Movado Group Inc (MOV) 2025 Q3 法說會逐字稿

Good day, everybody and welcome to the Mulatto Group Incorporated third quarter for school year 2025 earnings conference call.

大家好，歡迎參加 Mulatto Group Incorporated 2025 學年第三季財報電話會議。

As a reminder, today's call is being recorded and may not be reproduced in full or in part without permission from the company.

謹此提醒，今天的通話內容正在錄音中，未經公司許可不得全部或部分複製。

At this time, I would like to turn the conference over to Allison Malkin of ICR.

現在，我想將會議轉交給 ICR 的艾莉森·馬爾金 (Allison Malkin)。

Please go ahead.

請繼續。

Good morning, everyone.

大家早安。

With me on the call is Efraim Grinberg, Chairman and Chief Executive Officer; and Sallie DeMarsilis, Executive Vice President and Chief Operating Officer and Chief Financial Officer.

與我一起參加電話會議的是董事長兼執行長 Efraim Grinberg；以及執行副總裁兼營運長兼財務長薩莉‧德馬西利斯 (Sallie DeMarsilis)。

Before we get started, I would like to remind you of the company's safe harbor language, which I'm sure you're all familiar with.

在我們開始之前，我想提醒您公司的安全港語言，我相信你們都熟悉。

The statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

本次電話會議所包含的陳述並非歷史事實，可能被視為構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Actual future results may differ materially from those suggested in such statements due to a number of risks and uncertainties.

由於存在許多風險和不確定性，未來的實際結果可能與此類聲明中建議的結果有重大差異。

All of which are described in the company's filings with the SEC, which includes today's press release.

所有這些都在該公司向美國證券交易委員會提交的文件中進行了描述，其中包括今天的新聞稿。

If any non-GAAP financial measure is used on this call, a presentation of the most directly comparable GAAP financial measure to this non-GAAP financial measure will be provided as supplemental financial information in our press release.

如果本次電話會議使用任何非 GAAP 財務指標，則我們的新聞稿中將提供與該非 GAAP 財務指標最直接可比較的 GAAP 財務指標作為補充財務資訊。

Now I would like to turn the call over to Efraim Grinberg, Chairman and Chief Executive Officer of Movado Group.

現在我想把電話轉給摩凡陀集團董事長兼執行長 Efraim Grinberg。

Thank you, Allison.

謝謝你，艾莉森。

Welcome to Movado Group's third quarter conference call.

歡迎參加摩凡陀集團第三季​​電話會議。

With me today is Sallie DeMarsilis, our COO and CFO.

今天和我在一起的是我們的營運長兼財務長薩莉‧德馬西利斯 (Sallie DeMarsilis)。

I will first review our overall results and our progress against our strategic initiatives and then Sallie will review our financial results in greater detail.

我將首先回顧我們的整體業績以及我們的策略計畫的進展，然後薩莉將更詳細地回顧我們的財務表現。

Over the last year, we have made significant progress on a number of strategic initiatives, including the introduction of iconic new product families across our brand portfolio and revitalizing our marketing efforts and storytelling across our brands and regions.

去年，我們在許多策略舉措上取得了重大進展，包括在我們的品牌組合中引入標誌性新產品系列，以及振興我們在品牌和地區的行銷工作和故事敘述。

As we began the year, we made the decision to invest in driving revenue growth and brand awareness with increased marketing spend.

今年年初，我們決定透過增加行銷支出來投資推動收入成長和品牌知名度。

While net sales are down 2.9% for the year-to-date period, we continue to believe that the investments we've made have strengthened our brands and provide a solid foundation for growth in the coming years.

儘管今年迄今淨銷售額下降了 2.9%，但我們仍然相信，我們所做的投資增強了我們的品牌，並為未來幾年的成長奠定了堅實的基礎。

Nonetheless, given the challenging environment for both our category and retailers in the U.S. and Europe and consistent with the message conveyed on our second quarter conference call, we have started to take the steps needed to drive improving financial performance.

