Levi Strauss & Co (LEVI) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Levi Strauss & Company fourth quarter fiscal year-end earnings conference call for the period ending November 30, 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. This conference call is being broadcast over the Internet, and a replay of the webcast will be accessible for 1 quarter on the company's website, levistrauss.com. I would now like to turn the call over to Aida Orphan, Vice President of Investor Relations at Levi Strauss & Company.

女士們、先生們，大家好，歡迎參加李維斯公司截至 2025 年 11 月 30 日的第四季度財年終收益電話會議。（操作員說明）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。本次電話會議正在透過網路直播，網路直播回放將在公司網站 levistrauss.com 上保留一個季度。現在我將把電話會議交給李維斯公司投資者關係副總裁艾達·奧爾芬女士。

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.

感謝您今天參加我們的電話會議，共同討論我們第四季和財政年度的表現。今天與我一起參加電話會議的有我們的總裁兼首席執行官米歇爾·加斯，以及我們的首席財務官兼增長官哈米特·辛格。

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，我們將根據目前的預期做出前瞻性聲明，但這些聲明受到某些風險和不確定性的影響，可能導致實際結果與預期結果有重大差異。這些風險和不確定性已在提交給美國證券交易委員會的報告中詳細說明。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 measure 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，我們將討論一些非GAAP財務指標，這些指標並非旨在取代我們的GAAP績效。這些指標的定義以及與最可比較的 GAAP 指標的調節表包含在我們網站的投資者關係部分 (investors.levistrauss.com) 提供的收益報告中。

Please note that Michelle and Harmit will be referencing organic net revenues or constant currency numbers unless otherwise noted, and 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固定匯率數字，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 1 hour, so please limit yourself to one question at a time to allow others to have their questions addressed.

最後，本次電話會議正在我們的投資者關係網站上進行網路直播，本次電話會議的錄音重播也將很快在網站上提供。今天的電話會議安排為1小時，所以請每次只提一個問題，以便其他人的問題也能得到解答。

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

現在我想把電話交給米歇爾。

Thank you, and welcome, everyone, to today's call. The fourth quarter punctuated a strong year defined by progress against our strategy, accelerating brand momentum and solid financial performance.

謝謝大家，歡迎各位參加今天的電話會議。第四季為強勁的一年畫上了圓滿的句號，這一年以我們在策略方面取得進展、品牌發展勢頭加速和穩健的財務業績為標誌。

Over the past two years, we've taken bold steps on our journey to become a DTC-first head-to-toe denim lifestyle retailer. We've made deliberate strategic choices to maximize the potential of the Levi's brand narrow our focus by exiting noncore businesses and vigorously pursue our highest return growth opportunities.

在過去的兩年裡，我們邁出了大膽的步伐，致力於成為一家以 DTC 為主導的從頭到腳牛仔生活方式零售商。我們做出了深思熟慮的策略選擇，以最大限度地發揮 Levi's 品牌的潛力，透過退出非核心業務來縮小我們的關注範圍，並積極追求回報最高的成長機會。

We are becoming a more consumer-focused DTC centric lifestyle company which has led to faster growth and higher profitability. These efforts led to strong full year financial results. In 2025, we delivered organic net revenue growth of 7%, which was broad-based across all facets of our business. Here are a few key highlights for the year. As a reminder, all numbers Harmit and I will reference are on an organic basis.

我們正在轉型成為一家更以消費者為中心的DTC生活方式公司，這帶來了更快的成長和更高的獲利能力。這些努力帶來了強勁的全年財務表現。2025年，我們實現了7%的有機淨收入成長，這在我們業務的各個方面都有廣泛的體現。以下是本年度的一些主要亮點。再次提醒大家，我和哈米特提到的所有數字都是基於實際數據。

First, the Levi's brand grew 7% and Levi strengthened its standing as the number one denim brand in the world and today, holds more market share than the next two global competitors combined.

首先，Levi's 品牌成長了 7%，鞏固了其作為世界第一牛仔品牌的地位，如今，其市場份額超過了排名第二和第三的全球競爭對手的總和。

Second, we took a big step forward in our evolution to becoming a true lifestyle apparel brand by bringing to market our most robust head-to-toe product pipeline to date. This drove growth across channels and meaningfully increase our total addressable market.

其次，我們向真正的生活風格服裝品牌邁出了重要一步，推出了迄今為止最強大的從頭到腳的產品線。這推動了各通路的成長，並顯著擴大了我們的潛在市場規模。

Third, we accelerated our DTC transformation, growing 11%, which now comprises approximately half of our total business. Importantly, we saw significant DTC margin expansion in 2025 as we delivered high single-digit comp growth for the year and a more efficient operating structure in both stores and e-commerce.

第三，我們加快了 DTC 轉型，成長了 11%，目前 DTC 業務約占我們總業務的一半。重要的是，我們預計 2025 年 DTC 利潤率將大幅擴張，因為我們實現了當年的高個位數同店銷售成長，並且在實體店和電子商務方面都建立了更有效率的營運結構。

Fourth, our wholesale channel continued to deliver more stable growth, ending the year up 4%, fueled by our expanded lifestyle assortment as well as new distribution.

第四，我們的批發通路持續保持穩定成長，全年成長 4%，這得益於我們擴大的生活方式產品系列以及新的分銷管道。

Fifth, our growth in women's continued to accelerate, up 11% for the year, with both tops and bottoms delivering double-digit growth in addition to 5% growth in men's. And while we drove significant top line growth, we also delivered our highest ever gross margin as well as adjusted EBIT margin expansion.

第五，女裝的成長持續加速，全年成長 11%，上衣和褲子均實現了兩位數的成長，此外男裝也成長了 5%。在實現營收大幅成長的同時，我們也實現了有史以來最高的毛利率以及調整後 EBIT 利潤率的成長。

Now turning to details of the fourth quarter. Total company revenues increased 5% on top of 8% growth last year. And this momentum continued through the holidays with 7% growth during the November, December holiday season. Reflecting strength across both DTC and wholesale channels. This marked our highest revenue for the holiday period in at least a decade.

現在來看第四季的細節。公司總收入在去年8%的成長基礎上又成長了5%。這一增長勢頭一直延續到假期，11 月和 12 月假期期間增長了 7%。反映出DTC和批發通路的強勁表現。這標誌著我們假期期間的收入達到了至少十年來的最高水準。

First, I will walk you 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 breast product pipeline in culturally relevant marketing. In Q4, the Levi's brand grew 4%, driven by strength in men's and even higher growth in women's. Growth in men's and women's continues to be driven by both our core as well as the newness we've introduced throughout our assortment.

首先，我將帶您了解我們在品牌主導策略方面的進展，該策略的核心是我們如何透過與文化相關的創新和優質產品線來增強 Levi's 品牌的實力。第四季度，Levi's 品牌成長了 4%，這主要得益於男裝的強勁成長和女裝更高的成長。男裝和女裝的成長持續受到我們核心產品以及我們不斷推出的新產品的推動。

A testament to the strength of the brand, in 2025, we cemented our number one position in men's, women's and in our key use demographic of 18 to 30 year olds in the US. These share gains are supported by strong brand heat reflected by higher social media engagement and meaningful gains in brand equity versus last year.

2025 年，我們鞏固了在美國男士、女士以及 18 至 30 歲主要消費群體中的市場領先地位，證明了我們品牌的實力。這些市場佔有率的成長得益於強勁的品牌熱度，這體現在更高的社群媒體參與度和品牌資產較去年的顯著成長。

In Q4, we continued to fuel our global brand momentum while strengthening our relevance in local markets. We unveiled a number of unique collaborations. Examples of these include a premium collection with Barbore and a limited edition footwear launch with Nike and Japanese Streetwear Icon Ego. We celebrated our final chapter of the reimagined campaign with Beyonce and launched our global campaign targeted at men featuring Chibozzi and Matti Matheson. And we also reinforced our long-standing link to music culture by celebrating a full decade as an official sponsor of Corona Capital, Mexico's largest music festival, putting the brand front and center in our second largest market.

第四季度，我們持續保持全球品牌發展勢頭，同時增強在本地市場的影響力。我們公佈了一系列獨特的合作項目。例如，與 Barbore 合作推出的高端系列，以及與 Nike 和日本街頭服飾偶像 Ego 合作的限量版鞋款。我們與碧昂絲一起慶祝了重新構想的廣告活動的最終篇章，並推出了以 Chibozzi 和 Matti Matheson 為主角的面向男性的全球廣告活動。此外，我們還透過慶祝成為墨西哥最大的音樂節 Corona Capital 的官方贊助商整整十年，加強了我們與音樂文化的長期聯繫，並將品牌推到了我們第二大市場的中心位置。

Moving to product. Our evolution into denim lifestyle is resonating, and the Levi's brand is gaining even more share of the closet as our top business continues to accelerate. The top reset we initiated a few years ago, bringing in new internal talent, new vendors and enhanced capabilities is paying off today.

進入產品頁面。我們向牛仔生活方式的轉變引起了共鳴，隨著我們最主要業務的持續加速發展，Levi's 品牌在消費者衣櫥中的份額也越來越大。幾年前我們啟動的高層重組，引進了新的內部人才、新的供應商和增強的能力，如今正在發揮成效。

In Q4, tops grew double digits driving nearly half of our revenue growth and meaningfully higher AURs versus last year. Strength was broad-based reflecting growth across men's and women's, which was driven by strong demand in our elevated assortment of sweaters, wovens and outerwear.

在第四季度，頂級產品實現了兩位數的成長，推動了我們近一半的營收成長，平均使用率比去年顯著提高。整體表現強勁，男裝和女裝均實現成長，這主要得益於市場對我們高檔毛衣、梭織服飾和外套的強勁需求。

Tops will continue to be instrumental to our denim lifestyle strategy. And while we're pleased about our progress to date, we are just getting started as a destination for the tops category. Within our bottoms business, we are showcasing our most diversified portfolio yet with everything from our core icon to our innovative fashion feds and non-denim bottoms, all delivering growth.

