Levi Strauss & Co (LEVI) 2024 Q4 法說會逐字稿

Good day. Ladies and gentlemen and welcome to the Levi Strauss & Company fourth quarter and fiscal year end conference call for the period ending December 1, 2024. (Operator Instructions)

再會。女士們、先生們，歡迎參加 Levi Strauss & Company 截至 2024 年 12 月 1 日的第四季和財政年度末電話會議。（操作員指令）

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 one quarter on the company's website, levistrauss.com.

本次電話會議正在錄音，未經本公司書面許可，不得全部或部分複製。這次電話會議將透過網路進行直播，網路直播的重播將在公司網站 levistrauss.com 上播放一個季度。

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

現在，我想將電話轉給李維斯公司投資者關係副總裁艾達·奧爾法恩 (Aida Orphan)。

Thank you for joining us on the call today to discuss the results for our fourth quarter and fiscal year end. Joining me on today's call are: Michelle Gass, our President and CEO; and Harmit Singh, our Chief Financial and Growth Officer.

感謝您今天的電話會議來討論我們第四季和財年末的業績。參加今天電話會議的有：我們的總裁兼執行長米歇爾‧加斯 (Michelle Gass)；以及我們的財務和成長長 Harmit Singh。

We have posted complete Q4 and fiscal year end results in our earnings release on the IR section of our website investors.levistrauss.com. The link to the webcast of today's conference call can also be found on our site.

我們已在網站 investors.levistrauss.com 的 IR 部分的收益報告中發布了完整的第四季度和財年末業績。我們的網站上也可以找到今天電話會議的網路直播連結。

We'd like to remind you, we will be making forward-looking statements on this call, which involve risks and uncertainties. Actual results could differ materially from those contemplated, contemplated by our forward-looking statements. Please review our filings with the SEC in particular, the risk factors section of our Form 10-K for the year ended December 1, 2024 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 during this call.

我們想提醒您，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所預期的結果有重大差異。請查看我們向美國證券交易委員會提交的文件，特別是截至 2024 年 12 月 1 日的 10-K 表中的風險因素部分，以了解可能導致我們的結果不同的因素。另請注意，本次電話會議中的前瞻性陳述是基於我們截至今天所掌握的資訊。我們不承擔在本次通話期間更新任何這些聲明的義務。

We will discuss certain non-GAAP financial measures. These non-GAAP measures are not intended to be a substitute for our GAAP results. Reconciliations of our non-GAAP measures to their most comparable GAAP measure are included in today's press release reconciliation of non-GAAP, forward-looking information to the corresponding GAAP measures. However, cannot be provided without unreasonable efforts due to the challenge in quantifying various items including but not limited to the effects of foreign currency fluctuations, taxes, and any future restructuring, restructuring, related severance, and other charges.

我們將討論某些非公認會計準則財務指標。這些非公認會計準則指標並非旨在取代我們的公認會計準則結果。今天的新聞稿中包含了我們的非公認會計準則(GAAP) 指標與最具可比性的公認會計準則(GAAP) 指標的調節表，以及非公認會計準則(GAAP) 前瞻性資訊與相應公認會計準則(GAAP) 指標的調節表。然而，由於量化各種項目（包括但不限於外匯波動、稅收以及任何未來重組、重組、相關遣散費和其他費用的影響）的挑戰，我們必須付出不合理的努力才能提供這些資訊。

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

本次電話會議正在我們的 IR 網站上進行網路直播，本次電話會議的重播將很快在網站上提供。

Finally, please note that Michelle and Harmit will be referencing organic net revenues unless otherwise noted as described in our press release and 10-K organic net revenues exclude the impact of foreign exchange rates, divested business acquisitions and any 53rd week from the change in reported net revenues.

最後，請注意，除非我們新聞稿中另有說明，否則 Michelle 和 Harmit 將引用有機淨收入，並且 10-K 有機淨收入不包括外匯匯率、剝離業務收購和報告的第 53 週變化的影響淨收入。

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

今天的通話預計持續一小時。因此，請每次只提出一個問題，以便其他人的問題也有機會得到解答。現在，我想將電話轉給米歇爾。

Thank you and welcome everyone to today's call. You'll hear from us today that we delivered strong Q4 results including through the holiday season that our strategies are driving momentum in the business and that we are entering 2025 from a position of strength in 2024.

謝謝大家，歡迎大家參加今天的電話會議。今天您會聽到我們宣布，我們取得了強勁的第四季度業績，包括整個假期，我們的策略正在推動業務發展勢頭，並且我們將在 2024 年以強勁地位邁入 2025 年。

We took several bold steps to position LS&Co for sustainable profitable long term growth. We sharpened our focus on our core Levi's brand by exiting Denizen, announcing the exit of footwear and preparing for the sale of Dockers.

我們採取了多項大膽舉措，確保 LS&Co 實現可持續的長期獲利成長。我們透過退出 Denizen、宣布退出鞋類業務以及準備出售 Dockers，將注意力集中在核心 Levi's 品牌上。

We accelerated our DTC transformation, generating high single digit comp growth in 2024 while also expanding our store base globally. We stabilized wholesale channel trends, driving improvement in performance. Through the year, we advanced our evolution to become a true lifestyle apparel brand by rolling out a robust product pipeline. We launched our breakthrough campaign with global icon Beyonce reaffirming Levi's place at the center of culture, which is driving demand across our business especially in women. And for the year, we delivered solid mid single digit growth for the Levi's brand in the US and internationally.

我們加快了 DTC 轉型，在 2024 年實現了高個位數的同比增速，同時在全球擴大了我們的門市基礎。我們穩定了批發通路趨勢，推動了業績的提升。這一年，我們透過推出強大的產品線，不斷進步，成為真正的生活風格服飾品牌。我們與全球偶像碧昂絲合作推出了突破性的活動，重申了 Levi's 在文化中心的地位，這推動了我們整個業務的需求，特別是女性的需求。今年，我們在美國和國際上為 Levi's 品牌實現了穩健的中等個位數成長。

We have done all of this. While fundamentally changing the way we work as part of our hard pivot towards becoming a best in class omni channel retailer. We have rightsized our organization expanded our product pipeline and are streamlining how we work including our go to market. And as we look to 2025 this transformation will continue enabling us to operate with greater speed, improved agility, and more responsiveness to consumer demand.

我們已經完成了所有這些。我們努力向成為一流的全通路零售商邁進，從根本上改變我們的工作方式。我們已經調整了組織規模，擴大了產品線，並簡化了工作方式，包括我們的行銷方式。展望 2025 年，這種轉型將繼續使我們能夠以更快的速度運作、提高靈活性並更好地回應消費者需求。

While we are just one year into this exciting next chapter for the company, our fourth quarter performance demonstrates how this transformation is accelerating both the top line and bottom line. In Q4, net revenues increased 12% on a reported basis on an organic basis excluding the non comparable items in the quarter of the exit of the Denizen business and footwear. The impact of the 53rd week in FX headwind, net revenue grew 8%. Our performance accelerated throughout 2024 resulting in organic net revenue growth of 3% for the full year.

雖然我們進入公司令人興奮的新篇章才一年，但我們第四季的業績表明，這項轉型正在加速公司營收和利潤的成長。第四季度，若剔除 Denizen 業務及鞋類退出當季不可比項目的影響，淨收入有機成長 12%。受外匯逆風影響第53週，淨收入成長8%。我們的業績在 2024 年加速成長，全年有機淨收入成長 3%。

The continued strength of our brand is reflected in the all time record gross margin of 60% which helped drive 120 basis points of adjusted EBIT margin expansion, translating to a double digit increase in earnings per share to $1.25. This year.

我們品牌的持續強勁表現體現在創紀錄的 60% 毛利率上，這有助於推動調整後息稅前利潤率擴大 120 個基點，相當於每股收益實現兩位數增長，達到 1.25 美元。今年。

In the fourth quarter, we saw strong growth across every aspect of our business. As a reminder, all net revenue numbers will be on an organic basis.

第四季度，我們業務的各個方面都實現了強勁成長。提醒一下，所有淨收入數字都將以有機基礎為基礎。

The momentum we saw in Q4 continued through holiday as we elevate our capability as a best in class retailer. We were extremely focused on winning the holiday season. We put a number of programs in place to ensure we have the right strategy to delight our fans and equip our stylists to deliver outstanding experiences. During this critical time, we had a more comprehensive holiday assortment. We were well stocked and replenished. We delivered traffic driving marketing in store and online and we staffed to service consumer demand.

隨著我們提升作為一流零售商的能力，我們在第四季度看到的勢頭一直延續到假期。我們極為專注於贏得假日季的勝利。我們實施了一系列計劃，以確保我們擁有正確的策略來取悅我們的粉絲，並為我們的造型師提供出色的體驗。在這個關鍵時期，我們有更全面的節日產品。我們的庫存充足，補充充足。我們在實體店和網路上進行了流量驅動行銷，並配備了人員來滿足消費者的需求。

This led to a robust 8% growth during the November, December holiday season, marking our highest revenue for this period in at least a decade across the board. This was a strong quarter driven by consistent execution of our strategic priorities, which as a reminder are being brand led. DTC first empowering our portfolio first, we'll walk through the progress made against our brand led strategy which centers around how we're amplifying the power of the Levi's brand through an innovative and fresh product pipeline and culturally relevant marketing for the quarter, the Levi's brand was up 8% driven by strong growth across categories and genders.

這使得11月和12月假期季的營收強勁成長8%，創下至少10年來同期的最高收入。本季業績表現強勁，這得益於我們一貫執行的策略重點，提醒一下，我們的策略重點是以品牌為主導的。DTC 首先增強我們的產品組合，我們將介紹我們品牌主導策略所取得的進展，該策略圍繞著如何透過創新和新鮮的產品線和文化相關的行銷來擴大 Levi's 品牌的力量。成長，Levi's 品牌銷量上漲8%。

Let's start with the women's business. The momentum we have seen in our Levi's women's business. This year continued into Q4, growing 12% and delivering nearly $2 billion in sales for the full year. This was driven by continued share gains in the US.

