Levi Strauss & Co (LEVI) 2023 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 conference call for the period ending November 26, 2023.

女士們、先生們，美好的一天，歡迎參加 Levi Strauss & Co. 截至 2023 年 11 月 26 日的第四季度和財年末收益電話會議。

(Operator Instructions) This conference call is being recorded and may not be reproduced in whole or in part without written permission from the company.

（操作說明）本次電話會議正在錄音中，未經本公司書面許可，不得全部或部分複製。

(Operator Instructions) I would now like to turn the call over to Aida Orphan, Vice President of Investor Relations at Levi Strauss expertise.

（操作員說明）我現在想將電話轉給李維斯專業技術公司投資者關係副總裁艾達·奧芬 (Aida Orphan)。

Thanks, everyone, for joining us on the call today to discuss the results for our fourth quarter and fiscal year and 2023.

感謝大家今天加入我們的電話會議，討論我們第四季、財年和 2023 年的業績。

Joining me on today's call are Chip Bergh, our President and CEO, Michelle Gass, our President and incoming CEO, and Harmit Singh, our Chief Financial and Growth Officer.

參加今天的電話會議的有我們的總裁兼執行長 Chip Bergh、我們的總裁兼新任執行長 Michelle Gass 以及我們的財務和成長長 Harmit Singh。

We have posted complete Q4 financial results in our earnings released on the IR section of our website.

我們已在我們網站的投資者關係部分發布的收益中發布了完整的第四季度財務業績。

Investors dot levistrauss.com. The link to the webcast of today's conference call can also be found on our site.

投資者關注 levistrauss.com。今天電話會議的網路廣播連結也可以在我們的網站上找到。

We'd like to remind you that we will be making forward-looking statements on this call, which involve risks and uncertainties.

我們想提醒您，我們將在本次電話會議中做出前瞻性陳述，其中涉及風險和不確定性。

Actual results could differ materially from those contemplated by our forward-looking statements.

實際結果可能與我們前瞻性陳述中預期的結果有重大差異。

Please review our filings with the SEC.

請查看我們向 SEC 提交的文件。

In particular, the Risk Factors section of our Form 10-K and we filed today for the factors that could cause our results to differ.

特別是我們今天提交的 10-K 表格的風險因素部分，以了解可能導致我們的結果出現差異的因素。

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.

另請注意，本次電話會議的前瞻性陳述是基於我們今天掌握的信息，我們不承擔更新任何這些陳述的義務。

During this call, we will discuss certain non-GAAP financial measures.

在本次電話會議中，我們將討論某些非公認會計準則財務指標。

These non-GAAP measures are not intended to be a substitute for our GAAP results.

這些非公認會計準則衡量標準無意取代我們的公認會計準則結果。

Reconciliations of our non-GAAP measures to their most comparable GAAP measure are included in today's press release.

我們的非公認會計原則衡量標準與最具可比性的公認會計原則衡量標準的調節結果包含在今天的新聞稿中。

Finally, this call is being webcast on our IR website and a replay of this call will be available on our website shortly.

最後，該電話會議正在我們的 IR 網站上進行網路直播，並且很快就會在我們的網站上提供該電話會議的重播。

Please note that chip, Michelle and Harmit will be referencing constant currency numbers unless otherwise noted, today's call is scheduled for one hour, so please limit yourself to one question at a time to give others the opportunity to have their questions addressed.

請注意，除非另有說明，奇普、米歇爾和哈米特將引用固定貨幣數字，今天的電話會議預計持續一小時，因此請一次只回答一個問題，以便其他人有機會得到解決。

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

現在我想把電話轉給奇普。

Thank you for joining us this afternoon.

感謝您今天下午加入我們。

As you know, this is my last earnings call.

如你所知，這是我最後一次財報電話會議。

I want to acknowledge what a privilege it's been leading this company over the last 12 years.

我想承認在過去 12 年裡領導這家公司是多麼榮幸。

Over this time, we've transformed the Company and I leave proud of all that has been accomplished.

在這段時間裡，我們改變了公司，我對所取得的一切成就感到自豪。

We revitalize the Levi's brand by putting it back at the center of culture.

我們透過將 Levi's 品牌重新置於文化中心來重振其活力。

And today, the Levi's brand is strong globally, resonating again with younger consumers, which bodes well for the future.

如今，Levi's 品牌在全球強勢崛起，再次與年輕消費者產生共鳴，預示著未來的發展。

We evolved the Company from being a predominantly US men's bottoms wholesale business to being a much more diversified business today with more than half of our sales coming from outside of the US and 43% of our sales coming from our own direct-to-consumer business.

我們將公司從一家以美國為主的男士下裝批發企業發展成為如今更加多元化的企業，我們一半以上的銷售額來自美國以外的地區，43% 的銷售額來自我們自己的直接面向消費者的業務。

We now have a meaningful women's business and evolved our brand portfolio with the addition of beyond yoga, and we transformed our financials, enabling the strategic investments that drove profitable growth over the last decade.

我們現在擁有有意義的女性業務，並透過添加超越瑜伽來發展我們的品牌組合，並且我們改變了我們的財務狀況，實現了在過去十年中推動盈利增長的戰略投資。

Our foundation is strong and much stronger than a decade ago.

我們的基礎很牢固，比十年前堅固得多。

While we faced challenges over the last 18 months, particularly in the US wholesale channel.

雖然我們在過去 18 個月中面臨挑戰，特別是在美國批發管道。

We ended the year on a high note with encouraging trends across the business.

我們以令人鼓舞的整個業務趨勢結束了這一年。

Our US business returned to growth, driven by a positive inflection in US wholesale growth for Levi's and continued strong momentum in the DTC channel, led by the strength of the brand for Michelle and Harmit will give you the full details on Q4 in a moment.

在 Levi's 美國批發成長的積極拐點以及 DTC 通路持續強勁勢頭的推動下，我們的美國業務恢復了成長，在 Michelle 和 Harmit 品牌實力的引領下，我們稍後將為您提供第四季度的完整細節。

My confidence in this company's future over the next several years is grounded on three things.

我對這家公司未來幾年的未來充滿信心是基於三件事。

First, the Levi's brand we have with almost every apparel company wish they had Levi's the original and yet the Levi's brand still has so much potential and Michelle's focus on becoming a denim apparel lifestyle business and transforming the operating model into a best in class DTC-first organization will be instrumental in unlocking the next decade of profitable growth.

首先，我們擁有的 Levi's 品牌幾乎所有服裝公司都希望他們擁有 Levi's 原創品牌，但 Levi's 品牌仍然具有巨大的潛力，而 Michelle 專注於成為牛仔服裝生活方式業務並將運營模式轉變為一流的 DTC-第一個組織將有助於開啟下一個十年的獲利成長。

Second, our global productivity initiative or Project Fuel.

其次，我們的全球生產力計劃或「燃料計劃」。

We made a major transformation effort in 2014, which generated a significant amount of savings and was a key element of creating the growth curve that we generated from 2015 through 2021.

我們在 2014 年進行了重大轉型，節省了大量資金，也是創造 2015 年至 2021 年成長曲線的關鍵要素。

I believe the transformation program underway now which will generate the same magnitude of savings, will be a catalyst to accelerated profitability.

我相信現在正在進行的轉型計劃將產生同等程度的節省，並將成為加速獲利的催化劑。

And third, our team at the end of the day, it's about the people and the leadership.

第三，我們的團隊歸根結底是關於人員和領導的。

I believe we have some of the most talented and dedicated people in the industry, whether that's in our retail stores, our distribution centers or at the top of the house and at every level in between, we've made changes to the executive team over the last 12 months, including the addition of Kenny Mitchell as our Chief Marketing Officer, Jason Gowans as our Chief Digital Officer, and most recently the addition of Nancy Green to lead Beyond Yoga.

我相信我們擁有一些業內最有才華和最敬業的人才，無論是在我們的零售店、配送中心還是在公司的高層以及中間的各個層面，我們都對執行團隊進行了調整過去12 個月，包括任命Kenny Mitchell 擔任我們的首席行銷長、Jason Gowans 擔任我們的首席數位官，以及最近任命Nancy Green 領導Beyond Yoga。

These are all big impact players and sets us up longer term.

這些都是具有巨大影響力的參與者，為我們奠定了更長遠的基礎。

Most of all, though, I have great confidence in Michelle, as she assumes the role of CEO.

但最重要的是，我對米歇爾充滿信心，因為她擔任執行長。

So successful onboarding has been my top priority working together side by side for the last 13 months has convinced me that she will take this company to the next level and build on the legacy that I leave behind.

因此，成功入職一直是我的首要任務，在過去 13 個月裡並肩工作，讓我確信她將帶領這家公司更上一層樓，並在我留下的遺產的基礎上再接再厲。

And I'm looking forward to seeing her guide this company through the exciting new era of growth ahead.

我期待看到她帶領公司度過未來令人興奮的新增長時代。

Finally, I want to thank all of you for your support and your confidence and trust in me and my team.

最後，我要感謝大家的支持以及對我和我的團隊的信心和信任。

Michelle?

米歇爾？

Thanks, Chip.

謝謝，奇普。

First, I'd like to take a moment and share my incredible gratitude for all of chips support and partnership this year.

首先，我想花一點時間對今年所有晶片支援和合作夥伴表示衷心的感謝。

Chip and I have known each other for about a decade now.

奇普和我已經認識大約十年了。

But this year cemented the great relationship that we've built over the years over the past decade under Chip's leadership, Levi's has returned to a position of strength around the globe and reaccelerated the growth of our business.

但今年鞏固了我們過去十年在 Chip 的領導下建立的良好關係，Levi's 恢復了在全球的強勢地位，並重新加速了我們業務的成長。

This strong foundation sets us up to deliver long-term value creation on behalf of the Board of Directors and our 20,000 employees around the world.

這一堅實的基礎使我們能夠代表董事會和全球 20,000 名員工創造長期價值。

I want to thank Chip for his exceptional leadership these past 12 years.

我要感謝 Chip 在過去 12 年來的卓越領導。

What you'll take away from today's call is our business strengthened in Q4, and we delivered solid results, including a strong holiday season.