上衣將繼續在我們牛仔生活方式策略中發揮重要作用。雖然我們對迄今為止的進展感到滿意，但作為頂級目的地，我們才剛剛起步。在我們的下裝業務中，我們展示了迄今為止最多元化的產品組合，從我們的核心標誌性產品到創新時尚的休閒褲和非牛仔下裝，所有產品都實現了成長。

While skinny and straight fits remain popular, loose and baggie styles continue to accelerate. New styles like the 578 Baggie for him and our expanding Barrel family for her are fueling momentum as we own more of the denim market in both his and her closet. In Q4, we successfully completed the global rollout of our Blue Tab collection, which represents the most premium expression of our brand. While we are still in the early stages, the strong consumer response to this collection gives us conviction in the opportunity in the premium segment of the market, which is sizable and largely underpenetrated by the Levi's brand.

雖然修身和直筒版型仍然很受歡迎，但寬鬆和肥大的款式仍在加速流行。像男士 578 Baggie 這樣的新款式，以及我們不斷擴大的女士 Barrel 系列，正在推動我們佔據更多男女牛仔服裝市場份額。第四季度，我們成功完成了藍標系列產品的全球推廣，該系列產品代表了我們品牌的最高水準。雖然我們仍處於早期階段，但消費者對該系列產品的強烈反響讓我們確信，高端市場領域蘊藏著巨大的機遇，而 Levi's 品牌在該領域的滲透率仍然很低。

In 2026, we will further expand the assortment and roll it out more broadly across our DTC business as well as select premium wholesale accounts. Looking to 2026, we entered the year with a robust product pipeline and a brand that's more culturally relevant than ever. For the first time in more than 20 years, Levi's will debut its newest ad during the Super Bowl, which will be hosted at Levi's Stadium, marking the launch of our new global campaign that will run through 2026. With this kickoff, and more major global moments to come, including several World Cup games to be held at Levi Stadium this summer, we are energized by the runway ahead and confident in our ability to keep driving the Levi's brand forward.

2026 年，我們將進一步擴大產品種類，並在我們的 DTC 業務以及部分優質批發客戶中更廣泛地推廣。展望 2026 年，我們以強大的產品線和比以往任何時候都更具文化相關性的品牌邁入了新的一年。20 多年來，Levi's 首次在超級盃期間發布最新廣告，超級盃將在 Levi's 體育場舉行，這標誌著我們新的全球廣告宣傳活動正式啟動，該活動將持續到 2026 年。隨著這一開端，以及未來更多重大的全球時刻即將到來，包括今年夏天將在李維斯體育場舉行的幾場世界盃比賽，我們對未來的發展充滿熱情，並有信心繼續推動李維斯品牌向前發展。

Now shifting to our next strategy to be DTC first. In Q4, our global direct-to-consumer business delivered another quarter of double-digit growth, up 10% and posted its 15th consecutive quarter of positive comps. We generated another quarter of high single-digit comp growth, reflecting positive performance across all store KPIs, including traffic, conversion and UPT, in addition to AUR growth across every segment.

現在我們將轉向下一個策略，即以DTC（直接面對消費者）為先。第四季度，我們的全球直接面向消費者業務再次實現兩位數成長，增幅達 10%，並連續第 15 季實現正成長。我們又實現了一個季度的高個位數同店銷售成長，這反映出所有門市關鍵績效指標（包括客流量、轉換率和單筆交易商品數量）的正面表現，以及每個細分市場的平均單價成長。

In Q4, we opened 47 net new system stores, including mainline locations in Japan, India, Thailand and Korea as we continue to expand our DTC presence in Asia. Over the past year, we have transformed our retail operations, both in stores and online, improving the consumer experience and store productivity. We've enhanced our in-store lifestyle merchandising, highlighting our broader assortment of head-to-toe looks. We've improved our assortment planning and life cycle management, resulting in lower promotions and higher full-price selling. And we are rolling out a new global selling model for our store team, which will deliver operational efficiencies and improved consumer engagement.

第四季度，我們新增了 47 家系統門市，包括在日本、印度、泰國和韓國的主要門市，我們將繼續擴大在亞洲的 DTC 業務。過去一年，我們對實體店和線上零售業務進行了全面改革，提高了消費者體驗和門市效率。我們加強了店內生活風格商品陳列，重點介紹了我們更豐富的從頭到腳的搭配選擇。我們改進了產品組合規劃和生命週期管理，從而減少了促銷活動，並提高了全價銷售率。我們正在為門市團隊推出一種新的全球銷售模式，這將提高營運效率並改善消費者互動。

We are still in the early stages of what we believe is a significant opportunity to continue to improve our DTC margins, which will be a key driver of our overall company margins. Our efforts to build a strong digital foundation have enabled us to accelerate our e-commerce business. And in Q4, we delivered another quarter of very strong e-commerce growth, up 22%. We are leveraging AI to make online shopping easier and more inspiring for our fans.

我們仍處於我們認為能夠繼續提高 DTC 利潤率的重要機會的早期階段，而這將成為我們公司整體利潤率的關鍵驅動因素。我們為建立強大的數位化基礎所做的努力，使我們能夠加速發展電子商務業務。第四季度，我們的電子商務再次實現了強勁成長，成長 22%。我們正在利用人工智慧技術，讓我們的粉絲們能夠更輕鬆、更愉快地進行線上購物。

We recently launched outfitting an AI-powered feature in the Levi's app that creates style looks using our full assortment, purchasing behavior and product imagery. This year, we'll evolve outfitting with even more consumer-centric customization and we'll launch a new consumer-facing AI stylist chatbot that enables personalized recommendations through conversations.

我們最近在 Levi's 應用程式中推出了人工智慧驅動的穿搭功能，該功能利用我們全部的產品系列、購買行為和產品圖像來創建時尚造型。今年，我們將進一步改進服裝搭配，提供更以消費者為中心的個人化客製化服務，並推出面向消費者的全新人工智慧造型師聊天機器人，透過對話實現個人化推薦。

We are also continuing to scale the use of AI and advanced analytics across the organization as we accelerate our shift to a best-in-class direct-to-consumer retailer. For example, we recently announced our plans to develop and deploy an integrated Agentic AI platform to simplify and automate cash-driven work throughout the organization, driving efficiency, productivity and enabling growth.

隨著我們加速向一流的直接面向消費者的零售商轉型，我們也將繼續在整個組織內擴大人工智慧和高階分析的使用規模。例如，我們最近宣布了開發和部署整合式智慧人工智慧平台的計劃，以簡化和自動化整個組織內的現金驅動型工作，從而提高效率、生產力並促進成長。

Built in partnership with Microsoft and as a frontier firm in the industry, we're currently testing this technology and plan to roll it out to employees this year. These initiatives are rewiring the company for a bold future creating meaningful opportunities to enhance consumer experiences while unlocking additional operational efficiencies.

這項技術是與微軟合作開發的，作為行業前沿企業，我們目前正在測試這項技術，並計劃在今年將其推廣到員工中。這些措施正在重塑公司，使其邁向充滿希望的未來，創造有意義的機會來提升消費者體驗，同時釋放更多營運效率。

While DTC continues to drive outsized growth, wholesale continues to be an important channel for us to amplify the brand and reach our consumers where they choose to shop. Our global wholesale business was flat for the quarter and ended the year up 4%. The channel has stabilized over the past year as our efforts to elevate the brand and to broaden the assortment gain traction.

儘管 DTC 繼續推動超高速成長，但批發仍然是我們擴大品牌影響力、在消費者選擇購物的地方接觸到他們的重要管道。本季我們的全球批發業務與去年持平，全年成長 4%。過去一年來，隨著我們提升品牌形象和擴大產品種類的努力取得成效，該管道已趨於穩定。

Now turning to our third strategy, powering the portfolio. In Q4, our international business grew 8%, led by an acceleration in Europe and solid growth in Latin America. International comprises nearly 60% of total sales. And given the strength of the brand and our expansion into lifestyle, we see an immense opportunity for continued profitable growth outside the US.

現在我們來看第三個策略，即為投資組合賦能。第四季度，我們的國際業務成長了 8%，這主要得益於歐洲市場的加速成長和拉丁美洲市場的穩健成長。國際銷售額佔總銷售額的近 60%。鑑於該品牌的實力以及我們在生活方式領域的擴張，我們看到了在美國以外地區持續獲利成長的巨大機會。

Beyond Yoga was up 45% in Q4, fueled by the positive response to our Seek Beyond campaign launched in Q3 and product expansion into new categories across active lifestyle. DTC performed particularly well, and we opened four new stores in the quarter. Beyond Yoga ended the year up 17%. And as we look to 2026, the brand will continue to expand its retail presence in new markets and launch the next iteration of our broadened lifestyle assortment.

Beyond Yoga 在第四季度增長了 45%，這得益於我們在第三季度推出的 Seek Beyond 活動的積極反響以及產品擴展到積極生活方式領域的新類別。DTC 表現尤為出色，我們在本季度開設了四家新店。Beyond Yoga 全年業績成長 17%。展望 2026 年，該品牌將繼續在新市場擴大零售業務，並推出我們擴大後的生活方式系列的下一代產品。

Looking ahead, I am more confident than ever in our future potential. While we continue to navigate a dynamic global environment, we do so from a position of strength with an iconic brand, deep connection with our fans and the agility to adapt and grow. Our strategies are working, and we have the right capabilities and team in place to continue to drive momentum in the year ahead. We'll keep building our denim lifestyle leadership by bringing fans fresh new products across every category, while continuing to celebrate the iconic styles that have shaped generations.

展望未來，我對我們的未來潛力比以往任何時候都更有信心。儘管我們仍在不斷應對瞬息萬變的全球環境，但我們憑藉著強大的實力、標誌性的品牌、與粉絲的深厚聯繫以及適應和發展的敏捷性，穩步前行。我們的策略正在奏效，我們擁有合適的能力和團隊，能夠在未來一年繼續保持發展勢頭。我們將繼續鞏固我們在牛仔生活方式領域的領導地位，為粉絲們帶來各個品類的新鮮產品，同時繼續頌揚那些塑造了幾代人的標誌性款式。

And we'll continue to keep Levi's at the center of culture through a focus on sports, music and youth, showing up powerfully on the world's biggest stages and sparking excitement that deepens our cultural relevance globally. All of this is supported by our continued commitment to drive operational excellence and to strengthen our execution grounded in a focus on discipline, accountability and performance.

我們將繼續專注於體育、音樂和青年，使 Levi's 成為文化中心，在世界最大的舞台上強勢亮相，激發熱情，從而加深我們在全球的文化影響力。這一切都歸功於我們持續致力於追求卓越運營，並加強執行力，而這一切都建立在對紀律、責任和績效的重視之上。

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. Together, we are building a stronger foundation for sustainable, long-term value creation.

