主要是由結構改進驅動的。更高的 DTC 正在快速增長。我認為我們 23 年的 DTC 業務將以低兩位數的速度增長。

International, definitely helping. And where we are really focused on is growing women's, which is accretive to gross margin, growing Beyond Yoga, which is accretive to gross margin. So those are the things that are structurally helping. In terms of a couple of other changes that I think happened. Yes, we do get some tailwind from ocean freight and airfreight. As the year progresses, FX probably helps us in the second half versus the first half. The first half FX is going to be a bit of a headwind. And we're assuming probably 50 basis points for the year higher dilution relative to 2022. So we are being a little conservative.

國際，絕對有幫助。我們真正關注的是增長女性，這會增加毛利率，增長超越瑜伽，這會增加毛利率。所以這些是在結構上有幫助的事情。就我認為發生的其他一些變化而言。是的，我們確實從海運和空運中受益。隨著時間的推移，外匯可能會在下半年幫助我們，而不是上半年。上半年 FX 將有點逆風。我們假設今年稀釋度可能比 2022 年高 50 個基點。所以我們有點保守。

Largely, our view is probably the first half versus the second half. So that's how one is thinking through it. The real growth is really going to come from structural improvements in a very diversified business.

在很大程度上，我們的觀點可能是上半年與下半年的對比。這就是人們思考它的方式。真正的增長將真正來自一個非常多元化的業務的結構改進。

That's very helpful. And if I could quickly sneak one more in. Harmit, Chip, I think you've talked about the mass channel. I think that was a source of pressure. Just curious to know how it performed in the fourth quarter, U.S. mass? And how do we think about that going forward into 2023?

這很有幫助。如果我能很快再偷偷加入一個。Harmit，Chip，我想你已經談到了大眾頻道。我認為這是壓力的來源。只是想知道它在美國大眾第四季度的表現如何？我們如何看待 2023 年的情況？

Yes. So our mass channel, which is really Signature and Denizen, was down, I think, 19% in Q4. As we are planning the next year, we are planning this down double digit. So if you think about global wholesale being down 4%, half of that was probably the mass channel. Half of that was Red Tab. And if you think of the fact that we were not able to fulfill $35 million, $45 million, that would say global wholesale would actually been a positive. So the brand is really doing well.

是的。因此，我認為我們的大眾頻道，實際上是 Signature 和 Denizen，在第四季度下降了 19%。在我們計劃明年時，我們計劃將這個數字降低兩位數。因此，如果您考慮全球批發量下降 4%，其中一半可能是大眾渠道。其中一半是紅色標籤。如果你想到我們無法完成 3500 萬美元、4500 萬美元的事實，那就說明全球批發實際上是積極的。所以這個品牌真的做得很好。

The other only point I would make, Laurent, is as we get into January and exit December, we are seeing sell-through rates in U.S. wholesale actually turned positive, which is I think a good sign.

勞倫特，我要說的另一點是，當我們進入 1 月和 12 月結束時，我們看到美國批發的銷售率實際上轉為正數，我認為這是一個好兆頭。

Our next question comes from the line of Bob Drbul of Guggenheim.

我們的下一個問題來自古根海姆的 Bob Drbul。

Harmit, congratulations on the expanded role from me as well. And Chip, congratulations on bringing in Michelle Gass, I think she's going to be great. I guess a couple of questions that I have. On the -- as you look at the year in terms of the year forward, just the revenue cadence that you expect, I don't know if you could maybe give us a little more color on that and the confidence around that piece. And then Chip, the category growth that you assume for denim, I don't know if we could talk about that, then I do have a denim question for you afterwards as well.

Harmit，也祝賀我的角色擴大。奇普，祝賀米歇爾·加斯 (Michelle Gass) 的加入，我認為她會很棒。我想我有幾個問題。關於 - 當你從未來一年的角度來看這一年時，只是你期望的收入節奏，我不知道你是否可以給我們更多的顏色和對這件作品的信心。然後是 Chip，你假設牛仔布的類別增長，我不知道我們是否可以談論這個，然後我也有一個牛仔布問題要問你。

Okay. So let me get the tough question, but I'm glad you asked it, Bob, which is the first half, second half. The way we're thinking about the year, folks, is we're thinking about it as a tale of 2 halves, with the first half weaker than the second half. A tale of 2 channels, direct-to-consumer, strong; wholesale, kind of flattish. And a tale of 2 worlds, the Western world probably growing low single digit; and Eastern world, which is Asia and Latin America growing low double digits. It's great to have a business that's so diversified. Thinking about revenue, and to your point, because one would think, okay, this is a bit of a hockey stick. Actually, it's not.