儘管如此，鑑於美國和歐洲的品類和零售商都面臨著充滿挑戰的環境，並且與我們在第二季度電話會議上傳達的信息一致，我們已開始採取必要的措施來推動改善財務業績。

Our focus now is on a successful holiday season and building a strong business model for next year that will reduce costs, continue our brand-building initiatives while rationalizing marketing investments, delivering on key growth opportunities such as jewelry and growth markets like India and Southeast Asia and returning North America and our Movado brand to higher levels of profitability.

我們現在的重點是成功的假期季節，並為明年建立強大的商業模式，以降低成本，繼續我們的品牌建設計劃，同時合理化營銷投資，抓住珠寶等關鍵增長機會以及印度和東南亞等增長市場使北美和我們的摩凡陀品牌恢復到更高的獲利水準。

With $182 million of cash and no debt, we continue to have a strong balance sheet and believe that our dividend is a priority to continue to return value to our shareholders.

我們擁有 1.82 億美元現金且沒有債務，我們繼續擁有強勁的資產負債表，並相信我們的股息是繼續為股東回報價值的首要任務。

Today, we also announced that our Board of Directors approved a new $50 million share repurchase plan.

今天，我們也宣布董事會批准了一項新的 5,000 萬美元股票回購計畫。

During the third quarter, retailers continued to tightly manage inventories in both the U.S. and Europe.

第三季度，美國和歐洲的零售商繼續嚴格管理庫存。

The U.S. retail environment was also further affected by the later Thanksgiving holiday and compounded by the uncertainty surrounding the election.

美國零售環境也受到感恩節假期晚些時候的進一步影響，並因選舉的不確定性而雪上加霜。

As Election Day approached U.S.

隨著美國選舉日的臨近

digital marketing costs escalated post the election, we have seen those costs begin to moderate.

選舉後數位行銷成本不斷上升，但我們看到這些成本開始下降。

In Movado, we began to launch our campaign featuring our new set of iconic brand ambassadors in early September, and we received a lot of positive feedback from consumers.

在摩凡陀，我們於 9 月初開始推出以新的標誌性品牌大使為主角的活動，並收到了大量消費者的正面回饋。

On our movado.com website, we saw our quarterly sales increased by 16.9% with both September and October sales growing by over 25%.

在我們的 movado.com 網站上，我們看到季度銷售額成長了 16.9%，其中 9 月和 10 月銷售額成長超過 25%。

We saw very strong performance in our Movado BOLD and Heritage watch collections, driven by new introductions.

在新推出的推動下，我們的摩凡陀 BOLD 和 Heritage 腕錶系列表現強勁。

Our shipments to retail and digital partners in thePreU.S. and Europe were pressured by tighter inventory management.

我們向美國東部地區的零售和數位合作夥伴發貨。歐洲則受到庫存管理收緊的壓力。

In addition, a delay in the launch of our Amazon Premiere platform also pressured sales.

此外，我們的 Amazon Premiere 平台的延遲推出也對銷售造成壓力。

This launch has now occurred, and we expect a strong holiday season on their platform.

此次發布現已完成，我們預計他們的平台將迎來強勁的假期季節。

As it relates to holiday, while early in the season, our newness is resonating well, and our new campaign -- and our new marketing campaign is broadening consumer interest, which we expect to improve our trend at our retail partners.

由於它與假期有關，在季節初期，我們的新鮮感引起了良好的共鳴，我們的新活動以及我們新的行銷活動正在擴大消費者的興趣，我們預計這將改善我們零售合作夥伴的趨勢。

We continue to be excited about the power of this campaign and its ability to build brand image and demand.

我們仍然對該活動的力量及其建立品牌形象和需求的能力感到興奮。

On the international front, the Movado brand continues to perform well in India, where we saw a 20% increase and believe it can become a big market for us.

在國際方面，摩凡陀品牌在印度繼續表現良好，我們看到印度成長了 20%，並相信它可以成為我們的一個大市場。

In our licensed brands, our sales grew by 3.8% and driven by growth in Coach, Lacoste, Calvin Klein and HUGO BOSS during the third quarter.