我要感謝我們才華橫溢、充滿熱情的團隊，是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。我們共同為永續的長期價值創造奠定更堅實的基礎。

And with that, I will turn it over to Harmit to review our performance in the fourth quarter, the year and expectations for 2026. Harmit?

接下來，我將把發言權交給哈米特，讓他回顧我們第四季度、全年的業績以及對 2026 年的展望。有害？

Thank you, Michelle. 2025 was a strong year with continued consistent profitable growth for our company. I am pleased that our growth has accelerated over the last three years and we have established ourselves as a consistent mid-single-digit growth company, which we expect to continue in 2026. We've also made progress each year on expanding margins, both gross and operating, while driving higher returns on invested capital, ending the year at approximately 16%.

謝謝你，米歇爾。 2025年對我們公司來說是強勁的一年，我們持續保持了穩定的獲利成長。我很高興看到，過去三年我們的成長速度加快，我們已經確立了自身作為一家持續保持中等個位數成長的公司的地位，我們預計這一趨勢將在 2026 年繼續保持。我們每年都在擴大毛利率和營業利率方面取得進展，同時推動投資資本回報率的提高，年底達到約 16%。

Our 2025 financial results reflect the strength of our business and demonstrate that we have the right building blocks in place to drive long-term sustainable growth. Our focus on denim lifestyle has enabled us to accelerate growth by expanding our total addressable market with our broadened assortment of non-denim bottoms, tops, dresses and skirts, which contributed to almost one-third of our growth in 2025.

我們的 2025 年財務表現反映了我們業務的實力，並表明我們已經具備了推動長期可持續成長的正確基礎。我們專注於牛仔生活方式，透過擴大非牛仔下裝、上裝、連身裙和裙子的種類，擴大了我們的目標市場，從而加速了成長，這為我們 2025 年的成長貢獻了近三分之一。

Our disciplined approach to converting growth into profitability improved adjusted EBIT margin by 70 basis points in 2025. And we achieved this while navigating higher tariffs and investing in remapping our distribution network as we build the road map towards becoming a $10 billion DTC first company.

我們採取嚴謹的方法將成長轉化為獲利能力，使 2025 年調整後的 EBIT 利潤率提高了 70 個基點。我們一邊應對更高的關稅，一邊投資重新規劃我們的分銷網絡，努力打造成為一家市值 100 億美元的 DTC 優先公司的路線圖，最終實現了這一目標。

In 2026, we will continue to grow adjusted EBIT margins through our relentless focus on driving higher revenue flow-through while making the right investments for our long-term growth, including growing our store base AI capabilities and marketing. In addition, we're making meaningful progress on mitigating tariff impacts on our P&L through targeted pricing actions higher full price selling, lower product costs and prudent management of our cost base.

2026 年，我們將繼續透過不懈地專注於提高收入流出，同時為我們的長期成長進行正確的投資，包括提高我們門市的 AI 能力和行銷能力，從而提高調整後的 EBIT 利潤率。此外，我們正透過有針對性的定價措施（提高全價銷售、降低產品成本和審慎管理成本基礎）來減輕關稅對我們損益的影響，並取得了實質進展。

Now let me walk you through the specifics of our fourth quarter performance. Organic net revenues grew 5% and were up 13% on a two year stack. Our outperformance was driven by better-than-expected results across channels and geographies. As we have seen throughout the year, both AUR and units contributed to our growth this quarter. We expect both price and unit growth to drive the top line in 2026 and beyond.

現在讓我帶您詳細了解我們第四季的業績。有機淨收入成長了 5%，兩年累計成長了 13%。我們在各個通路和地區都取得了超乎預期的業績，這推動了我們取得優異的業績。正如我們今年所看到的，AUR 和銷量都為我們本季的成長做出了貢獻。我們預計價格和銷售成長將在 2026 年及以後推動營收成長。

Gross margin for the quarter was 60.8% of net revenues, contracting 100 basis points relative to last year, in line with our expectations primarily due to the impacts of tariffs, which were partially offset by pricing actions and higher full-price selling.

本季毛利率為淨收入的 60.8%，較去年同期下降 100 個基點，符合我們的預期，主要原因是關稅的影響，但部分被價格調整和更高的全價銷售所抵消。

In the first quarter, we implemented additional pricing actions to further mitigate tariffs. And while it's early, we are not seeing any impact on consumer demand thus far. Adjusted SG&A dollars grew 2.6% due to the sales upside driving higher selling and incentive expenses. Higher costs associated with the transition of our US distribution network and unfavorable foreign exchange.

第一季度，我們實施了額外的定價措施，以進一步降低關稅影響。雖然現在下結論還為時過早，但到目前為止，我們還沒有看到對消費者需求的任何影響。經調整的銷售、一般及行政費用增加了 2.6%，原因是銷售額成長帶動了銷售和激勵費用的增加。與美國分銷網絡轉型相關的較高成本以及不利的匯率波動。

A brief update on our distribution network transformation in the US. While we're making progress, the transition to the new third-party distribution center has taken longer than we expected. We've been working to fulfill our high demand by continuing to operate our own distribution center, which has led to higher transitory distribution costs which we expect to continue to incur through the first half of '26.

關於我們在美國的分銷網絡轉型情況的簡要更新。雖然我們取得了進展，但過渡到新的第三方配送中心所花費的時間比我們預期的要長。我們一直努力透過繼續經營我們自己的配送中心來滿足我們旺盛的需求，這導致了更高的臨時配送成本，我們預計這種情況將持續到 2026 年上半年。

We successfully executed a distribution transition from owned and operated to a hybrid model in Europe last year. Enabling us to fulfill our strong demand as evidenced by the double-digit revenue growth in the quarter, while improving our profitability in the region. This gives us confidence that we will successfully complete the transition in the US this year.

去年，我們在歐洲成功實現了分銷模式從自營模式轉向混合模式的轉型。這使我們能夠滿足強勁的需求（本季兩位數的營收成長就證明了這一點），同時提高我們在該地區的獲利能力。這讓我們有信心今年能夠成功完成在美國的過渡工作。

Moving down to the EBIT line. Adjusted EBIT margin contracted 180 basis points to 12.1% related to the impact of lapping the 53rd week and tariffs. This was slightly lower than our expectations due to the three reasons I mentioned before, within SG&A. That is unfavorable for FX, higher distribution costs and incentive compensation.

接下來看息稅前利潤（EBIT）這項。受第 53 週結算和關稅的影響，調整後的 EBIT 利潤率下降 180 個基點至 12.1%。由於我之前提到的三個原因，這比我們的預期略低，屬於銷售、一般及行政費用 (SG&A) 的範疇。這對外匯市場不利，會增加分銷成本和激勵性薪資。

Fourth quarter adjusted diluted EPS was $0.41 higher than expectations. This includes a $0.03 headwind from a higher tax rate. We ended the year with reported inventory dollars up 9% to prior year and units up 2%. The year over year dollar increase was primarily driven by tariffs. We continue to believe our inventory quantity and quality are well positioned globally and expect inventory levels ending fiscal '26 to be below revenue growth.

第四季調整後攤薄每股收益比預期高出0.41美元。這其中包括因稅率提高而導致的 0.03 美元的不利影響。年末報告顯示，庫存金額比前一年增加 9%，庫存數量增加 2%。美元較去年同期上漲的主要原因是關稅。我們仍然相信，我們的庫存數量和品質在全球範圍內都處於良好狀態，並預計 2026 財年末的庫存水準將低於收入成長。

Turning to dividend and share repurchases. In quarter four, we returned $55 million to shareholders. And for the full year, we returned $363 million, up 26% versus prior year. This included a 7% increase in the dividend versus last year. And the $150 million share buyback in '25 was the highest annual buyback since the IPO. And today, we are announcing a $200 million ASR program, which will be completed within three months, but no later than six months reflecting our confidence in our future and continued efforts to drive shareholder value.

接下來討論分紅和股票回購。第四季度，我們向股東返還了 5,500 萬美元。全年來看，我們實現了 3.63 億美元的收益，比上年增長了 26%。這其中包括股息比去年增長7%。2025 年的 1.5 億美元股票回購是 IPO 以來最高的年度回購額。今天，我們宣布一項 2 億美元的 ASR 計劃，該計劃將在三個月內完成，最遲不超過六個月，這體現了我們對未來的信心以及為提升股東價值而持續努力。

Now let's review the key highlights by segment for the quarter. The Americas net revenues were up 2%, and our US DTC business grew 6%, driven by strength in both brick-and-mortar and e-commerce. US wholesale was down due to capacity constraints in our new 3PL as well as strong growth from a key digital wholesale customer in the prior year. Our LatAm business was up 8%, fueled by growth across most markets and continued strength in DTC.

現在讓我們按業務板塊回顧一下本季的主要亮點。美洲淨收入成長 2%，美國 DTC 業務成長 6%，這得益於實體店和電子商務的強勁成長。由於我們新的第三方物流 (3PL) 產能受限，以及去年一家重要的數位批發客戶的強勁成長，美國批發業務有所下降。我們的拉丁美洲業務成長了 8%，這得益於大多數市場的成長以及 DTC 業務的持續強勁表現。

Operating margins, which were up for the year contracted 460 basis points in the quarter, primarily due to the lapping of the 53rd week and the impact of the tariffs. Europe net revenues accelerated up 10% in Q4, and led by double-digit growth in our largest European markets, the UK and Germany. We delivered strong holiday performance and growth across all categories, including men's, women's, tops and bottoms.

營業利潤率全年有所上升，但本季下降了 460 個基點，主要原因是第 53 週結束以及關稅的影響。歐洲第四季淨收入加速成長 10%，其中英國和德國這兩個歐洲最大市場實現了兩位數成長。我們在假期期間實現了強勁的業績成長，涵蓋男裝、女裝、上衣和下裝等所有類別。

Gross margin expansion and SG&A leverage resulted in operating margin growing 330 basis points versus prior year. Europe's operating margin for the full year grew 180 basis points. Asia net revenues grew 4% year over year, fueled by strong DTC performance. Key markets, including Japan and Turkey delivered double-digit growth this quarter as a head-to-toe lifestyle offerings continue to resonate with consumers and drive growth. Operating margin expanded 140 basis points versus prior year, driven by gross margin strength. For the full year, Asia grew 7% and operating margin expanded 60 basis points.