您將從今天的電話會議中了解到，我們的業務在第四季度得到了加強，我們取得了堅實的業績，包括強勁的假日季業績。

The brand continued to have great momentum, helping drive full year company AURs up mid-single digits, and we have an incredible pipeline of newness and innovation coming in 2024 to continue to drive consumer demand.

該品牌繼續保持強勁勢頭，幫助公司全年 AUR 上升到中個位數，我們將在 2024 年推出令人難以置信的新產品和創新產品，以繼續推動消費者需求。

We have the right strategies in place, which we will accelerate by unlocking efficiency with the launch of our global productivity initiatives, Project Fuel.

我們已經制定了正確的策略，我們將透過啟動全球生產力計畫 Project Fuel 來釋放效率，從而加速策略的實施。

We are seeing strong growth in our DTC and international businesses, both critical components of our growth algorithm.

我們看到 DTC 和國際業務強勁成長，這兩者都是我們成長演算法的關鍵組成部分。

We have further strengthened the management team who I am confident will drive our execution while we're encouraged by momentum in our business, including continued positive DTC trends, moderating inflation and early improvement in US wholesale we are taking a cautious approach to our outlook given the continued macro economic uncertainty.

我們進一步加強了管理團隊，我相信他們將推動我們的執行，同時我們對我們業務的勢頭感到鼓舞，包括持續積極的DTC 趨勢、溫和的通膨和美國批發業的早期改善，鑑於我們對前景採取謹慎態度宏觀經濟的持續不確定性。

Let's start with our fourth quarter performance, an important indicator for how the company is positioned for 2024.

讓我們從第四季的業績開始，這是衡量公司 2024 年定位的重要指標。

We ended 2023 on a strong note, growing Q4 revenues by 2% to $1.6 billion, an expanding gross margin 200 basis points ahead of our expectations.

我們以強勁的勢頭結束了 2023 年，第四季營收成長了 2%，達到 16 億美元，毛利率比我們的預期高出 200 個基點。

Margin upside and our team's disciplined execution enabled us to deliver approximately 30% growth in EPS versus prior year, and we further improved our inventory position and generated positive free cash flow for the quarter and the full year.

利潤率上升和我們團隊嚴格的執行力使我們的每股收益比去年同期增長了約 30%，我們進一步改善了我們的庫存狀況，並在本季度和全年產生了正的自由現金流。

Our efforts to stabilize our wholesale business are working.

我們穩定批發業務的努力正在發揮作用。

Our global wholesale business showed meaningful sequential improvement in Q4, down 3% versus down 10% in Q3.

我們的全球批發業務在第四季度出現了顯著的環比改善，下降了 3%，而第三季度則下降了 10%。

The improvement was driven by US wholesale inflecting to growth for Levi's, which was up 5%.

這項改善是由美國批發市場對李維斯 (Levi's) 成長的推動，該公司成長了 5%。

Solid execution at our distribution centers has resulted in fill rate returning to normalized levels, enabling us to deliver better in-stock positions with our key customers and more newness and time for the holidays and the surgical pricing actions we took late in Q3 are showing promising results, and we have no plans to take additional price cuts as we look to 2024.

我們的配送中心的紮實執行使填充率恢復到正常水平，使我們能夠為主要客戶提供更好的庫存狀況，並為假期提供更多的新鮮感和時間，而且我們在第三季度末採取的外科定價行動顯示出有希望的展望 2024 年，我們沒有計劃進一步降價。

While we're continuing to plan the wholesale business prudently.

同時我們將繼續審慎規劃批發業務。

We are cautiously optimistic on this important channel.

我們對這一重要管道持謹慎樂觀態度。

We're working closely with our partners and how we can strengthen our business in 2024 and beyond by improving execution delivering more newness and innovation and exploring and testing new ways of working together.

我們正在與合作夥伴密切合作，探討如何透過提高執行力、提供更多新鮮感和創新以及探索和測試新的合作方式，在 2024 年及以後加強我們的業務。

As you know, along with Levi's Red Tab, we operate two value brands that have historically played a role in our segmentation strategy.

如您所知，我們與 Levi's Red Tab 一起經營兩個價值品牌，這兩個品牌歷來在我們的細分策略中發揮著重要作用。

Based on work we've done, we have made the strategic decision in collaboration with our customers to discontinue the Denizen brand.

根據我們所做的工作，我們與客戶合作做出了終止 Denizen 品牌的策略決策。

Given the successful rollout of Red Tab and target our focus there will be on growing the higher gross margin Red Tab business where we are seeing strong performance in comp doors.

鑑於 Red Tab 的成功推出，我們的重點將放在成長更高毛利率的 Red Tab 業務上，我們在競爭門領域看到了強勁的表現。

Denizen exit will be about one point of impact to sales in 2024, and Harmit will share more in the outlook despite our exit from Denizen, we remain committed to the value segment and to supporting and growing the signature brand.

Denizen 的退出將對 2024 年的銷售產生大約一個影響，儘管我們退出了 Denizen，但 Harmit 將分享更多的前景，我們仍然致力於價值細分市場，並支持和發展標誌性品牌。

In addition to seeing positive trends in wholesale, DTC continues to drive outsized growth, giving us conviction that now is the time to accelerate our transition to operating the business of ADTC first company for the quarter, the DTC business was up 10% versus prior year and comped positively in every region across every direct-to-consumer channel in mainline e-commerce and outlets.

除了看到批發方面的積極趨勢外，DTC 還繼續推動超額增長，這讓我們相信現在是時候加速向經營 ADTC 第一家公司的業務過渡了，本季度 DTC 業務比去年同期增長了 10%並在主流電子商務和網點的每個直接面向消費者的管道的每個地區都取得了積極的競爭。

Comp traffic was also up in every region and in every channel, we drove another quarter of double-digit growth in our e-commerce business, which was up 17% this quarter with traffic units per transaction and AUR all increasing as we work to improve the levi.com experience and broaden its assortment, and we drove meaningful growth in our global loyalty program in the fourth quarter, with membership up by almost 30% to 30 million in 2023, driven by strong double-digit growth in membership across all regions.

每個地區和每個通路的競爭流量也在成長，我們的電子商務業務又實現了兩位數成長，本季成長了17%，隨著我們努力改進，每筆交易的流量單位和AUR 都在增加levi.com 的經驗並擴大其品種，我們在第四季度推動了全球忠誠度計劃的顯著增長，在所有地區會員人數強勁兩位數增長的推動下，到2023 年，會員人數將增加近30%，達到3000 萬。

For the full year, global DTC was up 13% to $2.6 billion on top of 18% growth in the prior year.

全年全球 DTC 在上一年增長 18% 的基礎上增長了 13%，達到 26 億美元。

This represents 43% of total global revenues 5 points ahead of last year and tracks with our long-term algorithm.

這佔全球總收入的 43%，比去年領先 5 個百分點，並根據我們的長期演算法進行追蹤。

The success we are seeing highlights the continued strength of our brand worldwide for the full year we grew Levi's Brand revenue to $5.4 billion, a multi-decade high with AURs up 3% over prior year.

我們所看到的成功突顯了我們品牌在全球範圍內的持續實力，全年我們將 Levi's 品牌收入增至 54 億美元，創下數十年來的新高，AUR 比上年增長 3%。

Key to our success is our continued global leadership in denim bottoms.

我們成功的關鍵是我們在牛仔褲領域持續的全球領先地位。

And for the full year, we retained our dominant number one market share position globally, further strengthening and broadening our brand reach.

全年，我們保持了全球第一市場份額的主導地位，進一步加強和擴大了我們的品牌影響力。

We are attracting a new generation of consumers increasing the number of 18 to 30 year old buyers globally.

我們正在吸引新一代消費者，全球 18 至 30 歲的買家數量不斷增加。

And our efforts to elevate our brand are attracting higher income consumers as reflected in our US mainline results, which were up almost 30% in the fourth quarter.

我們提升品牌的努力正在吸引更高收入的消費者，這從我們的美國主要業績中可以看出，該業績在第四季度增長了近 30%。

In Q4, Levi's brand revenues returned to growth up 4%, driven by strength in men's and even higher growth in women's as the brands are strong performance in our core offerings as well as from the newness and innovation we delivered in the quarter, and we were particularly pleased with nearly 40% growth in Levi's non-denim bottoms driven by strength in the US ex China.

第四季度，Levi's 品牌營收恢復成長4%，這主要得益於男裝的強勁成長以及女裝的更高成長，因為這些品牌在我們的核心產品中表現強勁，並且我們在本季度提供了新穎性和創新性，而且我們尤其令李維斯 (Levi's) 非牛仔布下裝增長近 40% 的增長感到高興，這得益於美國（中國除外）市場的強勁增長。

The 501 continues to stand the test of time, a clear barometer for the strength of the Levi's brand.

501 繼續經得起時間的考驗，成為 Levi's 品牌實力的明確晴雨表。

The 501 grew 21% in Q4 and 11% for the year, reflecting strong growth across DTC and wholesale and approaching $800 million in annual sales, nearly 70% larger than pre-pandemic levels.

501 在第四季度增長了 21%，全年增長了 11%，反映出 DTC 和批發領域的強勁增長，年銷售額接近 8 億美元，比大流行前的水平高出近 70%。

Strength in investment in our brand continues to be a critical part of our growth.

對我們品牌的投資力度仍然是我們成長的關鍵部分。

Over the past year, we have been laser focused on putting Levi's at the center of culture, driving strong connections and building brand love with fans and consumers around the world.

在過去的一年裡，我們一直專注於將 Levi's 置於文化中心，與世界各地的粉絲和消費者建立牢固的聯繫並建立品牌喜愛度。

This year, we partnered with some of the biggest names and biggest brand in fashion and music.

今年，我們與時尚和音樂領域的一些知名人士和最大品牌合作。

This includes successful collaborations with Crocs and luxury labels, Kenzo tapping into youth culture with the likes of Emma Chamberlain, a capsule collection to see inspired by our shared California roots and an international campaign with the hot K-pop bands, new genes.