好的。所以讓我來回答這個棘手的問題，但鮑勃，我很高興你問了這個問題，這是上半場，下半場。伙計們，我們對這一年的看法是，我們將其視為上下半場的故事，上半場比下半場弱。兩個渠道的故事，直接面向消費者，強大；批發，有點扁平化。兩個世界的故事，西方世界可能增長低個位數；東方世界，即亞洲和拉丁美洲，增長率較低，兩位數。擁有如此多元化的業務真是太好了。考慮到收入，就你的觀點而言，因為人們會想，好吧，這有點像曲棍球棒。其實不然。

If you think about the cadence of the first half and the second half, the normal cadence is 47% of our total revenue is in the first half and 53% in the second half. Last year, we saw a real strong growth in the first half. We were up 19%, 20%. Second half was flat. So last year, it was more 50-50. And so as we think about '23, it's a 47% in the first half, 53% in the second half. That's one way of looking at it.

如果你想想上半年和下半年的節奏，正常的節奏是我們總收入的 47% 在上半年，53% 在下半年。去年，我們在上半年看到了真正的強勁增長。我們上漲了 19%、20%。下半場表現平平。所以去年，它是 50-50。因此，當我們考慮 23 年時，上半年是 47%，下半年是 53%。這是一種看待它的方式。

The other way of looking at it is, how does it relate to '19 if '19 is what we call a good base. If you think of the first half, our guidance assumes that we grow first half to '19, about 8% reported dollars and the second half about 10%. So the real pickup is about 2 or 3 points of growth, and that's driven by a couple of things.

另一種看待它的方式是，如果 19 年是我們所說的良好基礎，它與 19 年有何關係。如果你想到上半年，我們的指導假設我們上半年增長到 19 年，報告美元約為 8%，下半年約為 10%。所以真正的回升是大約 2 或 3 個點的增長，這是由幾件事驅動的。

One, FX headwind doesn't remain. And second, just acceleration of the macro improvement -- a slight improvement in macroeconomic conditions. But we're not necessarily -- it's not a hockey stick, and we're not banking a lot. We haven't built in any upside from China, which is a smaller business and any major consumer demand swing. If that happens, it's great.

第一，外匯逆風不會持續。其次，只是加速宏觀改善——宏觀經濟狀況略有改善。但我們不一定 - 它不是曲棍球棒，我們也沒有太多銀行業務。我們沒有從中國獲得任何好處，這是一個規模較小的企業和任何主要的消費者需求波動。如果發生這種情況，那就太好了。

On the denim market trends that you asked about, Bob, I'll stay real high level here. But globally, Euromonitor data, this is Euromonitor data. Globally, the denim category grew low single digits in 2022. That was actually ahead of total apparel, which was down low single digits. And on that basis, actually on a -- that's a calendar '22 basis. And for calendar '22, the Levi's brand was up 11%.

關於你問到的牛仔布市場趨勢，鮑勃，我會在這裡保持真正的高水平。但在全球範圍內，Euromonitor 數據，這是 Euromonitor 數據。在全球範圍內，牛仔布類別在 2022 年以低個位數的速度增長。這實際上領先於整體服裝，後者以低個位數的速度下降。在此基礎上，實際上是在一個日曆'22 的基礎上。而對於日曆 '22，Levi's 品牌上漲了 11%。

So we did grow share. Last year, again, based on Euromonitor data, we grew more share than any other player in the category. We grew share on men's, we grew share on women's. It's also worth noting that we have grown share 5 of the last 6 years. So we consistently grow market share. And as the biggest brand in the category, you guys have heard me say this before, we feel a certain obligation to grow the category. And part of how we do that is to grow share in the category.

所以我們確實增加了份額。去年，根據 Euromonitor 的數據，我們的份額再次增長超過該類別中的任何其他參與者。我們增加了男性的份額，我們增加了女性的份額。還值得注意的是，我們在過去 6 年中增長了 5 個份額。因此，我們不斷擴大市場份額。作為該品類中最大的品牌，你們以前聽我說過，我們覺得有一定的義務來發展這個品類。我們這樣做的部分原因是增加該類別的份額。

So specific to the U.S., because we shared some U.S. data from NPD on the last call, the U.S. does remain pretty soft. It hasn't gotten any worse from the prior quarter. We're seeing it. It's largely a wholesale phenomenon. Harmit has taken you through the numbers on our own direct-to-consumer business, and our U.S. DTC business was also very, very strong for the quarter. So we're in control of the brand. We're growing. We're building share. The biggest challenge has been the wholesale dynamic here in the U.S.