毛利率擴張和銷售、管理及行政費用槓桿使營業利潤率比上年增長了 330 個基點。歐洲全年營業利益率成長了180個基點。受強勁的 DTC 業務表現推動，亞洲淨​​收入年增 4%。包括日本和土耳其在內的主要市場本季實現了兩位數的成長，因為從頭到腳的生活方式產品繼續引起消費者的共鳴並推動成長。受毛利率強勁成長的推動，營業利潤率較上年增加140個基點。全年來看，亞洲市場成長了7%，營業利益率提高了60個基點。

Now let's turn to our outlook for fiscal '26 and Q1. We are pleased with our Q4 results and with our trends in the first quarter, including a successful holiday period. Looking to '26, we expect organic net revenue growth of 4% to 5% with 1 point favorability from foreign exchange, resulting in reported net revenue growth of 5% to 6%.

現在讓我們來看看 2026 財年和第一季的展望。我們對第四季的業績以及第一季的發展趨勢感到滿意，包括成功的假日銷售旺季。展望 2026 年，我們預期有機淨收入將成長 4% 至 5%，外匯匯率帶來 1 個百分點的利好，從而使報告淨收入成長 5% 至 6%。

By segment, we expect the Americas to grow low single digits, Europe mid-single digits and Asia mid- to high single digits. By channel, we expect DTC to grow high single digits, fueled by positive comp sales opening 50 to 60 net new system dose and continued growth in e-commerce. Global wholesale is expected to be flat to slightly up, given plans to rationalize our wholesale footprint, particularly a few nonstrategic accounts in the US in support of our brand elevation strategy.

以細分市場來看，我們預期美洲將實現個位數低成長，歐洲將實現個位數中成長，亞洲將實現個位數中高成長。按通路劃分，我們預計 DTC 將實現高個位數成長，這得益於積極的同店銷售額，預計新增系統劑量將達到 50 至 60 劑，以及電子商務的持續增長。鑑於我們計劃合理化批發局，特別是為了支持我們的品牌提升策略，精簡美國的一些非策略性客戶，預計全球批發業務將保持平穩或略有成長。

Gross margin is expected to be flat to prior year. This includes an approximate 150 basis points gross impact from tariffs, which we plan to offset with pricing actions, higher full price selling product cost reduction driven by lower cotton rates and vendor negotiations, SQ rationalization and favorable mix. FX is expected to be a 20 basis points headwind to gross margin. While these mitigation factors will begin to flow through the P&L early in the year, we anticipate the pace of benefit realization will accelerate as we progress through 2026 with a more meaningful contribution emerging in the later part of the year.

預計毛利率將與去年持平。這包括關稅帶來的約 150 個基點的毛影響，我們計劃透過定價措施、提高全價銷售產品、降低棉花價格和供應商談判帶來的成本降低、SQ 合理化和有利的產品組合來抵消這些影響。預計匯率波動將對毛利率造成 20 個基點的不利影響。雖然這些緩解因素將在年初開始影響損益表，但我們預計隨著我們進入 2026 年，效益實現的速度將會加快，並在今年下半年產生更有意義的貢獻。

The fundamental drivers of our gross margin expansion, which are mixed, higher full price selling, continued product cost reduction remain intact positioning us well for resume full year expansion in 2027. We expect our full year adjusted SG&A rate to improve by approximately 40 to 60 basis points as the organization is increasingly focused on driving operating leverage. This is driven by cost actions to mitigate tariffs, expansion of our global talent hubs limited head count increases as we drive productivity and efficiencies by expanding AI usage and easing costs from running parallel distribution centers in the second half of the year.

我們毛利率擴張的根本驅動因素（包括更高的全價銷售和持續的產品成本降低）仍然存在，這使我們能夠在 2027 年恢復全年擴張。我們預計全年調整後的銷售、一般及行政費用率將提高約 40 至 60 個基點，因為公司越來越注重提高營運槓桿。這是由於採取成本措施來緩解關稅影響，擴大我們的全球人才中心，限制人員增加，同時透過擴大人工智慧的使用來提高生產力和效率，並在下半年降低並行配送中心的營運成本。

For the year, we expect marketing spend to be approximately 7% of total revenues flat to 2025. As a result, adjusted EBIT margin is expected to expand 40 to 60 basis points in the range of 11.8% to 12%. Given our mid-single-digit growth and our focus on growing gross profit dollars ahead of SG&A dollars, we do expect to leverage for the full year.

今年，我們預期行銷支出將佔總收入的7%左右，到2025年將保持穩定。因此，調整後的息稅前利潤率預計將成長 40 至 60 個基點，達到 11.8% 至 12%。鑑於我們實現了中等個位數的成長，並且我們專注於提高毛利而非銷售、管理及行政費用，我們預計全年都將利用槓桿。

We expect the full year tax rate to be around 23%, 2 points higher than 25, and interest expense is expected to be approximately $12 million a quarter. Full year adjusted diluted EPS is expected to grow and be in the range of $1.40 to $1.46. This includes a $0.04 headwind from a higher tax rate and a $0.20 drag from the higher gross impact from tariffs, which we are fully mitigating. CapEx should be approximately $230 million, 3.5% to 4% of revenues primarily to support store openings, fleet improvements and our digital investment.

我們預計全年稅率約為 23%，比 25% 高出 2 個百分點，預計每季利息支出約為 1,200 萬美元。預計全年調整後攤薄每股收益將成長，達到 1.40 美元至 1.46 美元之間。這其中包括稅率上升帶來的 0.04 美元不利影響，以及關稅毛利上升帶來的 0.20 美元拖累，我們正在全力應對這些影響。資本支出應約為 2.3 億美元，佔收入的 3.5% 至 4%，主要用於支持門市開業、車隊改善和我們的數位投資。

Before I discuss our Q1 guidance, I wanted to give some color on the cadence of the P&L for the year. We expect consistent mid-single-digit revenue growth throughout the year, with Q2 slightly lower due to seasonality. We expect gross margin to improve in the second half as we realize the benefit of pricing and lap the impact of tariffs.

在討論我們第一季的業績指引之前，我想先簡單介紹一下今年的損益表走勢。我們預計全年營收將保持中等個位數成長，第二季由於季節性因素將略有下降。我們預計下半年毛利率將有所改善，因為我們將享受定價帶來的好處，並消除關稅的影響。

On a full year basis, as previously mentioned, we expect marketing spend to be 7% of total revenue. However, this spend will be Q1 weighted given the timing of our global marketing campaign, which kicks off in February with the Super Bowl. Because of this, we expect Q1 spend to be approximately 160 basis points than Q1 '25 and lower in the remaining three quarters of the year. As a result of the Q1 marketing phasing, operating margin is expected to contract versus prior year in Q1 '26 and then expand as gross margin expansion and operating cost leverage take hold, driving full year growth.

如前所述，我們預計全年行銷支出將佔總收入的 7%。然而，考慮到我們全球行銷活動的啟動時間（該活動將於 2 月以超級盃為開端），這筆支出將以第一季加權計算。因此，我們預計第一季支出將比 2025 年第一季支出高出約 160 個基點，並且在今年剩餘的三個季度中支出將更低。由於第一季行銷階段性影響，預計 2026 年第一季營業利潤率將較上年同期有所下降，但隨著毛利率擴張和營運成本槓桿作用的顯現，營業利潤率將隨之擴張，從而推動全年增長。

Now turning to the first quarter of 2026. We expect organic net revenue growth of 4% to 5%, consistent with our full year forecast and a 3 point FX tailwind in resulting in 7% to 8% reported net revenue. On a two year basis, this is an acceleration from Q4 '25 and demonstrates that we are maintaining momentum. Gross margin is expected to be slightly down versus Q1 '25, primarily due to the continued impacts of tariffs. As noted earlier, we have already implemented further pricing actions earlier this month and additional pricing actions will occur in February.

現在展望2026年第一季。我們預期有機淨收入將成長 4% 至 5%，與全年預測一致，加上 3 個百分點的匯率利好，預計報告淨收入將成長 7% 至 8%。從兩年的時間跨度來看，這比 2025 年第四季有所加速，顯示我們正在保持成長勢頭。預計毛利率將比 2025 年第一季略有下降，主要原因是關稅的持續影響。如前所述，我們本月初實施了進一步的價格調整措施，2月也將實施更多價格調整措施。

Adjusted EBIT margin is expected to be down 140 basis points versus Q1 '25 to 12% on primarily driven by the timing of the marketing campaign. While the production costs are expensed in the first quarter, we expect to benefit from the campaign through the course of the year. Excluding A&P timing, adjusted EBIT margin leverages in Q1. And in Q1, we expect adjusted diluted EPS to be between $0.35 to $0.38. This includes a $0.07 drag for -- from A&P.

受行銷活動時間安排的影響，預計調整後的息稅前利潤率將比 2025 年第一季下降 140 個基點至 12%。雖然生產成本計入第一季度，但我們預計將在全年從這項活動中受益。剔除廣告和促銷活動的影響，第一季調整後的息稅前利潤率槓桿率。我們預計第一季調整後攤薄每股收益將在 0.35 美元至 0.38 美元之間。其中包括 A&P 帶來的 0.07 美元拖累。

In closing, 2025 was another solid year for us, while accelerating top line and bottom line, evidencing the success of our strategies and our transformation to a denim lifestyle DTC first company. We entered '26 with strong momentum and a maniacal focus on expanding operating margin with a robust product pipeline, growing TAM and clear plans to mitigate tariffs, along with a talented and experienced management team, we look forward to another year of consistent growth and margin expansion.

綜上所述，2025 年對我們來說又是穩健的一年，營收和利潤均實現了加速成長，這證明了我們策略的成功以及我們向以牛仔生活方式為主導的 DTC 公司的轉型。2026 年伊始，我們便擁有強勁的發展勢頭，並專注於透過強大的產品線、不斷增長的市場規模以及明確的關稅緩解計劃來擴大營業利潤率。此外，我們還擁有一支才華洋溢、經驗豐富的管理團隊。我們期待在新的一年繼續保持持續成長和利潤率的提升。

Beyond '26, we are confident about what's ahead. iconic brand, global reach and relentless focus on growth and cost management will continue to create lasting shareholder value well beyond 2026.

展望2026年之後，我們對未來充滿信心。標誌性品牌、全球影響力以及對成長和成本控制的不懈追求，將繼續為股東創造持久價值，直至2026年以後。

And with that, Latif, let's open up the line for Q&A.