其中包括與 Crocs 和奢侈品牌的成功合作，Kenzo 與 Emma Chamberlain 等人一起深入青年文化，推出一個以我們共同的加州根源為靈感的膠囊系列，以及與熱門韓國流行樂隊、新基因合作的國際活動。

And just this morning, we announced the extension to the naming rights for Levi's Stadium through 2043, one of our highest marketing returns on investments, Levi's Stadium places our brand firmly at the center of culture connecting us with new generations of fans through the unifying power of sports and music.

就在今天早上，我們宣布將李維斯體育場的冠名權延長至2043 年，這是我們最高的營銷投資回報之一，李維斯體育場將我們的品牌牢牢地置於文化中心，通過統一的力量將我們與新一代球迷聯繫起來。體育和音樂。

These partnerships and collaborations expand our influence and generate a ton of PR and social reach.

這些夥伴關係和合作擴大了我們的影響力並產生了大量的公關和社會影響力。

Looking forward to 2024, we have a strong lineup of collaborations planned for the year, continuing to create a ton of buzz and energy around the brand.

展望 2024 年，我們計劃在這一年推出強大的合作陣容，繼續圍繞品牌創造大量的話題和活力。

In terms of our strategic priority to diversify our business, our efforts are working our business continues to become more global.

就我們業務多元化的策略重點而言，我們正在努力使我們的業務繼續變得更加全球化。

Our international business continued to outpace the total company growing 4% excluding Russia in Q4, on top of 5% in the prior year.

第四季度，我們的國際業務持續超過公司總業務成長 4%（不包括俄羅斯），而上年則成長 5%。

For the full year, our international business accounted for 56% of our total revenues, 3 points ahead of last year.

全年國際業務佔總營收的56%，比去年提升3個百分點。

Asia today is a $1.1 billion business, growing nearly 30% versus 2019.

如今，亞洲業務規模達 11 億美元，較 2019 年成長近 30%。

Our growth this year in this segment has been broad-based across markets and channels, and we view this region as one of our largest opportunities going forward.

今年我們在這一領域的成長在各個市場和通路上都有廣泛的基礎，我們認為該地區是我們未來最大的機會之一。

Our total company women's business was also up 8% in the quarter, led by double-digit growth in our bottoms business.

在下裝業務兩位數成長的帶動下，本季我們公司的女裝業務總量也成長了 8%。

This was our highest Q4 revenue for women's in a decade now moving to Beyond Yoga, the business had a solid year of 14% for the fourth quarter and 19% for the full year, achieving revenues of over $115 million.

這是我們十年來女性業務最高的第四季度收入，現在轉向 Beyond Yoga，該業務第四季度增長 14%，全年增長 19%，收入超過 1.15 億美元。

Under Michelle Wahler's leadership, we successfully incorporated Beyond Yoga into the LS & Co portfolio and have opened six brick and mortar store locations in the US.

在 Michelle Wahler 的領導下，我們成功地將 Beyond Yoga 納入 LS & Co 產品組合，並在美國開設了六家實體店。

Now we believe that the brand is at an inflection point.

現在我們相信該品牌正處於一個轉折點。

Last week, we announced Nancy Green as Beyond Yoga's next CEO.

上週，我們宣布 Nancy Green 擔任 Beyond Yoga 的下一任執行長。

Nancy is a proven brand builder with deep retail experience and a legacy of driving significant profitable growth, having scale that led us to nearly $1 billion from $250 million as the brand CEO., while at Gap Inc. I am confident that his appointment will unlock the next phase of growth for the brand.

Nancy 是一位久經考驗的品牌建立者，擁有深厚的零售經驗和推動利潤顯著增長的傳統，作為品牌首席執行官，其規模使我們從2.5 億美元的收入增長到近10 億美元。在Gap Inc. 任職期間，我相信他的任命將解鎖更多業務品牌的下一階段成長。

Dockers was roughly flat for the year and down 20% in Q4 with both periods marked by DTC and international growth, offset by weakness in US wholesale.

Dockers 全年基本持平，第四季度下降 20%，這兩個時期都以 DTC 和國際增長為標誌，但被美國批發疲軟所抵消。

In December, we saw US wholesale trends improve, driven by a healthier inventory position as well as strong comp store performance globally and gross margin expansion.

12 月份，我們看到美國批發趨勢有所改善，這得益於更健康的庫存狀況以及全球同店強勁的表現和毛利率的擴張。

As at the Levi's business, we are cautious on the US wholesale outlook for 2024, and we're planning this business prudently.

就李維斯業務而言，我們對 2024 年美國批發前景持謹慎態度，並且我們正在謹慎規劃這項業務。

I'll now touch on the product, newness and innovation.

我現在將談談產品、新穎性和創新。

We are coming to the Levi's brand in 2024 first, across both men's and women's bottoms.

我們將在 2024 年首先介紹 Levi's 品牌，涵蓋男裝和女裝下裝。

We have two platforms that we are expanding to address warm weather markets and provide consumers with options that allow them to wear denim all year long.

我們正在擴展兩個平台，以滿足溫暖天氣市場的需求，並為消費者提供全年穿著牛仔布的選擇。

This includes globally scaling our performance cool line, which has been a big success in Asia as well as a new launch of our lightest weight denim across our most popular fit.

這包括在全球範圍內擴展我們的高性能酷系列（該系列在亞洲取得了巨大成功），以及在我們最受歡迎的版型上新推出了最輕的牛仔布。

Second, we're leveraging our expertise in bottoms to continue fueling our Levi's non-denim bottoms business to address this incremental opportunity.

其次，我們正在利用我們在下裝方面的專業知識，繼續推動我們的李維斯非牛仔布下裝業務，以抓住這一增量機會。

We have developed an innovative non-denim pant for him with technical properties, including moisture control and three, 60 mobility.

我們為他開發了一款創新的非牛仔長褲，其技術特性包括濕度控制和 3,60 的流動性。

This pant is versatile and appropriate for multiple wear occasions from working at the office to going on a height and provides us with the opportunity to capture more share of his closet.

這款褲子用途廣泛，適合多種穿著場合，從辦公室工作到高空行走，為我們提供了更多展示他衣櫃的機會。

One of our largest US men's product launches to date.

我們迄今為止最大的美國男士產品發表會之一。

The tax payment will be available early this year on both our direct-to-consumer channels and through key wholesale partners.

稅款將於今年年初透過我們的直接面向消費者的管道和主要批發合作夥伴提供。

Now focusing on women's and women's denim bottoms we set the trends building upon our success with looser fit, which now represent half of our women's business.

現在，我們專注於女裝和女式牛仔褲，以寬鬆版型的成功為基礎，引領了潮流，目前，寬鬆版型已占我們女裝業務的一半。

We are introducing multiple new fashion fit, including our latest, the XL, which has the option to be worn either at a high or low rise beyond bottoms, we are evolving our position from being a denim bottoms brand into a true denim lifestyle brand just as we today stand for the most authentic and highest quality pair of jeans in the world.

我們正在推出多種新的時尚款式，包括我們最新的XL，除了下裝之外，還可以選擇高腰或低腰穿著，我們正在將我們的定位從牛仔下裝品牌轉變為真正的牛仔生活方式品牌因為我們今天代表著世界上最道地、最高品質的牛仔褲。

We see a tremendous opportunity in broadening this position to offering denim this denim dressing goes across many untapped segments for us such as skirts, dresses, tops, outerwear and accessories.

我們看到了擴大這一地位以提供牛仔布的巨大機會，這種牛仔布服裝涉及我們許多尚未開發的領域，例如裙子、連身裙、上衣、外套和配件。

While we've made progress this last year with denim, skirts and dresses, helping drive this category up nearly 50%.

去年我們在牛仔布、裙子和洋裝方面取得了進展，幫助推動該類別成長了近 50%。

We are in the very early stages of this exciting opportunity and have lots of newness in the pipeline coming in 2024 and beyond.

我們正處於這一令人興奮的機會的早期階段，並且在 2024 年及以後將推出許多新產品。

I will briefly touch on our tops business, which was up low single digits in the fourth quarter.

我將簡要地談談我們的頂級業務，該業務在第四季度實現了低個位數成長。

While we have a meaningful tops business today at over $1 billion, we've not delivered a consistent tops program commensurate with the strength of our bottoms business over the last year, our teams have been hard at work to deliver an end to end reset of this business in 2024.

雖然我們今天擁有超過 10 億美元的有意義的上衣業務，但我們去年並沒有提供與我們下衣業務實力相稱的一致上衣計劃，我們的團隊一直在努力提供端到端的重置2024 年開展這項業務。

Our focus is establishing a stronger core essential business in categories like T-shirts, wovens and polos.

我們的重點是在 T 卹、梭織布和 Polo 衫等類別上建立更強大的核心必需業務。

We're encouraged by the early response we are seeing to recent introductions such as in outerwear, which was up more than 20% in the fourth quarter.

我們對最近推出的外套等產品的早期反應感到鼓舞，該產品在第四季度增長了 20% 以上。

Overall, we are really excited about the innovation platforms that we are rolling out this year.

總的來說，我們對今年推出的創新平台感到非常興奮。

I feel confident the newness and energy we are delivering to market will drive growth in our core business while also fueling the adjacent incremental businesses we're building as part of our long-term vision to own denim lifestyle.

我相信，我們向市場提供的新鮮感和活力將推動我們核心業務的成長，同時也推動我們正在建立的相鄰增量業務，這是我們擁有牛仔生活方式的長期願景的一部分。

Finally, as I mentioned earlier, we launched our global productivity initiative this year that we are calling Project Fuel as we are tightening our strategies and accelerating DTC-first, this work will be ongoing and is expected to deliver approximately $100 million in net savings for fiscal 2024.

最後，正如我之前提到的，我們今年推出了全球生產力計劃，我們將其稱為“燃料項目”，因為我們正在收緊我們的策略並加速DTC 優先，這項工作將持續進行，預計將為以下國家帶來約1 億美元的淨節省： 2024 財年。

The majority of the savings is related to a 10% to 15% reduction of our global corporate workforce.