讓我們先從女性事務開始。我們在 Levi's 女裝業務中看到了這一發展勢頭。今年第四季持續維持成長勢頭，成長 12%，全年銷售額近 20 億美元。這是由於美國市場份額持續成長所致。

Now, firmly placing Levi's as the number one women's denim brand on a 12 month basis. A significant milestone for our company and our Levi's men's business accelerated from approximately flat through Q3 to a mid single digit growth in Q4 as we introduced more newness to our assortment, especially loose fits. And as the wholesale business strengthened our global marketing initiatives continue to help drive demand across all channels of our business.

現在，Levi's 已穩居 12 個月以來第一的女性牛仔品牌地位。隨著我們推出更多新品，尤其是寬鬆款式，對我們公司和Levi's 男裝業務而言，這是一個重要的里程碑，其增長從第三季度的大致持平加速至第四季度的中等個位數增長。隨著批發業務的加強，我們的全球行銷計劃繼續幫助推動我們業務所有管道的需求。

Before our last call, we launched the first chapter of reimagine our campaign with Beyonce. This partnership is having a significant impact on brand affinity within our target consumer demographic while supporting our focus on growing our women's business and owning denim lifestyle. We're excited to launch the additional chapters of reimagine throughout 2025 with the next iteration coming soon.

在我們最後一次通話之前，我們與碧昂絲一起啟動了重新構想活動的第一章。此次合作對我們的目標消費者群體中的品牌親和力產生了重大影響，同時支持了我們專注於發展女性業務和擁有牛仔生活方式。我們很高興能夠在 2025 年推出重新構想的附加篇章，下一輪迭代即將推出。

A year ago, I shared my commitment to elevate our denim authority and evolve into a full lifestyle apparel brand through an expanded product pipeline and introduction of new innovative platform. I am pleased to share. It's working in 2024. We delivered a significantly expanded product assortment with newness across categories, fits and fabric. This innovation is fueling growth with consumers more willing to pay full price and we continue to see strong performance in our core offerings as well such as in our most coveted icon, the 501.

一年前，我與大家分享了我的承諾：透過擴大產品線和引入新的創新平台，提升我們的牛仔布權威並發展成為一個全方位生活方式服裝品牌。我很樂意分享。它將於 2024 年投入運作。我們提供了大幅擴展的產品組合，在類別、款式和布料上都有新品。這項創新推動了成長，消費者更願意支付全價，我們的核心產品也持續表現強勁，例如我們最令人垂涎​​的標誌 501。

In the quarter, our Levi's bottoms business was up 8% driven by strength in both men's and women's. We continue to see our performance in loose and baggy fits driven by new fit launches like the XL and rib cage wide leg for her and the loose 568 and relaxed 555 fits for him.

本季度，我們的 Levi's 褲子業務成長了 8%，這得益於男女款褲子的強勁成長。我們繼續看到寬鬆版型的出色表現，這得益於新款版型的推出，例如適合女款的 XL 和寬腿版型，以及適合男款的寬鬆 568 和舒適 555 版型。

This year, we made significant progress expanding our authority as a head to toe denim lifestyle brand as the authentic purveyor of Western wear. We are continuing to drive the broader trend across genders with our iconic denim, western tops, shorts, jumpsuits, and dresses.

今年，我們取得了重大進展，擴大了我們作為從頭到腳的牛仔生活方式品牌作為西方服飾的正宗供應商的權威。我們將繼續透過標誌性的牛仔布、西式上衣、短褲、連身褲和連身裙引領跨性別的更廣泛趨勢。

We have also seen a strong response to the denim outerwear offerings, which we launched in time for the holidays with styles like the Super Pepper and Spade Trench. And we continue to fuel growth in one of our newer categories, dresses and skirts, with relevant fashion, newness and expanded assortments.

我們在假期期間推出的牛仔外套產品也獲得了強烈反響，其中包括 Super Pepper 和 Spade Trench 等款式。我們繼續透過時尚、新穎和擴大品種來推動連身裙和半身裙這一較新的類別之一的成長。

We continue to see strength in men's non denim bottoms fueled by our XX Chino series as well as our tech platform. Given the strong consumer response, we will continue to expand that platform in the coming year with new elevated offerings.

由於我們的 XX Chino 系列以及我們的技術平台，我們繼續看到男士非牛仔褲的強勁增長。鑑於消費者的強烈反應，我們將在來年繼續擴展該平台，提供新的升級產品。

Over the last year, the product team has been hard at work to deliver an end to end reset of our Levi's top business, and we're seeing encouraging results with this business up. 8% in Q4 growth was fueled by elevated essentials, blouses and button down, which we expect to sustain as consumers begin to see us as a destination for these categories.

在過去的一年裡，產品團隊一直努力對 Levi 的頂級業務進行端到端的重置，我們看到這項業務取得了令人鼓舞的成果。第四季 8% 的成長得益於必需品、襯衫和連結襯衫的銷售上漲，隨著消費者開始將我們視為這些類別的購買目的地，我們預計這一成長趨勢將持續下去。

Looking to 2025. We will lead the trends with another exciting pipeline of newness and innovation. This spring, we will assert our denim leadership through the introduction of our latest innovation, Linen Plus Denim, while building off our momentum in loose and baggy with additional launches to come, this will be complemented with an expanded assortment of lifestyle categories such as tops, dresses, and outerwear, all rooted in denim.

展望2025年。我們將以另一個令人興奮的新穎和創新管道引領潮流。今年春天，我們將透過推出最新創新產品Linen Plus Denim 來鞏固我們在牛仔布領域的領導地位，同時繼續保持我們在寬鬆和寬鬆服裝領域的勢頭，並將推出更多新品，同時還將推出更多生活風格類別的產品，例如上衣、洋裝和外套，全部以牛仔布為原料。

Now shifting to our strategy to be DTC first. Our global direct to consumer business delivered another quarter of double digit growth up 14% and posting its 11th consecutive quarter of positive comps. Over the past year, we have been laser focused on our retail fundamentals which translates to an improved consumer experience along with broader assortment and better in stocks. Our enhanced retail execution is driving increased conversion and a mid single digit increase in AUR.

現在我們的策略將首先轉向 DTC。我們的全球直接面向消費者的業務再度實現兩位數成長，成長 14%，並連續 11 個季度實現正成長。在過去的一年裡，我們一直專注於零售基本面，這意味著改善消費者體驗、擴大產品種類並改善庫存。我們增強的零售執行力正在推動轉換率的提高和 AUR 的中等個位數成長。

We are also seeing strong incremental performance from our new stores in Q4. We opened 33 net new stores including one in London's iconic Knightsbridge neighborhood and two large format stores in India and Malaysia. As we continue to expand our DTC presence in Asia.

我們也看到第四季新店業績成長強勁。我們開設了 33 家新店，其中包括位於倫敦標誌性的騎士橋街區的一家店以及位於印度和馬來西亞的兩家大型店。隨著我們繼續擴大在亞洲的 DTC 業務。

Our ecommerce growth was again very strong up 14% and importantly saw further margin expansion in 2024 for the full year. Global D DC was up 11% approaching $3 billion. This represents 47% of total global net revenues. 4 points ahead of last year.

我們的電子商務成長再次強勁，上漲了 14%，而且重要的是，2024 年全年利潤率將進一步擴大。全球 D DC 上漲 ​​11%，接近 30 億美元。這佔全球淨收入總額的47%。比去年領先4分。

Our global wholesale business continues to be a critical part of our business and inflected to growth. This quarter, up 3% exceeding our expectations driven by strong performance in the US and growth in Asia within us. Wholesale. The Levi's brands were up 4%. Retailers are responding to a significant amount of newness across our assortment which is driving an acceleration in the men's business.

我們的全球批發業務繼續成為我們業務的關鍵部分並推動成長。本季度，由於美國業務的強勁表現和亞洲業務的成長，我們的銷售額成長了 3%，超出了我們的預期。批發的。Levi's 品牌股價上漲 4%。零售商對我們產品系列中大量新品的回應，推動了男裝業務的加速發展。

And while we're encouraged by our performance in the quarter, we continue to approach this channel cautiously. As expected signature, our value brand returned to growth in the quarter driven by the success of some of our core fits like the signature men's athletic fit.

儘管我們對本季的表現感到鼓舞，但我們仍然謹慎地對待這一管道。正如預期的那樣，我們的價值品牌在本季度恢復了成長，這得益於我們的一些核心產品（例如標誌性男士運動款）的成功。

Now, turning to our third strategy. Powering the portfolio in Q4, our international business grew 9% led by strong performance in our top four international markets, Mexico, France, the UK, and India. Dockers was up 5% in the quarter reflecting broad based growth across channels and geographies. Profitability exceeded prior year driven by higher sales volume and gross margin expansion.

現在，我們來談談我們的第三個策略。在第四季度投資組合的推動下，我們的國際業務成長了 9%，這得益於我們前四大國際市場——墨西哥、法國、英國和印度的強勁表現。Dockers 本季上漲 5%，體現了跨通路和跨地區的廣泛成長。受銷售量增加和毛利率擴大的帶動，獲利能力超過上年。

Beyond yoga was up 4% on top of 19% growth in the prior year and was up double digits for the full year. Our broadened product assortment is gaining traction especially in fleece and outerwear. We are also excited to open our first East Coast store in Connecticut later this year. As we look to the year ahead, we are encouraged by the momentum that our strategic priorities are driving across the business.

Beyond yoga 在去年 19% 成長的基礎上又上漲了 4%，全年實現了兩位數的成長。我們不斷擴大的產品種類越來越受歡迎，尤其是羊毛衫和外套。我們也很高興今年稍後在康乃狄克州開設第一家東海岸商店。展望新的一年，我們的策略重點在整個業務中推動的勢頭令我們感到鼓舞。

We are focused on accelerating our performance on both the top and bottom line by first continue to drive levi's growth across genders and categories and create powerful brand moments. We will do this by broadening our brand relevant lifestyle assortment while maintaining our leadership in denim bottoms in our key markets.

我們專注於首先繼續推動 Levi's 在各個性別和類別中的成長並創造強大的品牌時刻，從而加速我們在營收和利潤方面的表現。我們將透過擴大我們品牌相關的生活方式產品組合來實現這一目標，同時保持我們在主要市場的牛仔褲領導地位。

Second, further accelerate our direct to consumer channels while reinvigorating our wholesale business. We will continue to H1 our retail fundamentals, deliver relevant and innovative product assortments and drive demand through engaging marketing.