在我們的授權品牌中，第三季度，受 Coach、Lacoste、Calvin Klein 和 HUGO BOSS 成長的推動，我們的銷售額成長了 3.8%。

Coach has performed extremely well over the first 9 months of the year, driven by strong new product that -- product introductions that are resonating well with consumers, including our new Sammy collection a unique Oval collection inspired by the Coach brand's iconic turnlock and is generating demand from Gen Z consumers.

Coach 在今年前9 個月的表現非常出色，這得益於強勁的新產品——推出的產品引起了消費者的強烈共鳴，其中包括我們的全新Sammy 系列，這是一個獨特的橢圓形系列，其靈感源自Coach 品牌標誌性的旋鎖，並正在產生巨大的影響力。

For men, our Automatic Charter collection is a top performer and is featured with basketball Superstar, Jayson Tatum in our holiday campaign.

對於男士來說，我們的自動包機系列表現出色，並在我們的假期廣告中以籃球巨星傑森·塔圖姆為主角。

In Tommy Hilfiger, our sales are being led by the iconic TH 85 Chronograph and the new Henry family at an introductory price point for automatic watches.

在 Tommy Hilfiger，我們的銷售以標誌性的 TH 85 計時碼錶和處於入門價格點的新款 Henry 系列為主導。

We continue to perform well in Tommy jewelry, especially for men with bracelets to complement our watches as well as the Love collection offering 2-tone hearts for her.

我們在 Tommy 珠寶方面繼續表現出色，特別是對於那些佩戴手鐲來搭配我們手錶的男士，以及為她提供 2 色心形的 Love 系列。

We believe that we'll have an increased opportunity in Tommy Hilfiger as we increase the design quotient of our watches as we move forward.

我們相信，隨著我們不斷前進，我們手錶的設計商數將會增加，湯米·希爾費格 (Tommy Hilfiger) 的機會也會越來越多。

In HUGO BOSS, we have returned to growth for the quarter and the 9 months with strong sales of our iconic Time Traveler collection and the introduction of our new Bossmatic family, which has received a strong reception from consumers.

在 HUGO BOSS 中，我們在本季度和前 9 個月恢復了成長，標誌性的 Time Traveller 系列銷售強勁，並推出了新的 Bossmatic 系列，受到了消費者的熱烈歡迎。

Bossmatic features an automatic quartz hybrid movement.

Bossmatic 採用自動石英混合機芯。

In Lacoste, we had strong sales growth, powered by our jewelry collection, which features our best-selling Metropole Bracelet.

在 Lacoste，我們的銷售成長強勁，這得益於我們的珠寶系列，其中包括我們最暢銷的 Metropole 手鍊。

Metropole has been a hit since we first introduced it, and it continues to grow at a double-digit rate.

Metropole 自我們首次推出以來一直很受歡迎，並且繼續以兩位數的速度增長。

We are also excited to have introduced our new Lacoste LC 33 collection recently.

我們也很高興最近推出了新的 Lacoste LC 33 系列。

LC 33 is an Ana-Digi sports watch that we're very excited about, and we're already seeing a strong response from consumers in our key markets.

LC 33 是​​一款 Ana-Digi 運動手錶，我們對此感到非常興奮，我們已經看到主要市場消費者的強烈反響。

The LC 33 collection is priced at $95.

LC 33 系列售價為 95 美元。

Finally, in the CK brand, we grew our overall business, driven by strong sales in jewelry, which we believe is a significant opportunity.

最後，在 CK 品牌中，在珠寶銷售強勁的推動下，我們的整體業務得到了成長，我們認為這是一個重大機會。

We are also amplifying our women's offering of CK watches around our new Pulse family and our already successful Twisted Bezel family.

我們也圍繞著新的 Pulse 系列和已經成功的 Twisted Bezel 系列，擴大 CK 女士手錶的產品範圍。

From a regional perspective, our U.S. business was down 7.1%, while our international markets grew by 0.4%, with a decline in Europe offset by growth in Latin America, the Middle East, India and Australia.

