Levi Strauss & Co (LEVI) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Levi Strauss & Co., third-quarter fiscal 2025 earnings conference call for the period ending August 31, 2025. (Operator Instructions) This conference call is being recorded and may not be reproduced in whole or in part without written permission from the company.

女士們、先生們，大家好，歡迎參加 Levi Strauss & Co. 2025 財年第三季財報電話會議，該季度截至 2025 年 8 月 31 日。（操作員指示）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。

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.

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 & Co.

現在我想將電話轉給 Levi Strauss & Co. 投資者關係副總裁 Aida Orphan。

Thank you for joining us on the call today to discuss the results for our third quarter of fiscal 2025. Joining me on today's call are Michelle Gass, our President and CEO; and Harmit Singh, our Chief Financial and Growth Officer.

感謝您今天參加我們的電話會議，討論我們 2025 財年第三季的業績。參加今天電話會議的還有我們的總裁兼執行長米歇爾·加斯 (Michelle Gass) 和我們的財務和成長長哈米特·辛格 (Harmit Singh)。

We'd like to remind you that we will be making forward-looking statements based on current expectations, and those statements are subject to certain risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed in our reports filed with the SEC. We assume no obligation to update any of these forward-looking statements.

我們想提醒您，我們將根據當前預期做出前瞻性陳述，這些陳述受某些風險和不確定性的影響，可能導致實際結果大不相同。這些風險和不確定性在我們向美國證券交易委員會提交的報告中詳細說明。我們不承擔更新任何前瞻性陳述的義務。

Additionally, during this call, we will discuss certain non-GAAP financial measures, which are not intended to be a substitute for our GAAP results. Definitions of these measures and reconciliations to their most comparable GAAP measures are included in our earnings release available on the IR section of our website, investors.levistrauss.com.

此外，在本次電話會議中，我們將討論某些非 GAAP 財務指標，這些指標並非旨在取代我們的 GAAP 結果。這些指標的定義以及與最具可比性的 GAAP 指標的對帳均包含在我們的收益報告中，您可以在我們網站 investors.levistrauss.com 的 IR 部分查看該報告。

Please note that Michelle and Harmit will be referencing organic net revenues or constant currency numbers, unless otherwise noted, and the information provided is based on continuing operations.

請注意，除非另有說明，Michelle 和 Harmit 將引用有機淨收入或恆定貨幣數字，並且所提供的資訊是基於持續經營。

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

最後，本次電話會議正在我們的 IR 網站上進行網路直播，並且該電話會議的重播將很快在網站上提供。今天的電話會議安排為時一小時，因此請您每次只提出一個問題，以便其他人有機會得到解答。

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

現在，我想把電話轉給米歇爾。

Thank you, and welcome, everyone. What I'll share today builds on the themes I've been emphasizing this year as we pivot to become a DTC-first head-to-toe denim lifestyle retailer. The consistent execution of our strategic priorities is driving a meaningful inflection in our financial performance. And today, I'm pleased to share that we delivered another very strong quarter with upside across the P&L giving us the confidence to raise our full-year revenue and EPS guidance.

謝謝大家，歡迎大家。今天我要分享的內容是基於我今年一直強調的主題，因為我們將轉型成為 DTC 優先的從頭到腳牛仔生活風格零售商。我們策略重點的持續執行正在推動我們的財務表現發生有意義的轉變。今天，我很高興地告訴大家，我們又一個季度表現非常強勁，損益表的上漲讓我們有信心提高全年營收和每股盈餘預期。

In Q3, we delivered our fourth-consecutive quarter of high-single-digit organic revenue growth. Strength was once again broad-based across our business including DTC and wholesale, international and domestic, women's and men's, and tops and bottoms. Our growth was led by continued strong sales and profitability in our direct-to-consumer channel, up 9% and fueled by strong comp growth as well as solid performance in global wholesale.

第三季度，我們連續第四個季度實現了高個位數的有機收入成長。我們的業務再次展現出廣泛優勢，包括 DTC 和批發、國際和國內、女裝和男裝、上衣和下裝。我們的成長主要得益於直接面向消費者的通路持續強勁的銷售和獲利能力，成長了 9%，並得益於強勁的同店銷售成長以及全球批發業務的穩健表現。

Our largest market, the US, grew 3%; and our international business was up 9%, led by an acceleration in Asia. And we continue to see robust performance in our core as well as outsized growth in our key focus areas like women's and tops. The results we've delivered this quarter against an increasingly complex backdrop are yet another proof point that our strategies are working.

我們最大的市場美國成長了 3%；我們的國際業務成長了 9%，其中亞洲業務的成長最為顯著。我們的核心業務持續表現強勁，而女裝和上衣等重點關注領域也實現了大幅成長。在日益複雜的背景下，本季我們所取得的成果再次證明我們的策略是有效的。

Looking ahead, there are several factors that give me even more conviction that our momentum will continue. First, our narrowed focus enables us to maximize the full potential of the Levi's brand. We will continue to build momentum through impactful marketing campaigns, strategic partnerships, and innovative collaborations ensuring that the brand remains firmly at the center of culture.

展望未來，有幾個因素讓我更加堅信我們的勢頭將會持續下去。首先，縮小關注範圍使我們能夠最大限度地發揮 Levi's 品牌的全部潛力。我們將繼續透過有影響力的行銷活動、策略合作夥伴關係和創新合作來增強勢頭，確保品牌始終牢牢佔據文化的中心。

Second, the total addressable market for denim is large and growing as consumer preferences continue to shift towards casualization. As a definitive market leader, we are well-positioned to take advantage and drive growth.

其次，隨著消費者偏好持續向休閒化轉變，牛仔布的整體潛在市場規模很大且不斷成長。作為權威的市場領導者，我們擁有充分的優勢來推動成長。

Third, our denim leadership puts us in a prime position to define and own head-to-toe denim lifestyle, further expanding our addressable market. As we drive this momentum forward, we'll continue to deliver an innovative and robust product pipeline across genders and categories.

第三，我們的牛仔領導力使我們處於定義和擁有從頭到腳的牛仔生活方式的有利位置，進一步擴大了我們的潛在市場。隨著我們推動這一勢頭向前發展，我們將繼續提供跨性別和類別的創新且強大的產品線。

Fourth, our DTC-first strategy is bringing us closer to the consumer and generating consistent and significant growth, while we have also stabilized and grown our wholesale business. Both channels are seeing strong improvements in profitability.

第四，我們的 DTC 優先策略使我們更貼近消費者，並實現持續顯著的成長，同時我們也穩定並發展了批發業務。這兩個管道的獲利能力都得到了顯著提升。

Fifth, while international already comprises nearly 60% of our total business, there are still untapped opportunities for us to grow, particularly in Asia, where our business has momentum and the opportunity for continued expansion is considerable. Underpinning all of this is our culture of performance with a sharpened focus on operating with rigor and executing with excellence, from go-to-market efficiencies and more productive store operations to end-to-end supply chain improvements.

第五，雖然國際業務已占我們總業務的近60%，但我們仍有尚未開發的成長機會，特別是在亞洲，我們的業務發展勢頭強勁，持續擴張的機會相當大。支撐這一切的是我們的績效文化，我們更加重視嚴謹營運和卓越執行，從上市效率和更有效率的門市營運到端到端供應鏈改善。

I will now turn to highlights from the third quarter in the context of our strategies. All numbers that Harmit and I will reference are on an organic continuing operations basis.

現在，我將結合我們的策略來談談第三季的亮點。Harmit 和我將引用的所有數字都是基於有機持續經營的。

Let's start with our first strategy, being brand-led. Levi's had another strong quarter of growth. In the quarter, we launched the final chapter of the REIIMAGINE campaign with Beyoncé. This campaign delivered as intended, fueling momentum across the business, specifically driving growth in our Levi's women's business up 12% year to date.

讓我們從第一個策略開始，以品牌為主導。Levi's 又經歷了一個強勁成長的季度。本季度，我們與碧昂絲合作啟動了 REIIMAGINE 活動的最後一章。這項活動達到了預期效果，為整個業務注入了新的活力，特別是推動了 Levi's 女裝業務今年迄今增長了 12%。

In August, we debuted our new global campaign starring Shaboozey, underscoring our relevancy and authenticity with men. The campaign showcases our most iconic products, the 501, the trucker jacket, and the Western shirt. And we're pleased with how this campaign is being received by our fans.

8 月份，我們推出了由 Shaboozey 主演的全新全球宣傳活動，強調了我們與男性的相關性和真實性。這次活動展示了我們最具代表性的產品：501、卡車司機夾克和西部襯衫。我們很高興看到粉絲們對這次活動的反應。

In addition, we also cultivated enthusiasm for the brand through a broad range of collaborations, including a joint collection with Nike, using Levi's heritage denim craftsmanship with Nike's athletic sneaker culture. Our collaborations generate brand heat and introduce Levi to new consumers. And just this week, we launched a special collection with Toy Story in celebration of their 30th anniversary.

此外，我們還透過廣泛的合作培養了人們對該品牌的熱情，包括與耐吉的聯合系列，將李維斯的傳統牛仔工藝與耐吉的運動鞋文化相結合。我們的合作提高了品牌熱度，並將 Levi 介紹給新的消費者。就在本週，我們推出了玩具總動員特別系列，慶祝其成立 30 週年。

Turning to products. Our evolution to a head-to-toe denim lifestyle retailer continues to gain momentum, all while strengthening our position as the global authority in denim. Our Levi's women's business continues to deliver outsized growth, up 9% in Q3, while our leading Levi's men's business grew a solid 5%.

轉向產品。我們向從頭到腳的牛仔生活方式零售商的轉變持續獲得動力，同時鞏固了我們作為全球牛仔權威的地位。我們的 Levi's 女裝業務持續大幅成長，第三季成長 9%，而我們領先的 Levi's 男裝業務則穩定成長 5%。

Driven by our diversified Fit portfolio, we saw strong growth in our bottoms business, which was up 6%. We're continuing to inject newness into the looser fit trends with the new baggy utility silhouettes for him and the launch of our Baggy Dad Barrel for her, and we're driving a revival in low rise with our low and super low collection of fits which are delivering strong growth.