第二，進一步加速我們的直銷管道，同時重振我們的批發業務。我們將繼續保持零售基本面，提供相關和創新的產品組合，並透過引人入勝的行銷來推動需求。

And third, accelerate growth across our geographic portfolio by generating profitable growth in our largest regions, North America and Europe and leaning into the opportunities in fast growing regions such as Latin America and Asia Pacific. While stabilizing greater China, we will also continue to pursue a successful next chapter for Dockers as we explore a sale of the brand and we remain confident about the prospects for Beyond Yoga to one day become $1 billion brand.

第三，透過在我們最大的地區（北美和歐洲）實現獲利成長，並抓住拉丁美洲和亞太等快速成長地區的機遇，加速我們整個地理投資組合的成長。在穩定大中華區的同時，我們也將繼續為Dockers開創成功的新篇章，我們正在探討出售該品牌的可能性，我們對Beyond Yoga有朝一日成為價值10億美元的品牌的前景充滿信心。

We will deliver these priorities by focusing on operational excellence, improving the structural economics of our business and optimizing our processes and ways of working. We have a talented and committed team in place to deliver these objectives and we're encouraged by the progress we have achieved together in year one of this next chapter for LS&Co.

我們將透過專注於卓越營運、改善業務結構經濟以及優化流程和工作方式來實現這些優先事項。我們擁有一支才華橫溢、盡職盡責的團隊來實現這些目標，我們對 LS&Co. 開啟新篇章的第一年共同取得的進步感到鼓舞。

With that, I'm going to hand it over to Harmit to review our performance in the fourth quarter and expectations for 2025 in more detail. Harmit?

接下來，我將把權力交給 Harmit，讓他更詳細地回顧我們第四季的業績以及對 2025 年的期望。哈米特？

Thank you, Michelle. We've closed out the year on a strong note with quarter four net revenues, profitability, free cash flow, and overall earnings exceeding our guidance. I'm particularly pleased with the sequential progression and improvement of our structural economics as we move through the year, enabling us to enter '25 with real momentum.

謝謝你，米歇爾。我們以強勁的業績結束了這一財年，第四季度的淨收入、獲利能力、自由現金流和整體收益都超出了我們的預期。我對我們的結構性經濟在今年的持續發展和改善感到特別高興，這使我們能夠以真正的動力進入25年。

Organic net revenues accelerated through the year ending up 8% in quarter four. While DTC momentum continued through the year. Wholesale ended the year strong up 3% in quarter four gross margins accelerated from 59.3% in H1 to 60% in Q3 and 61.3% in Q4 adjusted EBIT margin accelerated from 7.6% in H1 to 11.6% in Q3 and 13.4% in Q4.

全年有機淨收入加速成長，第四季成長 8%。DTC 的勢頭持續了一整年。批發業務在年底強勁成長，第四季毛利率從上半年的59.3% 上升至第三季的60% 和第四季的61.3% 調整後息稅前利潤率從上半年的7.6% 上升至第三季度的11.6% 和第四季的13.4%。

DTC productivity and improvement of the channel's margins by more than 300 basis points contributed to the company's overall margin expansion for the full year. We also generated record free cash flow and improved return on invested capital that is now in the mid-teens. This momentum continued into December with a strong holiday selling season in both direct to consumer and wholesale as well as a solid start to quarter one '25.

DTC生產力和通路利潤率提高超過300個基點，推動了公司全年整體利潤率的擴大。我們也創造了創紀錄的自由現金流並提高了投資資本回報率，目前已達到十五六成。這一勢頭持續到了12月，直接面向消費者和批發的假期銷售旺季表現強勁，2025年第一季也取得了良好的開端。

Let's briefly go through the results starting with revenue revenues accelerated in Q4 and came in higher than our expectations. Our performance in the corridor was driven by men's us wholesale and Europe direct to consumer Mexico and Dockers also returned to growth.

讓我們簡單回顧一下結果，首先是第四季的營收加速成長，而且高於我們的預期。我們在走廊的表現受到男裝美國批發和歐洲直接面向消費者墨西哥的推動，而Dockers也恢復了成長。

Our references to revenues will refer to organic revenues, which as you will hear in '25 overall organic revenue growth is expected to continue to accelerate, turning to margins. We saw significant year over year improvement in both gross and operating margins. Gross profit for the fourth quarter was $1.1 billion or 61.3% of net revenues. An all time record gross margin for the company gross margin expanded 350 basis points relative to last year. Ahead of our expectations driven primarily by the continued benefit of lower product costs including savings from fuel initiatives. The shift to DTC as well as higher full price sales adjusted expenses in the quarter increased 17% to $880 million. Primarily reflecting the expenses associated with higher sales.

我們對收入的提及將指的是有機收入，正如您將在 25 年聽到的，預計整體有機收入成長將繼續加速，並轉向利潤率。我們發現毛利率和營業利潤率較去年同期都有顯著提高。第四季毛利為 11 億美元，佔淨收入的 61.3%。該公司毛利率創歷史新高，較去年同期擴大了350個基點。超出了我們的預期，主要得益於產品成本持續降低，包括燃料計畫帶來的節省。本季向 DTC 的轉變以及更高的全價銷售調整後費用增加了 17%，達到 8.8 億美元。主要反映與銷售額增加相關的費用。

SG&A deleverage was driven by increased investment in A&P, higher distribution expenses as a result of our DTC transitions and higher compensation incentives given our quarter four performance offset by leverage on selling expenses which we achieved through greater focus on store profitability for context SG&A will end the year at 49.8% of revenues. And we expect the percentage to be broadly the same in '25.

銷售、一般及行政開支的去槓桿化是由於廣告和宣傳費用投資增加、DTC轉型導致的分銷費用增加以及第四季度業績帶來的薪酬激勵增加，但銷售費用的槓桿化抵消了這一影響，而我們透過更關注門市獲利能力來實現銷售、一般及行政開支的去槓桿化將結束佔營收的49.8%。我們預計 25 年將大致相同。

Gross profit dollars increased by 19% and outpaced adjusted SG&A dollars growth leading to EBIT, leverage adjusted EBIT margin increased 120 basis points to 13.4% in quarter four and 10.2% on a full year. Basis adjusted EBIT dollars grew 23% versus last year for the quarter and 17% on a full year basis, adjusted diluted EPS of $0.50 was up 14% to prior year for both the quarter and the year we ended the year with reported inventory dollars down 4% to prior year.

毛利成長了 19%，超過了調整後的銷售、一般及行政費用的成長，從而帶來了息稅前利潤和槓桿調整後的息稅前利潤率分別增長了 120 個基點和 10.2%。本季調整後息稅前利潤較去年同期成長 23%，全年成長 17%，調整後攤薄每股收益為 0.50 美元，較上年同期成長 14%，本季和年末報告的庫存美元均下降較上年增長4%。

Turning to dividends and share repurchases for the full year. We returned $289 million to shareholders which was up 45% to prior. This includes $199 million in dividends of 4% versus prior and $90 million in share repurchases. In quarter one '25 we declared a dividend of $0.13 per share, an increase of 8% versus prior year and we remain committed to returning capital to our shareholders in 2025.

轉向全年股息和股票回購。我們向股東返還了 2.89 億美元，較之前成長了 45%。其中包括 1.99 億美元的股息（較之前成長 4%）以及 9,000 萬美元的股票回購。2025 年第一季度，我們宣布每股股息為 0.13 美元，較上年增長 8%，我們仍致力於在 2025 年向股東返還資本。

Now, let's review the key highlights by segment. The America's net revenues were up 9% higher, full price sales, improved traffic trends, and better in stock positions led to 11% growth in us direct to consumer and Mexico returned to growth supported by strength in wholesale strength in gross margin, drove operating margin of 26.5% for the segment improving 270 basis points versus prior year Europe net revenues increased 6% in quarter four with all key markets delivering growth direct to consumer accelerated in the quarter, up 17% from continued performance in e-commerce which was up 23%. Operating margin of 18.3% was up 130 basis points to prior year.

現在，讓我們按部分回顧一下主要亮點。美國的淨收入成長了9%，全價銷售、客流量趨勢改善和庫存狀況改善導緻美國直接面向消費者的銷售額增長了11%，而墨西哥則在批發業務強勁、毛利率強勁、經營業績強勁的推動下恢復成長。電子商務持續表現強勁，成長17%。營業利益率為18.3%，較上年上升130個基點。

Asia net revenues increased 9% compared to prior DTC net revenues increased 8% led by strength in company operated stores. In addition to wholesale net revenue, which were up 10%. We saw real momentum in key markets led by India, Japan, and Turkey, which were up double digits in China. We have reorganized our leadership team and expect this market to return to growth over time but with modest expectations for 2025 operating margin of 8.4% contracted 360 basis points to last year, primarily due to the marginal loss in the China business as well as from higher spend in DTC expansion and advertising.

由於公司自營店的強勁表現，亞洲淨收入較之前的 DTC 淨收入增長 8% 而增長了 9%。此外批發淨收入也成長了 10%。我們看到了以印度、日本和土耳其為首的關鍵市場的真正發展勢頭，其中中國市場的增幅達到兩位數。我們已經重組了領導團隊，並預計該市場將隨著時間的推移恢復成長，但對2025 年的預期較為溫和，營業利潤率為8.4%，較去年收縮360 個基點，主要原因是中國業務的邊際虧損以及更高的在 DTC 擴充和廣告方面的支出。

Now, let's turn to our fiscal '25 and Q1 '25 outlook. We are pleased with our Q4 results and the momentum into Q125. However, we recognize that there continues to be a lot of uncertainty related to the macro environment, potential tariffs changes in the tax code as well as worsening foreign exchange.

現在，讓我們來看看25財年和25年第一季的展望。我們對第四季度的業績和 2025 年第一季的發展勢頭感到滿意。然而，我們認識到宏觀環境、稅法中潛在的關稅變化以及外匯惡化等因素仍然存在許多不確定性。

While we have a number of initiatives that we believe will help us to drive organic sales and earnings in the next few years. The best approach for us is to plan prudently, we expect fully organic net revenues to grow 3.5% to 4.5% as a reminder, net organic revenue growth excludes FX, the exit of Denizen and footwear and the impact of the 53rd week.