從區域角度來看，我們的美國業務下降了 7.1%，而國際市場成長了 0.4%，其中歐洲業務的下降被拉丁美洲、中東、印度和澳洲的成長所抵消。

Our Movado company stores continue to perform at a similar pace as they did during the first 6 months of the year.

我們的摩凡陀公司商店的表現繼續與今年前 6 個月相似。

The next few weeks are the most important selling period for our stores, which got off to a good start during the Black Friday weekend.

接下來的幾週是我們商店最重要的銷售時期，在黑色星期五週末取得了良好的開局。

Each day is now more important than last year with the shortened period between Thanksgiving and Christmas.

隨著感恩節和聖誕節之間的時間縮短，現在的每一天都比去年更重要。

As we plan for next year, we believe we will have increased opportunities with fine-tuning our assortments across our brand portfolios.

在我們明年的計劃中，我們相信透過微調我們的品牌組合的品種，我們將有更多的機會。

As a team, we recognize this year has not delivered our desired results.

作為一個團隊，我們認識到今年沒有達到我們預期的結果。

Together, we are energized on returning the company to a higher level of profitability while improving revenue trends.

我們共同致力於使公司恢復更高的獲利水平，同時改善收入趨勢。

As you can see from our press release, we took some actions to begin to reduce our operating costs during the third quarter which will have a small benefit during the fourth quarter and a much greater benefit over the course of next year.

正如您從我們的新聞稿中看到的，我們在第三季採取了一些行動開始降低營運成本，這將在第四季度帶來一些小效益，並在明年帶來更大的效益。

As we build our plans for next year, we will be very disciplined in managing our variable expenses.

當我們制定明年的計劃時，我們將非常嚴格地管理可變費用。

We believe that we have additional opportunities to drive operational efficiencies and reduce costs while growing our brands.

我們相信，我們有更多機會在發展品牌的同時提高營運效率並降低成本。

We have a proven track record in taking bold and decisive action to drive our performance.

我們在採取大膽而果斷的行動來提高業績方面擁有良好的記錄。

We have a great portfolio of brands in the jewelry and watch category and believe that we are well positioned to accomplish our goals for next year.

我們在珠寶和手錶類別中擁有豐富的品牌組合，相信我們有能力實現明年的目標。

We look forward to sharing our plans with you when we announce our year-end results.

我們期待在公佈年終業績時與您分享我們的計劃。

I would now like to turn the call over to Sallie.

我現在想把電話轉給莎莉。

Thank you, Efraim, and good morning, everyone.

謝謝你，埃夫拉伊姆，大家早安。

For today's call, I will review our financial results for the third quarter and year-to-date period of fiscal 2025, and then I will provide an update on our outlook for the year.

在今天的電話會議中，我將回顧我們 2025 財年第三季和年初至今的財務業績，然後提供我們今年展望的最新資訊。

My comments today will focus on adjusted results.

我今天的評論將集中在調整後的結果。

Please refer to the description of the special items included in our results for the third quarter and year-to-date period of fiscal 2025 in our press release issued earlier today, which also includes a reconciliation table of GAAP and non-GAAP measures.

請參閱今天稍早發布的新聞稿中對 2025 財年第三季和年初至今業績中包含的特殊項目的描述，其中還包括 GAAP 和非 GAAP 指標的調節表。

Overall, our performance for the third quarter of fiscal 2025 continued to be negatively impacted by a challenging environment, both in our category and by retailers in the United States and Europe.

整體而言，我們 2025 財年第三季的業績持續受到充滿挑戰的環境的負面影響，無論是我們的品類還是美國和歐洲的零售商。

Despite being down year-over-year, as Efraim mentioned, we made good progress on our strategic initiatives and maintained an extremely strong balance sheet.

正如埃夫拉伊姆所提到的，儘管同比下降，但我們在戰略舉措方面取得了良好進展，並保持了極其強勁的資產負債表。

Turning to a review of the quarter.

轉向本季的回顧。

Sales were $182.7 million as compared to -- I'm sorry, $187.7 million last year, a decrease of 2.6%.