在我們多元化的健身產品組合的推動下，我們的下裝業務強勁成長，增幅達 6%。我們繼續為寬鬆版型潮流注入新鮮血液，為男士推出新款寬鬆實用款式，為女士推出寬鬆老爹褲，同時，我們正通過低腰和超低腰繫列推動低腰褲的複興，這些系列正在實現強勁增長。

As we evolve into denim lifestyle, we're making meaningful progress on our seasonally relevant assortments as consumers look for more buy now, wear now products. Following last year reset, tops continue to drive notable growth, up 9% with strength across women's and Men's.

隨著我們逐漸轉向牛仔生活方式，隨著消費者尋求更多即買即穿的產品，我們在季節性相關產品系列方面取得了有意義的進展。繼去年重新調整後，上衣繼續推動顯著成長，上漲 9%，女裝和男裝均表現強勁。

For the quarter, our shorts business delivered strong growth across genders. We continue to infuse newness into the assortment through fit and fabric innovation from our Linen blend style to the launch of the 501 curve. And with respect to our premiumization efforts, we began to roll out our elevated Blue Tab collection to Europe in early September, following a successful launch in Asia and US earlier this year. Blue Tab mergers Levi's iconic aesthetics with a refined quality and thoughtful Japanese craftsmanship.

本季度，我們的短褲業務在各個性別中都實現了強勁增長。從亞麻混紡風格到 501 曲線的推出，我們不斷透過合身度和布料創新為產品系列注入新鮮感。就我們的高端化努力而言，繼今年稍早在亞洲和美國成功推出之後，我們於 9 月初開始向歐洲推出升級版的 Blue Tab 系列。Blue Tab 將 Levi's 的標誌性美學與精緻的品質和周到的日本工藝融為一體。

Looking to the holiday season, we are well-positioned with the right merchandise assortment and the right marketing campaign. We're expanding the range of occasions and amplifying the many ways that fans can embrace our denim lifestyle assortment through elevated fabrics, textures, and embellishments. We're excited to showcase Levi through a fresh lens that reflects the season's full spectrum of style.

展望假期季，我們已做好充分準備，擁有合適的商品組合和合適的行銷活動。我們正在擴大場合範圍，並透過高級面料、紋理和裝飾，擴大粉絲們接受我們的牛仔生活方式的多種方式。我們很高興透過全新的視角來展示 Levi，以反映本季的全部風格。

Now, shifting to our strategy to be DTC-first. Global direct-to-consumer sales were up 9%, driven by strong performance in both our stores and online. We generated high-single-digit comp growth fueled by higher UPT, AUR, and full price selling as our expanded denim lifestyle assortment continues to resonate with our consumers around the world.

現在，我們的策略將轉向以 DTC 為先。由於實體店和線上銷售的強勁表現，全球直接面向消費者的銷售額成長了 9%。隨著我們不斷擴大的牛仔生活方式系列繼續引起全球消費者的共鳴，我們實現了高個位數的複合增長，這得益於更高的 UPT、AUR 和全價銷售。

And as we continue to grow our DTC channel, we remain focused on doing so profitably with our productivity initiatives resulting in more than 400 basis points of margin expansion in the quarter.

隨著我們繼續擴大 DTC 管道，我們仍然專注於透過生產力計劃來實現盈利，從而使本季度的利潤率擴大了 400 多個基點。

We are pleased with the strong results from our store optimization initiatives, which have improved both the consumer experience and store productivity. We've enhanced our in-store lifestyle merchandising to make the store environment more inspiring and shoppable highlighting our broader assortment of head to toe look. We've also been focused on improving our assortment planning and life cycle management, resulting in lower promotions and higher full-price selling.

我們對商店優化計劃的顯著成果感到非常滿意，該計劃不僅改善了消費者體驗，還提高了商店生產力。我們增強了店內生活方式商品的銷售，使商店環境更具啟發性和購物性，突出了我們從頭到腳的更廣泛的款式。我們也一直致力於改善我們的產品組合規劃和生命週期管理，從而減少促銷並提高全價銷售。

Additionally, we're in the process of rolling out a new global selling model for our store team, which, coupled with our enhanced labor scheduling system, is improving the consumer experience and delivering operational efficiencies.

此外，我們正在為我們的商店團隊推出一種新的全球銷售模式，該模式與我們增強的勞動力調度系統相結合，正在改善消費者體驗並提高營運效率。

We had another quarter of very strong growth in e-com, up 16%, driven by an increase in traffic across all segments. We expect e-commerce to continue to be our fastest-growing channel on the path to comprising 15% of our total business, up from just 9% today.

我們的電子商務業務又經歷了一個非常強勁的季度，成長了 16%，這得益於所有細分市場的流量成長。我們預計電子商務將繼續成為我們成長最快的管道，占我們總業務的比例將從目前的 9% 上升至 15%。

In our wholesale channel, net revenues were up 5%, reflecting growth across all segments. In the US, the Levi's brands were up 2%, as we continue to invest in top doors and expand and elevate our assortments. Western wear is core to who we are, and we're pleased to have recently expanded our product assortment with Boot Barn and gained new distribution at Cavender's. We also see opportunities to increase our penetration with premium and specialty accounts as we broaden and elevate our lifestyle assortment.

在我們的批發管道，淨收入成長了 5%，反映了所有部門的成長。在美國，Levi's 品牌的銷售額成長了 2%，因為我們繼續投資高端門類並擴大和提升我們的產品種類。西部服飾是我們的核心，我們很高興最近透過 Boot Barn 擴大了我們的產品種類，並在 Cavender's 獲得了新的經銷商。隨著我們擴大和提升生活方式的種類，我們也看到了增加高端和專業帳戶滲透率的機會。

Now, turning to our third strategy, powering the portfolio. Our international business grew 9% in Q3. Asia accelerated in the quarter driven by double-digit growth in key markets like India, Japan, Korea, and Turkey. I recently visited several stores across India, Korea, and Japan, and it is clear that consumers are responding to the work we've done to ensure the best expression of our denim lifestyle assortment.

現在，我們來談談我們的第三個策略，即增強投資組合。我們的國際業務在第三季成長了 9%。本季度，亞洲經濟加速成長，主要受印度、日本、韓國和土耳其等主要市場兩位數成長的推動。我最近參觀了印度、韓國和日本的幾家商店，很明顯，消費者對我們為確保牛仔生活方式系列得到最佳體現所做的工作做出了回應。

Japan, in particular, is a market with a very high bar for denim. We've been investing in Japan over the past decade, transitioning the market from primarily a wholesale business to now close to 75% DTC. Walking our stores in Nagoya, Shinjuku, and Harajuku, which are some of our highest volume stores in the world, you'll see the fullest and most premium expression of the Levi's brand. Up almost 50% since 2019 and continuing to gain momentum, we remain optimistic about future opportunities in Japan, and we will replicate our successful playbook in this market across the globe.

尤其是日本，是一個對牛仔布要求非常高的市場。過去十年來，我們一直在日本投資，將市場從以批發業務為主轉變為現在接近 75% 的 DTC。走進我們位於名古屋、新宿和原宿的商店，這些是我們世界上銷量最高的商店之一，您將看到 Levi's 品牌最完整、最優質的體現。自 2019 年以來成長了近 50%，並且繼續保持成長勢頭，我們對日本的未來機會保持樂觀，並將在全球市場複製我們的成功策略。

Beyond Yoga was up 2% and DTC was up 23%, driven by comps, new doors, and e-commerce. Growth in DTC was offset by a decline in wholesale as the team focuses on higher-quality sales in the channel. Looking to Q4, we have additional stores opening in Boston, Houston, and two more stores in Northern California, bringing our total store count to 14. We expect Beyond Yoga to end the year up low teens versus prior year.

受同店銷售額、新門市和電子商務的推動，Beyond Yoga 上漲 2%，DTC 上漲 ​​23%。由於團隊專注於通路中更高品質的銷售，DTC 的成長被批發的下降所抵消。展望第四季度，我們將在波士頓、休士頓開設更多門市，並在北加州開設兩家店，使我們的門市總數達到 14 家。我們預計，今年 Beyond Yoga 的營收將比去年同期下降 15% 左右。

In closing, we delivered another standout quarter with sales and earnings growth that positions us to increase our outlook for the year. We are fully prepared and well positioned for holiday, as we enter the season with momentum. Despite an increasingly uncertain external backdrop, we have several tailwinds that give me confidence in not only delivering a strong finish to 2025, but also another strong year in 2026.

最後，我們又一個季度表現突出，銷售額和獲利均有所成長，這讓我們有理由提高全年的業績預期。隨著我們以強勁的勢頭進入這個季節，我們已經為假期做好了充分的準備並做好了充分的準備。儘管外部環境越來越不確定，但我們仍有幾個有利因素，讓我有信心不僅能在 2025 年取得強勁成績，而且能在 2026 年再創佳績。

Finally, I'd like to thank our incredible talented and passionate team for driving our transformation into the world's denim lifestyle leader and delivering outstanding service to our fans every day.

最後，我要感謝我們才華橫溢、充滿熱情的團隊，他們推動我們轉型成為世界牛仔生活方式的領導者，並每天為我們的粉絲提供卓越的服務。

And with that, I will turn it over to Harmit to provide a financial overview of the quarter and our expectations for the remainder of the year. Harmit?

接下來，我將把時間交給 Harmit，讓他提供本季的財務概況以及我們對今年剩餘時間的預期。哈米特？

Thanks, Michelle. In quarter three, we delivered strong financial results exceeding expectations across sales, gross margin, EBIT margin, and EPS. We remain focused on establishing a strong track record of consistent execution and results.