雖然我們採取了一些舉措，但我們相信這些舉措將有助於我們在未來幾年推動有機銷售和獲利。對我們來說，最好的方法是謹慎規劃，我們預計完全有機淨收入將增長3.5% 至4.5%，提醒一下，淨有機收入增長不包括外匯、Denizen 和鞋類的退出以及第53 週的影響。

Based on current FX exchange rates, currency is expected to be a 250 basis points dragg to '25 revenues primarily driven by the EUR, Mexican peso, and the Indian rupee.

根據目前的外匯匯率，預計貨幣匯率將對 25 年收入造成 250 個基點的拖累，主要受歐元、墨西哥比索和印度盧比的影響。

The impact of Denison and footwear exits and last year's 53rd week will collectively account for a 300 basis points headway incorporating all of these items reported, net revenues are expected to be down 1% to 2% by channel. Our expectations include high single digit organic growth in direct to consumer for the full year driven by positive com sales opening of the new doors and continued growth in e-commerce and in wholesale. While encouraged by our recent results, we are taking a prudent approach to planning this business and expect the channel to be flat for the full year on an organic basis.

丹尼森 (Denison) 和鞋類產品的退出以及去年第 53 週的影響將共同導致 300 個基點的進步，綜合考慮報告的所有這些項目，預計按渠道劃分的淨收入將下降 1% 至 2%。我們的預期是，由於新門市開幕帶來的積極商業銷售成長以及電子商務和批發業務的持續成長，全年直接面向消費者的銷售將實現高個位數的有機成長。雖然我們最近的業績令人鼓舞，但我們仍採取審慎的方式來規劃這項業務，並預計該通路全年的有機成長將保持穩定。

Turning to gross margin. We expect full expansion of 100 basis points to approximately 61%. This reflects continued benefits from lower product costs driven by project fuel savings, continued structural shift to DTC International and women's and the benefit from exiting a lower margin, Denizen and footwear businesses. We expect the fully SG&A rate to be approximately 50% about flat to 2024. The continued expenses associated with growing DTC are offset by cost management initiatives as we continue to improve the structural economics of this business, this translates to an EBIT margin of around 10.9% to 11.1%. A significant expansion from prior year.

轉向毛利率。我們預計全面擴張100個基點至約61%。這反映了專案燃料節省帶來的產品成本降低、向 DTC 國際和女裝的持續結構性轉變，以及退出利潤率較低的 Denizen 和鞋類業務帶來的好處。我們預計到 2024 年，銷售、一般及行政費用總額將維持在約 50% 的水平。隨著我們繼續改善該業務的結構性經濟，與不斷增長的 DTC 相關的持續費用透過成本管理措施得到抵消，這意味著息稅前利潤率約為 10.9% 至 11.1%。與前一年相比有顯著擴張。

We expect our full year effective tax rate to be approximately 23%. This reflects the normalization of our tax rate after realizing benefits from our strategic tax planning in the previous years. As a result of these assumptions adjusted diluted eps is expected to be in the range of $1.20 to $1.25 including an approximate $0.20 headwind from the higher tax rate and foreign exchange.

我們預計全年有效稅率約為23%。這反映了我們在前幾年的策略性稅務規劃中實現收益後稅率的正常化。根據這些假設，調整後的稀釋每股收益預計在 1.20 美元至 1.25 美元之間，其中包括來自較高稅率和外匯的約 0.20 美元的不利影響。

On the CapEx line, we plan to invest approximately $260 million primarily to support store openings, fleet improvements and our digital business. After opening 100 net new doors in 2024 we expect to have 50 to 60 net new system doors this year, positioning us to exit '25 with around 3,500 stores.

在資本支出方面，我們計劃投資約 2.6 億美元，主要用於支持商店開業、車隊改進和我們的數位業務。在 2024 年開設 100 家新門市之後，我們預計今年將開設 50 至 60 家新門市，到 2025 年，我們將擁有約 3,500 家門市。

Now turning to the first quarter, we expect organic net revenue growth of 3.5% to 4.5%. This excludes approximately 3.5 points of foreign exchange headwinds and two points attributable to the exit of Denizen and our footwear business, which implies being down 1% to 2% for the quarter on a reported basis. Gross margin is expected to be up between 150 to 200 basis points and EBIT margin is expected to be between 10.2% to 10.5% expanding 120 to 150 basis points versus prior year. This translates to an EPS of approximately $0.26 to $0.28, which includes a $0.02 to $0.03 headwind from foreign exchange.

現在談到第一季度，我們預計有機淨收入成長率為 3.5% 至 4.5%。這不包括約 3.5 個點的外匯逆風和因 Denizen 和鞋類業務退出而導致的 2 個點，這意味著本季度報告基礎上下降了 1% 至 2%。預計毛利率將上漲 150 至 200 個基點，息稅前利潤率預計將上漲 10.2% 至 10.5% 之間，較上年同期增加 120 至 150 個基點。這相當於每股收益約為 0.26 美元至 0.28 美元，其中包括來自外匯的 0.02 美元至 0.03 美元的不利影響。

Our 2025 guidance is grounded on a balance of both organic revenue growth and margin expansion over the last several years. We've made a concerted effort to become a leaner, more efficient, focused and profitable company. This strategy is paying off in the form of faster growth, higher margins and improved returns as evidenced by organic revenue growth progressing from flat in fiscal '23 to 3% , in '24 to 3.5% to 4.5% expected in '25.

我們對 2025 年的預期是基於過去幾年有機收入成長和利潤率擴張的平衡。我們齊心協力，努力成為一家更精簡、更有效率、更專注、更有利潤的公司。這項策略正在以更快的成長、更高的利潤率和更好的回報的形式產生回報，證據是有機收入成長率從23財年的持平上升到3%，24年上升到3.5%，預計25年將達4.5%。

Gross margins progressing from 56.9% in '23, to 60% in '24, and 61% expected in '25. Adjusted EBIT margins progressing from 9% in '23 to 10% in '24 to 11% expected in '25. Free cash flows moving from over $100 million in '23 to more than $600 million in '24. And ROIC has improved from 12.9% in '23 to 14.9% in '24.

毛利率從23年的56.9%成長至24年的60%，預計25年將達到61%。調整後的息稅前利潤率將從23年的9%上升至24年的10%，預計25年將達到11%。自由現金流從 23 年的 1 億多美元增至 24 年的 6 億多美元。而投資報酬率則從 23 年的 12.9% 提高到了 24 年的 14.9%。

Overall, 2024 firmly established the foundation of our ongoing transformation to a DTC first denim lifestyle company. We are exiting the year with momentum. And I am confident that we are improving the structural economics of this business as we set our eyes on becoming a $10 billion company with 15% operating margins.

整體而言，2024年為我們持續轉型為DTC優先牛仔生活風格公司奠定了堅實的基礎。我們正以強勁的勢頭結束新的一年。我相信，我們正在改善這項業務的結構性經濟，因為我們的目標是成為一家擁有 15% 營業利潤率、價值 100 億美元的公司。

And with that, I will open up the call for Q&A.

現在，我將開始問答環節。

(Operator Instructions) Jay Sole, UBS.

(操作員指示) Jay Sole，瑞銀。

I guess a couple questions first. You talked, you mentioned that the first quarter date is good. Obviously gave some guidance, talking about getting growth, I think 3% to 4.5% for Q1. Can you talk about December when obviously it's a key month in the holiday season?

我想先問幾個問題。您說過，您提到第一季的日期很好。顯然給出了一些指導，談到成長，我認為第一季的成長率為 3% 至 4.5%。您能談談十二月嗎？

And then at the same time, can you maybe dive into a few in Q4? Maybe give a little bit more color on the drivers, quantifying if possible. And then on the tax rate, if the -- if it's all about the tax planning, is there a global minimum tax impact? Those are the three questions that I have. Thank you.

同時，您是否可以在第四季深入探討一些問題？也許可以對驅動因素給出更多的說明，如果可能的話可以量化。然後關於稅率，如果 - 如果這完全是關於稅務規劃，是否存在全球最低稅務影響？這就是我的三個問題。謝謝。

Hey Jay. This is Harmit. So let me try and address your three questions quickly.

嘿，傑伊。這是哈米特。因此，讓我嘗試快速回答您的三個問題。

We don't give December separately, but we do talk about December, which is November and December. And I'd say, first we had a very strong holiday season. The US continued its strength across both the DTC and wholesale. SOEM was up on an organic basis by 8%. And so, and gross margin continue to improve. And so that's your perspective or your response to your December question.

我們沒有單獨給出十二月，但是我們確實談論十二月，也就是十一月和十二月。我想說，首先，我們的假期表現非常強勁。美國在直銷和批發領域持續保持強勁勢頭。SOEM 有機成長了 8%。因此，毛利率持續提高。這就是您對 12 月問題的看法或回答。

The second question I think you asked was SG&A. SG&A was up. We recognize that. We acknowledge it is higher than prior and our own expectation. But as we plan '25, we're confident that SG&A will be in line as a percentage of revenue as where we ended 2024.

我認為您問的第二個問題是銷售、一般和行政費用。銷售、一般及行政開支增加。我們認識到這一點。我們承認這高於先前的預期和我們自己的預期。但正如我們規劃的25年那樣，我們相信銷售、一般及行政開支佔收入的百分比將與2024年底的水平保持一致。

So what drove the SG&A increase? I would say half of that was volume and compensation incentives and the other half was probably queue for specific items. The higher sales and higher comp was about half the other specific items. First, higher advertising now. That's a combination of two things. The majority of the increase year over year was because in '23, as we took pricing reductions to offset that, we did cut advertising. So we normalize that in Q4. And the other piece was in the new Beyonce campaign.

那麼，是什麼導致了銷售、一般及行政費用的增加呢？我想說其中一半是數量和薪酬激勵，另一半可能是特定項目的排隊。較高的銷售額和較高的補償約佔其他特定項目的一半。首先，現在廣告費用更高了。這是兩件事的結合。年比成長的大部分原因是，在'23年，我們透過降低價格來抵消這一成長，同時削減了廣告費用。因此我們在第四季度對此進行了規範。另一件作品是碧昂絲的新廣告活動。

The other thing we did do -- we did spend a little bit more on demand advertising because e-commerce. As we enter the holiday season in November was fairly strong and we just ensure that that trend continued, which was reflected in December. The 53rd week was about $25-odd million. That's the extra expense.