大部分節省與我們全球企業員工人數減少 10% 至 15% 有關。

In addition, we've identified savings related to streamlining our global operating model, rewiring our go-to-market process and improving productivity and profitability across our channels, consistent with our values.

此外，我們還發現了與簡化我們的全球營運模式、重新設計我們的上市流程以及提高整個通路的生產力和盈利能力相關的節省，這與我們的價值觀相一致。

This work will be done with respect and thoughtfulness as we work to become a more agile and focused company.

隨著我們努力成為一家更敏捷和專注的公司，這項工作將以尊重和深思熟慮的方式完成。

To conclude, we are pleased with our fourth quarter performance.

總而言之，我們對第四季的業績感到滿意。

We have a solid foundation to build on and I am confident in our 2024 and long term outlook.

我們擁有堅實的基礎，我對 2024 年和長期前景充滿信心。

Harmit?

哈米特？

Thanks, Michelle.

謝謝，米歇爾。

Let me start by thanking Chip for being a tremendous leader for both new mentor and friend.

首先，我要感謝奇普，他是新導師和新朋友的優秀領導者。

Under Chip's leadership, we have grown the revenue of the company by nearly $1.5 billion and improved the structural economics of the business by improving gross margins by nearly 1,000 basis points.

在 Chip 的領導下，我們使公司收入增加了近 15 億美元，並透過提高毛利率近 1,000 個基點來改善業務的結構經濟性。

I look forward to partnering with Michelle and our incredibly talented teams as we scale the business to over $9 billion in revenues and grow operating margins to 15% over time.

我期待與 Michelle 和我們才華橫溢的團隊合作，隨著時間的推移，我們將業務規模擴大到超過 90 億美元的收入，並將營業利潤率提高到 15%。

And with that, I will turn to our results.

接下來，我將談談我們的結果。

Revenue in the quarter was up 2%, led by an inflection to growth in the US, our largest market and 10% growth in our global direct-to-consumer channel comp sales, our seventh consecutive quarter of broad-based growth.

本季營收成長了 2%，這得益於我們最大的市場美國的成長以及我們的全球直接面向消費者通路銷售成長 10%，這是我們連續第七個季度實現廣泛成長。

And along with our franchisee partners, we opened a record number of stores in fiscal year '23, 105 net store openings, excluding Russia.

與我們的特許經營合作夥伴一起，我們在 23 財年開設了創紀錄的商店數量，淨開設 105 家商店（不包括俄羅斯）。

We ended fiscal '23 with a system-wide store count of more than 2,400 stores.

截至 23 財年，我們的全系統商店數量已超過 2,400 家。

In the quarter transitory headwinds, most notably product costs shifted to tailwinds, enabling us to deliver gross margin ahead of our expectations, along with the key contributors to the structural drivers of our gross margin, including DTC, international and women's, we expect continued improvement in 2024 as we progress on our path to 60% as discussed during our 2022 Investor Day.

在本季的短暫逆風中，最顯著的是產品成本轉向順風，使我們能夠實現超出預期的毛利率，以及毛利率結構性驅動因素的關鍵貢獻者，包括DTC、國際和女性，我們預計將持續改善2024 年，我們將朝著 2022 年投資者日討論的 60% 目標邁進。

For the holiday period of November and December, we saw low single digit revenue growth versus prior, including 9% growth in our direct-to-consumer business and a continued positive trend in US wholesale.

在 11 月和 12 月的假期期間，我們的收入成長較之前較低，其中包括直接面向消費者的業務增長 9%，以及美國批發業務的持續積極趨勢。

And we saw robust gross margin expansion versus prior year.

與去年相比，我們看到了毛利率的強勁成長。

And while we have momentum entering 2024.

儘管我們有動力進入 2024 年。

We are taking a conservative approach to our outlook for the full year, primarily reflecting a cautious view on the macro environment, especially in the US and Europe, we're taking actions to further improve the structural economics of our business, solidifying the path to 15%.

我們對全年的展望採取保守態度，主要反映了對宏觀環境的謹慎看法，特別是在美國和歐洲，我們正在採取行動，進一步改善我們業務的結構性經濟性，鞏固通往永續發展的道路。 15%。

And as Michelle mentioned earlier, to accelerate profitable growth, we launched Project Fuel.

正如米歇爾之前提到的，為了加速獲利成長，我們推出了 Project Fuel。

While we are in the early stages of this initiative, we have already identified approximately $100 million in expected net savings in '24 from streamlining our organization structure with the elimination of positions within our global workforce, enhancing our procurement capabilities across most categories of spend, further improving our cost of goods sold and driving enhanced productivity in our stores.

雖然我們正處於該計劃的早期階段，但我們已經確定，透過精簡我們的組織結構、消除全球員工隊伍中的職位、增強我們在大多數支出類別中的採購能力，24 年預計將淨節省約1億美元，進一步改善我們的銷售成本並提高我們商店的生產力。

In the first quarter of 24, we expect to record estimated restructuring charges of approximately $110 million to $120 million.

我們預計 24 日第一季的重組費用預計約為 1.1 億至 1.2 億美元。

The savings of this initiatives are expected to start in Q2, accelerate as '24 progresses and continue into 2025.

這些舉措的節省預計將從第二季開始，隨著 24 世紀的進展而加速，並持續到 2025 年。

We expect to identify additional savings opportunities that will flow into 2025, and we will continue to share updates over the coming quarters.

我們預計將在 2025 年找到更多的節省機會，並將在未來幾季繼續分享最新資訊。

Let me share a few more details on our adjusted gross margin of 57.8%, which came in better than expectations driven primarily by product costs.

讓我分享一些有關我們調整後毛利率 57.8% 的更多細節，該毛利率比主要由產品成本驅動的預期好。

Gross margin expanded a robust 200 basis points year-over-year or 320 basis points above Q4 2019.

毛利率年增 200 個基點，較 2019 年第四季成長 320 個基點。

Expansion was driven by lower product costs in part from cotton, favorable channel mix, higher full-price selling, favorable FX and lower airfreight.

擴張的推動因素包括產品成本下降（部分來自棉花）、有利的通路組合、更高的全價銷售、有利的外匯和較低的空運。

These positive benefits were partially offset by the targeted pricing actions we took in Q3 to drive volume and capture market share, which we will anniversary in H2 of 2024.

這些正面的效益被我們在第三季為提高銷售量和占領市場份額而採取的有針對性的定價行動所部分抵消，我們將在 2024 年下半年慶祝這一目標。

Adjusted SG&A expenses in the quarter was $750 million, largely flat to a year ago, in line with our guidance.

本季調整後的銷售、管理及行政費用為 7.5 億美元，與一年前基本持平，符合我們的指引。

Lower A&P and incentive comp, mostly offset DTC expansion where we grew our own stores by 8% to a total of 1,172 globally.

較低的 A&P 和激勵補償主要抵消了 DTC 的擴張，我們在全球範圍內將自己的門市增加了 8%，達到 1,172 家。

Adjusted SG&A as a percentage of net revenues leveraged 130 basis points.

調整後的 SG&A 佔淨收入的百分比槓桿為 130 個基點。

Adjusted EBIT margin was 12.2%, up 320 basis points to prior in line with our expectations.

調整後息稅前利潤率為 12.2%，較之前上升 320 個基點，符合我們的預期。

We are encouraged by the improvement and profitability we are seeing in both wholesale and direct-to-consumer channels.

我們對批發和直接面向消費者管道的改善和盈利能力感到鼓舞。

In Q4, wholesale margins improved driven by more full-priced selling and over the course of the year, profitability of brick and mortar sequentially improve.

第四季度，由於更多的全價銷售，批發利潤率有所改善，而在這一年中，實體店的盈利能力持續改善。

Fully allocated adjusted EBIT margin for e-commerce also improved 7 points to high single digits.

電子商務的全額分配調整後息稅前利潤率也提高了 7 個百分點，達到高個位數。

And as on the path to being on par to our overall business.

並正在努力與我們的整體業務保持一致。

Adjusted diluted EPS was $0.44, in line with our expectations and up nearly 30% versus last year.

調整後攤薄每股收益為 0.44 美元，符合我們的預期，比去年增長近 30%。

Now let's review the key highlights by segment with all revenue growth in constant currency.

現在讓我們回顧一下按細分市場劃分的主要亮點，其中所有收入成長均按固定匯率計算。

In the Americas, net revenues inflected to growth up 4%, driven by a return to growth of the US, which was up 4%.

在美洲，受美國恢復成長（成長 4%）的推動，淨收入成長了 4%。

The increase was primarily driven by double-digit growth in direct-to-consumer, including 13% growth in e-commerce, specifically within brick and mortar, the increase was driven by solid comp sales growth in the US and Canada.

這一成長主要是由直接面向消費者的兩位數成長所推動的，其中包括電子商務（特別是實體店）13%的成長，這一成長是由美國和加拿大的公司銷售穩健成長所推動的。

Our wholesale business was also positive as previously discussed.

如前面所討論的，我們的批發業務也很積極。

In Europe, net revenues, excluding Russia, returned to growth up 1% despite the continued unfavorable heat through the first half of the quarter, CVC momentum continued with another quarter of double-digit growth, up 10%, excluding Russia.

在歐洲，儘管本季上半年天氣持續不利，但淨收入（不包括俄羅斯）恢復增長 1%，CVC 勢頭繼續保持，第二季度實現兩位數增長，增長 10%（不包括俄羅斯）。

This was driven by broad-based increases across markets and a particularly strong performance in e-commerce, up 33%.

這是由各個市場的廣泛成長以及電子商務表現尤其強勁（成長 33%）所推動的。

The strength in direct-to-consumer was partially offset by continued softness in wholesale, which was down 7%, excluding Russia due to continued conservatism from our partners.

直接面向消費者的強勁勢頭被批發市場的持續疲軟所部分抵消，批發市場下降了 7%（不包括俄羅斯），因為我們合作夥伴的持續保守態度。

While we saw sequential improvement in wholesale in the quarter, we remain conservative on the outlook for this Gen, especially in the first half of 2024.

雖然我們看到本季批發量連續改善，但我們對這一代的前景仍持保守態度，尤其是 2024 年上半年。

Asia was up 7% in the fourth quarter versus a year ago or two year stack, up 24%.