如此具體到美國，因為我們在上次電話會議上分享了 NPD 的一些美國數據，美國確實仍然相當疲軟。與上一季度相比，情況並沒有變得更糟。我們看到了。這在很大程度上是一種批發現象。 Harmit 帶您了解了我們自己的直接面向消費者業務的數據，我們的美國 DTC 業務在本季度也非常非常強勁。所以我們控制了品牌。我們在成長。我們正在建立共享。最大的挑戰是美國的批發動態

As we look forward into fiscal -- or into calendar '23, the outlook from Euromonitor is for a continuation of kind of low single-digit category growth. And we're confident it's kind of in the range of where we've got our revenue outlook kind of in line with our full year guidance. And as I said, if you go back even pre-IPO for a 5-, 6-year period of time, the category was growing kind of low single digits, and we put up a 6% compound growth rates during that period of time. So we've consistently outgrown the category.

當我們展望財政 - 或日曆 '23 時， Euromonitor 的前景是繼續保持低個位數的類別增長。而且我們有信心它在我們的收入前景與我們的全年指導一致的範圍內。正如我所說，如果你回顧 IPO 前的 5 年、6 年時間，該類別的增長有點低個位數，我們在那段時間實現了 6% 的複合增長率.所以我們一直在超越這個類別。

And that, by the way, was during a period of time when both Dockers was a drag, and we didn't have Beyond Yoga. So we're really confident that we're going to be able to put good numbers on the board, even if the category continues to stay a little bit soft in our biggest market, the U.S.

順便說一下，那是在兩個 Dockers 都拖累我們沒有 Beyond Yoga 的時期。因此，我們非常有信心，即使該類別在我們最大的市場美國繼續保持疲軟，我們也能夠在董事會上取得好成績。

There are pockets of growth in the category as well. As Harmit said, we're seeing good growth in Asia and in Latin America. So the benefit of having a really diversified business, whether that's geographically or from a product standpoint, really matters. And that's part of how we've been able to get through it. So I hope that answers your question.

該類別也有一些增長點。正如 Harmit 所說，我們在亞洲和拉丁美洲看到了良好的增長。因此，擁有真正多元化的業務的好處，無論是在地理上還是從產品的角度來看，都非常重要。這就是我們如何度過難關的一部分。所以我希望這能回答你的問題。

That does it. And Chip, if I could just jump in with 2 more quick ones for you. Are skinny jeans over? You're talking about the success of the loose fits. And are rises going up or down? Just curious from the trends perspective.

就是這樣。還有 Chip，如果我可以再為您提供 2 個快速的。緊身牛仔褲過時了嗎？你說的是寬鬆版型的成功。上升還是下降？只是從趨勢的角度好奇。

That's a good question. So a little fun fact, our top 2 women's items were the 311 and the 721 and they're both skinny jeans. So the news, as Mark Twain once said, "The news of my death has been greatly exaggerated." Skinny jeans, I've been known to say skinny jeans will never die. Having said that, the looser jeans are still a thing. They're definitely the trend. Half of our revenues on bottoms this past quarter came from the looser, baggier fits. But our top 2 women's bottoms items were the 311 and the 721. So the skinny jean is not going anywhere anytime soon.

這是個好問題。一個有趣的事實是，我們排名前 2 位的女士單品是 311 和 721，它們都是緊身牛仔褲。所以這個消息，正如馬克吐溫曾經說過的那樣，“我去世的消息被大大夸大了。”緊身牛仔褲，眾所周知，緊身牛仔褲永遠不會消亡。話雖如此，寬鬆的牛仔褲仍然是一回事。它們絕對是趨勢。上個季度，我們一半的下裝收入來自更寬鬆、更寬鬆的版型。但我們排名前 2 位的女式下裝是 311 和 721。所以緊身牛仔褲不會很快消失。

Rises. For a long time, we were marching the rises up. We had the rib cage, you may remember, about 18 months ago. That was look the back then. Rises are now coming down. And we're not quite to hit hugger territory yet, but the mid-rise jean is kind of the hottest item right now. And I think we're going to continue to see the shift from high to mid and maybe even mid- to lower rises as we go forward. Thank you for that question.