我們做的另一件事是，由於電子商務，我們在隨選廣告上花費了更多。隨著我們進入十一月的假期季節，銷售情況相當強勁，我們只是確保這種趨勢能夠持續下去，這在十二月也得到了體現。第53週約為2500多萬美元。這就是額外的開支。

And then we had distribution expenses related to the cutovers from Canton and our distribution center in Germany. Overall, as you can see, we still, you know, grew EBIT margins by 120 basis points. So in '25 our expectation is that this -- the growth you've seen in a will not continue our SG&A as a percentage of revenue will be around 50%. As I said in my prepared remarks and we have already seen in December SG&A rate normalized. And so, we're confident that SG&A in '25 would be a normal levels.

然後，我們有與從廣州到德國配送中心的切換相關的配送費用。總體而言，如您所見，我們的息稅前利潤率仍成長了 120 個基點。因此，在 25 年，我們預期這種成長不會持續，銷售、一般及行政開支佔收入的百分比將在 50% 左右。正如我在準備好的發言中所說的那樣，我們已經看到 12 月的銷售、一般和行政費用率已正常化。因此，我們相信 25 年的銷售、一般及行政開支將處於正常水準。

Your third question. I think was about tax. The last few years -- we have, largely we had foreign tax credits that were expiring. So our tax planning strategies were undertaken to offset the expiring tax foreign tax credits and that you know, made a difference to the tax rate given that the remaining foreign tax credits are not material. We believe the tax rate normalizes in '25 at around as I reflected in my script at about 23%. We still, if you compare ourselves to a lot of our peers still is you know, relatively competitive.

你的第三個問題。我認為與稅收有關。過去幾年，我們的外國稅收抵免大部分都即將到期。因此，我們採取了稅務規劃策略來抵消即將到期的外國稅收抵免，而且，由於剩餘的外國稅收抵免並不重要，這對稅率產生了影響。我們相信稅率將在 25 年左右恢復正常，正如我在腳本中所反映的那樣，約為 23%。如果你將我們與許多同行進行比較，我們仍然相對具有競爭力。

Paul Kearney, Barclays.

巴克萊銀行的保羅‧科爾尼 (Paul Kearney)。

Hi, good evening. Thanks for taking my question. Can you talk about your outlook for the wholesale channel into 2025 to be flat? What is driving the conservative outlook and anything that you can share on the order book by geography? And my second question is, can you talk about the drive of improvement in the DTC margin and the potential to further expand that? Thank you.

嗨，晚上好。感謝您回答我的問題。能談談 2025 年批發通路持平的展望嗎？是什麼推動了這種保守的觀點？我的第二個問題是，您能談談 DTC 利潤率提高的動力以及進一步擴大的潛力嗎？謝謝。

Sure. Paul, it's Michelle. I'll take the first part of your question regarding wholesale and then Harmit will talk about DTC profitability. So first, in regards to wholesale and global wholesale, I'll start there. We were pleased that we saw an inflection of growth. In the fourth quarter, we were up 3% globally, up 4% in US wholesale for the Levi's brand. So that includes both Red Tab and Signature. And I'd say simply, that was driven by better execution on our part, better in-stocks. We actually had to change some items that we're selling through. So we felt good about that. And then secondly, in regards to our customers being excited about our fashion fits, especially loose and baggy and then our broader style assortments, more women's, more tops and like I said, overall more fashion.

當然。保羅，我是米歇爾。我將回答您問題的第一部分有關批發的問題，然後 Harmit 將談論 DTC 的盈利能力。因此首先，關於批發和全球批發，我將從這裡開始。我們很高興看到了成長的轉折點。第四季度，我們全球銷售額成長了 3%，美國 Levi's 品牌批發銷售額成長了 4%。因此，這包括 Red Tab 和 Signature。我想說的是，這得益於我們更好的執行力和更好的庫存。事實上，我們不得不改變一些正在銷售的商品。因此我們對此感覺很好。其次，關於我們的顧客對我們的時尚款式感到興奮，特別是寬鬆的款式，然後是我們更廣泛的款式分類，更多的女裝，更多的上衣，就像我說的，總的來說更時尚。

To your point, we are guiding flat for the year as we look forward. Order books in Europe are positive. I will say that. But we're taking a prudent stance on this because we have, over time, seen some volatility in the channel. But like I said, we're encouraged with the underlying health and the results we saw in the fourth quarter. There's nothing unusual expected as we look forward, it's just that we are, like I said, being prudent given our experience with the wholesale channel over the last couple of years.

正如您所說，我們對今年的預期是持平的。歐洲的訂單情況良好。我會這麼說。但我們對此採取了謹慎的立場，因為隨著時間的推移，我們看到該管道出現了一些波動。但就像我說的，我們對第四季的基本健康狀況和業績感到鼓舞。展望未來，我們預計不會出現任何不尋常的情況，只是正如我所說的，根據過去幾年我們在批發管道的經驗，我們會採取謹慎的態度。

And Paul -- first, Paul, welcome to the Levi's coverage. Your question on DTC profitability, overall for the year, DTC profitably, as I mentioned, was up 380 basis points. It was a combination of higher productivity on top line as well as better management of the store. So let me talk to you about a few things that we're doing.

保羅 — — 首先，保羅，歡迎收看 Levi’s 的報道。您關於 DTC 獲利能力的問題，總體而言，正如我所提到的，今年 DTC 的獲利能力上漲了 380 個基點。這是營業收入生產力提高和商店管理改善的結合。那麼讓我跟你們談談我們正在做的一些事情。

First, we have really streamlined our selling model by making sure our stylists and the store associates really focused on selling. We're relooking at our compensation incentive program so that we are geared around both the top line and bottom line. We also really refined our labor model, and we are seeing efficiency across that line.

首先，我們透過確保我們的造型師和店員真正專注於銷售，真正簡化了我們的銷售模式。我們正在重新審視我們的薪酬激勵計劃，以便我們能夠同時專注於營收和利潤。我們也真正完善了我們的勞動模式，並且我們看到了整個過程中的效率。

And we're just getting started. We started with the US. We're taking it to other parts of the world. And we're really upgrading our systems for better forecasting and better inventory management. So those are the factors that have really driven better throughput and higher EBIT margins.

我們才剛開始。我們從美國開始。我們正在將它帶到世界其他地方。我們確實正在升級我們的系統，以便更好地進行預測和庫存管理。所以這些才是真正推動提高產量和提高息稅前利潤率的因素。

And as we have this ambition to be a DTC-first led company, where DTC is going to be 55-plus percentage of our business, driving higher productivity and profitability in DTC is important. So we're making a lot of progress there.

我們立志成為一家以 DTC 為主導的公司，DTC 將占我們業務的 55% 以上，因此提高 DTC 的生產力和盈利能力至關重要。所以我們在那裡取得了很大進展。

The other thing that's happened beside improvement in stores is our e-commerce profitability, as e-commerce has ramped up, has also dramatically improved. And e-commerce profitability fully loaded is now in the low double digits. So those are the two things that are helping drive the profitability on our direct-to-consumer business.

除了商店的改善之外，發生的另一件事是我們的電子商務盈利能力，隨著電子商務的蓬勃發展，也得到了顯著提高。目前，電子商務的獲利能力已達到兩位數的低點。這兩件事有助於提高我們直接面向消費者的業務的獲利能力。

Matthew boss, JP Morgan.

摩根大通的馬修老闆。

So Michelle, could you speak to health of the denim category exiting holiday, maybe larger picture, in the US and Europe? And just your overall confidence in the 3.5% to 4.5% organic for '25, any new categories that you're prioritizing? And what you're seeing from pricing power for the brand?

那麼米歇爾，您能談談牛仔布類別在假期結束後的健康狀況，或者更大的情況，在美國和歐洲嗎？您對 25 年 3.5% 至 4.5% 的有機成長率的整體信心如何，您優先考慮哪些新類別？您看到該品牌的定價能力如何？

Yes, you bet. Thanks for the question, Matt. So first, what I would say, if we look at the this year, the global denim market, the growth has been about 1% to 2% globally. And as you know, from our overall 3% growth, that was organic. And as it turns out reported thereabouts, we were ahead of the market. So we feel good about that.

是的，確實如此。謝謝你的提問，馬特。首先，我想說的是，如果我們看看今年的全球牛仔布市場，全球成長率約為 1% 至 2%。如您所知，從我們整體 3% 的成長來看，這是有機的。正如報告所顯示，我們領先市場。因此我們對此感到很高興。

Relative to your question in the US, I would say, apparel and the denim market continues to be under some level of pressure. And so it's paramount for us to continue to maintain and grow share. And I'd say overall, we feel good about that.

相對於您在美國的問題，我想說，服裝和牛仔布市場繼續承受一定程度的壓力。因此，對於我們來說，繼續保持和擴大份額至關重要。我想說，總的來說，我們對此感覺很好。

I mean, as you know, in the men's area, we have the leading market share by a mile, and we're holding steady to that if you look at us, and we generally look at the past 12 months. And now for women's, we are firmly in the number one position, in -- number one in the US for market share. And that's a big milestone for the company.

我的意思是，如你所知，在男裝領域，我們的市場份額遙遙領先，如果你看看我們，並回顧過去 12 個月，你會發現我們一直保持著這一領先地位。現在就女裝而言，我們穩居第一，在美國市場佔有率排名第一。這對公司來說是一個重要的里程碑。

So I would say there's not been a ton of change in the overall market. Maybe globally, it has slowed just a little bit. But as we look out, the forecasts are generally the same. The global market is expected to grow in that mid-single-digit range. So I would say that about the overall market share.