那麼，拉蒂夫，接下來我們進入問答環節。

(Operator Instructions)

（操作說明）

Laurent Vasilescu, BNP Paribas.

洛朗·瓦西萊斯庫，法國巴黎銀行。

I'd love to ask about gross margins. Harmit, you've historically beaten your initial gross margin guide, are you taking the same conservative stance as in prior years with this guide of flat gross margins? How should we -- I think you talked about sequential improvement on the gross margin for the year. But can you maybe just find our point -- how do we think about the first quarter gross margin? Because I think expectations were a little bit higher for 4Q? And can you maybe just unpack a little bit more the drivers on cotton transit and the offset on tariffs for the bridge for the year.

我很想了解一下毛利率。哈米特，你歷來都能超越你最初的毛利率預期，那麼你是否會像往年一樣，對今年的毛利率持平預期，採取同樣的保守態度呢？我們應該如何——我想你剛才談到了全年毛利率的環比增長。但您能否明白我們的意思—我們該如何看待第一季的毛利率？因為我覺得大家對第四季的預期稍微高一點？您能否再詳細解釋一下棉花運輸的驅動因素以及該橋樑今年的關稅抵銷情況？

Thanks, Laurent. I was a gross margin question for you is right on the money. But -- let's start with a little bit of the history. Gross margin. We have established a track record of consistent gross margin expansion, as you said. Our algorithm talks about expanding gross margin regularly every year. Last year, [25%], we grew gross margins 110 basis points. And over the past three years has grown about 400 basis points. And I'll talk a little bit about the structural drivers, which are intact.

謝謝你，洛朗。我問的毛利率問題完全正確。但是——讓我們先來了解它的歷史。毛利率。正如您所說，我們已經取得了持續毛利率成長的良好記錄。我們的演算法建議每年定期提高毛利率。去年，我們的毛利率成長了 25%，達到 110 個基點。過去三年裡，成長了約 400 個基點。我再簡單談談結構性驅動因素，這些因素依然存在。

Talking about '26, our guidance is, at this time, flat to prior year. What we have done nicely is offset the full impact of tariffs as the year progresses. So tariffs, as I mentioned in my prepared remarks, impacts gross margin adversely by about 150 basis points. And we have an FX headwind of about $20 million. We are fully offsetting this with higher pricing.

談到 2026 年，我們目前的預期與去年持平。隨著時間的推移，我們已經很好地抵消了關稅帶來的全部影響。正如我在準備好的演講稿中提到的，關稅對毛利率產生了約 150 個基點的不利影響。我們面臨約 2000 萬美元的外匯不利影響。我們將透過提高價格來完全抵消這一損失。

Most of this has been implemented -- we are not seeing any initial demand reaction to it. So the elasticity is pretty good, more full-price selling, which is something that we've been focusing now for about 12 to 18 months. Especially as a product and newness is resonating well with our consumer. And then lower product costs, which is a combination of better and lower cotton as well as the negotiation with the vendors as we rationalize SKUs reduce unproductive assortments, et cetera, et cetera.

大部分措施已經實施——我們尚未看到任何初步的需求反應。所以彈性相當不錯，全價銷售更多，這也是我們過去 12 到 18 個月以來一直關注的重點。尤其是作為一款產品，它的新穎性引起了我們消費者的強烈共鳴。然後降低產品成本，這得益於更好、更低的棉花價格，以及與供應商談判，同時我們合理化 SKU，減少低效的產品組合等等。

So -- and the only thing I would say is the structural benefits, which is growing more aggressively, think like women's, which is higher gross margin than men, DTC, which is high gross margin in wholesale and international, which is a high gross margin than the US, that's intact. So as we think about '26, I think the way we flow this is first quarter will be slightly down than a year ago because the pricing gets effectuated and improves and accelerates in terms of year over year performance as the year progresses and we start lapping tariffs.

所以——我唯一想說的是結構性優勢，它正在更積極地成長，例如女性市場，其毛利率高於男性市場；DTC市場，其毛利率很高；批發和國際市場的毛利率也高於美國市場，這些優勢仍然存在。所以，當我們展望 2026 年時，我認為第一季的業績會比去年同期略低，因為隨著時間的推移，價格會逐漸生效，並在同比業績方面得到改善和加速增長，同時我們也會開始逐步取消關稅。

And as we think about '27, Laurent, our view is this is -- we don't guide '27 right now, but our view is the structural aspects that we're focused on growing, which is through mix, which is DTC, women's and international will resume the acceleration of gross margins in the years to come. So that's how we're thinking of gross margins. And I hope that answers your question.

展望 2027 年，Laurent，我們的觀點是——我們現在不預測 2027 年，但我們關注的結構性方面，即透過組合（包括 DTC、女裝和國際市場），將在未來幾年恢復毛利率的加速增長。這就是我們對毛利率的理解。希望這能解答你的疑問。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

So Michelle, how does your mid-single-digit organic outlook for this year, size up to the denim category? Maybe where do you see opportunity to increasingly move to offense this year? And then Harmit, on that topic, could you elaborate on the acceleration to 7% organic growth in November and December, I think that's on top of 8% growth a year ago, so a mid-teens two year stack. Just could you speak to the strength that you're seeing? And have you seen any softening in top line momentum post holiday?

那麼，米歇爾，你今年對牛仔服飾類別的有機銷售額預期（個位數中段）與實際情況相比如何？你覺得今年在哪些方面可以增加進攻上的投入？哈米特，關於這個主題，你能詳細說明一下 11 月和 12 月有機成長率加速至 7% 的原因嗎？我認為這是在一年前 8% 成長率的基礎上實現的，所以兩年累積成長率達到了 15% 左右。您能否談談您所看到的這種力量？節慶後您是否觀察到營收成長動能有所放緩？

Yeah, I'll start with your first one. We feel really good heading into 2026. I mean I'd say it's clear that our strategies are working. And just as '25 was a strong year, plus 7% organic growth. We're expecting 2026, as you said, mid-single digit, 4% to 5% organic, 5% to 6% on a reported basis.

好的，我先從你的第一個問題開始。我們對即將到來的2026年充滿信心。我的意思是，很明顯我們的策略是有效的。2025 年也是強勁的一年，實現了 7% 的有機成長。正如您所說，我們預計 2026 年的成長率將達到個位數中段，有機成長率為 4% 至 5%，報告成長率為 5% 至 6%。

Highlights from my standpoint, are number one, I'd say that we are in the best shape that we've been in decades, both operationally and financially. '25 is certainly a good proof point of that. Our strategies of being brand-led, DTC first and power in the portfolio are clearly working, and they're driving broad-based growth across channels, categories, genders, and I think what's really exciting is we're making this big transformation, as you know, from a denim bottoms business to a true head-to-toe denim lifestyle company.

從我的角度來看，最值得一提的是，我認為我們目前無論在營運或財務方面，都處於幾十年來最佳狀態。 2025年的業績無疑就是一個很好的證明。我們以品牌為主導、DTC優先、產品組合強大的策略顯然奏效了，並推動了跨通路、跨品類、跨性別的廣泛成長。我認為真正令人興奮的是，正如你所知，我們正在進行一次巨大的轉型，從一家牛仔褲企業轉型為真正的從頭到腳的牛仔生活方式公司。

So when you think about 4% to 5% mid-single-digit growth ahead, we do expect that to outperform the category. I mean the category, if you're talking just denim, it is accelerating globally. And as a leader, we are fueling that growth.

所以，考慮到未來 4% 到 5% 的中等個位數成長，我們預計它將跑贏同類產品。我的意思是，如果只談牛仔服飾這個品類，它在全球範圍內正在加速成長。作為領導者，我們正在推動這種成長。

On that note, in the US, which is also growing, we have cemented our position as the number one share for men's, women's and youth. And it's the first time that we can remember that all three of these targets have grown share and are number one. So it gives us tremendous confidence that strategies aren't changing. We're leaning in and we're executing.

就此而言，在美國這個也在不斷成長的市場，我們已經鞏固了在男性、女性和青少年市場中排名第一的地位。這是我們記憶中第一次看到這三個目標市佔率全部成長並位居第一。因此，這讓我們非常有信心，戰略不會改變。我們正在全力以赴，並且正在執行。

And the last point I would make is, just as we plan to continue to fuel the denim category, we've expanded our total addressable market, right? We're no longer just in denim bottoms. And in fact, as Harmit mentioned earlier, about one-third of our growth this past year was driven by categories outside of denim bottoms. So speaking to top which had a really fantastic year, up double digits. We expect that tailwind to continue.

最後我想說的是，正如我們計劃繼續推動牛仔服裝品類發展一樣，我們也擴大了我們的潛在市場規模，對吧？我們現在可不只是穿牛仔褲了。事實上，正如哈米特之前提到的那樣，我們去年約有三分之一的成長是由牛仔褲以外的類別所推動的。所以，說到排名靠前的球隊，他們今年的表現非常出色，實現了兩位數的成長。我們預計這種順風勢將會持續下去。

Non-denim, again, it's growing fast. We expect that to continue. And then, of course, as we think about the women's business, women's had a great year, up 11%, but that head-to-toe dressing yes, being relevant in fashion and blue bag, all the icons, but then also in skirts and dresses, tops. So there's a lot of runway as we look into 2026 and beyond.

非牛仔類服裝，同樣發展迅速。我們預計這種情況會持續下去。當然，說到女裝業，女裝業今年發展勢頭強勁，增長了 11%，這不僅體現在從頭到腳的著裝上，也體現在時尚潮流和藍色包包等標誌性單品上，更體現在裙子、連身裙和上衣等服飾上。因此，展望 2026 年及以後，我們還有很大的發展空間。

And to your second question, Matt, I think holiday is strong for us. It centers around two strategies. One is DTC. So as we become a DTC-first company, as a team, we're really focused on making sure we win in holiday. We made sure there's newness on the floor make sure the product that is being innovated was both with our wholesale customers as well as in our stores and our e-commerce platform. And the teams really executed really well. So that's fact number one.