謝謝，米歇爾。第三季度，我們的銷售額、毛利率、息稅前利潤率和每股盈餘都超出預期，取得了強勁的財務業績。我們始終致力於建立持續執行和取得成果的良好記錄。

The strategic transformation across our organization has enabled us to evolve into a higher-performing company with stronger revenue growth, expanded margins, improved cash flows, and higher returns on invested capital. Given the outperformance in quarter three and continued strong trends, we are also raising our revenue and EPS outlook for the year despite incorporating higher tariffs than assumed in our previous guidance.

我們整個組織的策略轉型使我們發展成為一家業績更高的公司，收入成長更強勁、利潤率更高、現金流改善、投資回報率更高。鑑於第三季的出色表現和持續強勁的趨勢，儘管納入的關稅高於我們先前預測的水平，但我們仍上調了今年的營收和每股盈餘預期。

Now, turning to our quarter-three results. Net revenue grew 7%, reflecting the power of our diversified business model. International markets drove approximately 75% of our growth and the US contributed 25%. This international strength reflects our continued expansion and brand resonance in key markets globally, while our US business maintained solid underlying momentum.

現在，我們來談談我們第三季的業績。淨收入成長了7%，反映了我們多元化商業模式的強大力量。國際市場推動了我們約 75% 的成長，其中美國貢獻了 25%。這種國際實力反映了我們在全球主要市場的持續擴張和品牌共鳴，同時我們的美國業務保持了穩固的潛在發展勢頭。

By channel, growth was evenly balanced between wholesale and direct-to-consumer each growing and contributing roughly 50% of our revenue increase. This balanced performance underscores the success of our DTC-first strategy while maintaining strong partnerships in wholesale.

從通路來看，批發和直接面向消費者的成長均衡，各自貢獻了我們營收成長的約 50%。這種均衡的表現凸顯了我們以 DTC 為先策略的成功，同時在批發領域維持了強大的合作關係。

By gender, women's contributed approximately 40% of our growth with men's accounting for the balance. We continued to execute against our strategy to capture greater share in our underpenetrated higher gross margin women's segment, while a large men's business continues to generate solid growth, as we fuel momentum in the category.

按性別劃分，女性貢獻了我們約 40% 的成長，而男性貢獻了剩餘的成長。我們繼續執行我們的策略，在滲透率較低、毛利率較高的女裝市場中佔據更大的份額，同時，隨著我們為該類別注入動力，大型男裝業務繼續實現穩健成長。

Turning to gross margin performance. We delivered another strong quarter with a quarter-three record gross margin of 61.7% of net revenues, expanding 110 basis points versus the prior year, more than offsetting 80 basis points of tariff headwinds.

轉向毛利率表現。我們又度過了一個強勁的季度，第三季度的毛利率創歷史新高，達到淨收入的 61.7%，比上年增長了 110 個基點，抵消了 80 個基點的關稅不利影響。

Three key drivers fuel the continued expansion. First, our structural business mix continues to evolve favorably with the accelerating shift towards higher-margin DTC, international and women's category.

三大關鍵驅動因素推動了持續擴張。首先，我們的結構性業務組合繼續朝著有利的方向發展，加速轉向利潤率更高的 DTC、國際和女性類別。

Second, targeted pricing actions we have taken across our assortment as well as higher full-price selling and reduced promotion levels in our direct-to-consumer channel as consumers continue to gravitate towards newness.

其次，隨著消費者繼續傾向新產品，我們針對整個產品系列採取了有針對性的定價措施，並在直接面向消費者的管道中提高了全價銷售並降低了促銷水平。

Third, approximately 50 basis points of the upside in gross margin was driven by foreign exchange. While we are judicially approaching pricing opportunities across our business, in quarter three, we saw a significant increase in units, demonstrating healthy underlying demand for our brands.

第三，毛利率約有50個基點的上升是由外匯影響所致。雖然我們正在明智地尋找整個業務的定價機會，但在第三季度，我們看到單位數量顯著增加，顯示對我們品牌的健康潛在需求。

I'm pleased to report that our adjusted SG&A performance came in line with our expectations, representing less than 50% of total revenue, over 150 basis points improvement from our first half run rate. The primary factors contributing to the increase in SG&A dollars includes higher performance-based compensation given the momentum in our business, costs associated with our store opening, as well as expenses associated with the transformation of our distribution network.

我很高興地報告，我們的調整後銷售、一般及行政費用表現符合我們的預期，佔總收入的不到 50%，比我們上半年的運行率提高了 150 多個基點。導致銷售、一般及行政費用增加的主要因素包括：鑑於我們業務的發展勢頭，績效薪酬有所提高，與開店相關的成本，以及與分銷網絡轉型相關的費用。

The combination of robust gross margin and our disciplined approach to SG&A management delivered an adjusted EBIT margin of 11.8% and generated $0.34 of adjusted diluted EPS, both ahead of our expectations. Our focus on profitability as we accelerate growth has enabled us to grow both adjusted EBIT and adjusted diluted EPS, up approximately 25% to prior year on a year-to-date basis.

強勁的毛利率加上我們嚴謹的銷售、一般及行政費用管理方法，使調整後的息稅前利潤率達到 11.8%，調整後的稀釋每股收益為 0.34 美元，均超出我們的預期。我們在加速成長的同時注重獲利能力，這使得我們的調整後息稅前利潤和調整後稀釋每股收益均實現成長，年初至今比上年增長約 25%。

Now, let's review the key highlights by segment. The Americas net revenues were up 7%. Our US business was up 3%, delivering our fifth-consecutive quarter of strong growth. DTC grew 6% and now represents over 40% of the US market. US wholesale net revenues were also up despite the challenges posed by the transition of our US distribution centers.

現在，讓我們回顧一下各個細分領域的重點亮點。美洲淨收入成長7%。我們的美國業務成長了 3%，連續第五個季度實現強勁成長。DTC 成長了 6%，目前佔據了美國市場的 40% 以上。儘管美國配送中心轉型帶來了挑戰，但美國批發淨收入仍有所成長。

Driven by broad-based strength across the region, LatAm has seen several consecutive quarters of double-digit growth, including Q3, which was up 23%. Americas operating margin expanded 50 basis points, driven by gross margin and revenue leverage.

受整個地區普遍強勁增長的推動，拉美地區已連續多個季度實現兩位數增長，其中第三季度增長了 23%。受毛利率和收入槓桿的推動，美洲營業利潤率擴大了 50 個基點。

Europe's net revenues were up 3%. All key markets delivered growth, led by a very strong performance in the UK. While weather impacted footfall in June and July, we exited the quarter with strong performance in August, and we continue to expect mid-single-digit growth in Europe for the year. Operating margin grew 80 basis points versus the prior year from strong gross margin expansion.

歐洲的淨收入成長了3%。所有主要市場均實現成長，其中英國表現最強勁。雖然 6 月和 7 月的天氣影響了客流量，但我們在 8 月以強勁的業績結束了本季度，我們預計今年歐洲的客流量將保持中等個位數成長。由於毛利率強勁增長，營業利潤率較上年增長了 80 個基點。

Asia's net revenues accelerated to up 12%. The segment saw double-digit growth in both DTC and wholesale. Operating margin increased 50 basis points to prior year. Asia is up 8% on a year-to-date basis, and operating margin for the year is up 40 basis points to prior year.

亞洲的淨收入加速成長12%。該部門在 DTC 和批發方面均實現了兩位數的成長。營業利益率較前一年增加50個基點。亞洲今年迄今已成長 8%，全年營業利潤率較前一年上升 40 個基點。

Turning to our shareholder returns program and the balance sheet. In the quarter, we returned $151 million to shareholders, a 118% increase versus last year. We've also closed the first phase of the Dockers sales. And with the proceeds, we have implemented $120 million accelerated share repurchase program and retired approximately 5 million shares with the remaining shares to be settled by the first quarter of 2026.

轉向我們的股東回報計劃和資產負債表。本季度，我們向股東返還了 1.51 億美元，比去年同期成長了 118%。我們也結束了 Dockers 銷售的第一階段。利用所得款項，我們實施了 1.2 億美元的加速股票回購計劃，並回購了約 500 萬股股票，剩餘股票將於 2026 年第一季前結算。

We have returned $283 million to shareholders year to date, which is substantially higher than our annual cash payout target. And for Q4, we declared a dividend of $0.14 per share, which is up 8% to prior year. We ended the quarter with reported inventory dollars up 12%, driven by purposeful investments ahead of the holiday and higher product costs than a year ago due to tariffs. In unit terms, inventory was up 8% versus last year. As of today, we have 70% of the product in the US needed for holiday.

今年迄今為止，我們已向股東返還了 2.83 億美元，大大高於我們的年度現金支付目標。對於第四季度，我們宣布派發每股 0.14 美元的股息，比上年增長 8%。本季結束時，我們報告的庫存金額增加了 12%，這得益於假期前有目的的投資以及關稅導致的產品成本高於去年同期。以單位計算，庫存比去年增加了 8%。截至今天，我們已擁有美國假期所需產品的 70%。

Before turning to guidance, let me briefly share our updated assumptions around tariffs. Our updated guidance reflects the latest tariff rates, which include 30% for China and an increase to approximately 20% for the rest of the world. This is higher than our last assumption. And as a result, we estimate the full year gross impact of tariffs before mitigation to be approximately a 70-basis-point headwind to gross margin compared to 50 basis points previously.

在談到指導之前，讓我先簡單分享我們關於關稅的最新假設。我們更新的指南反映了最新的關稅稅率，其中中國關稅稅率為 30%，世界其他地區的關稅稅率增加至約 20%。這比我們上次的假設還要高。因此，我們估計，在減稅之前，關稅對全年毛利率的總影響約為 70 個基點，而先前為 50 個基點。

However, given the Q3 results and after mitigation, we continue to expect only a 20-basis-point impact to gross margin. This translates to a $0.02 to $0.03 impact to adjusted diluted EPS, unchanged from last quarter's guidance. As respect to quarter four, this equates to an 80-basis-point headwind to gross margin and a $0.03 impact to adjusted diluted EPS.