銷售額為 1.827 億美元，與去年的 1.877 億美元相比，下降了 2.6%。

In constant dollars, a decrease in net sales was 3.5%.

以不變美元計算，淨銷售額下降了 3.5%。

Net sales decreased across owned brands and company stores, partially offset by an increase in licensed brands.

自有品牌和公司商店的淨銷售額下降，部分被授權品牌的成長所抵銷。

By geography, U.S. net sales decreased 7.1% as compared to the third quarter of last year.

按地區劃分，美國淨銷售額較去年第三季下降 7.1%。

International net sales increased 0.4%.

國際淨銷售額成長 0.4%。

On a constant currency basis, International net sales decreased 1.1% with continued softening in our largest international market, Europe.

以固定匯率計算，由於我們最大的國際市場歐洲持續疲軟，國際淨銷售額下降了 1.1%。

Gross profit as a percent of sales was 53.8% compared to 54.5% in the third quarter of last year.

毛利佔銷售額的百分比為 53.8%，而去年第三季為 54.5%。

The year-over-year decrease in gross margin rate was primarily driven by unfavorable channel and product mix and the deleverage of higher fixed costs over lower sales.

毛利率年減主要是由於不利的通路和產品結構以及較高的固定成本對較低銷售額的去槓桿化所致。

Operating expenses were $89.1 million as compared to $81.6 million for the same period of last year.

營運費用為 8,910 萬美元，去年同期為 8,160 萬美元。

The increase was driven by an increased investment in marketing and in payroll-related costs.

這一增長是由於行銷和薪資相關成本投資增加所致。

As a result of the reduction in sales and gross margin and the increase in operating expenses, operating income decreased to $9.3 million as compared to $20.7 million in the third quarter of fiscal 2024.

由於銷售額和毛利率下降以及營運費用增加，營運收入從 2024 財年第三季的 2,070 萬美元減少至 930 萬美元。

We recorded approximately $1.4 million of other nonoperating income in the third quarter of fiscal 2025, which is primarily comprised of interest earned on our global cash position as compared to $1.5 million during the same period of last year.

2025 財年第三季度，我們錄得約 140 萬美元的其他非營業收入，其中主要包括我們的全球現金部位所賺取的利息，而去年同期為 150 萬美元。

We recorded income tax expense of $2 million in the third quarter of fiscal 2025 as compared to $4.5 million in the third quarter of fiscal 2024.

我們在 2025 財年第三季的所得稅費用為 200 萬美元，而 2024 財年第三季的所得稅費用為 450 萬美元。

Net income in the third quarter was $8.3 million or $0.37 per diluted share as compared to $17.4 million or $0.77 per diluted share in the year ago period.

第三季淨利為 830 萬美元，即稀釋後每股收益 0.37 美元，去年同期淨利為 1,740 萬美元，即稀釋後每股收益 0.77 美元。

Now turning to our year-to-date results.

現在轉向我們今年迄今為止的結果。

Sales for the 9-month period ended October 31, 2024, were $478.7 million as compared to $493 million last year.

截至 2024 年 10 月 31 日的 9 個月期間銷售額為 4.787 億美元，而去年為 4.93 億美元。

Total net sales decreased 2.9% as compared to the 9-month period of fiscal 2024.

與 2024 財年 9 個月相比，淨銷售額總額下降 2.9%。

In constant dollars, the decrease in net sales was 3.2%.

以不變美元計算，淨銷售額下降 3.2%。

The International net sales decreased 1.7% or 2.3% on a constant currency basis.

國際淨銷售額下降 1.7%，以固定匯率計算下降 2.3%。

U.S. net sales declined by 4.5%.

美國淨銷售額下降 4.5%。

Gross profit was $260.3 million or 54.4% of sales as compared to $273.6 million or 55.5% of sales last year.

毛利為 2.603 億美元，佔銷售額的 54.4%，而去年為 2.736 億美元，佔銷售額的 55.5%。

The decrease in gross margin rate for the first 9 months was primarily due to unfavorable channel and product mix and the deleverage of higher fixed costs on lower sales.