至於你的第二個問題，馬特，我認為假期對我們來說很重要。它主要圍繞著兩種策略。其中之一就是DTC。因此，隨著我們成為一家以 DTC 為先的公司，我們團隊真正專注於確保我們在假期季節取得成功。我們確保貨架上有新品，確保正在創新的產品既能供應給我們的批發客戶，也能供應給我們的門市和電商平台。各隊表現都非常出色。這是第一個事實。

Fact number two, is just building on the TAM point that Michelle has talked about, that centers around the denim lifestyle focus. The mix I would like to bust is that we are -- we're just not only denim bottles. We have more than denim bottoms. I mean this is more of a head to store, lifestyle, denim-focused company. So think about the other way. Our teams shut out to our product teams and merchants, product led by Karen, Helman and our lead merchants.

第二個事實，正是基於米歇爾所談到的 TAM 觀點，即以牛仔生活方式為中心的觀點。我想打破的誤解是，我們不僅僅是牛仔布瓶。我們不僅有牛仔褲。我的意思是，這是一家更注重門市體驗、生活方式和牛仔服飾的公司。所以不妨換個角度思考。我們的團隊只與我們的產品團隊和商家合作，產品團隊由 Karen、Helman 領導，商家團隊由我們的主要負責人組成。

The we sold a lot of sweaters, more than we have sold in a long time. We sold a lot of Chino. So I can go and just talk about the different products that were introduced in holiday that really help. So -- and that's what gives us the confidence that we can grow Q1 and a two year stack at 14%. You talked about November and December at 15, but for the quarter, that gives us the confidence and sustaining the 7% organic growth with 4 or 5 organic growth in 2026.

我們賣了很多毛衣，比很長一段時間賣得都多。我們賣出了很多奇諾。所以我可以去談談假期期間推出的那些真正有幫助的不同產品。所以——也正因如此，我們有信心在第一季和未來兩年內實現 14% 的成長。您提到 11 月和 12 月的成長率為 15%，但就季度而言，這讓我們有信心保持 7% 的有機成長，並在 2026 年實現 4% 或 5% 的有機成長。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Michelle, on the prepared remarks, you made a comment that you believe that the direct-to-consumer channel margins can move higher. Can you just dive into that a little bit and tell us what are the drivers? And where do you think the margins can go from where they are today?

米歇爾，在事先準備好的發言稿中，你曾表示你認為直接面向消費者的通路利潤率可以進一步提高。您能否深入探討一下，告訴我們其中的驅動因素是什麼？你認為利潤率在現有水準的基礎上還能達到什麼程度？

Yeah, absolutely. Thanks, Jay, for the question. We absolutely believe that there's a lot of upside in DTC, both from a revenue standpoint and margin as I commented earlier, 15 quarters of positive comp growth. So first of all, margin growth will come from leverage. Call it, sales productivity as we continue to drive higher volumes, we'll clearly leverage off of the fixed cost in our store which includes your real estate, your fixed labor, just a lot of those, like I said, fixed costs.

是的，絕對的。謝謝傑伊的提問。我們堅信 DTC 模式有很大的發展空間，無論從收入或利潤率來看都是如此，正如我之前提到的，已經連續 15 個季度實現了正增長。首先，利潤成長將來自槓桿作用。不妨稱之為銷售效率，隨著我們不斷提高銷量，我們將明顯利用我們商店的固定成本，包括房地產、固定勞動力等等，就像我說的，很多都是固定成本。

Secondly, I would say is we are really focused on retail excellence. That had a big impact in expanding our store margins this past year, and that will continue. So we're stepping up our operations capabilities. That includes things like enhanced lifestyle merchandising. So when the consumer is coming in, they're not just buying a pair of bottom, they're also buying the top.

其次，我想說的是，我們真正專注於卓越的零售體驗。這在過去一年中對我們門市利潤率的提升產生了巨大影響，而且這種影響還會繼續。所以我們正在提升營運能力。這包括提升生活方式的商品銷售等。所以當消費者進來的時候，他們不只是買一條褲子，他們也買了上衣。

So driving UPTs, driving average ticket price, et cetera, improved assortment planning and life cycle management. We talk about rewiring this company to be a retailer, and that's happening. We put new systems in place. We're in the midst of rolling out a new planning and allocation system that's going to benefit sell-through, keeping us in stock. So -- and I would say, historically, that wasn't, of course, strength growing up as a wholesale company. That wasn't a core strength of ours. It has to be now. And you see it in the numbers to date, you'll see it going forward.

因此，提高客單價、提高平均客單價等指標，改善商品組合規劃與生命週期管理。我們討論過要將這家公司轉型為零售商，而這正在發生。我們建立了新的系統。我們正在推行一項新的計劃和分配系統，這將有利於銷售，並保證我們庫存充足。所以——而且我認為，從歷史角度來看，這當然不是批發公司發展壯大的優勢。那並不是我們的核心優勢。必須現在就做。從目前的數據可以看出這一點，未來也會如此。

And then lastly, I would say, again, operating with a retail merchant mindset is the selling model. And we have a new global selling model that's rolling out worldwide. So our expectation, the margin expansion that we saw this past year, we expect that to continue. We feel really good.

最後，我想再次強調，以零售商的思考方式進行經營才是最佳的銷售模式。我們正在全球推廣一種全新的全球銷售模式。因此，我們預計去年利潤率的擴張勢頭將會持續下去。我們感覺非常好。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Congratulations on a nice quarter. I guess I was wondering if you could focus in on Europe a little bit more, either country trends or into the Blue tab business have a big impact and those results are there look pretty good.

恭喜你本季業績出色。我想問的是，您能否更關註一下歐洲市場，無論是國家趨勢還是藍標啤酒業務，都會產生很大的影響，而且這些結果看起來相當不錯。

Thanks, Bob. So first, a big charter to the Europe team. They had a phenomenal year. They were up in the mid-single digits. The strength in Europe for the quarter was up 10%. End of the year really strong. and entering '26 with momentum. The strength was evident I talked about UK and Germany in my prepared remarks being up double digits. But you think about the channels, both channels wholesale actually led the way with 13% growth. And you look at the other markets, Bob, most markets grew in Europe. Again, very strong holiday. The team in Europe does a great job executing against the strategy. Women's was up 10%, men's was up 9% as an example. And then e-commerce was up in a big time.

謝謝你，鮑伯。首先，發給歐洲隊一份大包機。他們度過了輝煌的一年。他們領先個位數。歐洲本季表現強勁，成長了10%。年底表現強勁，帶著這股動能進入2026年。強勁的勢頭顯而易見，我在事先準備好的演講稿中提到，英國和德國的經濟成長都達到了兩位數。但從通路來看，批發通路實際上以 13% 的成長率領先。鮑勃，你看看其他市場，大多數市場都在歐洲成長。又是一個非常棒的假期。歐洲團隊在執行策略方面做得非常出色。例如，女性的成長率為 10%，男性的成長率為 9%。然後電子商務迎來了爆發性成長。

So overall, really strong results rate-driving growth is one thing, but it's important that the growth translates to profitability and it translated operating margins up 380 basis points. So let's think forward. '26 we are signaling Europe grows mid-single digits. And you think of the prebook, which is the first sign of the wholesale customer will shop, our prebook is up mid-single digit. So I think that's just the thinking about Europe for '26 and what drove '25.

總的來說，強勁的業績推動成長是一回事，但重要的是成長能夠轉化為獲利能力，而它確實將營業利潤率提高了 380 個基點。所以讓我們展望未來。 2026年，我們預期歐洲經濟成長率將達到中等個位數。再想想預訂量，這是批發客戶開始購物的第一個訊號，我們的預訂量增加了個位數中段。所以我認為這就是 2026 年歐洲的規劃，也是 2025 年的驅動因素。

Okay. And on Blue Tab, do you want to --

好的。在藍標平板電腦上，你想…--

So, yeah. No, happy to talk. So Blue tab is clearly a global opportunity for us. So yes, in Europe, but across the globe. And we're really excited about this because we think this presents a new business for us. The premium category is largely untapped for us. It's sizable. It's growing, and we're significantly underpenetrated. So early signs for Blue tab are very positive. We just rolled it out early in 2025.

是的。不，我很樂意交談。因此，藍標顯然為我們提供了一個全球性的機會。是的，不僅在歐洲，而且在全球範圍內都是如此。我們對此感到非常興奮，因為我們認為這為我們帶來了一項新的業務。高端市場對我們來說還有很大的開發空間。它體積相當大。它正在發展壯大，而我們的市場滲透率卻嚴重不足。目前來看，藍皮書的早期跡象非常正面。我們已於 2025 年初正式推出。

And it is the pinnacle expression of our brand, very elevated, commanding price points for bottoms for $200 to $350 million, truckers $250 $400, the list goes on. And we're early -- in the early stages, we're testing, we're learning, we're scaling, but it is showing that the consumer is responding and that we have permission to play in this elevated premium market.

這是我們品牌的巔峰之作，非常高端，價格定位極具吸引力，褲子售價在 2 億美元到 3.5 億美元之間，卡車褲售價在 2.5 億美元到 4 億美元之間，等等。我們還處於早期階段——在早期階段，我們正在測試、學習和擴大規模，但這表明消費者正在做出回應，我們也獲得了進入這個高端市場的機會。

And we have -- we've also had green shoots through the collaborations that we've done for a long time, which have commanded those really elevated price points. But now we're really going to lean in. It isn't going to be these in and out collaborations. We see it as an ongoing business that not only will represent a commercial opportunity, but it's a great halo to the entire line. So I think more to come, but we're bullish on really getting into this premium category.

而且，我們透過長期以來的合作也看到了復甦的跡象，這些合作也帶來了非常高的價格。但現在我們要真正全力以赴了。不會再是這種斷斷續續的合作了。我們認為這是一項持續發展的業務，它不僅代表著商業機會，而且對整個產品線來說也是一個巨大的優勢。所以我認為未來會有更多發展，但我們非常看好真正進入高端市場。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

This is Gabriel (inaudible) on for Oliver. We're just curious to hear a little bit more about any improvements that you're seeing within supply chain and progress that you're making on shortening go-to-market within your products? I know you mentioned AI being an efficiency driver within the corporate setting, but would love to hear any additional color on supply chain.

這裡是加布里埃爾（聽不清楚），代表奧利佛發言。我們很想了解您在供應鏈方面看到的任何改進，以及您在縮短產品上市時間方面取得的進展？我知道您提到人工智慧在企業環境中能夠提高效率，但我很想聽聽您對供應鏈方面的更多資訊。

Why don't Harmit and I both take this one. Let me talk about kind of end-to-end supply chain as it relates to product development. And I think Harmit can speak to our distribution transformation.