上升。很長一段時間，我們都在崛起。你可能還記得，大約 18 個月前，我們有胸腔。那是當時的樣子。上漲現在正在下跌。我們還沒有完全進入擁抱領域，但中腰牛仔褲是目前最熱門的單品。而且我認為，隨著我們的前進，我們將繼續看到從高端到中端甚至中端到低端的轉變。謝謝你提出這個問題。

Our next question comes from the line of Matthew Boss of JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

So maybe 2 things. Chip, could you speak to pricing power for the brand into next year, and also the overall health that you see for the brand in Europe today? And then maybe, Harmit, could you just outline the fundamental drivers as we think about over the course of the next year and more so the back half of the year? What level of visibility you have in the improvement in top line as we think about the back half?

所以也許有兩件事。 Chip，你能談談該品牌明年的定價能力，以及你今天在歐洲看到的該品牌的整體健康狀況嗎？那麼也許，Harmit，你能否概述一下我們在明年以及今年下半年考慮的基本驅動因素？當我們考慮後半部分時，您對頂線改善的可見度如何？

Chip, you want to go first?

奇普，你要先走嗎？

Yes. So let me just talk to the pricing power of the brand. One of my favorite things is, a brand has good brand strength when you don't have to hold the prayer meeting to take pricing. Our price -- we've taken pricing over the last 18 to 24 months. Our AURs were up 6% for the year. And that was driven fundamentally by pricing. You see it in our gross margins. Our gross margins are up nearly 400 basis points from 2019. The Levi's brand itself, gross margins are over 60%, and we grew gross margins by about 20 basis points, and we were able to build share through all of that.

是的。因此，讓我談談品牌的定價能力。我最喜歡的事情之一是，當您不必舉行祈禱會來定價時，品牌具有良好的品牌實力。我們的價格——我們在過去 18 到 24 個月內進行了定價。我們的 AUR 本年度增長了 6%。這從根本上是由定價驅動的。您可以在我們的毛利率中看到它。我們的毛利率比 2019 年提高了近 400 個基點。Levi's 品牌本身的毛利率超過 60%，我們的毛利率增長了約 20 個基點，我們能夠通過所有這些建立份額。

So the brand equity, as we measure it, we measure it very detailed every quarter in our top 10 markets around the world. Our equity remains really, really strong. We're not seeing any slippage as a result of pricing. And in fact, in some markets, we own the equity for worth the money I pay for it. So the brand continues to deliver a really strong value.

因此，在我們衡量品牌資產時，我們每個季度都會在全球前 10 大市場中對其進行非常詳細的衡量。我們的股票仍然非常非常強勁。我們沒有看到定價導致的任何下滑。事實上，在某些市場，我們擁有的股權值得我為它付出的錢。因此，該品牌繼續提供非常強大的價值。

In Europe, Europe revenues were down 4% in constant currency. If you exclude Russia, it was down 8% overall, but Russia was 4 points of that. The good news is we did see substantial -- sequential improvement from Q3 driven primarily by DTC and strength in our core bottoms business. And even through the holidays, December was positive for Europe. So we're -- it's still challenging there. I don't want to mislead anybody, but we're very, very confident in the strength of the brand there.

在歐洲，按固定匯率計算，歐洲收入下降了 4%。如果排除俄羅斯，整體下降了 8%，但俄羅斯下降了 4 個百分點。好消息是，我們確實看到了主要由 DTC 和我們核心底部業務的實力推動的第三季度的實質性連續改善。即使在假期期間，12 月對歐洲來說也是積極的。所以我們 - 它仍然具有挑戰性。我不想誤導任何人，但我們對那裡的品牌實力非常非常有信心。

The consumer will ultimately come back. And we're seeing good broad-based growth across markets like the U.K. and Germany. So we have embedded a little bit of caution in our outlook relative to Europe, just reflecting the challenging consumer environment there, but it's not because we're seeing any slippage in the strength of the brand or the equity of the brand, and pricing seems to be holding up there.

消費者最終會回來。我們看到英國和德國等市場的廣泛增長。因此，我們對歐洲的前景持謹慎態度，只是反映了那裡充滿挑戰的消費環境，但這並不是因為我們看到品牌實力或品牌資產出現任何下滑，定價似乎堅持在那裡。

And Matt, to your question on the fundamental drivers. We are going to very soon celebrate the 150th anniversary for what changed everything in denim, which is 501. And so -- and we're spending money against it. It's been growing at a [breakneck] pace. So I think that's going to fundamentally drive the category as well as our Levi's business.

Matt，關於你關於基本驅動因素的問題。我們將很快慶祝改變牛仔布一切的 150 週年紀念日，即 501。因此——我們正在花錢反對它。它一直在以 [極快] 的速度增長。所以我認為這將從根本上推動該類別以及我們的 Levi's 業務。

The other key drivers I talked about, direct-to-consumer, expected to grow double digit. Women's and tops, we continue to accelerate growth. Tops, expected to be low double-digit. Women's growth, high-single digit. And then you think of the other brands that for a long time, a, Beyond Yoga didn't exist, and Dockers was a drag, I think, expected to both grow double digit from that perspective.