亞洲第四季的成長率為 7%，而一年前或兩年前的成長率為 24%。

And for the full year, Asia grew 18% on top of 24% last year.

亞洲全年成長 18%，高於去年的 24%。

This quarter's growth was driven by continued momentum across channel and most markets.

本季的成長是由跨通路和大多數市場的持續成長勢頭所推動的。

Revenues in China grew 13% for the quarter.

該季度中國地區的營收成長了 13%。

Closing the year, up 21% and returning to profitability for the year.

截至年底，成長 21%，並於年內恢復獲利。

Overall, Asia Q4 operating margin expanded 50 basis points to 11.9%, while fiscal '23 the operating margin expanded 220 basis points to 13.9% as we continue to scale this business driving strong operating leverage.

整體而言，亞洲第四季的營業利潤率擴大了50 個基點，達到11.9%，而23 財年的營業利潤率則擴大了220 個基點，達到13.9%，因為我們繼續擴大這項業務，推動了強勁的營業槓桿。

Now looking to our balance sheet and cash flows, we exceeded our quarterly inventory target in Q4.

現在看看我們的資產負債表和現金流，我們在第四季度超越了季度庫存目標。

Reported inventory dollars decreased 9% or 17% on a comparable basis.

報告庫存金額較去年同期下降 9% 或 17%。

This represents an 18 point improvement from last quarter.

這比上季提高了 18 個百分點。

Inventory in the US remains significantly below last year's level, and we expect to continue to make progress in Q1 with overall inventory expected to be below prior levels, both in Q1 and full year on a comparable basis as we work to further optimize inventories, improving turns, and working capital.

美國的庫存仍顯著低於去年水平，我們預計第一季將繼續取得進展，隨著我們努力進一步優化庫存，改善庫存，預計第一季和全年的整體庫存將低於之前的水平。週轉率和營運資金。

Adjusted free cash flow was a positive $202 million in the quarter, up from negative $54 million in the fourth quarter.

本季調整後自由現金流為正 2.02 億美元，高於第四季的負 5,400 萬美元。

Adjusted free cash flow for the year was positive $120 million, up from negative $40 million in fiscal 2022.

本年度調整後自由現金流為正 1.2 億美元，高於 2022 財年的負 4,000 萬美元。

We expect continued improvement and positive free cash flow in fiscal '24.

我們預計 24 財年將持續改善並實現積極的自由現金流。

For the full year, we returned $199 million in capital shareholders, primarily in dividends, which were up 9% to prior year.

全年，我們向資本股東返還 1.99 億美元，主要是股息，比上年增長 9%。

And for Q1 '24, we've declared a dividend of $0.12 per share in line with last quarter.

對於 24 年第一季度，我們宣布派發每股 0.12 美元的股息，與上季度一致。

We currently have $680 million remaining under our current share repurchase authorization and expect to be active in the market in the coming year to offset dilution.

目前我們的股票回購授權還剩 6.8 億美元，預計明年將積極參與市場以抵銷股權稀釋。

Now let's turn to our fiscal '24 outlook.

現在讓我們轉向 24 財年展望。

As we look forward, we are confident in the strength of our brand and strategies and continue to expect profitable growth in 2024.

展望未來，我們對我們的品牌和策略實力充滿信心，並繼續預計 2024 年將實現獲利成長。

We see continued strength in our global DTC business, but have a Zoom caution and outlook as we acknowledge there are risks ahead, including uncertainty in the macro economy including Europe and challenges in the wholesale channel of fiscal 24, we expect net revenue growth of 1% to 3% year over year, which includes an approximate 200 basis points negative impact, primarily due to exiting the Denizen business planned lower off-price sales and FX, partly offset by the benefit of a 53rd week in reported dollars.

我們看到我們的全球DTC 業務持續強勁，但對Zoom 保持謹慎和展望，因為我們承認未來存在風險，包括包括歐洲在內的宏觀經濟的不確定性以及24 財年批發渠道的挑戰，我們預計淨營收成長 1年減 3% 至 3%，其中包括約 200 個基點的負面影響，主要是由於退出 Denizen 業務計劃降低的折扣銷售和外匯，部分被第 53 週報告的美元收益所抵消。

We expect low single digit growth in the Americas and Europe and high single digit growth in Asia.

我們預計美洲和歐洲將出現低個位數成長，而亞洲將出現高個位數成長。

And for our other brands segments, we expect low to double digit growth by channels.

對於我們的其他品牌細分市場，我們預期通路將出現低至兩位數的成長。

Our expectations include continued high single digit to low double digit growth in DTC for the full year.

我們的預期包括全年 DTC 持續高個位數到低兩位數成長。

In wholesale, as mentioned, we are taking a prudent approach to planning this business and expect the channel will be down low single digits for the full year.

在批發方面，如前所述，我們正在採取謹慎的態度來規劃這項業務，並預計全年通路將下降低個位數。

This reflects wholesale down in H1 with a return to growth in H2.

這反映出上半年批發量下降，下半年又恢復成長。

For gross margin, we anticipate expansion of the 140 basis points to 150 basis points to over 58%, driven by lower product costs, higher full-price selling and growing faster in areas that are gross margin accretive by DTC, international and women.

就毛利率而言，我們預計毛利率將成長140 個基點至150 個基點，達到58% 以上，這是由於產品成本降低、全價銷售提高以及DTC、國際和女性毛利率成長領域的成長更快。

We also expect continued improvement in our wholesale profitability, driven by the US.

我們也預計，在美國的推動下，我們的批發獲利能力將持續改善。

Adjusted SG&A dollars are expected to grow between 2% to 4%, which is inclusive of the year one benefits of our cost savings plan.

調整後的 SG&A 美元預計將成長 2% 至 4%，其中包括我們成本節約計畫的第一年收益。

The increase was driven by continued DTC expansion and a normalized level of incentive compensation.

這一增長是由 DTC 的持續擴張和激勵性薪酬的正常化水平推動的。

We expect A&P as a percentage of revenue to approximate 7%.

我們預計廣告及費用將佔收入的比例約為 7%。

Overall, we expect adjusted EBIT margin to be between 10% to 10.3% or approximately 15% higher in dollar terms versus prior year.

總體而言，我們預計調整後的息稅前利潤率將在 10% 至 10.3% 之間，或以美元計算比上年高出約 15%。

We expect interest expense to be approximately $15 million per quarter and a full year tax rate in the mid to high teen, up from 6% in 2023 as we get to normalized levels of tax in the high teen.

我們預計每季利息支出約為 1500 萬美元，全年稅率將達到中高雙位數，高於 2023 年的 6%，因為我們將達到高雙位數的標準化稅收水準。

Adjusted diluted EPS is expected to be in the range of $1.15 to $1.25. The expected earnings range incorporates $0.05 negative impact from the aforementioned revenue items and also a $0.12 drag from getting back to normalized tax rates.

調整後攤薄每股收益預計在 1.15 美元至 1.25 美元之間。預期收益範圍包含上述收入項目帶來的 0.05 美元的負面影響，以及恢復正常稅率帶來的 0.12 美元的拖累。

We continue to invest behind high ROI growth initiatives.

我們繼續投資支持高投資報酬率成長計劃。

Uses of capital in '24 include full-year CapEx to be around 4.5% of revenues.

24 年資本使用情況包括全年資本支出，約為收入的 4.5%。

We continue to expect cash flow to be positive.

我們繼續預計現金流為正。

In terms of net new stores, we expect to open more than 100 globally as a system inclusive of around 80 company owned stores.

就淨新店而言，我們預計將在全球開設 100 多家，作為一個包含約 80 家公司自營店的系統。

I will now share some color on H1 versus H2, and then some H1 quarterly details, largely given the US ERP implementation that took place in the first half of 2023, which was detail in our guidance and results at that time.

我現在將分享上半年與下半年的一些顏色，然後是一些上半年的季度詳細信息，主要考慮到 2023 年上半年發生的美國 ERP 實施，這是我們當時的指導和結果中的詳細信息。

While it is a little complicated, I am going to do my best to simplify it for all of you.

雖然有點複雜，但我會盡力為大家簡化。

In Q1, we expect reported revenues to be down high single digits to low double digits.

在第一季度，我們預計報告的收入將從高個位數下降到低兩位數。

Sales will otherwise decline low single digits, excluding the impact of our US ERP shift exiting Denizen and the final liquidation of our Russia business last year.

否則，銷售額將下降低個位數，不包括我們的美國 ERP 轉移退出 Denizen 以及去年俄羅斯業務最終清算的影響。

Recall, there was a large $100 million shift from Q2 into Q1 last year, primarily related to our US ERP implementation.

回想一下，去年第二季到第一季有 1 億美元的巨額轉移，主要與我們美國 ERP 的實施有關。

Russia, no longer impacts our business beyond Q1.

俄羅斯在第一季之後不再影響我們的業務。

In Q2, we expect revenues to be up high single digits given the US ERP shift, partially offset by exiting Denizen.

鑑於美國 ERP 的轉變，我們預計第二季營收將出現高個位數成長，但退出 Denizen 會部分抵銷營收。

Overall, this results in H1 expect revenues to be down low single digits to prior or approximately flat to slightly up, excluding Russia and Denizen.

總體而言，預計上半年收入將比之前降低個位數，或大致持平或略有上升（不包括俄羅斯和 Denizen）。

This implies an acceleration to mid-single digit growth in H2, which is primarily a function of the benefit of the 53rd week, contributing roughly a point of growth in H2, as well as direct-to-consumer expansion with more doors opening in the second half and a return to growth of our business in Europe and US wholesale.

這意味著下半年將加速達到中個位數成長，這主要是由於第 53 週的收益，大約為下半年貢獻了一個點，以及直接面向消費者的擴張，在該領域打開了更多大門。下半年我們在歐洲和美國的批發業務恢復成長。

Looking to gross margin, we expect Q1 up approximately 150 basis points and Q2 down approximately 50 basis points given channel mix normalization related to the US ERP shift, the implied gross margin improvement from H1 into H2.