為什麼我和哈米特都不選這個？讓我談談與產品開發相關的端到端供應鏈。我認為哈米特可以談談我們的分銷轉型。

So yeah, as you know, we've been on this journey as we pivot to become a DTC retailer to shorten our time line, drive global consistency, et cetera, and we're making good progress. We've taken a few months out of our end-to-end lead time. So we've shortened that from what was 16, 17 months down to 14 months. We're now focused on creating different tracks of products.

是的，正如您所知，我們一直在轉型成為 DTC 零售商，以縮短時間線，推動全球一致性等等，而且我們取得了良好的進展。我們縮短了幾個月的端對端交付週期。因此，我們將原本的 16、17 個月縮短到了 14 個月。我們現在專注於打造不同系列的產品。

So for example, in tops, we're going after shorter cycle times, looking at vendors who are closer to the point of distribution, et cetera. We have a new Head of Supply Chain, Chris Callieri, who comes with deep experience in vertical retail and has a very strong strategy to go after those opportunities. So that's point number one.

例如，在服裝方面，我們正在追求更短的生產週期，尋找距離分銷點更近的供應商等等。我們新上任的供應鏈主管是克里斯·卡列裡，他在垂直零售領域擁有豐富的經驗，並制定了非常強大的策略來抓住這些機會。這是第一點。

Point number two, a key enabler to that. is driving greater global consistency. So what used to be we've always developed our products here in San Francisco, but it was more kind of a bottoms-up approach. Now what we've seen is really more of a tops down but having a globally directed line. So for perspective, back in like '23, early '24. Our globally directed line was about 20%. We're now 50% on our way to 75%.

第二點，也是實現這一目標的關鍵因素，是推動全球範圍內的一致性。所以過去我們一直都在舊金山開發產品，但那是一種由下而上的方法。現在我們看到的其實更像是自上而下，但又具有全球方向性的路線。所以，從這個角度來看，大概是 2023 年，2024 年初。我們的全球定向生產線約佔 20%。我們目前已完成 50%，目標是 75%。

And with that, it clearly drives a lot of efficiency. So over time, you'll see that show up in inventory turn and sell-through and productivity. And also, it allows us to really get behind those big bets from a marketing standpoint and leverage our resources. So the second and then the third piece, somewhat related is we continue to be really focused on reducing our SKU count. And we are still ranging in the reduction of about 20%, 25%. Again, all of these things will help enable margin accretion over time.

因此，它顯然能顯著提高效率。所以隨著時間的推移，你會發現這反映在庫存週轉率、銷售率和生產效率。此外，它還能讓我們從行銷的角度真正支持這些大手筆的投資，並充分利用我們的資源。因此，第二點和第三點，在某種程度上是相關的，是我們繼續非常專注於減少我們的 SKU 數量。我們目前仍在努力減少約 20% 到 25% 的數量。再次強調，所有這些因素都將有助於隨著時間的推移實現利潤率的成長。

Yeah. And on the -- Gabriel due to the question on distribution. Just by context, two years ago, we began remapping both US and distribution network to a more hybrid automated omnichannel model, largely done with the intent to support our long-term growth and ensure we meet growing consumer demand. Europe, as I mentioned in my script fully transitioned, and we're seeing clear top line and bottom line opportunities.

是的。關於——加布里埃爾，因為分配問題。僅從背景來看，兩年前，我們開始將美國和分銷網絡重新劃分為更混合的自動化全通路模式，主要目的是為了支持我們的長期成長，並確保我們滿足不斷增長的消費者需求。正如我在演講稿中提到的，歐洲已經完全轉型，我們看到了明顯的營收和利潤成長機會。

In the US, the ramp-up has taken a little longer than we expected. And so we supplemented this by ensuring that one of our own facilities stay open a little longer as well as increase the manual operation because, to be honest, the demand outstripped our expectations given the wonderful product that we have and we have introduced in the marketplace.

在美國，產能提升所需的時間比我們預期的要長一些。因此，我們採取了補充措施，確保我們自己的一家工廠延長營業時間，並增加人工操作，因為說實話，鑑於我們擁有並已推向市場的優質產品，市場需求超出了我們的預期。

We brought in distribution experts into our organization, helping us complete the transformation. We're working with our third-party leading logistic partners, and so we are confident of completing this by the end of the year. And as you saw from the Europe numbers, when it is complete, it does make a big difference to top line and bottom line.

我們引進了分銷專家，幫助我們完成了轉型。我們正在與第三方領先的物流合作夥伴共同努力，因此我們有信心在年底前完成這項工作。正如你從歐洲的數據中看到的那樣，當一切完成後，它確實會對營收和利潤產生很大的影響。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Congrats on wrapping up a strong year. We wanted to double click on the delays related to the new DC. So can you provide additional color there? And what gives you confidence it will come online in the back half? And then as we think about the SG&A impact, what's the right way to think about the impact that DC will have as we think about the transitory costs in the first half versus what should be a sizable opportunity to drive leverage from efficiency in the back half.

恭喜你圓滿結束了這一年。我們想詳細了解與新資料中心相關的延誤情況。您能否提供更多相關資訊？你憑什麼確信它會在下半年上線？然後，當我們考慮銷售、一般及行政費用 (SG&A) 的影響時，我們應該如何正確地考慮配送中心 (DC) 的影響？我們需要考慮上半年的過渡性成本，以及下半年透過提高效率來獲得巨大收益的機會。

Yeah, sure. Thanks for asking the question. What gives us confidence is a couple of things. One, we've got a great team on our side and a great team with our third-party logistics partners working together to try and solve it and do it in a way that we are able to meet consumer demand while setting ourselves for the long term.

當然可以。感謝你的提問。讓我們充滿信心的因素有兩點。第一，我們擁有一支優秀的團隊，我們的第三方物流合作夥伴也組成了一支優秀的團隊，共同努力解決這個問題，並以一種既能滿足消費者需求又能為長遠發展做好準備的方式來實現這一目標。

So that's a fact number one. Fact number two is, I mean, this is a daily, if not a weekly discussion. And Michelle and I -- and the top teams management teams on the other side are directly in conversations. And the other only proof point I would have out there is we've seen it happen in Europe. There's no reason why it shouldn't happen in the US.

這是第一個事實。第二點是，我的意思是，這幾乎是每天，甚至每週都要討論的話題。我和米歇爾，以及對方的高階管理團隊，都在直接進行對話。我能提供的另一個唯一證據是，我們已經在歐洲看到了這種情況。沒有理由說這種事不會發生在美國。

So that's addressing your question to the question on SG&A. Our focus on SG&A has risen to an all-time high within the company. I think you can ask the entire management team and the company, they'll say, this is a group that really wants to drive more leverage. And the best way to explain this, Rick, is to say, let's convert a higher percentage of our gross profit dollars into EBIT dollars.

以上就是關於銷售、一般及行政費用的提問的回答。公司對銷售、一般及行政費用的關注度已達到歷史最高水準。我認為你可以問整個管理團隊和公司，他們會說，這是一個真正想要擴大影響力的團隊。里克，解釋這一點的最好方法就是說，讓我們把更高比例的毛利轉化為息稅前利潤。

What gives us confidence in 2026 is a few things. One, a higher volume, 4% to 5% organic or 5% to 6% reported should leverage. Second is, I think, Jay, you asked a question about DTC productivity. Again, a mid- to bust, higher DTC doesn't mean lower EBIT margin. So you think about last year, our DTC margins were up 300 basis points. So EBIT margins were up. We've got plans to grow DTC margins even in 2026.

有幾點讓我們對2026年充滿信心。第一，更高的銷量（4%至5%的有機成長或5%至6%的報告成長）應該能夠發揮作用。其次，Jay，我認為你問了一個關於 DTC 生產力的問題。再次強調，中期至末期較高的直接稅額並不代表較低的息稅前利潤率。想想去年，我們的 DTC 利潤率提高了 300 個基點。因此，息稅前利潤率上升了。我們計劃在 2026 年繼續提高 DTC 利潤率。

The other thing is we have limited head count increases. And the way we're doing it so that we manage growth with resources is really leverage the user AI, and we've got global talent hub, which is centered around the world across all functions where we're leveraging talent and that should help us offset some of the cost increases.

另一方面，我們的人員擴充空間有限。我們管理成長的方式是充分利用用戶人工智慧，並建立了一個全球人才中心，該中心遍布世界各地，涵蓋我們利用人才的各個職能部門，這應該有助於我們抵消一些成本增長。

And to your question about distribution costs, we feel the pallet running of the DTC, that pressure eases by the first half of the year. So you start seeing some of the benefit in the second half of the year, and you see that in the P&L. And overall, our SG&A rate as a percentage of revenue, which we have always said will be around 50%. We think in '26 will be lower than that.

至於您提出的經銷成本問題，我們認為 DTC 的托盤運輸壓力在上半年會有所緩解。所以，到了下半年，你會開始看到一些好處，而且你會在損益表中看到這一點。整體而言，我們的銷售、一般及行政費用率佔收入的百分比，我們一直表示將在 50% 左右。我們認為2026年會低於這個數字。

Tracy Kogan, Citi.

崔西‧科根，花旗銀行。

It's actually, Paul Lejuez, pleasure from Citi. You mentioned several rounds of price increases I was wondering if you could just talk about where those are happening and magnitude and maybe tie that into your assumptions for growth by geography in F '26, as you think about the breakdown between price versus units in each of the three geographies you mentioned.

保羅‧萊胡茲，這其實是花旗銀行的榮耀。您提到了幾輪價格上漲，我想知道您是否可以談談這些上漲發生在哪些地區以及漲幅，並可能將這些與您在 2026 年秋季按地域劃分的增長假設聯繫起來，因為您正在考慮您提到的三個地區中價格與單位之間的細分情況。

Sure, Paul, I'll take that one. So yes, as we talked about earlier, we are taking, call it, thoughtful targeted pricing actions as part of our tariff mitigation, and that's largely happening in the US, although as ordinary course of business, we do take pricing around the world as we mitigate things like inflation and the like. But our focus for the most part was here in the US. I will say we have not seen any consumer or customer reaction to date, which I think is a testament to the strength of the business the momentum we have and the consumer responding to our product, our marketing efforts. And I would say that we have pricing power, given how strong the brand is right now, the market share gains.