我談到的其他關鍵驅動因素，直接面向消費者，預計將增長兩位數。女裝和上衣，我們繼續加速增長。頂部，預計將是低兩位數。女性增長，高個位數。然後你會想到其他品牌，很長一段時間以來，Beyond Yoga 都不存在，而 Dockers 是一個拖累，我認為，從這個角度來看，它們都有望實現兩位數的增長。

And as you know, through the year, supply chain, we have had supply chain challenges. We've not been able to fulfill demand. We think that becomes a bit of a tailwind in the second half. So that's, overall, the revenue growth. And our expectation geographically, Asia, Latin America, low double digit; the U.S. and Europe, which as Chip said, is exiting positively in December, growing low single digits. That's what we're thinking about. We haven't built in any dramatic change in China. It's too early and it's a small piece of our business. And so that's how one is thinking through it.

如您所知，在供應鏈這一年中，我們遇到了供應鏈挑戰。我們無法滿足需求。我們認為這在下半年會有點順風。總的來說，這就是收入增長。我們在地理上的預期是，亞洲、拉丁美洲，低兩位數；正如 Chip 所說，美國和歐洲在 12 月積極退出，增長低個位數。這就是我們正在考慮的問題。我們還沒有在中國建立任何戲劇性的變化。現在還為時過早，這只是我們業務的一小部分。這就是人們的思考方式。

In terms of the P&L, cotton, headwind in H1, but a tailwind in H2 because we're just locking in purchases for H2 and cotton is back to about $0.80. So that should help.

就損益而言，棉花在上半年逆風，但在下半年順風，因為我們只是鎖定下半年的採購，棉花回到 0.80 美元左右。所以這應該有所幫助。

Our next question comes from the line of Jay Sole of UBS.

我們的下一個問題來自瑞銀的 Jay Sole。

This is Jay. My question is on SG&A. And it looks like SG&A dollars are down about $30 million year-over-year in the trend in terms of the growth rates improving. Harmit, can you just talk about the source of the SG&A savings, and how you think about the opportunity to continue to stay laser focused on costs as we get into the first half and then the second half of the year?

這是傑。我的問題是關於 SG&A。從增長率提高的趨勢來看，SG&A 美元似乎同比下降了約 3000 萬美元。 Harmit，您能否談談 SG&A 節省的來源，以及您如何看待在我們進入上半年和下半年時繼續專注於成本的機會？

Sure, Jay. As you've seen both during the pandemic and when things turn tough in the second half, we went after controllable cost big time. And our focus on controllable cost starts with discretionary expenses. We slowed down hiring. We have slowed down hiring for '23 through the year, just being cautious. We are hiring where it matters. We talked about the Chief Digital Officer, Michelle coming on board. So in areas where we think we can accelerate growth, we are still doing what is right, which is getting the right people.

當然，傑伊。正如您在大流行期間和下半年情況變得艱難時所看到的那樣，我們花了很多時間追求可控成本。我們對可控成本的關注始於可自由支配的費用。我們放慢了招聘速度。出於謹慎考慮，我們今年放慢了 23 年的招聘速度。我們在重要的地方招聘。我們談到了首席數字官 Michelle 的加入。因此，在我們認為可以加速增長的領域，我們仍在做正確的事情，即聘請合適的人。

But generally, across the board, hiring has slowed down. In terms of -- and that's what led to Q4 SG&A being down year-over-year. The guidance reflects SG&A as a percentage going up, but that is largely driven by the volume deleverage. And we're going at 1.5%, 3% next year as against a growth algorithm of 6% to 8%. And so we're keeping a fair focus on discretionary costs and keeping it low from that perspective.

但總的來說，招聘已經放緩。就-這就是導致第四季度 SG&A 同比下降的原因。該指引反映了 SG&A 百分比的上升，但這主要是由數量去槓桿化推動的。明年我們將以 1.5%、3% 的速度增長，而不是 6% 到 8% 的增長算法。因此，我們將公平地關注可自由支配的成本，並從這個角度將其保持在較低水平。

I think where you are going to see a little bit of spend is really in the opening of stores. We're talking about 18 net doors and growing e-commerce. And then first half, second half, I talked about spending a little bit more on advertising, but keeping the full year as a percentage caution.