就毛利率而言，鑑於與美國ERP 轉變相關的通路組合正常化，以及從上半年到下半年的毛利率改善，我們預計第一季將成長約150 個基點，第二季將下降約50 個基點。

It's primarily due to anniversarying the strategic pricing actions we took in age to 2023.

這主要是由於我們在 2023 年之前採取的策略定價行動週年紀念。

And with respect to EBIT margin, we will also see an improvement in H2 as higher sales are expected to leverage SG&A, inclusive of the benefit of our productivity initiative Project Fuel, offset by higher incentive compensation and a normalized cadence and A&P versus prior, which was lower in the second half of '23 due to the fiber one campaign launched in H1 '23.

就息稅前利潤率而言，我們還將看到下半年的改善，因為預計更高的銷售額將利用SG&A，包括我們生產力計劃Project Fuel 的好處，並被更高的激勵薪酬和正常化的節奏以及A&P 與之前相比所抵消，這由於 23 年上半年推出的 Fiber One 活動，23 年下半年的價格較低。

Before I turn it over to Q&A, I want to leave you with four key points.

在進行問答之前，我想先向大家介紹四個要點。

Our fourth quarter performance and a holiday period performance demonstrate our ability to deliver profitable growth in the year ahead.

我們第四季的業績和假期期間的業績證明了我們在未來一年實現獲利成長的能力。

Our strong gross margin illustrates the health of our brand, and we expect continued improvement with several headwinds.

我們強勁的毛利率說明了我們品牌的健康狀況，我們預計在面臨一些不利因素的情況下會繼續改善。

Inflicting to tailwinds in 2023, we grew direct-to-consumer 13%, lapping 18% growth in 2022 of our plans for 24 assume high single to low double digit growth driven by positive comp sales, continued growth in e-commerce and 80 company net store openings.

2023 年，我們的直接面向消費者業務成長了13%，2022 年我們的計畫成長了18%，其中24 家公司預計在積極的可比銷售、電子商務的持續成長和80 家公司的推動下實現高個位數到低兩位數的成長網店開幕。

And we continue to improve the agility and efficiency of our business with the launch of our cost savings initiatives merger will result in stronger profitability in '24 and '25 and help solidify our path to deliver 15% operating margins over time.

透過推出成本節約計劃，我們將繼續提高業務的敏捷性和效率，合併將在24 年和25 年帶來更強的盈利能力，並有助於鞏固我們的道路，隨著時間的推移實現15%的營業利益率。

And with that, I'll turn it over to Q&A.

接下來，我將把它轉為問答。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Hi, Chip all the best.

嗨，奇普，一切順利。

It's been amazing how enjoy this retirement and thanks for all the partnership and the work that's been great.

令人驚訝的是如何享受這樣的退休生活，並感謝所有的合作夥伴和所做的偉大工作。

Thank you, Bob.

謝謝你，鮑伯。

Thanks very much.

非常感謝。

And then I guess can I shift question from Michelle on the US wholesale, I think the performance was was definitely better better than we thought.

然後我想我可以轉移米歇爾關於美國批發的問題嗎，我認為表現肯定比我們想像的要好。

And I think to return to positive earlier than we thought on can you just spend some more time on, you know, exactly what drove it back to positive?

我認為，要比我們想像的更早恢復到積極的狀態，你是否可以多花一些時間，你知道，到底是什麼推動了它恢復到積極的狀態？

And do you really think this is a change in trend?

您真的認為這是趨勢的改變嗎？

And can you just maybe spend a little more time on US wholesale for the first half, just some of the drivers and the expectations there?

您能否在上半年的美國批發方面多花一點時間，了解一些驅動因素和期望？

Thanks.

謝謝。

And you bet, Bob, great to connect.

鮑勃，你敢打賭，很高興能與您聯繫。

First, let me just say on, we're really pleased with the quarter mean return to growth.

首先，我要說的是，我們對本季平均恢復成長感到非常滿意。

We were up 2% overall and the Levi's brand overall was up 4%.

我們整體上漲了 2%，Levi's 品牌整體上漲了 4%。

I know I said in my remarks that this is a multi-decade high, really driven off of the strength of the brand globally.

我知道我在演講中說過，這是幾十年來的高點，確實是由全球品牌的實力所推動的。

And then in particular to your question around wholesale, we're encouraged, as you said, the US wholesale business for Levi's inflected to growth, it was up 5%.

然後，特別是關於您關於批發的問題，正如您所說，我們感到鼓舞的是，Levi's 的美國批發業務出現了增長，增長了 5%。

And overall, the actions that we took this past year, the getting traction there working, we took a very surgical approach to some price reductions, as you noticed across the expense, and we're seeing volume gains there.

總的來說，我們去年採取的行動，在那裡取得了成效，我們採取了一種非常外科手術式的方法來降低價格，正如你在費用方面注意到的那樣，我們看到那裡的銷量有所增長。

And secondly, and very importantly, were overall improving our execution with fill rates returning to normalized levels.

其次，非常重要的是，我們全面提高了我們的執行力，使填充率恢復到正常水平。

So that's improving in-stock rates with our key customers.

因此，這提高了我們主要客戶的庫存率。

And we're when we're delivering newness, we had a lot of newness hit the floor in Q4.

當我們提供新鮮事物時，我們在第四季度推出了很多新鮮事物。

We felt good about that.

我們對此感覺很好。

And DTC, we also felt good about that with wholesale.

DTC，我們對批發也感覺很好。

So net-net, overall, as a company, we're exiting the year on a strong note and US wholesale.

因此，總的來說，作為一家公司，我們將以強勁的勢頭和美國批發市場結束這一年。

We're encouraged by it as it relates to that channel.

我們對此感到鼓舞，因為它與該頻道相關。

We're not declaring victory yet.

我們還沒有宣布勝利。

There's been a lot of volatility this past year, some in our controls and outside and so we are taking a cautious approach as we look forward.

去年發生了很多波動，其中一些是我們的控制因素和外部因素，因此我們在展望未來時採取謹慎的態度。

But surely, we're going to lean in to every and all opportunity as we see.

但可以肯定的是，我們將抓住我們所看到的每一個機會。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Bob.

謝謝，鮑伯。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hey, thanks, guys.

嘿，謝謝，夥計們。

I'm curious if maybe you could talk a little bit about the Europe business, how it performed relative to your expectations and specifically in the holiday period, the November, December period?

我很好奇您是否可以談談歐洲業務，它相對於您的預期的表現如何，特別是在假期期間、11 月、12 月期間？

And also if you can address the issue in the Red Sea, if you're seeing any impact from from what's gone on there?

另外，如果你能解決紅海的問題，你是否看到那裡發生的事情有任何影響？

Thanks.

謝謝。

Sure.

當然。

So I'll take the first part of that, which is Europe, and then Harmit will talk about the Renzi I'd say, overall Europe, it's been high for us this year.

所以我將討論第一部分，即歐洲，然後哈米特將談論倫齊，我想說，總體而言，歐洲今年對我們來說很高。

I mean, not unlike the US, there's been macro headwinds on that, especially impacted us in the wholesale channel.

我的意思是，與美國不同，這方面存在宏觀阻力，尤其是對我們批發管道的影響。

And yes, overall, we did post modest growth and we're planning that business modestly up in the coming year and it continues to be a tale of two two parts.

是的，總體而言，我們確實實現了適度成長，並且我們計劃在來年適度成長該業務，這仍然是一個由兩部分組成的故事。

One is on our brand continues to be especially strong in Europe.

一是我們的品牌在歐洲仍然特別強大。

We see that in our DTC channel, which was up 10% for the quarter.

我們在 DTC 頻道中看到這一點，本季成長了 10%。

E-commerce is on fire.

電子商務正在火熱進行中。

That was up 33%.

上漲了 33%。

So a lot of great work happening in that business around both driving traffic, conversion and loyalty.

因此，該行業在推動流量、轉換率和忠誠度方面做了很多出色的工作。

And again, similarly, we're seeing great engagement with our consumers in our stores really the challenge for us in Europe is around the wholesale channel channel.

同樣，我們在商店中看到與消費者的良好互動，實際上我們在歐洲面臨的挑戰是批發管道。

Some customers are in financial distress, and there's been just an overall in key parts of Europe, a challenging backdrop with the consumer.

有些客戶陷入財務困境，歐洲主要地區的整體情況對消費者來說是一個充滿挑戰的背景。

All of that being said, we're working closely to ensure that we're delivering relevant product.

話雖如此，我們正在密切合作，以確保我們提供相關產品。

We have a lot of newness coming in, especially in the back half of the year in Europe, and we're encouraged by a pre-book.

我們有很多新鮮事進來，特別是在歐洲的下半年，我們受到預售書的鼓舞。

Pre-book is actually positive for the back half of the year and what's resonating in some of our new strategies around denim lifestyle denim dressing, so denim, skirts, denim, dresses.

預訂實際上對今年下半年是積極的，這在我們圍繞牛仔生活方式牛仔裝的一些新策略中產生了共鳴，所以牛仔布、裙子、牛仔布、連身裙。

And then given that the weather was a real challenge for us, especially at the beginning of the quarter, we're making sure that we have plenty of seasonally relevant products.

鑑於天氣對我們來說是一個真正的挑戰，特別是在本季度初，我們確保擁有大量與季節性相關的產品。

So introducing performance core lightweight denim, as I shared in my remarks earlier.

因此，正如我之前在評論中分享的那樣，引入性能核心輕質牛仔布。

So where are the areas we can control, which is around innovation and brand strength we are leaning in on to make sure that we can sharpen and integrate well.

那麼我們可以控制的領域在哪裡，這是我們依靠的創新和品牌實力，以確保我們能夠很好地提高和整合。

And Paul, to your question about Red Sea first, a big shout out to our operations and commercial teams.

保羅，先回答你關於紅海的問題，向我們的營運和商業團隊大聲喊叫。

They're working around the clock and finance teams from a costing perspective.

他們晝夜不停地工作，並從成本會計的角度為財務團隊提供支援。

So I just really thought we were getting out of the woods on supply chain issues we have this up, but we have experience and in resolving some of the things we activated our contingency plans.