當然，保羅，我接受這個任務。所以，正如我們之前討論的那樣，我們正在採取，或者說，深思熟慮的有針對性的定價措施，作為我們關稅緩解措施的一部分，這主要發生在美國，儘管作為正常的業務流程，我們也會在世界各地採取定價措施，以緩解通貨膨脹等問題。但我們大部分的精力都集中在美國。我想說的是，到目前為止我們還沒有看到任何消費者或客戶的反應，我認為這證明了我們業務的實力、我們所擁有的發展勢頭以及消費者對我們產品和行銷努力的積極響應。而且我認為，鑑於我們目前的品牌實力，我們擁有定價權，市場佔有率也會不斷成長。

So where it's appropriate, especially in our higher tiered and newness innovation, we're leveraging that pricing power, while at the same time taking more modest pricing and being very diligent on, call it, those Tier 3 lower-priced entry-level prices. So the teams, we have more data and more sophisticated models than we've ever had, leveraging AI as a matter of fact. So informed by market analysis, demand elasticity and, like I said, being very targeted on how we took that pricing.

因此，在適當的情況下，尤其是在我們更高層級和創新產品方面，我們會利用這種定價權，同時採取更適中的價格，並非常認真地對待所謂的第三層級低價入門級產品。因此，我們團隊現在擁有比以往更多的數據和更複雜的模型，事實上，我們充分利用了人工智慧。因此，我們根據市場分析、需求彈性以及我所說的，非常有針對性地制定了定價策略。

We took some last year fairly modestly. We have more. And that was mostly from a to our customers. Now from a consumer-facing standpoint, we do have pricing going in both in DTC and in wholesale in February. We'll be staying really close. But again, we have confidence as we head into 2026. And to your point on AUR versus units, we're expecting like we saw this last year, we're expecting both to grow in the coming year.

去年我們少量地採納了一些。我們還有更多。這主要來自我們的客戶。從面向消費者的角度來看，我們將在 2 月推出面向消費者和批發管道的定價。我們會保持非常近的距離。但是，展望2026年，我們依然充滿信心。關於您提到的 AUR 與單位數量的問題，我們預計就像去年一樣，明年兩者都會成長。

Difference by geography in terms of the AUR first units I would imagine with the US price increase?

我想，由於美國價格上漲，AUR首批產品的地理差異應該會很明顯吧？

We don't necessarily guide at that level by geography. But the fact that we're expanding TAM, and we're really focused on driving higher units per transaction which means that we are saying you're coming to buy a denim bottom or non-denim bottom there is now a great top available for you. That should drive units around the world. Thanks, guys.

我們在那個層面上並不一定是以地理位置作為指導依據。但事實上，我們正​​在擴大TAM（總市場規模），我們真正專注於提高每筆交易的商品數量，這意味著，無論您是來購買牛仔下裝還是非牛仔下裝，現在都有很棒的上裝可供選擇。這應該會帶動全球銷售成長。謝謝各位。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Harmit or Michelle, I was hoping we could drill down a little bit deeper into your growth assumptions for the Americas business in 2026. It sounds like you have some strong momentum in DTC. You're taking a little bit of price. You sound pretty positive on units. But the growth would suggest that things are a little bit more challenged there. I think you mentioned that US wholesale is going to go through a bit of a rationalization this year. Can you help us understand what's happening there and where the opportunity for upside is in your Americas business this year?

Harmit 或 Michelle，我希望我們能更深入地探討一下你們對 2026 年美洲業務成長的假設。聽起來你在DTC領域發展勢頭強勁。你要付出一點代價。聽起來你對單位產品相當樂觀。但這種增長表明，那裡的情況可能更具挑戰性。我想你之前提到過，美國批發市場今年將會經歷一些調整和整合。您能否幫助我們了解目前的狀況，以及今年貴公司在美洲的業務有哪些成長機會？

Sure. So Brook, overall, the US grew in '25 by 4%. DTC was the standout, growing 6%, but wholesale also grew in the year. I think in the quarter, US was flat. That is largely driven by, as I mentioned in the call, two factors. One was we were lapping a high sale in '24 from a large digital customer that was just timing and the capacity constraints on the DTC. And if you exclude that, are you adjust for the impact of that. Actually in the quarter, US and US wholesale would have been up low to mid-single digits. So US has had a great year.

當然。所以布魯克，總體而言，美國在 2025 年成長了 4%。DTC（直接面向消費者）業務表現突出，成長了 6%，但批發業務在這一年也實現了成長。我認為本季美國經濟持平。正如我在電話會議中提到的，這主要是由兩個因素所驅動的。其中一個原因是，我們在 2024 年從一位大型數位客戶那裡獲得了一筆高額銷售額，但這只是時機問題以及 DTC 的產能限制。如果排除這部分因素，你會如何調整其影響？實際上，本季度美國和美國批發市場本應實現個位數低至中等的成長。所以美國今年過得非常成功。

To your question about next year, our expectation is the US grows low to mid-single digit. Wholesale globally, our view is flat to slightly up. And that's largely driven by the rationalization of some nonstrategic accounts in the US I mean, as we focus on elevating the brand and taking this business to the next level.

關於您提出的明年經濟成長問題，我們預期美國經濟成長率為個位數中低水準。全球批發市場，我們的看法是持平或略微上漲。這主要是由於我們對美國一些非策略性客戶進行了合理化調整，因為我們專注於提升品牌形象，並將這項業務提升到一個新的水平。

Our view on wholesale is that it's a important channel for us. In fact, a key channel allows us to reach a lot of fans and the broader assortment that Michelle referred to in our prepared remarks, et cetera, as they resonate with the consumer and DTC, we're able to take to wholesale. And I think that should drive growth over time.

我們認為批發管道對我們來說非常重要。事實上，關鍵管道使我們能夠接觸到許多粉絲，以及米歇爾在我們準備好的演講稿中提到的更廣泛的產品系列等等，因為它們能引起消費者的共鳴，並且是直接面向消費者的，我們能夠將其推廣到批發市場。我認為這應該會隨著時間的推移而推動成長。

Tom Nikic, Needham.

湯姆·尼基奇，尼德姆。

I wanted to follow up on Brooke's question there. recognizing that there's the headwind from some of the wholesale rationalization in the US. I'm just wondering what the business looks like in your strategic wholesale counts in the US, how have sell-through rate been? How are the order books shaking out, et cetera, just what does it look like among the strategic accounts in the US.

我想就布魯克提出的問題做個後續探討，因為我知道美國的一些大規模合理化措施會帶來一些不利影響。我只是想了解貴公司在美國的策略批發業務狀況，銷售轉換率如何？訂單情況如何？等等，美國戰略客戶的訂單狀況究竟如何？

You bet. Tom, I'll take that one. Thanks for the question. First, I think it's important to reiterate that we believe in the wholesale channel. This is really an ant story versus (inaudible). Yeah, DTC, we expect to continue to outperform. But over the long term, we expect wholesale to be slightly positive over time. We've guided about flat for next year. And I think we're guiding that despite the fact that we are rationalizing in some nonstrategic accounts, things like, I would say, the grocery channel that we're -- we show up in today in the US. So I think it's a good thing for the brand. And again, we're driving to flat even despite some of these account decisions.

當然。湯姆，我選那個。謝謝你的提問。首先，我認為有必要重申，我們相信批發管道。這其實是個螞蟻的故事（聽不清楚）是的，DTC，我們預計將繼續表現出色。但從長遠來看，我們預計批發市場將略微向好。我們已經指導了明年的平坦情況。我認為我們正在朝著這個方向努力，儘管我們在某些​​非戰略帳戶中進行合理化調整，例如，我想說，我們今天在美國出現的雜貨管道。所以我認為這對品牌來說是件好事。再次強調，儘管做出了一些帳戶方面的決定，我們仍然朝著平穩的方向發展。

As it relates to our core strategics, I think the partnerships are really strong. These accounts are embracing denim lifestyle, tops, men's and women's, I mean, really Levi is getting into the tops category in wholesale in a meaningful way is a new step forward for us. Women's our accounts have really embraced our women's strategy, and you'll see that in key accounts where they've expanded the footprint. In some cases, we've expanded doors. And then it's head-to-toe denim lifestyle getting into new categories like skirts, dress , et cetera.

就我們的核心策略而言，我認為合作夥伴關係非常牢固。這些帳號正在擁抱牛仔生活方式，包括男裝和女裝上衣。我的意思是，Levi's 真正以有意義的方式進軍上衣批發領域，這對我們來說是向前邁出的新一步。我們的女性客戶真正接受了我們的女性策略，您會在重點客戶中看到這一點，他們已經擴大了業務範圍。在某些情況下，我們擴大了門的尺寸。然後，從頭到腳的牛仔生活方式擴展到了裙子、連身裙等新類別。

So we really do see it as a complement. And I think one of the really great things is that in DTC, we can launch products first and they get to see the results and then we can take them to wholesale. And we've seen that model play out. One of our big hits of the year was the baggie, and that took off both in DTC and in wholesale.

所以我們確實認為它是一種補充。我認為DTC模式的一大優勢在於，我們可以先推出產品，讓消費者看到效果，然後再將產品推向批發市場。我們已經看到這種模式得到了驗證。今年我們最暢銷的產品之一是小包裝袋，它在 DTC 和批發市場都取得了成功。

As we look ahead around the world, for example, we had positive growth in Europe even in the quarter. The order books are positive for next year. Latin America, again positive for the quarter. So net-net, I think it's a really good story as we've expanded our addressable market to expand these categories. And let's not forget, even in Q4, from a total business standpoint, we grew market share in men's, women's and that use target.

展望未來，例如，放眼全球，即使在本季度，歐洲也實現了正成長。明年的訂單情況良好。拉丁美洲本季再次實現正成長。總而言之，我認為這是一個非常好的故事，因為我們擴大了目標市場，拓展了這些類別。別忘了，即使在第四季度，從整體業務角度來看，我們在男士、女士和目標用戶群中的市場份額也實現了成長。

So I'll wrap it up by saying we're bullish across all channels, and there's so much opportunity for Levi's in our core down and bottoms business and head to toe lifestyle.

最後我想說的是，我們對所有管道都持樂觀態度，Levi's 在我們核心的下裝和下擺業務以及從頭到腳的生活方式領域擁有巨大的發展機會。

Thanks, everyone, for joining the call, and we look forward to talking to you next quarter.

感謝各位參加本次電話會議，我們期待下個季度與大家再次交流。

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

謝謝。今天的電話會議到此結束。請立即斷開您的線路。祝你有美好的一天。