前 9 個月毛利率下降主要是由於通路和產品結構不利以及固定成本上升對銷售下降的去槓桿作用。

For the 9 months ended October 31, 2024, and Operating income was $15.6 million as compared to $41.2 million in fiscal 2024.

截至 2024 年 10 月 31 日的 9 個月，營業收入為 1,560 萬美元，而 2024 財年為 4,120 萬美元。

We recorded approximately $5.2 million of other nonoperating income in the 9-month period of fiscal 2025, which is primarily comprised of interest earned on our global cash position as compared to $3.8 million during the same period of last year.

在 2025 財年的 9 個月期間，我們記錄了約 520 萬美元的其他非營業收入，其中主要包括我們的全球現金部位所賺取的利息，而去年同期為 380 萬美元。

Net income was $14.9 million or $0.66 per diluted share as compared to $34.6 million or $1.53 per diluted share in the year ago period.

淨利潤為 1,490 萬美元，即稀釋後每股收益 0.66 美元，而去年同期淨利潤為 3,460 萬美元，即稀釋後每股收益 1.53 美元。

Now turning to our balance sheet.

現在轉向我們的資產負債表。

Cash at the end of the third quarter was $181.5 million, as compared to $201 million at the same period of last year.

第三季末現金為 1.815 億美元，去年同期為 2.01 億美元。

Accounts receivable was $139.2 million, up 2.7% from the same period of last year due to timing and mix of business.

由於時間安排和業務組合的影響，應收帳款為 1.392 億美元，比去年同期成長 2.7%。

Inventory at the end of the quarter was down $3 million from the same period of last year and aligned with our sales performance.

本季末的庫存比去年同期減少了 300 萬美元，與我們的銷售業績相符。

In the first 9 months of fiscal 2025, capital expenditures were $6.4 million and we repurchased approximately 120,000 shares under our share repurchase program.

2025 財年的前 9 個月，資本支出為 640 萬美元，我們根據股票回購計畫回購了約 12 萬股股票。

This morning, we also announced that the Board of Directors approved a new 3-year $50 million share buyback program.

今天早上，我們也宣布董事會批准了一項新的 3 年期 5,000 萬美元股票回購計畫。

The previous share buyback program had expired on November 23, 2024.

先前的股票回購計畫已於2024年11月23日到期。

I would now like to discuss our outlook.

我現在想討論一下我們的前景。

As Efraim mentioned, we continue to operate in a challenging environment, especially for our category and in our key markets of the United States and Europe.

正如埃夫拉伊姆所提到的，我們繼續在充滿挑戰的環境中運營，特別是對於我們的類別以及美國和歐洲的主要市場。

Our net sales are currently expected to be approximately $665 million, which reflects the low end of our previous guidance range.

目前，我們的淨銷售額預計約為 6.65 億美元，這反映了我們先前指導範圍的下限。

We expect gross profit of approximately 54% of sales for the year.

我們預計今年毛利約為銷售額的54%。

As previously discussed, we are taking action to reduce our operating expenses and are managing our discretionary spending.

如前所述，我們正在採取行動減少營運費用並管理我們的可自由支配支出。

We, therefore, expect operating income of approximately $23 million, also at the low end of our previous guidance.

因此，我們預計營業收入約為 2300 萬美元，也處於我們先前指導的低端。

We continue to anticipate a 25% effective tax rate with expected earnings of $0.90 per diluted share.

我們繼續預期有效稅率為 25%，稀釋後每股盈餘預計為 0.90 美元。

As we plan for fiscal 2026, we are focused on delivering a meaningful improvement in profitability as compared to our expected outlook for fiscal 2025.

在我們規劃 2026 財年時，我們的重點是與 2025 財年的預期相比，實現獲利能力的有意義的提高。

This expectation includes $6.5 million in annualized savings from the cost savings initiatives taken this most recent quarter.

這一預期包括最近一個季度採取的成本節約措施帶來的每年 650 萬美元的節省。

I would now like to open the call up for questions.