所以我真的認為我們已經在供應鏈問題上擺脫了困境，但我們有經驗並且在解決一些問題上我們啟動了應急計劃。

At this point, we are seeing a 10 to 14 day increase in transit times.

目前，我們發現運輸時間增加了 10 至 14 天。

It's not going to break the bank.

它不會傾家蕩產。

We're working through it as we speak.

我們正在努力解決這個問題。

We've already shifted some product to go through the West Coast into the East Coast and that's easing some of this impact.

我們已經將一些產品從西海岸轉移到東海岸，這在一定程度上緩解了這種影響。

On terms of freight costs, we do have long-term contracts, roughly 70% of our ocean freight is under three-year contracts and the rest is one-year contract.

在運費方面，我們確實有長期合同，大約70%的海運費是三年合約，其餘的是一年期合約。

And so we are doing our best to offset it from that perspective, if the current crisis continues through the second half of the year, there is some risk to COGS.

因此，我們正在盡最大努力來抵消它，從這個角度來看，如果當前的危機持續到今年下半年，銷貨成本將面臨一些風險。

But for example, in our guidance that one is provided on gross margin, we have initially built in, for example, the exit of Denizen, which will help gross margins.

但例如，在我們提供毛利率的指導中，我們最初內建了例如 Denizen 的退出，這將有助於毛利率。

So that will help offset it of the fuel program is out there.

因此，這將有助於抵消現有的燃料計劃。

You know, we're working through a units sizing some cost benefits, and so there are a couple of things there.

你知道，我們正在研究一個確定成本效益的單位，所以有一些事情。

We're playing around with just to make sure there's enough contingency should this crisis continue.

我們正在努力確保在這場危機持續下去時有足夠的應急措施。

Thanks, guys, and best of luck, Chip and Michelle.

謝謝，夥計們，祝奇普和米歇爾好運。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great.

偉大的。

Thanks so much.

非常感謝。

A two-part question.

一個由兩部分組成的問題。

One, can you just maybe dive a little bit into Asia and maybe just walk us through some of the different countries.

第一，您能否稍微深入了解亞洲，或帶我們參觀一些不同的國家。

What's going on there, what drove the business?

那裡發生了什麼，是什麼推動了業務？

And then on the $100 million of cost cuts, is that a number that's sort of an annualized number where you'll see sort of a run rate of, say $25 million by 4Q?

然後，關於 1 億美元的成本削減，這個數字是不是一個年化數字，您會看到運行率，例如到第四季達到 2500 萬美元？

Or do you expect to achieve the $100 million of net cost cuts this year in total?

或者您預計今年總共能實現 1 億美元的淨成本削減嗎？

Thanks so much.

非常感謝。

Yes.

是的。

So no, I'll answer both.

所以不，我會回答兩個。

On the $100 million, $100 million is in '24.

在 1 億美元中，1 億美元是在 24 年。

It starts in Q2, and then accelerates as the year progresses.

它從第二季度開始，然後隨著時間的推移而加速。

And we haven't yet talked about '25.

我們還沒有談論'25。

The program is just started.

程序才剛開始。

And so you will see the benefits in 25.

所以你會在 25 中看到好處。

I mean the entire objective, as Michelle mentioned, as we make this, we will do a DTC-first company, we become a lot more agile and a lot more smarter.

我的意思是整個目標，正如米歇爾所提到的，當我們實現這個目標時，我們將成為一家 DTC 優先的公司，我們變得更加敏捷、更加聰明。

You know, from that perspective, Jay, so that's the answer to your first question on Asia.

你知道，從這個角度來看，傑伊，這就是你關於亞洲的第一個問題的答案。

Asia, you know, it continues to see strong growth.

你知道，亞洲持續強勁成長。

We're ending Asia up 18% on a full-year basis?

我們預計亞洲全年將上漲 18%？

Yes, Q4 was slightly -- not as strong.

是的，第四季的表現略有下降，但沒有那麼強勁。

There was some timing, I would say and in two markets up between Q3 and Q4, but feel strong about Asia.

我想說，在第三季和第四季之間的兩個市場中，有一些時機，但對亞洲感覺很強烈。

China for example, was up 13%, up 21% for the year and profitable and which was great from that perspective.

以中國為例，成長了 13%，全年成長了 21%，並且實現了盈利，從這個角度來看，這非常棒。

In China, as an example, we have just initiated a local product in June.

以中國為例，我們六月剛推出了一款本土產品。

And the early read from that, given the feedback we've got from our franchisees and you know, the folks in the ground very, very positive.

考慮到我們從特許經營商那裡得到的回饋，我們的早期讀到的信息非常非常積極。

And so as we think about the outlook for Asia, we are signaling as part of this outlook, high single digit.

因此，當我們思考亞洲的前景時，我們發出了高個位數的信號，作為這一前景的一部分。

It's probably a little lower than the low double digit.

它可能比低兩位數要低一些。

We had invested and that's largely because in Asia you all may not know this, but Asia also overseas, the Middle East and given the Middle East great crisis, which has been cautious, you never know you know, how long that continues and how spreads are we just being careful about that.

我們進行了投資，這主要是因為在亞洲你們可能不知道這一點，但亞洲也在海外，中東，考慮到中東的巨大危機，這場危機一直很謹慎，你永遠不知道它會持續多久以及如何蔓延我們只是對此保持謹慎嗎？

Got it.

知道了。

Thank you so much.

太感謝了。

Very helpful.

很有幫助。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great.

偉大的。

Thanks.

謝謝。

Chip, congrats, you'll be missed.

奇普，恭喜你，我們會想念你的。

Thanks, Matt, and I miss all of you too.

謝謝，馬特，我也想念你們所有人。

It's really been a pleasure working with all of you guys and gals.

與你們所有人一起工作真的很愉快。

So Michelle, could you maybe speak to global health of the denim category as you see it today?

米歇爾，您能否談談您今天所看到的牛仔布類別的全球健康狀況？

And any key fashion trends that you see emerging into 2024?

您認為 2024 年將出現哪些主要時尚趨勢？

And if you could just elaborate on the time line for the expansion of the lifestyle opportunity that you cited?

您能否詳細說明您提到的生活方式機會擴展的時間表？

And then Harmit on the gross margin side, how best to break down product cost recapture within your gross margin guide relative to mix and full-price selling as we build up the gross margin for 2024?

然後，哈米特在毛利率方面，當我們建立 2024 年的毛利率時，如何最好地在毛利率指南內相對於混合和全價銷售分解產品成本回收？

Sure.

當然。

So Michelle, up to you.

所以米歇爾，由你決定。

Yes.

是的。

Hey, Matt, great to connect.

嘿，馬特，很高興聯繫。

And so first, let me start with the denim category.

首先，讓我從牛仔布類別開始。

Overall.

全面的。

Globally, denim category was up about 5% mid single digits this year.

今年全球牛仔布品類成長了約 5% 的中個位數。

And that's actually planned to continue as we look forward.

正如我們所期望的那樣，這實際上計劃繼續下去。

And so we're excited about that.

所以我們對此感到興奮。

Clearly, as the category leader, we continue to maintain our number one share position across men's and women's together by a significant margin.

顯然，作為該類別的領導者，我們繼續以顯著優勢繼續保持男性和女性市場份額第一的位置。

So as we continue to invest in the brand around the world, that continues to be really important and then to your point around fashion, I'd start by saying that we had a great year on the women's side.

因此，隨著我們繼續在世界各地投資該品牌，這仍然非常重要，然後就您對時尚的觀點而言，我首先要說的是，我們在女裝方面度過了美好的一年。

You know, for overall FY. 23 women's, the Levi's women's business was up 4%.

你知道，就整個財年而言。 23 女裝方面，Levi's 女裝業務成長了4%。

And for Q4, Levi's women's was up 9%.

第四季度，Levi's 女裝上漲了 9%。

So we've long said that we lead the category trends and again, this past quarter demonstrated that and as we leave the trends we're seeing it resonate with the consumer.

因此，我們長期以來一直說我們引領品類趨勢，上個季度再次證明了這一點，當我們離開趨勢時，我們看到它與消費者產生了共鳴。

You know, a lot of low loose fits are really driving the business.

你知道，大量低寬鬆款式確實推動了業務發展。

On the flip, say, flip side, our root cage fell did really well.

另一方面，比如說，另一面，我們的根籠倒塌效果非常好。

So we're offering a lot of diversity in the line on the fashions that everything from the higher rise to the low rise.

因此，我們提供多種款式的時裝，從高層到低層。

And but as I said, the losing value continues to be relevant, and we're anticipating that as we look forward into the year.

但正如我所說，損失的價值仍然具有相關性，我們在展望今年時預計會出現這種情況。

The other piece we're really excited about.

另一件我們非常興奮的作品。

I mentioned it in my remarks is lightweight denim as temperatures get warm on.

我在演講中提到，隨著氣溫變暖，牛仔布是輕盈的。

We want people to be in Levi's year-round that impacted us this past year.

我們希望人們全年都在 Levi's 中，這對我們去年產生了影響。

We're going a lot bigger and deeper on things like performance, cool and lightweight denim and have a lot of great fashion offerings for women.

我們在性能、酷感和輕質牛仔布等方面進行了更大、更深入的探索，並為女性提供了許多出色的時尚產品。

And then the other part of your question is around the denim dressing.

你問題的另一部分是圍繞著牛仔裝的。

A nice I think especially relevant, again, to fashion and women's because we do see a big opportunity in categories like current currency is actually growing category and quite quite significantly skirts, dresses, tops and this past quarter, we saw dresses and skirts at 50%.

我認為這與時尚和女裝特別相關，因為我們確實看到了當前貨幣等類別的巨大機會，實際上是不斷增長的類別，而且相當重要的是裙子、連衣裙、上衣，上個季度，我們看到連衣裙而裙子的價格為50 %。

And the team you will look at the pipeline this coming year.

您將關註明年的團隊。

We've made much bigger investments in those categories, both in DTC and in wholesale and are our key customers are responding as well in terms of their open to buy.