我認為你會看到一點點支出的地方真的是開店。我們談論的是 18 個網門和不斷發展的電子商務。然後上半年，下半年，我談到在廣告上多花一點錢，但要保持全年的謹慎。

Okay. And then maybe if I can ask one quick one. On the EPS guidance for the year, is there any buyback contemplated in that guidance?

好的。然後也許我可以問一個快速的問題。關於今年的 EPS 指導，該指導中是否考慮了任何回購？

Yes, there is. We're going to start slow, but there is buyback contemplated as it will spread through the year as again is happening on day 1. We've got probably a $0.01 to $0.02 from an EPS perspective, not a lot.

就在這裡。我們將開始緩慢，但考慮到回購，因為它將像第一天再次發生的那樣貫穿全年。從每股收益的角度來看，我們可能有 0.01 美元到 0.02 美元，不是很多。

Our next question comes from the line of Omar Saad of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Omar Saad。

A couple of quick follow-ups. Maybe you could dive in a little bit deeper on inventory. What gives you the confidence that you're going to get that down to a level where you're comfortable by the second half? And also, what is the ERP? Maybe talk a little bit more about what the ERP implementation enables for you guys to do with your inventory. And also any peeks on the 150th 501 product initiative? I'm sure you can do a lot of marketing around that. But are there some new product initiatives around the 501 that we can look forward to as well.

幾個快速跟進。也許您可以更深入地了解庫存。是什麼讓您有信心在下半場將其降低到您感到舒服的水平？還有，什麼是ERP？也許更多地談談 ERP 實施使你們能夠如何處理您的庫存。還有關於第 150 個 501 產品計劃的任何窺視？我相信你可以圍繞它做很多營銷。但是我們也可以期待圍繞 501 的一些新產品計劃。

Omar, I think I'll answer the first 2 questions, inventory. So inventory, up 58%. If you exclude the buildup for the ERP and the early receipts, it's up 35%. The thing that we did very quickly early on is we cut the buys for the first half, and they're down 25%. And so I think that's an essential part of what we think gets us to normalized inventory levels by the end of Q2.

奧馬爾，我想我會回答前兩個問題，庫存。所以庫存，增長了58%。如果你排除 ERP 的積累和早期收據，它增加了 35%。我們在早期非常迅速地做的事情是我們削減了上半年的購買量，他們下降了 25%。因此，我認為這是我們認為讓我們在第二季度末達到正常庫存水平的重要組成部分。

The other piece is our inventory is generally healthy. A large chunk, especially the stuff you built for the ERP, has -- it's largely stuff that we can sell through multiple seasons. The only other fact I think that's important to note, the buildup of the inventory for the ERP, which is largely oriented to U.S. wholesale customers, we have the orders for most of that. So that just flows through. And so those are the things that make us believe that we can get inventory back to normal levels by the end of Q2.

另一點是我們的庫存總體上是健康的。很大一部分，尤其是你為 ERP 構建的東西，有——它主要是我們可以在多個季節銷售的東西。我認為唯一需要注意的另一個事實是 ERP 庫存的增加，主要面向美國批發客戶，我們有大部分的訂單。這樣就流過了。因此，這些讓我們相信我們可以在第二季度末將庫存恢復到正常水平。

To your question about the ERP. And as you know, a lot of retailers are upgrading the ERP. The old ERP, the SAP ERP was really something that was built for wholesale companies or brands. As the model has evolved into more DTC model, the new ERP actually provides, from an operational perspective, a lot of visibility in how that is run. The one we are implementing is on the cloud. The big change in the ERP and what we're seeing in Canada and Mexico, because I tell people, it's not a technological solution, it actually has to lead to some real change in the business, is really access to data and data on a real-time basis.

關於您關於 ERP 的問題。如您所知，許多零售商正在升級 ERP。舊的 ERP，SAP ERP 實際上是為批發公司或品牌構建的。隨著該模型演變成更多的 DTC 模型，新的 ERP 實際上從運營的角度提供了很多關於其運行方式的可見性。我們正在實施的是在雲端。 ERP 的巨大變化以及我們在加拿大和墨西哥看到的，因為我告訴人們，這不是技術解決方案，它實際上必須導致業務發生一些真正的變化，實際上是訪問數據和數據實時基礎。

So our commercial people, our operations people get access to data and they can then leverage the data to actually drive business. And we haven't modeled all that in our algorithm, but those are the benefits we are really seeing. Inventory management gets a lot better and handling direct-to-consumer gets a lot better.