然而，考慮到第三季的業績和緩解措施後，我們仍然預期毛利率僅會受到 20 個基點的影響。這意味著調整後的稀釋每股收益將受到 0.02 至 0.03 美元的影響，與上一季的預期相同。就第四季而言，這相當於毛利率下降 80 個基點，調整後稀釋每股盈餘下降 0.03 美元。

Looking to 2026, we are continuing to take actions to offset the impact of tariffs. As a reminder, these mitigation initiatives include promotion optimization, targeted pricing actions, vendor negotiation and further supply chain diversification.

展望2026年，我們將繼續採取行動抵銷關稅的影響。提醒一下，這些緩解措施包括促銷優化、有針對性的定價行動、供應商談判和進一步的供應鏈多樣化。

Now, I will turn to our outlook for quarter four and then cover the full year. While we are taking a prudent approach to our outlook given the complex macro environment and the absence of the 53rd week, which contributed 4 points to the top line in quarter four of 2024, we remain confident in the underlying strength and momentum of our business.

現在，我將談談我們對第四季的展望，然後介紹全年的展望。儘管考慮到複雜的宏觀環境以及第 53 週的缺失（為 2024 年第四季度的收入貢獻了 4 個百分點），我們對前景採取了審慎的態度，但我們仍然對業務的潛在實力和發展勢頭充滿信心。

In quarter four, we expect organic net revenue growth to be up approximately 1% and on a two-year stack, this equates to 9% organic growth. Reported net revenues are expected to be down approximately 3% because of noncomparable items, including the 53rd week, Denizen and footwear, which are no longer included in the revenue base.

在第四季度，我們預計有機淨收入成長率將達到約 1%，以兩年計算，這相當於 9% 的有機成長率。由於第 53 週、Denizen 和鞋類等不可比項目不再包含在收入基礎中，預計報告淨收入將下降約 3%。

Gross margin is expected to contract approximately 100 basis points in quarter four, driven by tariffs as well as the impact of the 53rd week, and we expect adjusted EBIT margin to be in the range of 12.4% to 12.6%. We expect the tax rate to be in the low-20s, higher than a year ago and adjusted diluted EPS to be in the range of $0.36 to $0.38.

受關稅以及第 53 週的影響，預計第四季度毛利率將收縮約 100 個基點，我們預計調整後的 EBIT 利潤率將在 12.4% 至 12.6% 之間。我們預計稅率將在 20% 出頭，高於一年前，調整後的稀釋每股收益將在 0.36 美元至 0.38 美元之間。

For the full year, we are taking our revenues up by approximately 1 percentage point and EPS by $0.02. We now expect reported net revenue growth of approximately 3% for the year, and we have increased our expectations for organic net revenues to approximately 6% up from prior year.

全年來看，我們的營收將成長約1個百分點，每股盈餘將成長0.02美元。我們目前預計全年報告淨營收將成長約3%，並將有機淨營收成長預期上調至約6%。

We now expect gross margin to expand 100 basis points for the full year, up from the 80 basis points stated in our prior guidance, including the incremental drag from tariffs. We continue to expect adjusted SG&A as a percentage of revenue to end the year at around 50% and adjusted EBIT margin to be in the range of 11.4% to 11.6%. As we have previously shared, we continue to expect the tax rate to be about 23%. And we are raising our full-year adjusted diluted EPS range by $0.02 to $1.27 to $1.32 for the full year.

我們現在預計全年毛利率將擴大 100 個基點，高於我們先前預測的 80 個基點，其中包括關稅帶來的增量拖累。我們繼續預計，調整後的銷售、一般及行政費用佔收入的百分比將在年底達到 50% 左右，調整後的息稅前利潤率將在 11.4% 至 11.6% 之間。正如我們之前所分享的，我們仍然預計稅率約為 23%。我們將全年調整後稀釋每股收益範圍上調 0.02 美元至 1.27 美元至 1.32 美元。

In closing, our four consecutive quarters of high-single-digit growth and raised revenue expectations underscore the strength and resilience of our business. As we accelerate profitable growth, we are transforming into a best-in-class DTC-first denim lifestyle retailer, unlocking new opportunities and delivering greater value for our shareholders.

最後，我們連續四個季度實現高個位數成長並提高收入預期，凸顯了我們業務的實力和韌性。隨著我們加速獲利成長，我們正在轉型成為一流的 DTC 優先牛仔生活方式零售商，釋放新的機會並為股東創造更大的價值。

Our disciplined execution and agility have enabled us to deliver 14 consecutive quarters of DTC comp sales, expand margins, drive cash flow and return significant capital to our shareholders, including the recent ASR and our growing dividend. With our strategic focus on high-growth segments, tops, women's, international, and DTC, we see a long runway of profitable growth ahead.

我們嚴謹的執行力和敏捷性使我們能夠連續 14 個季度實現 DTC 可比銷售額、擴大利潤率、推動現金流並向股東返還大量資本，包括最近的 ASR 和不斷增長的股息。憑藉我們對高成長細分市場、上衣、女裝、國際和 DTC 的策略關注，我們預見未來將有很長的獲利成長空間。

Thank you for your continued trust and support. We are more confident than ever in our future. I will now open up the line for Q&A.

感謝您一直以來的信任與支持。我們對我們的未來比以往任何時候都更有信心。我現在將開放問答熱線。

(Operator Instructions) Laurent Vasilescu, BNP Paribas.

（操作員指令）法國巴黎銀行的 Laurent Vasilescu。

Good afternoon, Michelle and Harmit. Thank you very much for taking my question. I wanted to ask about your European momentum. We had a major US brand caution about the European marketplace the other week then around increased promotionality. Curious to hear what you're seeing in this important marketplace? How do you -- how are your European prebooks look for next spring?

下午好，Michelle 和 Harmit。非常感謝您回答我的問題。我想問一下你們在歐洲的勢頭。上週，我們收到了美國主要品牌對歐洲市場的警告，隨後又加強了促銷。想知道您在這個重要市場上看到了什麼嗎？您覺得明年春季歐洲的預訂狀況如何？

And then Harmit, just on the 4Q guide, the gross margin down 100 basis points. Can you maybe just unpack that a little bit more, what's the 53rd week impact on the GM? And what are the positive offsets?

然後，Harmit，僅在第四季度指南中，毛利率就下降了 100 個基點。您能否再詳細解釋一下，第 53 週對 GM 有何影響？那麼積極的抵消是什麼？

Sure. Laurent, thanks for calling in. So Europe was up 3% for the quarter. You heard in my prepared remarks about the weather impact. But as soon as the weather cooled, we saw Europe accelerate to double-digit growth, especially as we exited the quarter.

當然。勞倫特，感謝您的來電。因此本季歐洲成長了 3%。你們在我的準備好的發言中聽到了有關天氣影響的發言。但天氣一轉涼，我們就看到歐洲經濟加速實現兩位數成長，尤其是在本季結束時。

There was some shifting in July and August, but September remains strong. We have seen growth in the quarter across both channels. DTC was up 4%, wholesale was up 2%. Some key markets really performed. UK was up high-mid-teen and high-single-digit growth in Germany and Italy.

7 月和 8 月出現了一些變化，但 9 月依然強勁。本季度，我們看到兩個管道均實現了成長。DTC 上漲 ​​4%，批發上漲 2%。一些關鍵市場確實表現良好。英國的成長率達到中高十幾個百分點，而德國和義大利的成長率則達到高個位數。

If you think across men and women, women continues to be strong in Europe. And the consumer is gravitating towards a broader assortment, looser fits, tops, which is our fastest-growing category. So our view is, unlike the other major brands that you mentioned, we expect to end the year up mid-single digit. And this has accelerated substantially relative to a year ago.

如果你從男性和女性的角度來思考，你會發現女性在歐洲仍然佔據主導地位。消費者越來越傾向於選擇風格更廣泛的寬鬆上衣，這是我們成長最快的類別。因此，我們的觀點是，與您提到的其他主要品牌不同，我們預計今年的銷售額將達到中等個位數。與一年前相比，這一速度大幅加快。

September is off to a good start. Our prebook for spring is up mid-single digits. Having said all that, our operating margins were also up 80 basis points. So I think that's our perspective of Europe. A big shout-out to the team on the ground that is working its way through it.

九月開局良好。我們春季的預訂量增加了中等個位數。話雖如此，我們的營業利潤率也上升了 80 個基點。所以我認為這就是我們對歐洲的看法。向正在努力解決這個問題的實地團隊致以最崇高的敬意。

On your question, I can broadly talk Q4 guidance and then I'll talk gross margins in a minute. But on Q4, we expect the momentum of our business to continue, and our view is that fundamentally, the underlying trends remain strong.

關於您的問題，我可以大致談談第四季的指引，然後再談談毛利率。但在第四季度，我們預計業務勢頭將持續下去，我們認為從根本上講，潛在趨勢仍然強勁。

Our Q4 guidance overall is impacted by three things. The year we're lapping, which includes a 53rd week, which helped Q4 last year by 4 points in revenue and 20 basis points in gross margin. We do have an incremental headwind on tariff. It's impacting gross margin first, unmitigated by 130 basis points and mitigated by about 50 basis -- sorry, by 80 basis points and EPS by $0.03. Had it not been for tariffs, our gross margins in quarter four would have been up. I mean, it's pretty factual.

我們的第四季指引總體受到三件事的影響。今年我們取得了圓滿成功，其中包括第 53 週，這幫助去年第四季的營收成長了 4 個百分點，毛利率提高了 20 個基點。我們在關稅方面確實面臨逐漸增加的阻力。這首先影響了毛利率，未受影響的毛利率下降了130個基點，受影響的毛利率下降了約50個基點——抱歉，是80個基點，每股收益下降了0.03美元。如果不是因為關稅，我們第四季的毛利率應該會上升。我的意思是，這是非常真實的。

And then we're just taking a conservative approach to the quarter given the complex macros, there's tariffs and maybe potential impact on demand. We are not seeing it as we closed out September and the continued transformation of our distribution center.