所以我想說整體市場並沒有太大的變化。也許從全球來看，它已經放緩了一點點。但我們發現，預測總體上是相同的。預計全球市場將以中等個位數成長。所以我想說的是整體市佔率。

One piece to note, and this whole pivot me to 2025, is I think an important thing is we no longer think about our opportunity as denim bottoms, right? We think about expanding our total addressable market, or TAM, as we call it. But this is really about this evolution from our business is denim bottoms to our business is total head-to-toe apparel, rooted in denim. And so when you think about that, it really expands our lens of what's possible in terms of the bottoms business, tops business and head-to-toe.

需要注意的一點是，在整個 2025 年的轉捩點中，我認為重要的一點是我們不再將我們的機會視為牛仔褲，對嗎？我們考慮擴大我們的總目標市場（TAM）。但這實際上是關於我們業務的演變，從我們的牛仔褲業務到我們的從頭到腳的服裝業務，以牛仔佈為根基。所以當你考慮到這一點時，它確實擴展了我們對下裝業務、上裝業務以及從頭到腳的業務可能性的視野。

We also see trends in the marketplace. So when you think about denim trends, that's one thing. But if you look at other categories like Active, Active Athleisure, that category continues to grow. We're seeing, I'll get to this in a moment, around men's in total non-denim, but like in our new Tech platform for men's, which is Levi's way of doing sort of this Athleisure; we're seeing nice growth there, and that will continue.

我們也看到了市場趨勢。因此，當你考慮牛仔布趨勢時，這是一回事。但如果你看看其他類別，如運動、運動休閒等，你會發現這些類別仍在持續成長。我們看到，我馬上就會講到這一點，圍繞著完全非牛仔布的男士，但就像我們新的男士科技平台一樣，這是 Levi's 實現這種運動休閒的方式；我們在那裡看到了良好的成長勢頭，而且這種勢頭還將繼續下去。

It always has to be true to the Levi's brand. And then coupled with, of course, our Beyond Yoga brand, which is in its early days, but we do believe that has a lot of potential, $1 billion someday. And when we look at the long term on the Active category, those prospects continue to be very, very good.

它必須始終忠於 Levi's 品牌。當然，再加上我們的 Beyond Yoga 品牌，雖然它還處於起步階段，但我們相信它有很大的潛力，總有一天能達到 10 億美元。當我們從長期角度看待活躍類別時，這些前景仍然非常非常好。

But within what we look ahead, within both the US and globally, we see a lot of upside in core denim, in denim dressing and denim lifestyle for men and women. And just as a side note, while we have a very strong hold, lead market share in men. Women's, as you know, we're underpenetrated. So we're at 36% this year, which is a gain from last year. But over time, that should be 50% of our business, right? That's new customers, it's increasing frequency with existing customers. There's just a lot of upside.

但放眼未來，無論是在美國還是在全球範圍內，我們都看到男女的核心牛仔裝、牛仔生活方式都有很大的上升空間。順便說一句，我們佔據著非常強的市場份額，在男性市場中處於領先地位。如你所知，我們在女性領域的滲透還不夠。因此，今年我們的成長率達到了 36%，比去年有所成長。但隨著時間的推移，這應該占我們業務的 50%，對嗎？這是新客戶，現有客戶的頻率正在增加。還有許多好處。

As we close out the year, as we said just now in our remarks, yes, we're proud of how we ended the year. We had a strong finish, I mean, 12% reported. But really, our core metric of 8% organic growth is really strong. And we saw that across all channels, all geographies and all categories. So in -- that momentum is directly driven by our key strategies, which will continue.

當我們結束這一年時，正如我們剛才在演講中所說的那樣，是的，我們為這一年的結束感到自豪。我們的成績很好，據報導達到了 12%。但實際上，我們 8% 有機成長的核心指標確實強勁。我們在所有管道、所有地區和所有類別中都看到了這一點。所以，這種勢頭直接受到我們的關鍵策略的推動，而這種勢頭將會持續下去。

So we made -- this year was a pivotal year. We made a lot of changes. We've been doubling down the Levi's brand, we've exited some businesses, we're exploring the sale of Dockers, as you know. But with this focus, it allows us to really accelerate those core strategies that are driving the business.

所以我們認為今年是關鍵的一年。我們做了很多改變。如你所知，我們一直在加大對 Levi’s 品牌的投入，退出了一些業務，還在探討出售 Dockers 的計劃。但有了這個重點，我們就能真正加速推動業務發展的核心策略。

And I would say, while, maintain and -- maintain leadership in men's, ensure resiliency and stable, modest growth for wholesale, the real accelerations on the business are going to be these underpenetrated areas like women's, like denim lifestyle, call it top, skirt, dresses, et cetera, and of course, direct-to-consumer, which is our overarching strategy.

我想說，在保持男裝領先地位的同時，確保批發業務的彈性和穩定、適度的增長，業務的真正加速將是這些滲透不足的領域，比如女裝，比如牛仔生活方式，稱之為頂級，裙子、洋裝等等，當然還有直接面向消費者，這是我們的整體策略。

So as we look to the year in driving 3.5% to 4.5% organic, which is a step-up from our 3% organic this year, it really is about executing the playbook that is working today.

因此，當我們展望今年實現 3.5% 至 4.5% 的有機成長時（這比今年 3% 的有機成長有所提高），這實際上就是執行當前有效的劇本。

And then I just have to put out there that while we're confident in the continued strength, like I said in women's, in DTC, in non-denim bottoms, in men's and women's into direct-to-consumer, maintaining comp growth, e-comm, et cetera, that we're also doing this more profitably with the expectation that growing EBIT margin by another just shy of 100 basis points. So I'll speak for Harmit and I, but we feel like we have very strong plans in place to achieve these objectives.

然後我必須指出的是，雖然我們對持續的強勁增長充滿信心，就像我說過的女裝、DTC、非牛仔褲、男裝和女裝到直接面向消費者的領域，保持同店銷售增長，電子商務等，我們也正在更有利可圖地進行這項工作，預計息稅前利潤率將再成長近100 個基點。因此，我代表哈米特和我自己發言，但我們覺得我們已經制定了非常強大的計劃來實現這些目標。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Michelle, I was hoping you could contextualize the opportunity that you see for organic growth next year by region. Is there anything that we should be contemplating where you see more or less opportunity between the Americas, Europe and Asia within the context of the 3.5% to 4.5% guide?

米歇爾，我希望您能按地區具體介紹一下您認為明年有機成長的機會。在 3.5% 至 4.5% 的指導範圍內，我們是否應該考慮美洲、歐洲和亞洲之間的機會是多是少？

And then for Harmit, I was hoping you could help us contextualize the opportunity for margin expansion. Are there any quarters where we should be considering higher or lower margin rates either on gross margin opportunity or on SG&A leverage?

對 Harmit 來說，我希望您能幫助我們了解利潤擴大的機會。有沒有哪個季度我們應該考慮提高或降低毛利率，無論是毛利率機會還是銷售、一般及行政費用槓桿？

Brooke, I'll take the first one since you asked for color on that. I mean as we think about the three regions, as you said, the Americas, Europe and Asia, say; broadly speaking, we're expecting low to mid-single digits in the Americas, mid-single digits in Europe, Asia mid-single digits.

布魯克，既然你要求顏色，我就選第一個。我的意思是，當我們考慮三個地區時，正如你所說，美洲、歐洲和亞洲；整體來看，我們預期美洲的成長速度為低至中個位數，歐洲的成長速度為中個位數，亞洲的成長速度為中個位數。

And I think overall, that really goes hand-in-hand with those core strategies that I was just referring to, around really betting on DTC in every region, having overall for the year, stable growth in wholesale, the women's opportunity and then the denim lifestyle opportunity. Harmit may want to add a little color to that, but I think that's overall what you should expect.

我認為總體而言，這與我剛才提到的核心策略密切相關，即真正押注每個地區的 DTC，全年總體保持批發業務的穩定增長，女性的機會，然後是牛仔生活方式的機會。Harmit 可能想添加一些色彩，但我認為這總體上就是你應該期待的。

Yeah. And Brooke, to your question on gross margin, first, let me contextualize what is going to drive gross margins for 2025.

是的。布魯克，關於你關於毛利率的問題，首先，讓我先介紹一下 2025 年毛利率的驅動因素。

We have indicated 100 basis points of gross margin expansion. And just to reinforce, we've been growing gross margin now, for a while. I think when I joined the company, it was close to 50%. 12 years later, it is 60%. Last three years has grown nicely. And so -- and next year, we believe it will expand by 100 basis points.

我們已指出毛利率將擴大100個基點。需要強調的是，我們的毛利率已經成長了一段時間了。我記得當我加入公司的時候，這個比例接近 50%。 12年後，這一比例上升至60%。過去三年發展良好。所以 — — 我們相信明年它將擴大 100 個基點。

It's a combination of factors. The first, I would say, improvement in cost of goods sold. This is less about getting better rates from our vendors. It's a lot to do with what we're doing in Project Fuel and the transformation, fewer SKUs, making sure that we use fewer fabrics, et cetera. Just thinking about this a little differently. And that's why we believe these benefits not only happen in '25, but continue for a while.

這是多種因素共同作用的結果。首先，我想說的是銷售成本的改善。這並不是為了從我們的供應商那裡獲得更好的價格。這與我們 在 Project Fuel 中所做的事情以及轉型有很大關係，包括減少 SKU、確保使用更少的布料等等。只是對此有一點不同的看法。這就是為什麼我們相信這些好處不僅會在2025年實現，而且會持續一段時間。

The second is the structural mix, DTC growth, international growth, women's growth, all structurally helping gross margin. And the third is this real focus on full price, especially as our products hit home and making sure we're able to sell more on full price over time. So that's really why we believe gross margins will continue to improve.

第二是結構性組合，DTC成長、國際成長、女性成長，都從結構上幫助提高毛利率。第三是真正關注全價，特別是當我們的產品暢銷時，並確保我們能夠隨著時間的推移以全價銷售更多產品。所以這就是我們相信毛利率將繼續提高的原因。

And as we ensure that SG&A increased year-over-year, as Jay has asked, is modest that drops on to EBIT. SG&A also, the modest growth is also driven by -- we are not naming what the Project Fuel impact is in '25, largely because it's embedded in each of these lines. But we're doing a lot to make sure our organic costs are under check and in service to a DTC-first enterprise.