所以我們的商業人員，我們的運營人員可以訪問數據，然後他們可以利用數據來實際推動業務。我們還沒有在我們的算法中模擬所有這些，但這些是我們真正看到的好處。庫存管理變得更好，直接面向消費者的處理也變得更好。

I'll take the 501. Just real quickly, we have a year-long plan kind of mapped out with product, marketing. It's very, very holistic. We're going to bring product freshness and innovation. We're going to pay homage to a number of items right out of the archives. So just to give you a flavor of some of those, we're going to do several limited edition drops.

我會選擇 501。真的很快，我們有一個為期一年的計劃，其中包括產品、營銷。它非常非常全面。我們將帶來產品新鮮度和創新。我們將向檔案館中的許多物品致敬。因此，為了讓您體驗其中的一些，我們將進行一些限量版掉落。

One of them includes kind of what the original 1873 XX waist overalls, which was the very first pair of Levi's blue jeans ever sold. We're going to be doing kind of reincarnations of those. That's going to be out there. We're launching the men's 501 1954 jean; the women's 501, the original women's 501, which launched in 1981, both vintage fits in 100% cotton. The '54 501 is really trend right for right now. It's amazing. And the '81 women's jean was the first women's 501.

其中之一包括 1873 年 XX 原版腰帶工裝褲，這是有史以來第一條 Levi's 藍色牛仔褲。我們將對這些進行某種形式的轉世。那將會在那裡。我們推出男士 501 1954 牛仔褲；女式 501，最初的女式 501，於 1981 年推出，均採用 100% 純棉製成。 '54 501 真的是當下的潮流。太奇妙了。 81 女式牛仔褲是第一款女式 501。

We've also got some innovative 501s that we're going to launch. We've got a plant-based 501, that is real sustainability, ecologically minded approach to the 501, which is comprised of 97% plant-based and bio-based inputs. It's got -- it's dyed in plant-based indigo. You all have probably picked up the news that we've made an investment in Stony Creek colors. And that's with also with 100% organic cotton, made at Cone Mills, which is our oldest denim partner. So just a lot of good stuff there.

我們還有一些即將推出的創新 501。我們有一個基於植物的 501，這是真正的可持續發展，501 的生態意識方法，它由 97% 的植物基和生物基輸入組成。它有——它是用植物性靛藍染色的。你們可能都已經得知我們投資了 Stony Creek 顏色的消息。此外，還有 100% 有機棉，由我們最古老的牛仔合作夥伴 Cone Mills 製造。所以那裡有很多好東西。

From a marketing standpoint, lots of center of culture stuff, music events. We've got a deep partnership with Rolling Loud, celebrities, influencers. Advertising kicks off at the Grammys next weekend or the following weekend. I'm really excited about the ads, more on that in a little bit. But it's -- we're putting all of our marketing muscle behind the 501 and celebrating the 150th, and everybody's got a great 501 story to tell.

從營銷的角度來看，很多文化中心，音樂活動。我們與 Rolling Loud、名人、有影響力的人建立了深厚的合作關係。廣告將在下週末或下週末的格萊美頒獎典禮上拉開帷幕。我對這些廣告感到非常興奮，稍後會詳細介紹。但它是——我們將所有的營銷力量投入到 501 背後並慶祝第 150 週年，每個人都有一個很棒的 501 故事要講。

Our next question comes from the line of Dana Telsey of Telsey Group.

我們的下一個問題來自 Telsey Group 的 Dana Telsey。

As you think about AUR for this upcoming fiscal year, how are you planning AUR go forward? And embedded within the gross margin, how are you thinking about promotions versus in the channels, DTC and wholesale? Just one last thing. Chip, you had talked in the past about wholesale accounts, whether it's target or the others. What are you seeing in terms of order trends from the wholesale accounts and how you're planning it?

當您考慮即將到來的財政年度的 AUR 時，您打算如何推進 AUR？在毛利率中，你如何看待促銷與渠道、DTC 和批發？最後一件事。 Chip，您過去曾談到過批發賬戶，無論是目標賬戶還是其他賬戶。您對批發賬戶的訂單趨勢有何看法？您是如何計劃的？

Yes. So in terms of, Dana, in terms of AURs, we're not planning any major price increase. So the AUR -- so if you think about revenue growth, think about revenue growth being equally balanced between AUR and unit volume, but the AUR, driven by mix more than pricing.