考慮到複雜的宏觀因素、關稅以及對需求的潛在影響，我們對本季採取了保守的態度。我們沒有看到它，因為我們在九月結束時還在繼續對配送中心進行改造。

The way to think about it, folks is our -- we're replacing our full-year top-line guidance to 6% organic. And if you think of the last three years, '23 organic growth was flat, '24 was about close to 3% and this year, 6%. So as I said in the prepared remarks, we're solidly on track to be a mid-single-digit growth company. And EBIT margin should end the year in the mid 11% in 2023 or close to 9%. So we've steadily improved that higher gross margin efforts on SG&A and flow-through onto EBIT margin.

各位，我們應該這樣想——我們將全年營收預期替換為 6% 的有機成長。如果你回顧過去三年，你會發現 23 年的有機成長持平，24 年的有機成長接近 3%，而今年則達到了 6%。正如我在準備好的發言中所說的那樣，我們正穩步走在成為中等個位數成長公司的道路上。到 2023 年底，息稅前利潤率應達到 11% 左右，或接近 9%。因此，我們穩步提高銷售、一般和行政費用的毛利率，並努力提高息稅前利潤率。

That's great to hear. Best luck with the holiday season.

聽到這個消息真是太好了。祝您節日愉快。

Thanks, Laurent.

謝謝，洛朗。

Thank you.

謝謝。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

So Michelle, could you elaborate on the momentum that you cited entering the season? Maybe what are you seeing in the denim category or from the consumer broadly?

那麼米歇爾，你能詳細說明一下你提到的進入本賽季的勢頭嗎？也許您在牛仔布類別或從廣大消費者那裡看到了什麼？

And then Harmit, so have you seen any material change in demand trends in September or October globally, or is it just prudent planning for the remainder of the quarter that's driving the moderation that's embedded in your fourth-quarter organic revenue guidance?

然後哈米特，那麼您是否看到 9 月或 10 月全球需求趨勢有任何實質性變化，或者這只是對本季度剩餘時間的審慎規劃，從而推動了您在第四季度有機收入指引中所包含的放緩？

I'll answer your second first because I'm sure it's top of mind for folks. No, it's just being -- the prudent guidance is just being conservatism on the macros. We are not seeing any underlying change in trends, as I reflected. I think we're really well set for holidays, and Michelle can give you a perspective on the category and the consumer.

我先回答你的第二個問題，因為我確信這是大家最關心的問題。不，這只是──審慎的指導只是宏觀的保守主義。正如我所反映的，我們沒有看到趨勢的任何潛在變化。我認為我們已經為假期做好了充分的準備，米歇爾可以為您提供有關類別和消費者的看法。

Sure. So Matt, thanks for the question. First, let me talk about the category. We're really excited. I mean the denim category is accelerating both here in the US and globally. And as the definitive market leader, we are very well-positioned to take advantage of that. And of course, as the leader, we help fuel the growth, and we're seeing that happen.

當然。馬特，謝謝你的提問。首先我先說一下類別。我們真的很興奮。我的意思是牛仔布類別在美國和全球範圍內都在加速發展。作為權威的市場領導者，我們完全有能力利用這個優勢。當然，作為領導者，我們幫助推動成長，我們看到了這種情況的發生。

Just to remind everyone, we are the market share leader across men's and women's globally and we continue to maintain our number one share position in the US as well as for both men and women.

需要提醒大家的是，我們是全球男裝和女裝市場份額的領導者，並且我們將繼續保持美國男裝和女裝市場第一的份額地位。

I'd say most recently, we're really thrilled to see that we're gaining share in used, premium and with our signature business. So when we think about our business from a segmentation standpoint, doing really well with Red Tab. And for those consumers who are more value-oriented, we saw our signature business up double digits this quarter.

我想說，最近，我們非常高興地看到，我們在二手車、高端車和特色業務中的份額正在增加。因此，當我們從細分的角度考慮我們的業務時，Red Tab 的表現確實很好。對於那些更注重價值的消費者來說，我們的標誌性業務本季實現了兩位數的成長。

What's driving that for our business in terms of market share gains and again, as the leader, helping to fuel the momentum in the category overall, I mean, it starts with product. We're bringing a lot of newness and innovation into our business through fits, fabrics, silhouettes, a lot of that's still happening with Baggy, but we're really seeing strength across the board.

就市場佔有率成長而言，是什麼推動了我們的業務，並且再次作為領導者，幫助推動整個類別的發展勢頭，我的意思是，它始於產品。我們透過合身度、面料、輪廓為我們的業務帶來了許多新鮮感和創新，其中許多內容仍在 Baggy 上進行，但我們確實看到了整體實力。

And importantly, not only is it continuing to be the leader in denim bottoms, but we're really expanding our addressable market as we think about going from denim bottoms to head-to-toe denim lifestyle. And we're seeing that momentum in categories like tops.

重要的是，它不僅繼續成為牛仔褲領域的領導者，而且我們正在真正擴大我們的潛在市場，因為我們正在考慮從牛仔褲轉向從頭到腳的牛仔生活方式。我們在上衣等類別中看到了這種勢頭。

So when you take a step back, I mean, historically, we've been around many decades. We really built this business on denim, but we're building our future on denim lifestyle. So we feel good about the category, our position.

所以當你回顧一下，我的意思是，從歷史上看，我們已經存在了幾十年。我們確實是靠牛仔布來建立這項業務的，但我們的未來是靠牛仔布的生活方式來建構的。因此，我們對這個類別、我們的地位感到滿意。

Now, more broadly, to your question on the consumer I think kind of building on Harmit's comments and mine, our consumer continues to be resilient, and we're seeing that around the globe. I mean, it starts with the business, our fourth-consecutive quarter of high-single-digit organic growth globally. And I think it's important to make note that this -- for the quarter, this business was driven largely through unit growth, right?

現在，更廣泛地回答您關於消費者的問題，我認為基於哈米特和我的評論，我們的消費者繼續保持韌性，我們在全球範圍內都看到了這種情況。我的意思是，這始於業務，我們連續第四個季度在全球範圍內實現高個位數有機成長。我認為需要注意的是——就本季而言，這項業務主要是透過單位成長來推動的，對嗎？

So it's unit growth that's really fueling that momentum. And we saw broad-based strength across geographies, across categories at both men's and women's, tops and bottoms and both DTC and wholesale. So consumers responding.

因此，真正推動這股勢頭的是單位成長。我們看到，各個地區、各個類別（男裝和女裝、上衣和下裝、DTC 和批發）都表現出廣泛優勢。因此消費者做出了反應。

Our strategies are working I mentioned the denim category accelerating, I mentioned really kind of being relevant across these various consumer cohorts and we guess that we're operating in a complex environment here in the US we're staying close to it.

我們的策略正在發揮作用，我提到牛仔類別正在加速發展，我提到它確實與不同的消費者群體息息相關，我們猜測我們在美國這裡是一個複雜的環境，我們會密切關注它。

But when you think about the Levi's brand in times of uncertainty, consumers turns to brands that they know and trust and Levi's is certainly one of those brands. So we're optimistic as we enter the fourth quarter, we expect the health and the momentum of our business to continue.

但是，當你在不確定的時期考慮 Levi's 品牌時，消費者會轉向他們熟悉和信任的品牌，而 Levi's 無疑是其中之一。因此，我們對進入第四季度感到樂觀，我們預計業務的健康和發展勢頭將持續下去。

We've been planning for holiday all year, and I would say we have our most robust lifestyle assortment we've ever brought to the consumer. We've lost a seasonally relevant product across really all categories. And again, we continue to make progress on the head to toe, so you'll see lots of the fashion bottoms as well as tops and outerwear third pieces.

我們全年都在為假期做計劃，我想說我們為消費者帶來了迄今為止最豐富的生活方式產品。我們在所有類別中都失去了一款與季節相關的產品。而且，我們繼續在從頭到腳的服裝上取得進展，所以你會看到很多時尚的下裝以及上衣和外套。

And I think products that really go sort of from day to night at work to evening events, especially during the holiday season, but there's a lot of newness and that will also be fueled by tremendous marketing. We've had a great year of marketing with Beyoncé, we've got Shaboozey right now, and you can expect us to continue to connect in a relevant way during the holiday season.

我認為這些產品確實適合從白天工作到晚上工作再到晚間活動，特別是在假日期間，但有許多新產品，這也將受到大量行銷的推動。我們與碧昂絲合作度過了非常成功的一年，現在我們又與 Shaboozey 合作，您可以期待我們在假期期間繼續以相關的方式保持聯繫。

Ike Boruchow, Wells Fargo.

艾克‧博魯喬 (Ike Boruchow)，富國銀行。

Let me add my congratulations. Maybe Harmit, just to focus on margins specifically. Can you comment on two things: one, within the SG&A cost line, you talked a little bit about it earlier, but the distribution line is running around 7% of sales right now. I know can you remind us the moving pieces on the warehousing and DCs you have going on? A year ago, it was around. I think historically, it's been 5%. How quickly does that margin start to benefit you guys as you go into next year?

讓我也向您表示祝賀。也許是 Harmit，只是特別關注利潤。您能否評論兩件事：第一，在銷售、一般和行政費用線內，您之前談到了這一點，但分銷線目前約佔銷售額的 7%。我知道您能提醒我們您正在進行的倉儲和配送中心的活動嗎？一年前，它就存在了。我認為從歷史上看，這個比例是 5%。進入明年，這個利潤率多快能為你們帶來好處？

And then to that point, are you comfortable beginning to lay out a time line on the return to 15% margin you guys kind of put back on the table several quarters ago as the momentum picked up?

那麼，到那時，您是否願意開始製定時間表，以實現利潤率恢復到 15%？隨著勢頭的增強，你們在幾個季度前就重新提出了這個目標？

So let me, Ike, I'll start with gross margin, I'll give you some color about what happened in Q3, so people and yourself understand, then I'll go quickly into SG&A and distribution.