我現在想打開電話提問。

Thank you.

謝謝。

We will now be conducting a question-and-answer session.

我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Michael Legg, Benchmark Company.

邁克爾·萊格（Michael Legg），基準公司。

Thanks.

謝謝。

Good morning.

早安.

On the new stock buyback authorization, is there any change to your usage of it as far as being active in stock buyback versus just offsetting dilution.

在新的股票回購授權中，您對它的使用是否有任何變化，即積極參與股票回購而不是僅僅抵消稀釋。

Right now, it's focused on offsetting dilution.

目前，它的重點是抵消稀釋。

And then as we hopefully will generate more cash, we're open to change that as well.

然後，當我們希望能產生更多現金時，我們也願意改變這一點。

And then you mentioned that inventory levels at retail are light.

然後您提到零售庫存水準較低。

Can you talk about historic when you see trends that you been indicated.

當你看到你所指出的趨勢時，你能談談歷史嗎？

You've gotten quiet, Mike.

你變得安靜了，麥克。

It's gone very quiet.

一切都變得非常安靜。

Can you hear me now?

現在你能聽到我說話嗎？

Yes, I can hear you.

是的，我聽得到你的聲音。

Okay.

好的。

So retail inventory levels, you mentioned were light, can you talk about any leading indicators that you've seen in the past as when purchasing trends change and how lead time you have with that and any of the leading indicators you look for positive consumer behavior?

因此，您提到的零售庫存水平很輕，您能否談談您過去看到的任何領先指標，例如購買趨勢發生變化時的情況以及您對此的準備時間，以及您尋找積極消費者行為的任何領先指標？

Sure.

當然。

So I think the inventory levels now are pretty -- getting to a historic historically low level in both the U.S. and Europe, which are the 2 markets for us that are the most developed and the markets that are most sensitive and focused on that.

因此，我認為現在的庫存水平相當不錯——美國和歐洲都達到了歷史最低水平，這對我們來說是最發達的兩個市場，也是對此最敏感和最關注的市場。

Historically, as the economic environment improves and retail improves, I think that we've seen a bounce back and an openness to rebuild inventories as retailers realize that they're losing sales.

從歷史上看，隨著經濟環境的改善和零售業的改善，我認為我們已經看到了反彈和重建庫存的開放態度，因為零售商意識到他們正在失去銷售。

I think one of the differences in the dynamic today is that people have built e-commerce businesses that carry less inventory than in-store businesses.

我認為當今動態的差異之一是人們建立的電子商務企業的庫存比店內企業少。

But in really no cases is the is the dot-com business more than 20% to 25% of a retailer's overall business.

但在任何情況下，網路業務都不會超過零售商整體業務的 20% 到 25%。

Okay.

好的。

Thank you.

謝謝。

Thank you.

謝謝。

And we have reached the end of the question and answer session and I'll turn the floor back to Ron Greenberg for close remarks.

我們的問答環節已經結束，我將把發言權交還給羅恩·格林伯格（Ron Greenberg）進行總結發言。

Okay.

好的。

Thank Thank you.

謝謝謝謝。

Thank you very much for being with us on the call today.

非常感謝您今天接受我們的電話訪問。

I am optimistic about the category overall beginning to, to see improvements in the future.

我對該類別的整體發展持樂觀態度，並看到未來的進步。

But we are really focused as a company of, of continuing to, to focus on what we can control and very focused on driving down our expenses next year as a company and, and returning to an acceptable level of profitability.

但作為一家公司，我們確實專注於、繼續專注於我們能夠控制的事情，並且非常專注於降低公司明年的開支，並恢復到可接受的盈利水平。

With that, I'd like to wish everybody a great holiday season and and wish you all the best.

在此，我祝福大家有個愉快的假期，並祝福大家一切順利。

So, thank you very much.

所以，非常感謝。

This concludes today's conference and you may disconnect your lines at this time.

今天的會議到此結束，您現在可以掛斷電話了。

Thank you for your participation.

感謝您的參與。