是的。因此，就 Dana 而言，就 AUR 而言，我們不打算大幅提價。所以 AUR - 所以如果你考慮收入增長，請考慮收入增長在 AUR 和單位數量之間保持平衡，但 AUR 是由組合驅動的，而不是定價。

To your question about promotion and dilution, I talked about a 50 basis point full year impact higher in the first half, much less in the second half, and most of that is largely wholesale versus direct-to-consumer. We're doing some smart promotions in our own direct-to-consumer business and is really resonating in terms of driving traffic. That's what's driving traffic in our comp sales that I talked about. And Chip, I think, the wholesale.

關於你關於促銷和稀釋的問題，我談到了上半年 50 個基點的全年影響，下半年要低得多，其中大部分主要是批發而不是直接面向消費者。我們正在自己的直接面向消費者的業務中進行一些明智的促銷活動，並且在推動流量方面確實引起了共鳴。這就是我所說的推動我們的 comp 銷售流量的原因。還有 Chip，我認為是批發商。

Yes. What I would say on the wholesale trends is, right now, our assessment of wholesale inventories is that they're pretty clean and back to kind of normal levels. And as we alluded to in the prepared remarks and also during the Q&A, we're seeing sell-through trends strengthen over the last couple of weeks in wholesale. And that should bode well for replenishment orders.

是的。關於批發趨勢，我要說的是，目前，我們對批發庫存的評估是，它們非常乾淨，回到了正常水平。正如我們在準備好的評論和問答中提到的那樣，我們看到過去幾週批發銷售趨勢有所增強。這對補貨訂單來說應該是個好兆頭。

The other big thing that we've got coming up here, as Harmit has talked about in the U.S., is the ERP implementation, which is going to have a dynamic between the second quarter and the first quarter as we ship to customers ahead of the ERP conversion where we have to take the distribution centers down for a couple of weeks. And so that will have a dynamic between the first quarter and the second quarter.

正如 Harmit 在美國談到的那樣，我們在這裡提出的另一件大事是 ERP 實施，隨著我們提前向客戶發貨，它將在第二季度和第一季度之間動態變化ERP 轉換，我們必須將配送中心關閉幾週。因此，這將在第一季度和第二季度之間產生動態變化。

Our last question comes from the line of Ike Boruchow of Wells Fargo.

我們的最後一個問題來自富國銀行的 Ike Boruchow。

Harmit, congrats as well. I guess I'll just go back to the inventory. I guess, Harmit, I'm not trying to nitpick, but you're saying now that with the inventory of 58%, everything is in line with your expectations. And by Q2, you're expecting inventory to revert back to, I guess, normal. On the last call, you said you expected inventory to revert back to in line with sales growth in Q2, you're guiding sales growth down in 2Q. I'm assuming that's not where you're expecting inventory to go.

Harmit，也恭喜你。我想我會回到庫存。我想，Harmit，我不是想吹毛求疵，但你現在說的是 58% 的庫存，一切都符合你的預期。到第二季度，您預計庫存會恢復到正常水平。在上次電話會議上，您表示您預計庫存將恢復到與第二季度的銷售增長一致的水平，您正在引導第二季度的銷售增長下降。我假設那不是您期望的庫存去向。

So it just seems like something is a little bit different than 3 months ago on inventory. I'm just trying to just figure out exactly if you could elaborate a little bit more on the pacing of inventory, or if there's anything that's kind of changed a little bit, that would be helpful to understand.

所以看起來有些東西與 3 個月前的庫存有所不同。我只是想確切地弄清楚您是否可以詳細說明庫存的節奏，或者是否有任何變化，這將有助於理解。

Yes. I mean we're just being cautious, Ike, given the macro environment. And so nothing dramatically changed. Everybody is worried about holiday. Holiday for us is actually quite decent. And as I mentioned earlier, most of the inventory that has been built is inventory that's core, passes through season to season. And that's why I think our reflection of getting to normal levels by the end of Q2 is how we're thinking about it.

是的。我的意思是，考慮到宏觀環境，我們只是保持謹慎，Ike。因此，沒有發生任何顯著變化。每個人都在擔心假期。假期對我們來說其實是很體面的。正如我之前提到的，已經建立的大部分庫存都是核心庫存，逐季變化。這就是為什麼我認為我們對在第二季度末達到正常水平的反映是我們的思考方式。

All right. I guess we will wrap it there. Thank you all for dialing in. It's been a pleasure talking to you, and we look forward to speaking with you again at the end of our first quarter of fiscal '23. Take care. Thanks.

好的。我想我們會把它包在那裡。感謝大家的撥入。很高興與您交談，我們期待在 23 財年第一季度末再次與您交談。小心。謝謝。

Thank you. This concludes today's conference call. Please disconnect your lines at this time.

謝謝。今天的電話會議到此結束。此時請斷開您的線路。