所以，艾克，我將從毛利率開始，向您介紹一下第三季度發生的情況，以便大家和您自己都能理解，然後我將快速介紹銷售、一般和行政費用以及分銷。

So think of gross margin in quarter three, up 110 basis points higher than what we had expected when we talked about this a quarter ago, three basic factors.

因此，想想第三季的毛利率，比我們上一季討論時預期的高出 110 個基點，有三個基本因素。

One is the structural mix, which is higher women's DTC and international that we think continues for a long, long time.

一是結構性組合，即女性 DTC 和國際化程度更高，我們認為這種情況將持續很長一段時間。

The second is we have taken moderate pricing, and we're driving higher full-price sales.

第二，我們採取了適度的定價，並推動了全價銷售的提升。

And the third is the FX benefit, which we had called out about 50 basis points. This more than offset about 80 basis points of headwind from the tariffs. And so that's why, a, we were ahead of last year. And over delivery was FX and difficult to predict. We haven't predicted FX for quarter four as an example. And full price is something we're focused on. It's difficult to forecast that. So those -- that gross margin.

第三是外匯收益，我們預計約 50 個基點。這抵消了關稅帶來的約 80 個基點的阻力。這就是為什麼我們比去年領先。超額交付是外匯，很難預測。例如，我們還沒有預測第四季的外匯情況。我們關注的是全價。這很難預測。所以那些——那個毛利率。

Then you think about SG&A. Our SG&A for the quarter was below 50%. If you think the first half of the year, it was higher than 50% of revenue higher than -- so the run rate was lower than the first half of the year, which was higher.

然後你再考慮銷售、一般和行政費用 (SG&A)。我們本季的銷售、一般及行政費用低於 50%。如果你認為上半年的收入高於 50%——那麼運行率就低於上半年，而上半年的收入較高。

The way we think of SG&A, I mean, there are two ways to look at it: a, gross profit dollars growing at a faster pace than SG&A so if you think of year to date, our gross profit dollars are up $220 million and SG&A is up $126 million, so clearly driving high flow-through.

我們對銷售、一般和行政費用的看法有兩種：a、毛利的成長速度快於銷售、一般和行政費用，因此，如果考慮年初至今的情況，我們的毛利增加了 2.2 億美元，銷售、一般和行政費用增加了 1.26 億美元，因此顯然推動了高流通。

If you look at it just as a revenue to SG&A, SG&A up 6% and revenue up 8%, so clear leverage. As we think we end the year, if 6% is the revenue guidance organically, SG&A is probably in the mid-single digits, so there's clear leverage on that.

如果您將其視為銷售、一般和行政費用的收入，則銷售、一般和行政費用增長 6%，收入增長 8%，因此槓桿作用明顯。我們認為，如果到年底，有機收入預期為 6%，那麼銷售、一般及行政費用 (SG&A) 可能處於中等個位數，因此這方面具有明顯的槓桿作用。

And this quarter, our SG&A being up relative to a year ago. There's performance comp, which is a big piece. We're having a good year. Distribution costs, which I'll come to in a minute, so I'll answer your question. We opened on a gross basis, 40 new stores. I mean -- and that's really the trifecta factor in DTC is driving the results. Market expenses -- marketing expenses moved a little between Q4 and Q3, especially as we launched the Shaboozey campaign and some foreign exchange headwinds.

本季度，我們的銷售、一般及行政費用較去年同期上升。還有績效補償，這是很重要的一環。我們今年過得很好。分銷成本，我馬上就會談到，所以我會回答你的問題。我們總共開設了 40 家新店。我的意思是——這確實是 DTC 中推動結果的三重因素。市場費用—第四季和第三季之間的行銷費用略有變化，特別是在我們推出 Shaboozey 活動和一些外匯逆風的情況下。

To your question, Ike, about distribution, Overall, as you know, we're remapping our distribution network to more of a hybrid network built for omnichannel from a manual network that is built for wholesale. So there are clear benefits that we will see over time.

艾克，關於分銷的問題，總的來說，如您所知，我們正在將我們的分銷網絡從為批發構建的手動網絡重新映射到為全渠道構建的混合網絡。因此，隨著時間的推移，我們將會看到明顯的好處。

In the short term and transformation obviously have a short-term impact, over the short term, we -- in the US, we've been running panel DCs as we ramp up the new DC that's run by a third party. So if you think of distribution costs about 7% and they've increased from a year ago, I would say about half of that is a reclass in distribution expenses from selling to distribution for e-commerce.

短期內，轉型顯然會產生短期影響，在短期內，我們——在美國，我們一直在運行面板 DC，同時擴大由第三方營運的新 DC。因此，如果您認為分銷成本約為 7%，並且比一年前有所增加，那麼我想說其中大約一半是分銷費用從銷售重新分類為電子商務分銷。

And the other half is equally split between volume, which is driving more distribution expenses and the cost of parallel running. Our expectation is that parallel running of DCs because the good news is our demand is pretty robust. So as we make this transformation, we have to do in a way that we not only fulfill the demand for our customers and the consumers but also ramp up and close this DC.

而另一半則平均分配給銷量，這導致分銷費用和並行運行成本增加。我們的期望是 DC 並行運行，因為好消息是我們的需求非常強大。因此，當我們進行這種轉型時，我們必須採取一種不僅能滿足客戶和消費者需求的方式，而且還能擴大和關閉這個 DC。

So our view is -- and it's our art and science, so we're working through that. But I think by the end of quarter one, '26 is when we probably ramp down the parallel running of the DC, so early '26. And when we report results for quarter four in early 2026. We'll give you a perspective undistributed expenses. But over time, long term, we should reduce cost per unit and the cost of running parallel DCs.

所以我們的觀點是——這是我們的藝術和科學，所以我們正在努力實現這一點。但我認為到 26 年第一季末，我們可能會逐步減少 DC 的並行運行，所以是在 26 年初。我們將在 2026 年初報告第四季的業績。我們將為您提供未分配費用的視角。但從長遠來看，我們應該降低單位成本和運行並行 DC 的成本。

Does that help, Ike, answer your question?

艾克，這有助於回答你的問題嗎？

Yeah. And I'm just curious, time line on the 15%, is there anything you can share?

是的。我只是好奇，關於 15% 的時間線，您有什麼可以分享的嗎？

I think you're asking for a quick preview to Investor Day or a preview on that. But I think the way to think about that, Ike, is our EBIT margin should end the year about in the mid-11s, right? And they've grown nicely over the last couple of years. I think the basic building blocks are the following: the gross margin expansion continues. I mean, our view is that the structural fee continues say -- and if you take probably a five-year period, you can say that's 200 basis points that should help EBIT.

我認為您要求快速預覽投資者日或有關該日的預覽。但是艾克，我認為考慮這個問題的方式是，我們的息稅前利潤率應該在 11 年代中期左右結束，對嗎？在過去的幾年裡，它們發展得很好。我認為基本要素如下：毛利率持續擴大。我的意思是，我們的觀點是，結構性費用會持續下去——如果你以五年為一個週期，你可以說這是 200 個基點，這應該有助於息稅前利潤。

The SG&A leverage -- as we get to mid-single-digit growth company, I think the SG&A leverage is about 200 basis points. And we may ramp up advertising a little bit given the wonderful programs, our Chief Marketing Officer, and are evoking, I think that helped drive the band, make the brand stronger and importantly, drive revenue. I think that's probably a 50 basis points-odd of headwind, and that will come with revenue. So I think that's your building block. So you think of gross margin expansion, SG&A leverage and a little bit of reinvestment in EBITDA can get to the 15%.

銷售、一般和行政費用槓桿——當我們進入中位數個位數成長公司時，我認為銷售、一般和行政費用槓桿約為 200 個基點。鑑於這些精彩的節目，我們可能會稍微增加廣告，我們的首席行銷官，並且正在喚起人們的共鳴，我認為這有助於推動樂團的發展，使品牌更加強大，更重要的是，增加收入。我認為這可能是 50 個基點左右的逆風，但這將帶來收入。所以我認為這就是你的基石。因此，您認為毛利率擴大、銷售、一般及行政費用槓桿和少量 EBITDA 再投資可以達到 15%。

Paul Kearney, Barclays.

巴克萊銀行的保羅·科爾尼。

Within the wholesale business growth, can you speak to how much was driven by maybe new points of distribution or expanded assortment versus like-for-like on stronger sell-throughs? And how would you categorize inventory levels within the retail channels, how do you do that?

在批發業務成長中，您能否談談有多少是由新的分銷點或擴大的品種推動的，有多少是由同類產品更強勁的銷售量推動的？您如何對零售通路內的庫存水準進行分類？您是如何做到的？

Sure, Paul. Thanks for the question. So as we said in our earlier remarks, we're quite pleased with the continued growth that we're seeing in the channel. This is now four consecutive quarters with 4% or 5%. We do expect the year to be slightly positive in the wholesale channel for the entire year, which was actually up from our prior expectation, which we had said previously flat to slightly up.

當然，保羅。謝謝你的提問。正如我們在先前的評論中所說，我們對該管道的持續成長感到非常高興。這已經是連續四個季度實現 4% 或 5% 的成長。我們確實預計今年全年批發通路的業績將略有成長，這實際上高於我們先前的預期，我們之前曾表示，批發通路的業績將持平或略有成長。

We saw positive growth in this channel across all segments. We saw particular strength in US wholesale. We saw it in Asia, Latin America, and in the Signature business, which is more for that value consumer. The growth is largely being driven with existing accounts as their consumers are responding to our fashion fits. Women's, women's especially is outperforming and lifestyle.

我們看到該管道各個細分領域都出現了正面的成長。我們看到美國批發業尤其強勁。我們在亞洲、拉丁美洲和 Signature 業務中都看到了這一點，這些業務更適合價值消費者。這一成長很大程度上是由現有客戶推動的，因為他們的消費者對我們的時尚風格很感興趣。女性，尤其是女性，表現出色，生活方式也很好。

So while we -- yeah, we are bringing in some new accounts like Western ware, we got new distribution in we're expanding in Boot Barn. The growth is largely coming from our execution with our existing partners.