正如傑伊所要求的，我們確保銷售、一般及行政開支同比增長，但息稅前利潤會適度下降。銷售、一般及行政費用（SG&A）的適度增長也是由——我們沒有透露 Project Fuel 在 25 年的影響，主要是因為它嵌入在每條線路中。但我們正在做很多工作來確保我們的有機成本得到控制，並為 DTC 優先企業提供服務。

To your question about timing of gross margin, our view is that the first half, the gross margin expansion will be higher. Again, it's a question of what happened last year. But also with all these other things we're doing on fuel, I think the first half will probably be in the 150, 200 range. And the second half, quarter 3 is probably half of that. And quarter 4 is broadly flat largely because we had a very strong quarter 4. This is our expectation at this time. And as the quarters evolve, we'll give you more information.

關於毛利率時間的問題，我們的觀點是，上半年毛利率擴張將會更高。再次，這是關於去年發生了什麼的問題。但考慮到我們在燃料方面所做的其他工作，我認為上半年的產量可能在 150 到 200 之間。而下半部分，也就是第三季可能只佔其中的一半。第四季基本上持平，主要是因為我們第四季的業績非常強勁。這是我們目前的期望。隨著季度情勢的發展，我們將為您提供更多資訊。

Tracy Kogan, Citi.

花旗銀行的 Tracy Kogan。

It's actually Paul Lejuez. Can you talk about what square footage growth was in FY24 and what you're planning it to be in FY25? And I think you gave the store openings, but could you talk about that by geography? And also, if you could share what comp performance has been in the stores that have entered the comp base in year 1?

他其實是 Paul Lejuez。您能談談 24 財年的平方英尺成長情況以及您計劃 25 財年的平方英尺成長情況嗎？我記得您已經給出了商店開業的信息，但是您能按地理位置談談嗎？另外，您能否分享一下第一年進入公司基礎的商店的業績表現如何？

Yes. Paul, we don't necessarily give square footage, but I would say, generally, our new stores that we're opening are between 2,500 to 3,500, 4,000 square feet. Asia is more towards the 2,500. I think Europe is more in between the two and the US is more towards the 3,500, 4,000. We're trying to open stores in that range. We don't open a lot of flagships. So there's not a lot of large stores and largely -- and that allows us to drive productivity from that perspective.

是的。保羅，我們不一定會給出平方英尺數，但我想說，一般來說，我們開設的新店面積在 2,500 到 3,500 或 4,000 平方英尺之間。亞洲更接近 2,500。我認為歐洲介於兩者之間，而美國則更接近 3,500、4,000。我們正嘗試在該範圍內開設商店。我們沒有開設很多旗艦店。因此，大型商店並不多，從很大程度上來說，這使我們能夠從這個角度提高生產力。

To your question, how many new doors did we open, these are -- we're moving to more system doors, which is a franchisees as well as us. Franchisees, we have of our -- close to 3,400 doors at the end of '24. I would say we operated about 1,200 or so doors, and the franchisees largely operated the rest. And I think as you -- so in 2024, we opened, as a system, a little over 100 doors.

對於你的問題，我們開了多少家新店，這些都是——我們正在轉向更多的系統門，這也是特許經營商和我們自己的。截至 2024 年底，我們的特許經營店數量已接近 3,400 家。我想說我們經營大約 1,200 扇門，其餘的大部分由特許經營商經營。我想，正如您所想的那樣——到 2024 年，我們作為一個系統開設了 100 多扇門。

We also took back Colombia, which is not in the hundreds -- and Colombia was a distributor market, that was close to 100 doors. But in '23, I think we opened -- doors to 100 system doors. In '25, in our view, it's 50 to 60 at this stage, largely because we do want to focus on growing our comp sales and system sales as we have done in the past. And so that's where we're keeping up 50 to 60 number.

我們也奪回了哥倫比亞，那裡的門市數量還不到幾百家——哥倫比亞是一個經銷商市場，門市數量接近 100 家。但在23年，我想我們打開了100扇系統之門。我們認為，在 25 年，這個比例目前是 50 到 60%，主要是因為我們確實想像過去一樣，專注於增加我們的銷售額和系統銷售。這就是我們保持 50 到 60 個數字的原因。

Where are these doors opening? I think Asia, bulk of the doors are in Asia and followed by Europe, followed by the US, our doors -- mainland doors that we opened over the last couple of years are really performing well. So over time, we'll step up the number of doors in the US And so you'll see that progress.

這些門開在哪裡？我認為亞洲，大部分的門市都在亞洲，其次是歐洲，其次是美國，我們的門市——過去幾年我們在大陸開設的門市表現非常好。因此，隨著時間的推移，我們將增加美國的門市數量，這樣你就會看到這一進展。

The other thing is the 50 to 60 for 2025 also incorporates two things. In the past two years, we opened Dockers doors as we intend to sell Dockers. We have completely shut that right now. And then we're going slower in China, for obvious reasons. As the business underperforms, we want to really hunker down and make sure that our existing doors perform better before we start expanding. I don't know if that answers your question, Paul.

另一件事是，2025 年的 50 到 60 也包含兩件事。在過去的兩年裡，我們開設了 Dockers 大門，因為我們打算出售 Dockers。我們現在已經完全關閉了它。由於顯而易見的原因，我們在中國的發展速度較慢。由於業務表現不佳，我們希望在開始擴張之前，真正紮根並確保現有門的性能更好。我不知道這是否回答了你的問題，保羅。

It does. And I guess the last one was just on comp -- so the comps --

是的。我想最後一個是關於 comp 的－－所以 comps--

On the comps, I think Michelle, in the prepared remarks, talked about high single-digit comps for last year. And the fact that -- I'd love to say from a DTC perspective, our performance is delivering a trifecta. We've been reporting positive comp sales now for 11 plus quarters.

關於同店銷售額，我認為米歇爾在準備好的發言中談到了去年的高個位數同店銷售額。事實上——我想從 DTC 的角度來看，我們的表現是三連勝。我們已連續 11 個季度報告同店銷售額為正值。

And the new doors are performing well. That's where we're opening doors. We also have a process here where we do a [post-mortem]. And our hit rate, which is do new doors, meet their expectation. Hit rates have dramatically improved as you build in a lot more discipline.

新門的性能良好。這正是我們敞開大門的地方。我們這裡也有一個流程，我們[驗屍]我們的命中率，也就是製作新門的命中率，滿足了他們的期望。隨著你建立起更多的紀律，命中率已經顯著提高。

The second piece of the DTC performance is e-commerce. E-commerce has been growing in the high teens. And the third is just the fact we're opening doors. There are very few retailers I would submit to all of you that actually are delivering an improvement in all three metrics for a while.

DTC表現的第二塊拼圖是電商。電子商務一直保持著高速成長。第三就是我們正在打開大門。我想向大家推薦的零售商中，真正能夠在一段時間內在所有三個指標上取得進步的零售商非常少。

Laurent Vasilescu, BNP Paribas.

法國巴黎銀行的洛朗‧瓦西里萊斯庫 (Laurent Vasilescu)。

Harmit, I wanted to ask, on your 10-K, you're now breaking out distribution costs, which I think were up like 21% or even in absolute terms for the year, about $70 million, which I think most of that was the conversion from your own to third-party logistics. How should we think about that line item for the full year in '25? And can you remind us when that happened in -- was it in the fourth quarter, third quarter because I think we only have an annual number?

Harmit，我想問一下，在你的10-K 中，你現在列出了分銷成本，我認為這些成本上漲了21%，甚至按絕對值計算，今年約為7000 萬美元，我認為其中大部分是從自己的物流到第三方物流的轉變。我們應該如何考慮 25 年全年的該專案？您能提醒我們這件事發生的時間嗎——是在第四季度還是第三季度，因為我認為我們只有年度數據？

And then the second question, Harmit, Contour brands, I think 30% of their global production is in Mexico. Just love to get your take on how much of your sourcing comes from Mexico globally, but more importantly, into the United States.

第二個問題，Harmit、Contour 品牌，我認為其全球 30% 的生產在墨西哥。我很想聽聽您對全球採購量有多少來自墨西哥的看法，但更重要的是，有多少來自美國的採購量來自墨西哥。

Yes. So I'll answer the second quickly, which is -- and I'll also add China just for others. So as far as direct sourcing into the US, right, from China is less than 1%. And from Mexico, it's about 5%. So is not material. And if there is a change in the tariff structure, we'll be able to address that because we cross-source, as you all know, from 25 countries.

是的。因此我將快速回答第二個問題，也就是──我也會為其他人補充中國的問題。就美國從中國直接採購的比例不到 1%。來自墨西哥的比例約為5%。所以不是物質的。如果關稅結構發生變化，我們將能夠解決這個問題，因為眾所周知，我們的產品來自 25 個國家。

To your second question, Laurent, you get first prize for digging into our 10-K like in an hour. But to your question about distribution expenses, yes, the year was up 21%. It was a combination of two things. Maybe we should explain better in the 10-K. One was, we transferred distribution expenses, say, a year ago for e-commerce or part of selling. So we transferred that to where it should belong, which is in the distribution line. So that's about -- that's half of the 21%.

對於你的第二個問題，Laurent，你因在一小時內深入研究我們的 10-K 而獲得一等獎。但對於您關於分銷費用的問題，是的，今年分銷費用確實上漲了 21%。這是兩件事的結合。也許我們應該在 10-K 中做出更好的解釋。一是，我們將一年前用於電子商務或部分銷售的分銷費用轉移。因此我們將其轉移到它應該在的地方，也就是分配線中。這大約是 21% 的一半。

And the second is the panel run of the DCs, which is as we exit our DC Canton here and transition our DC, that was probably half of the -- so if you take the 21%, about 9% is transfer, about 6% of the growth was the parallel running. And so the -- if you just look at distribution expenses, organic distribution expenses, I hate to use the word organic here; but it's about 6%.

第二個是 DC 的面板運行，也就是當我們離開 DC 坎頓並轉換 DC 時，這大概是一半——所以如果你取 21%，大約 9% 是轉移，大約 6%的增長是並行的。所以——如果你只看分銷費用，有機分銷費用，我不喜歡在這裡使用有機這個詞；但大約是6%。

I think as we think about '25, again, the comparable distribution expense will be probably 6% to 7% growth. There is the parallel running of the DTCs, which continues for a little while in '25. But as we said earlier, the remap of our distribution centers should -- will drive savings beginning late '25, early '26, which then improves structurally the distribution expense as a percentage of revenue, helping us get to the path of 15% EBIT. Does that help you?