我們在這些類別（DTC 和批發）方面進行了更大的投資，我們的主要客戶也在開放購買方面做出了回應。

So feels good and feels really good as we look forward.

所以感覺很好，而且在我們期待的時候感覺真的很好。

And Matt to your questions, let me just breakup Q4.

馬特回答你的問題，讓我分手第四季。

I know it's a favorite question moves from some of class by sell-side trends, and I'll talk '24.

我知道這是賣方趨勢中一些班級最喜歡的問題，我將談論「24」。

So Q4 up 200 basis points, I'd say broadly product cost about [140] makes about 75, 80 basis points.

因此，第四季上漲了 200 個基點，我想說，大約 [140] 的產品成本大致上升了 75,80 個基點。

And then in favorable FX, we were selling more full price, that's probably 80.

然後在有利的匯率下，我們以全價出售，可能是 80。

And then it was offset by pricing.

然後它被定價所抵消。

The reductions we initiated in the quarter three, that's about 100 basis points of a drag.

我們在第三季開始的削減行動，拖累了大約 100 個基點。

So that's Q4 as we think about next year, I think product costs probably are

這就是我們考慮明年的第四季度，我認為產品成本可能是

[140 to 150].

[140 至 150]。

It do and it's not higher because we're going to be anniversarying this in Q4 of 2023 from the pricing actions we anniversary at the end of H1, but the impact, which is a drag in gross margin of about 40 basis points, 50 basis points.

確實如此，而且不會更高，因為我們將在 2023 年第四季紀念上半年末的定價行動，但其影響是毛利率下降約 40 個基點、50 個基點點。

And then between mix of price, a little bit of airfreight, it's 30 to 40 basis points of tailwind.

然後，在價格組合和一點空運之間，這是 30 到 40 個基點的順風。

So that's what makes up the [140 to 150] gross margin for 2024 -- equation for 2024.

這就是 2024 年 [140 到 150] 毛利率的組成——2024 年的方程式。

Great color.

顏色很棒。

Thanks.

謝謝。

Dana Telsey, Telsey Advisory Group.

達納‧特爾西，特爾西諮詢小組。

Your question please, Dana.

請你提問，達納。

Dana, please make sure your line is unmuted.

Dana，請確保您的線路未靜音。

And if you're on a speaker phone, lift your handset then.

如果您使用免持電話，請拿起聽筒。

Hi, best of luck, Chip, you'll be missed.

嗨，祝你好運，奇普，我們會想念你的。

And hello, Harmit and Michelle, as you think about the wholesale business -- hi, Michelle -- as you think about the wholesale business in each of the different regions and you think about the path through 2024, given you talked a little bit about the improvement in the US, anything you're doing in terms of activating it differently by region and how you're thinking of pricing by region and how you build up the gross margin?

你好，哈米特和米歇爾，當你思考批發業務時——嗨，米歇爾——當你思考每個不同地區的批發業務，並思考到2024 年的道路時，考慮到你談到了一些美國的進步，你在按地區不同地激活它方面做了什麼，你如何考慮按地區定價以及你如何建立毛利率？

Thank you.

謝謝。

Sure.

當然。

Well, I can talk about the sales side of it, and Harmit can also talk about the margin and profitability, both of which we're optimistic, but we're being cautious as we enter the year.

好吧，我可以談談銷售方面，哈米特也可以談談利潤率和盈利能力，我們對這兩個問題都很樂觀，但進入今年我們會保持謹慎。

So I think that really the wholesale conversation is largely across the US and in Europe and both of which, as I was saying earlier, we've had it's been it's been a volatile past year as I was talking about earlier, but we feel good about the areas within our control on the pricing we took out, we have no additional plans to take further pricing really across the board.

因此，我認為，真正的批發對話主要集中在美國和歐洲，正如我之前所說，正如我之前所說，過去的一年是動蕩的一年，但我們感覺很好關於我們所採​​取的定價的控制範圍，我們沒有額外的計劃來真正全面地進一步定價。

We feel good about what we did do in the US, we're seeing the traction there.

我們對我們在美國所做的事情感到滿意，我們看到了那裡的吸引力。

And specific to the US, you know, we had a lot of congestion this past year in our distribution centers that is behind us and that inventory positions are really solid in the channel for us and for our customers.

具體到美國，你知道，去年我們身後的配送中心出現了很多擁堵，而且對於我們和我們的客戶來說，渠道中的庫存狀況非常穩固。

And so yes, I believe we are primed to take advantage of the demand that's there.

所以，是的，我相信我們已經準備好利用那裡的需求。

And as we've presented newness to our key customers, they're excited.

當我們向主要客戶展示新產品時，他們很興奮。

So talking about lightweight denim does across all channels and performance core.

因此，談論輕質牛仔布確實涉及所有渠道和性能核心。

And then also as I was mentioning earlier in my remarks, we have a new non-denim offering that's going in both channels, wholesale and DTC.

正如我之前在演講中提到的，我們推出了一款新的非牛仔布產品，該產品將在批發和 DTC 兩個管道中推出。

Our active tech pant, which is non-denim, have a lot of performance attributes It truly is a product that people can wear out and about on a hike in the office, et cetera, multiple colors, five-pocket, Chino.

我們的運動科技褲是非牛仔布，具有許多性能屬性。它確實是一款人們可以在辦公室遠足等場合穿著的產品，多種顏色，五口袋，斜紋棉布褲。

So that is a big launch here in the US, we'll see how that goes.

這是在美國的重大發布，我們將看看進展如何。

That could be a global opportunity.

這可能是個全球性的機會。

And then specifically to Europe to your question, again, we are we are leaning into the consumer demand, but we're also being realistic given the macro headwinds there and the pressure that we see with some of our key customers.

然後特別針對歐洲的問題，我們正在關註消費者的需求，但考慮到那裡的宏觀阻力以及我們看到的一些主要客戶的壓力，我們也很現實。

But similarly, we've been working closely with them on innovation and needs.

但同樣，我們一直在創新和需求方面與他們密切合作。

And there's been great response on lightweight denim.

輕盈牛仔布也引起了熱烈反響。

And as I was talking about women's fashion, though, the low moves on response to denim dressing and to me a really key data point in Europe, wholesale is that our pre-book for the second half is positive.

不過，當我談論女性時尚時，對牛仔裝的反應較低，對我來說，歐洲的一個真正關鍵的數據點是，我們下半年的預訂是正面的。

And so as we look to the year, we are optimistic to see an inflection point in the back half of the year as it relates to Europe, wholesale and candidly, for both markets.

因此，當我們展望今年時，我們樂觀地認為今年下半年會出現轉折點，因為這與歐洲、批發和坦率的兩個市場有關。

And that's complemented, of course, with the strength in our adjacency business, which continues to perform very strongly.

當然，這與我們的周邊業務的實力相輔相成，該業務繼續表現強勁。

And Dana to your question on gross margin across regions and pricing, and we haven't been in a lot of pricing in 24 just conscience, value-conscious consumer and pricing we have taken, we haven't been in price reductions.

達納（Dana）回答你關於跨地區毛利率和定價的問題，我們在 24 年內沒有進行大量定價，只是出於良心、注重價值的消費者和我們所採取的定價，我們沒有降價。

That of what we did in the US itself is it.

我們在美國所做的就是這樣。

So as you think about AURs, the growth and the channel mix has a higher DTC. as an example, and higher international offsets the price reduction impact that we'll see in the first half.

因此，當您考慮 AUR 時，成長和頻道組合具有更高的 DTC。例如，較高的國際價格抵消了我們將在上半年看到的價格下降的影響。

The pricing actions we took in the US.

我們在美國採取的定價行動。

If you think about across all across the regions, I would say Latin America and Asia see a little bit of it takes the impact on them on gross margin and as you think about the US in H1, that is the anniversarying of the price reduction we took, you will see the margin impact in the US as against other regions.

如果你考慮所有地區，我想說拉丁美洲和亞洲會看到一點點，這對他們的毛利率產生了影響，當你考慮上半年的美國時，那是我們降價的周年紀念日。採取後，您將看到美國相對於其他地區的利潤率影響。

So that's just a little bit of color.

所以這只是一點點顏色。

Thank you.

謝謝。

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

Good afternoon, and thank you very much for taking my question.

下午好，非常感謝您提出我的問題。

I wanted to follow up on Jay's question on the $100 million cost savings program.

我想跟進 Jay 關於 1 億美元成本節約計劃的問題。

Harmit, I think there's some savings across the COGS line and SG&A line.

Harmit，我認為 COGS 線和 SG&A 線有一些節省。

Can you just kind of give us a rough shape of that across the $100 million?

您能否為我們介紹一下這 1 億美元的大致情況？

And then a second quick question here.

然後是第二個快速問題。

Bangladesh is an important sourcing hub, and they did raise minimum wages from nicely over 50% a few months ago.

孟加拉是重要的採購中心，幾個月前他們確實將最低工資提高了 50% 以上。

Just curious to know if you're going to see a somewhat of an impact on that or you're even able to offset that from the wage hikes?

只是想知道您是否會看到對此產生一定的影響，或者您是否能夠透過薪資上漲來抵消這種影響？

Yeah, the loan, the $100 million is mostly SG&A, there's probably a minor in COGS, but mostly SG&A at this point as we continue the program we are going after driving more productivity and assortments, et cetera.

是的，貸款，這 1 億美元主要是 SG&A，可能還有一小部分是 COGS，但目前主要是 SG&A，因為我們繼續實施我們正在追求的計劃，以提高生產力和品種等。

So that's going to probably come over time to your question about Bangladesh, yes, we did see it, our COGS guidance assumes the inflation that we're talking about.

因此，隨著時間的推移，這可能會出現在您關於孟加拉國的問題上，是的，我們確實看到了，我們的銷貨成本指導假設了我們正在談論的通貨膨脹。

Great.

偉大的。

Thank you very much.

非常感謝。

Thanks, everyone for joining the call, and we look forward to speaking with you in April.

感謝大家加入電話會議，我們期待在四月與您交談。

This concludes today's conference call.

今天的電話會議到此結束。

Please disconnect your lines at this time.

此時請斷開您的線路。