所以，雖然我們——是的，我們正在引入一些新的客戶，例如 Western ware，但我們在 Boot Barn 獲得了新的分銷管道。成長主要來自於我們與現有合作夥伴的合作。

Oliver Chen, TD Securities.

道明證券的 Oliver Chen。

Hi, Michelle. Hi, Harmit. Regarding Americas, the low single-digit growth, is your expectation that, that continues in Q4? And on the wholesale side, it's been a little more challenging channel, but do you think it will remain sustainably positive or will that be potentially volatile?

你好，米歇爾。你好，哈米特。關於美洲，低個位數成長，您預計這種情況會在第四季持續下去嗎？在批發方面，這是一個更具挑戰性的管道，但您認為它會保持持續的積極態勢還是可能會波動？

Second, there's a lot of great initiatives and partnerships, but part of the thesis is also like amplified to simplify with inventory management and SKU rationalization. So how do we reconcile those two in terms of where you are in that journey?

其次，有許多偉大的舉措和合作夥伴關係，但論文的一部分也被放大以簡化庫存管理和 SKU 合理化。那麼，根據您所處的旅程階段，我們該如何協調這兩者呢？

Sure. Thanks, Oliver, for the question. As it relates to the Americas or I can speak to the biggest part of the business, which is the US, we're really proud about how the team has been executing in that market. This is our fifth-consecutive quarter of growth and because you all know, it's our largest, most mature, most competitive market.

當然。謝謝奧利佛提出這個問題。就美洲而言，或者我可以談談業務的最大部分，即美國，我們對團隊在該市場的表現感到非常自豪。這是我們連續第五個季度實現成長，眾所周知，這是我們最大、最成熟、競爭最激烈的市場。

And both channels, DTC was up 6%, wholesale up 2% and we continue to see long-term growth opportunities in both those channels. So as I think about the DTC business here in the US, we have the potential to even double our store count and further accelerate e-commerce on the back of the momentum we have.

在這兩個管道中，DTC 成長了 6%，批發成長了 2%，我們繼續看到這兩個管道的長期成長機會。因此，當我考慮美國的 DTC 業務時，我們甚至有可能將我們的門市數量增加一倍，並藉助現有的勢頭進一步加速電子商務的發展。

And on wholesale, which I was just talking about more broadly, global wholesale, but wholesale in the US remains strong. And our key partners are responding and their consumers are responding to our expanded product pipeline across men's, especially women's where we continue to be under-indexed in particular, in the wholesale channel and then that head-to-toe lifestyle.

至於批發，我剛才更廣泛地談論的是全球批發，但美國的批發仍然強勁。我們的主要合作夥伴和他們的消費者對我們擴大的男裝產品線做出了回應，尤其是女裝產品，我們在批發管道和從頭到腳的生活方式方面仍然處於低位。

As we look forward, I'll just say that we -- as we look to Q4 in the US and in the Americas, we expect the business to remain healthy against executing the same strategies we've been talking about: leaning into DTC, driving units per transaction, driving conversion, driving greater full price sell-through. As I was mentioning earlier, though, a lot of our growth is coming off of units. So while we are seeing that enhanced AUR, we're also driving a lot of volume growth.

展望未來，我只想說，展望美國和美洲的第四季度，我們預計業務將保持健康，並執行我們一直在談論的相同策略：傾向於 DTC、推動每筆交易的單位數、推動轉換率、推動更高的全價銷售率。不過，正如我之前提到的，我們的成長很大一部分來自於單位。因此，在我們看到 AUR 增強的同時，我們也在推動銷售的大幅成長。

But I will say as it relates to US wholesale, while we expect continued positive growth in DTC for -- for the fourth quarter, we do expect US wholesale to be down given that we're lapping a very strong quarter last year, and we had that 53rd week. So as we lap last quarter's fourth quarter strong results, the 53rd week, and just frankly, to be continuing to be prudent as we think about this channel given the complex macro environment we're operating in, in the US.

但我要說的是，就美國批發業務而言，雖然我們預計 DTC 第四季將繼續保持正成長，但我們預計美國批發業務將會下降，因為去年我們正經歷一個非常強勁的季度，而且我們已經經歷了第 53 週。因此，當我們回顧上個季度的強勁業績時，也就是第 53 週，坦白說，考慮到我們在美國複雜的宏觀環境下運營，我們在考慮這個管道時要繼續保持謹慎。

So Oliver, does that fully answer -- and then you have part two of the question, let me answer that, and then I'll come back to make sure I fully answered. But then part two, I'm glad you asked the question about rationalization because we continue to make really good progress there.

那麼奧利弗，這是否完全回答了這個問題——然後你有問題的第二部分，讓我來回答這個問題，然後我會回來確保我完全回答了。但第二部分，我很高興你問了有關合理化的問題，因為我們在那裡繼續取得了非常好的進展。

So while we talk about expanded assortment, lifestyle, we are also, at the same time, reducing SKUs, and we've decreased our SKUs by about 15% compared to last year, and this has been an ongoing journey over the last 18 months or so. So we're continuing to raise the bar there. And what's really enabling us to do that is through a tighter globally common or globally directed assortment.

因此，當我們談論擴大品種和生活方式時，我們也同時減少 SKU，與去年相比，我們的 SKU 減少了約 15%，這是過去 18 個月左右持續進行的過程。因此，我們正在繼續提高標準。真正讓我們能夠做到這一點的是透過更緊密的全球通用或全球導向的分類。

So just for perspective, if we think about the season we're in right now, the second half of 2025, 40% of our SKUs are globally common, that's up from a couple of years ago where it was under 10%. So that allows us to make sure, again, that we can get the breadth and the lifestyle, where we're getting significantly higher productivity per SKU. And that metric just for fun is up 20% on a SKU productivity. So it really speaks to how the team is leaning in with a much stronger merchant mentality and operating like a retailer and that's helping us drive those tailwinds that we're seeing in the business overall and especially in DTC.

因此，僅從角度來看，如果我們考慮我們現在所處的季節，到 2025 年下半年，我們 40% 的 SKU 在全球範圍內都是通用的，而幾年前這一比例還不到 10%。因此，這使我們能夠再次確保我們能夠獲得廣度和生活方式，從而獲得每個 SKU 的更高生產力。而這個指標只是為了好玩，SKU 生產力提高了 20%。因此，這確實說明了團隊如何以更強大的商人心態和零售商的方式運營，這有助於我們推動整個業務，特別是在 DTC 中看到的順風。

Yeah. Michelle, that's really helpful. This is quick. I think, Harmit, are there any gross margin comparisons we should be aware of as we anniversary the this year and think about next year?

是的。米歇爾，這真的很有幫助。這很快。我認為，Harmit，當我們回顧今年並考慮明年時，是否應該注意任何毛利率比較？

So last year was 53rd week. This year, I think the only piece will be, we probably see tariff impact in the second half of this year, next year in the first half. The way we think about gross margin and I think you're asking for a high-level framework for '26. And it's a good question.

去年是第 53 週。我認為，今年唯一的問題是，我們可能會在今年下半年、明年上半年看到關稅的影響。我們對毛利率的看法以及我認為您要求為 26 年建立一個高級框架。這是個好問題。

Let me just talk about it because as we build our plans for next year, the tailwinds that we think probably helped gross margin accretion. One is we're looking at pricing opportunities, again, targeted not only in the US but globally, given that 60% of the business is global is outside the US, structural improvements of DTC international women continues.

我來談談這個，因為當我們制定明年的計劃時，我們認為順風因素可能有助於毛利率的成長。一是我們正在尋找定價機會，同樣，目標不僅在美國，而且在全球範圍內，鑑於 60% 的業務是全球性的，在美國以外，DTC 國際女性的結構性改善仍在繼續。

We continue to focus on full-price selling, and it's not anywhere close to 100%, so there's clearly opportunity there. The other piece is as we think about product costs, Michelle talked about the simplification of SKUs, we're looking at a shorter go-to-market calendar and cotton commodity is in a better spot today than it was a year ago. We've broadly locked in product costing for the first half. We're in the process -- by the time we report and guide Q '26, we'll probably have locked in the second half, so stay tuned.

我們繼續專注於全價銷售，而且遠未達到 100%，因此顯然存在機會。另一點是，當我們考慮產品成本時，米歇爾談到了 SKU 的簡化，我們正在尋找更短的上市日曆，而棉花商品的狀況比一年前要好。我們已經基本鎖定了上半年的產品成本。我們正在進行中——當我們報告和指導 Q '26 時，我們可能已經鎖定了下半部分，所以請繼續關注。

And the headwind is largely tariffs. And so you've seen some impact in the second half of this year. We have offset the first -- the quarter three, we're working to try and do what we can for quarter four, but I've guided you the appropriate numbers. And so those are the tailwinds and the headwinds as you think about gross margin.

而最大的阻力主要來自關稅。因此，您已經看到了今年下半年的一些影響。我們已經抵消了第一季——第三季度，我們正在努力為第四季度做我們能做的事情，但我已經指導了你適當的數字。因此，當您考慮毛利率時，這些就是順風和逆風。

Dana Telsey, Telsey Advisory Group.

達娜‧特爾西 (Dana Telsey)，特爾西顧問集團 (Telsey Advisory Group)。

As you think about the lifestyle offering, Michelle, with tops and with bottoms and jackets outfits, what did you see in the growth rates of the different categories and given the marketing that you've been doing in the collaborations, how do you think of the AUR opportunities going forward?

米歇爾，當您考慮提供上衣、下裝和夾克等生活方式產品時，您看到不同類別的成長率是多少？考慮到您在合作中所做的行銷，您如何看待 AUR 未來的機會？

Great. Thanks, Dana, for the question. We're really pleased with the progress and the acceleration in our tops business overall. And I'd like to say, while we're pleased, we're not satisfied. And there's a ton of upside because tops represents just currently 22% of our business.