我認為，當我們再次考慮 25 年時，可比分銷費用可能會增加 6% 到 7%。DTC 並行運行，並在 25 年持續了一小段時間。但正如我們之前所說，重新規劃我們的配送中心應該會在 25 年底到 26 年初帶來節約，從而從結構上改善配送費用佔收入的百分比，幫助我們實現 15% 的息稅前利潤。這對你有幫助嗎？

Jim Duffy, Stifel.

吉姆·達菲（Jim Duffy），斯蒂費爾（Stifel）。

As you shared, denim bottoms trending well, but you know every thing of the business is just denim bottoms. Michelle, specific to Levi's brand, can you help us with an update on tops, bottoms mix and update us on the size and the trajectory of non-denim categories?

正如您所說，牛仔褲的流行趨勢很好，但您知道這個行業的一切都只是牛仔褲。米歇爾，具體到 Levi’s 品牌，您能否幫助我們更新一下上衣、下裝的搭配情況，以及非牛仔類別的尺寸和發展軌跡？

Yes, you bet. You bet. So first of all, this is not an or, it's an and. And it starts with making sure that our denim bottoms, call it, authority or leadership continues to be healthy. So it's really important that we always drive innovation in the core, like the 501, which again, for the quarter, was up based on new evolutions of the 501 in fabrics and fits like the 501 '90s, et cetera, and then driving the fashion fits, which right now is all about baggy and loose. But at some point, we'll be back to tapered and skinny. I think as the desires with day-to-day, kind of anything goes in the closet.

是的，確實如此。當然。首先，這不是一個或，而是一個和。首先要確保我們的牛仔褲，也就是所謂的權威或領導力持續健康。因此，我們始終推動核心創新，例如 501，本季度，該系列基於 501 在面料和版型方面的新演變，例如 90 年代的 501 等，然後推動現在的時尚流行寬鬆。但在某種程度上，我們會回到錐形和瘦削的狀態。我認為，隨著日常生活的慾望不斷增加，任何東西都可以放進衣櫃裡。

But I think what we're really excited about is evolving Levi's brand to stand for something much broader than a great pair of jeans. And as we look forward, we want to be an iconic apparel company rooted in denim. And what that means is that we have permission to go into tops and dresses and skirts and outerwear and non-denim bottoms. And we are seeing really encouraging traction on all those fronts.

但我認為，我們真正興奮的是，讓 Levi’s 品牌不斷演變，使其代表的意義遠不止一條優質的牛仔褲。展望未來，我們希望成為一家紮根於牛仔布的標誌性服裝公司。這意味著我們可以生產上衣、洋裝、短裙、外套和非牛仔下裝。我們在所有這些方面都看到了令人鼓舞的進展。

So if you take some of these categories, well, first, winning with women is a key strategy. We're underpenetrated there. I spoke to it earlier, we're at 36%. That business was up 12% for the quarter, 20% in DTC. And it feels like with that category, we're just getting started.

因此，如果你選擇這些類別，那麼首先，贏得女性的青睞是一個關鍵策略。我們在那裡的滲透還不夠。我之前說過，我們的比率是 36%。該業務本季成長了 12%，DTC 業務成長了 20%。感覺對於這個類別我們才剛開始。

Our tops business, overall, was up 8%. Again, feel very good on the trajectory that we're seeing. We're seeing growth I think importantly, it's not just in what we consider our traditional tops categories like batwing T-shirts and trucker jackets, but we're seeing it in essential tees, in blouses, in wovens, in button downs. And like I said, we had a great outerwear business this past quarter and into holidays.

整體而言，我們的上衣業務成長了 8%。再次，我們對所看到的軌跡感到非常滿意。我們看到了成長，我認為重要的是，這不僅僅是在我們所認為的傳統上衣類別，如蝙蝠袖T 恤和卡車司機夾克，而且我們還在基本款T 卹、襯衫、機織服裝和紐扣襯衫中看到了成長。正如我所說，上個季度以及假期期間，我們的外套業務表現十分出色。

The non-denim bottoms category also doing very well, both for women and men. I think especially for men, our XX Chino platform, which we've had for a couple of years, that continues to grow and resonate. Our Tech pants platform introduced first as a 5 pocket, now is a Chino. And we're introducing this year an elevated, call it, Tier 2 and more to come.

非牛仔褲類別的銷售也十分出色，無論男女。我認為，特別是對於男性而言，我們推出幾年的 XX Chino 平台正在不斷發展壯大並產生共鳴。我們的 Tech 褲子平台最初是作為 5 個口袋推出的，現在是斜紋棉布褲。我們今年將推出更高等級的標準，即所謂的 Tier 2 標準，未來還將推出更多標準。

So I think what you hear from me is that we are really significantly broadening our addressable market. For the total, just to give you context, when we look at all things outside of denim bottoms, that's about now 40% of our business and growing.

所以我想你從我這裡聽到的是，我們確實正在大幅拓寬我們的目標市場。總體來說，只是為了給你提供背景信息，當我們看牛仔褲以外的所有產品時，這些產品現在約占我們業務的 40％，並且還在增長。

And I think especially for the tops, if you just think about the tops piece, think about DTC, it's a great attachment purchase, drive UPTs, drive average ticket. And what years ago, many years ago, our ratio of bottoms to top used to be like 7:1. Right now, we're trending at 2:1, 2 tops to every one bottom. And at some point, that's going to be 1:1 or frankly, even more tops to every bottom because we know from consumers, they'll buy more tops than bottoms.

我認為特別是對於頂部，如果你只考慮頂部部分，考慮一下 DTC，這是一個很棒的附件購買，推動 UPT，推動平均票價。很多年前，很多年前，我們的底部與頂部的比例曾經是 7:1。目前，我們的趨勢是 2：1，即每出現 2 個頂部，就會出現 1 個底部。在某個時候，這個比例將會是 1：1，或者坦白說，上衣與褲子的比例甚至會更高，因為我們從消費者那裡了解到，他們購買的上衣會比褲子多。

So we're making really great progress on that front. Yes. And so I think Q4 is many proof points, and that gives us confidence in many of these strategies in place for 2025.

因此，我們在這方面取得了巨大進展。是的。因此，我認為第四季度有很多證明點，這使我們對 2025 年實施的許多策略充滿信心。

Boruchow, Wells Fargo.

博魯肖，富國銀行。

Harmit, I guess most of it has been asked, but just to clarify a few things. So on Dockers, so it looks like it's like a $325 million business. Can you just comment on the profitability as of last year? Is it making any money, just so we know when the sale kind of does go through what to expect?

Harmit，我想大部分問題已經被問過了，但我只想澄清一些事情。對於 Dockers 來說，它看起來像是一項價值 3.25 億美元的生意。您能評論一下去年的獲利能力嗎？它能賺錢嗎？

And then on some of the headwinds you kind of laid out, can you just, I guess, give a little bit more clarity on what's going on with denims? And you mentioned footwear, I just -- maybe I should, but I don't really understand what's going on with footwear. And then I thought Denizen had kind of been worked through at this point. So again, just trying to understand the sizes of those and what's going on.

然後針對您列出的一些不利因素，您能否更清楚地說明牛仔褲的情況？您提到了鞋類，也許我應該問一下，但我真的不明白鞋類到底是怎麼回事。然後我想 Denizen 在這一點上已經被解決了。所以再次嘗試了解它們的大小以及發生了什麼。

Sure. So just for everybody's benefit, and I publicly said this, in our press release, we have given details of Denizen and the LSA and the 53rd week, we've given it for the company. We have given it by segment and we've given it by channel. So you guys should have it.

當然。因此，只是為了大家的利益，我公開說過這一點，在我們的新聞稿中，我們提供了有關 Denizen 和 LSA 的詳細信息，以及第 53 週的詳細信息，我們已經為公司提供了這些信息。我們已經根據細分市場給出了數據，也根據管道給出了數據。所以你們應該擁有它。

And that's why we're focused on the organic growth because to your question, Ike, Denizen, the exit started in the beginning of '24. And we believe -- most of it we have exited. We believe there's about $30 million which we will exit by the end of the first half of this year.

這就是為什麼我們專注於自然成長，因為對於你的問題，Ike，Denizen，退出始於24年初。我們相信——我們已經退出了大部分。我們相信，今年上半年末我們將退出約 3,000 萬美元的投資。

Footwear, we had a small footwear business really based out of Europe. And again, we felt it was not strategic. And so that -- we have announced the exit, it will impact largely '25. And the size of that is about a point in revenue, which is $60 million, $65 million, something like that, the exact numbers you'll have there. And that's why we felt it important to move to an organic revenue growth because that explains the intrinsic business that is left and will grow over time.

鞋類，我們有一個小型鞋類企業，總部設在歐洲。我們再次認為這不符合策略。所以—我們已經宣布退出，它將對25年產生很大影響。這個規模大約相當於收入的一點，即 6000 萬美元、6500 萬美元或類似的金額，這就是確切的數字。這就是為什麼我們認為轉向有機收入成長很重要，因為這解釋了剩下的並將隨著時間的推移而增長的內在業務。

To your question about Dockers, you're right, it's about $330 million in revenue. The gross margin are in the high 40s. The EBIT margins, on an allocated basis, is probably breakeven. And so that's the business that, a, just for everybody's perspective, we are in a process. The process is going well, and we are confident that we'll be able to sell this business sometime in '25.

關於你關於 Dockers 的問題，你是對的，它的收入約為 3.3 億美元。毛利率高達40%以上。在分配的基礎上，息稅前利潤率可能達到損益兩平。這就是業務，從每個人的角度來看，我們都處於一個過程中。整個過程進展順利，我們有信心在25年某個時候能夠出售這項業務。

Thanks, everyone, for joining the call today, and we look forward to seeing many of you at our product preview event tomorrow evening. Thank you.

感謝大家今天的電話會議，我們期待明天晚上的產品預覽活動中見到大家。謝謝。

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

今天的電話會議到此結束。請立即斷開您的線路。