偉大的。謝謝達娜提出這個問題。我們對整體上衣業務的進展和加速感到非常高興。我想說，雖然我們很高興，但我們並不滿足。而且還有巨大的上升空間，因為上衣目前只占我們業務的 22%。

But as we shared earlier, our tops grew 9% overall for the quarter, 10% year to date, and we're really seeing the strength across channels and genders. So if you double-click underneath that, men's up 10%, and we're really seeing popularity in things like Western tops, button downs, polos, woven.

但正如我們之前分享的那樣，本季度我們的上衣總體增長了 9%，年初至今增長了 10%，而且我們確實看到了各個渠道和性別的強勁增長。因此，如果您雙擊下方，您會發現男裝上漲了 10%，而且我們確實看到西式上衣、紐帶襯衫、polo 衫、編織品等商品的受歡迎程度。

As we think about our top strategy and denim lifestyle, we do start closer to our core. So really injecting light into like the Western shirt, which is being advertised in our campaign right now with Shaboozey. But woven, so woven things like our authentic button down, that business remains up 20%.

當我們思考我們的首要策略和牛仔生活方式時，我們確實開始更接近我們的核心。因此，真正為西部襯衫注入光彩，目前我們正與 Shaboozey 合作進行宣傳。但編織品，像是我們正宗的紐扣襯衫之類的編織品，業務仍然成長了 20%。

Similarly, women's tops up 8%, seeing it across both channels. Denim tops, I'll start there, at 12%; woven, including things like gloves, fashion button down, up 37%. And then the category, we're really expanding in to expand her closet, dresses and jumpsuits, up nearly 20%. I think importantly, as we drive all this newness and excitement, in head-to-toe dressing, we're seeing both growth in newness and in our core, which is really important to continue to support both.

同樣，女性上衣的銷量也上漲了 8%，在兩個管道都有所體現。牛仔上衣，我先從那裡開始，漲幅為 12%；編織品，包括手套、時尚紐帶襯衫等，漲幅為 37%。然後是類別，我們正在擴大她的衣櫥，連身裙和連身褲，增長了近 20%。我認為重要的是，當我們推動從頭到腳的穿衣風格的所有新鮮和令人興奮的事物時，我們看到了新鮮感和核心的增長，這對於繼續支持兩者都非常重要。

Kind of back to the opportunity that if you think about our business today, again, while we're making progress, there's so much upside. Our ratio of bottoms to tops is 3:1. Now, that's up significantly from years ago where it was 7:1 or 5:1. But our goal is to get to 1:1. And I'm very confident we will. And as we drive tops, it's a UPT driver, it can be a traffic driver and it really kind of completes this mission we're on to have Levi stand for head-to-toe denim lifestyle.

回到這個機會，如果你再想想我們今天的業務，你會發現，雖然我們正在取得進展，但還有很多好處。我們的底部與頂部的比例是 3:1。現在，這一比例與幾年前的 7:1 或 5:1 相比有了顯著提高。但我們的目標是達到 1:1。我非常有信心我們會的。當我們推動頂部時，它是一種 UPT 驅動程序，它可以是一種交通驅動程序，它確實完成了我們的使命，讓 Levi 代表從頭到腳的牛仔生活方式。

So hopefully, that addresses your question, Dana?

所以希望這能回答你的問題，達娜？

Yes.

是的。

Okay. Thanks.

好的。謝謝。

Aditya Kulkarni, UBS.

瑞銀的 Aditya Kulkarni。

Hi. I think this is Jay Sole, and hopefully, you can hear me. But my question is that it sounds like you took some pricing in Q3, Harmit, I think you said one of the gross margin drivers through was pricing. Was that in response to tariffs? I think in Q4 -- sorry, before that, the consumer it sounds like responded well to those price increases. Did you see any resistance?

你好。我想我是傑伊·索爾 (Jay Sole)，希望你能聽到我的聲音。但我的問題是，聽起來你在第三季採取了一些定價措施，Harmit，我認為你說過毛利率驅動因素之一是定價。這是對關稅的回應嗎？我認為在第四季度——抱歉，在此之前，消費者似乎對這些價格上漲反應良好。您看到任何抵抗了嗎？

And then Q4, do you plan accelerating the price increases and therefore, do you expect the consumer to react differently if you increase prices in the fourth quarter?

那麼，第四季度，您是否計劃加速價格上漲？因此，如果您在第四季度提高價格，您是否預期消費者會有不同的反應？

So Jay, we did. We took a little bit of pricing in Q3. It was not an MSRP because the goods have already been ticketed. This was in the sell-in to our customers in the US I'm talking about. And we do it thoughtfully. We have really great momentum, as we mentioned, driven by the demand. But to answer your question, no impact on demand. We're not seeing any impact on demand either from the customer or the consumer.

所以傑伊，我們做到了。我們在第三季進行了一些定價。這不是製造商建議零售價，因為貨物已經貼有標籤。我所說的是針對我們在美國的客戶所進行的銷售。我們會認真考慮。正如我們所提到的，我們擁有由需求驅動的強勁勢頭。但回答你的問題，對需求沒有影響。我們沒有看到客戶或消費者的需求受到任何影響。

The other piece that's really working for us is our new products because -- and so as we think longer term pricing through innovation, is one lever. We are also taking a hard look at our promotions and minimizing this as we focus on higher full price selling will also be something that probably continues into '26. So the way we were thinking about pricing, it's more important to think about what's the price value equation for our products relative to the marketplace, and that's an important consideration set.

對我們真正有用的另一個因素是我們的新產品，因為——因此，我們認為透過創新實現長期定價是一個槓桿。我們也認真審視我們的促銷活動，並盡量減少促銷活動，因為我們專注於更高的全價銷售，這種做法可能還會持續到 26 年。因此，我們在考慮定價時，更重要的是考慮我們的產品相對於市場的價格價值方程式是什麼，這是一個重要的考慮因素。

The other piece that's important, Jay, is the segmentation of our products. So if you think of the value consumer in the US, we offer signature product. It's a great price point, it's offered through Walmart and it had a great cost is up double digits.

傑伊，另一個重要因素是我們產品的細分。因此，如果您考慮美國的價值消費者，我們會提供標誌性產品。這是一個很棒的價格點，它是透過沃爾瑪提供的，而且它的成本很高，上漲了兩位數。

We've just also introduced Blue Tab, which is our premium product is premium position. It's 1.5 to 2 times the price of Red Tab product and offers real value even when you benchmark that. It's a limited offer. We hope to scale it, it's doing really well. So that's how one is thinking through it.

我們剛剛推出了 Blue Tab，這是我們高端定位的高端產品。它的價格是 Red Tab 產品的 1.5 到 2 倍，即使以這個價格作為基準，它也能提供真正的價值。這是限時優惠。我們希望擴大它的規模，它現在做得非常好。這就是人們思考這個問題的方式。

And there's a little bit of pricing in other parts of the world, but it's not something that we've done globally. So when we talk about '26 and '26 will give you a perspective on the pricing actions we have taken or our teams have taken around the world.

在世界其他地區也存在一些定價問題，但這並不是我們在全球範圍內所做的事情。因此，當我們談論 26 和 26 時，您將了解我們或我們的團隊在世界各地採取的定價行動。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Thank you. This is Tracy Kogan filling in for Paul. I just had a follow-up on the last question. I think you said, from what I understood, that you only raised prices on sell-in to your partners. So have you actually had time to see the consumer response to these higher prices or are you only saying that your partners haven't had any hesitancy to buy at these higher prices?

謝謝。這是代替保羅的特蕾西·科根 (Tracy Kogan)。我剛剛對最後一個問題進行了跟進。據我了解，您說過，您只是在向合作夥伴銷售時提高了價格。那麼，您實際上有時間觀察消費者對這些更高價格的反應嗎？或者您只是說您的合作夥伴在以這些更高的價格購買時沒有任何猶豫？

And then just more broadly, I was hoping you could comment on the US wholesale business, how sell-ins are comparing to sellouts?

然後更廣泛地說，我希望您能評論一下美國批發業務，銷售情況與銷售量相比如何？

Generally, Tracy -- good question. I think it's a combination of both because pricing initiatives have been now there through the quarter. The customers are not -- we're not seeing any demand contraction given the marginal pricing that has been taken or a consumer reaction.

總的來說，特蕾西——這個問題問得好。我認為這是兩者的結合，因為整個季度定價舉措已經存在。客戶並沒有——考慮到已經採取的邊際定價或消費者的反應，我們沒有看到任何需求萎縮。

The consumer is generally resilient so far. And that's how we're approaching the pricing, plus the full-price selling has been there for a while. And given that the product is very relevant and hitting the mark, we're not seeing any consumer pullback. I think that was your first question.

到目前為止，消費者總體上還是具有韌性的。這就是我們制定定價的方式，而且全價銷售已經存在一段時間了。由於該產品非常實用且達到了預期目標，我們沒有看到任何消費者退縮。我想這是你的第一個問題。

What was the second one, Tracy, again?

特蕾西，第二個是什麼？

I was hoping you could just comment more broadly on how the sell-in to your wholesale partners are comparing to the sell-out. Are they being more cautious than maybe the end consumer might indicate or something like that?

我希望您能更廣泛地評論一下您對批發合作夥伴的銷售情況與銷售情況的比較。他們是否比最終消費者所表示的更謹慎或諸如此類？

So set troughs have been fairly consistent with the sell-in. And that's why we are optimistic about ending the year strongly and then maintaining the momentum as we begin '26.

因此，設定的低潮與賣出情況相當一致。這就是為什麼我們對今年的強勁收官以及在2026年開始時保持這一勢頭充滿信心。

At this time, I'd like to turn the floor back over to Michelle Gass for any closing remarks. Madam?

現在，我想把發言權交還給米歇爾·加斯 (Michelle Gass)，請她做最後發言。女士？

Yes. Thank you, everyone, for joining the call, and we will look forward to talking to you at the end of Q4.

是的。感謝大家參加電話會議，我們期待在第四季末與您交談。

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

謝謝。今天的電話會議到此結束。此時請斷開您的線路。