Movado Group Inc (MOV) 2026 Q4 法說會逐字稿

Good day, everyone, and welcome to the Movado Group Inc., fourth quarter 2026 earnings conference call. As a reminder, today's call is being recorded and may not be reproduced in full or in part without permission from the company.

各位好，歡迎參加 Movado Group Inc. 2026 會計年度第四季財報電話會議。提醒各位，今天的電話會議將被錄音，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. Please go ahead.

此刻，我想將會議交給 ICR 的 Allison Malkin。請開始。

Thank you. Good morning, everyone. With me on the call today are Efraim Grinberg, Chairman and Chief Executive Officer; and Sallie DeMarsilis, Executive Vice President and Chief Financial Officer. 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.

謝謝。各位早安。今天與我一同出席電話會議的有：Efraim Grinberg，董事長兼執行長；以及 Sallie DeMarsilis，執行副總裁兼財務長。在開始之前，我想提醒各位公司「安全港」聲明的相關用語，我相信各位都很熟悉。

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. Actual future results may differ materially from those suggested in such statements due to a number of risks and uncertainties, all of which are described in the company's filing with the SEC, which includes today's press release.

本次電話會議中所包含、非屬歷史事實之陳述，可能被視為《1995 年私人證券訴訟改革法案》所定義之「前瞻性陳述」。由於多項風險與不確定性，實際未來結果可能與該等陳述所暗示者有重大差異；相關風險與不確定性均載於公司向美國證券交易委員會（SEC）提交之文件中，其中亦包含今日的新聞稿。

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.

若本次電話會議使用任何非 GAAP 財務衡量指標，我們將在新聞稿所附之補充財務資訊中，提供與該非 GAAP 指標最直接可比之 GAAP 財務衡量指標。

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

現在，我想把電話會議交給 Movado Group 董事長兼執行長 Efraim Grinberg。

Thank you, Allison. Good morning, everyone, and welcome to Movado Group's fourth quarter and fully conference call. Joining me today is Sallie DeMarsilis, our Executive Vice President and CFO. After our prepared remarks, we will be glad to take your questions.

謝謝你，Allison。各位早安，歡迎參加 Movado Group 第四季與全年財報電話會議。今天與我一同出席的是我們的執行副總裁兼財務長 Sallie DeMarsilis。在我們的準備發言之後，我們很樂意回答各位的問題。

After a challenging fiscal 2025, we were pleased to return to growth in fiscal 2026. Revenue increased 2.7% to $671.3 million and adjusted operating income grew 28.7% to $34.8 million, reflecting strong execution across our strategic priorities. These results exceeded our expectations and improved as the year progressed, with the fourth quarter sales of 5.6% to $191.6 million led by our US wholesale and retail business. Adjusted operating income grew by 6.2% for the quarter to $14.4 million.

在充滿挑戰的 2025 會計年度之後，我們很高興在 2026 會計年度重回成長。營收成長 2.7% 至 6.713 億美元，調整後營業利益成長 28.7% 至 3,480 萬美元，反映我們在各項策略優先事項上的強勁執行力。這些成果超出我們的預期，且隨著年度推進而持續改善；第四季銷售額成長 5.6% 至 1.916 億美元，主要由美國批發與零售業務帶動。該季調整後營業利益成長 6.2% 至 1,440 萬美元。

We also generated strong operating cash flow of $57.9 million and ended the year with $230 million in cash and no debt, which gives us a significant flexibility as we move forward. These results were helped by a strong euro, offset somewhat by the impacts of a very strong Swiss franc.

我們亦創造強勁的營運現金流 5,790 萬美元，並在年底持有 2.30 億美元現金且無負債，這使我們在未來推進上具備相當大的彈性。這些結果受惠於歐元走強，但部分被瑞士法郎大幅走強的影響所抵銷。

During the year, we advanced our strategic priorities which focused on four key areas. Let me discuss highlights of each. First, putting the customer at the center of everything we do. This focus continues to guide how we operate across all channels. Digitally, we strengthened our engagement with consumers and we're seeing the benefits of a more connected omni-channel approach.

在年度期間，我們推進聚焦於四大關鍵領域的策略優先事項。讓我分別說明各項重點。第一，把消費者置於我們所做一切的核心。此一聚焦持續引導我們在所有通路的營運方式。在數位方面，我們強化與消費者的互動，並正看到更緊密連結的全通路（omni-channel）策略所帶來的效益。

From a category standpoint, we saw a continued strength in both the fashion watch and accessible luxury segments in the US. Importantly, we're seeing increased participation from younger consumers along with a strong return of women into the category driven by smaller case sizes and jewelry inspired designs and fresh styling.

從品類角度來看，我們在美國的時尚腕錶與可負擔奢華（accessible luxury）區隔持續展現強勁動能。重要的是，我們看到年輕消費者的參與度提升，同時女性消費者也強勢回流至該品類，主要受更小錶徑與珠寶靈感設計及清新造型所帶動。

In our company's stores, we delivered a strong holiday season with sales up 9% for the fourth quarter, driven by higher average selling prices, improved merchandizing, and better in-store execution. Our teams have done an excellent job elevating the consumer experience at the point of sale.

在公司自營門市方面，我們在假期旺季表現強勁，第四季銷售成長 9%，主要由更高的平均售價、改善的商品陳列（merchandizing）以及更佳的店內執行所驅動。我們的團隊在銷售現場提升消費者體驗方面做得非常出色。

Second, delivering consumer and brand-focused innovation. Innovation was a major driver of our momentum, particularly in the fourth quarter. Across our portfolio, traditional watches are resonating strongly, especially with younger consumers who are responding to new shapes, sizes, and design expressions.

第二，提供以消費者與品牌為核心的創新。創新是推動我們動能的主要驅力，尤其在第四季。就我們的產品組合而言，傳統腕錶的共鳴度非常高，特別是在年輕消費者之間；他們對新的造型、尺寸與設計表現形式反應熱烈。

Within the Movado brand, we had an excellent quarter. Wholesale sales grew over 25%, and our e-commerce business increased 18%, reflecting the success of our brand refresh initiatives we began implementing about 18 months ago.

在 Movado 品牌方面，我們本季表現非常出色。批發銷售成長超過 25%，電商業務成長 18%，反映我們約在 18 個月前開始推動的品牌煥新（brand refresh）計畫取得成功。

From a product standpoint, we had a number of exciting highlights, including continued strength in our mini bangle collection, which is performing very well with women across multiple shapes, strong demand to our Movado 1917 Heritage Collection, which is resonating with both men and women, ongoing growth and higher price point automatic watches led by the Museum Classic Automatic, and encouraging traction in jewelry, particularly with our Ono collection.

從產品面來看，我們有多項令人振奮的亮點，包括：迷你手環（mini bangle）系列持續強勁，在多種造型上都深受女性歡迎；Movado 1917 Heritage 系列需求強勁，男女皆有共鳴；以 Museum Classic Automatic 為首的自動機械錶持續成長且價格帶上移；以及珠寶品類的良好進展，特別是 Ono 系列。

Looking ahead, we're excited about the pipeline of innovation we will bring to consumers. We'll be introducing Velura, a beautiful new women's Museum watch, expanding our Movado bold offering with Verso S, and launching a new heritage model inspired by the original Movado Kingmatic. We're also expanding our jewelry collections, including our new curve line for women.

展望未來，我們對即將帶給消費者的創新產品管線感到振奮。我們將推出 Velura——一款全新、精美的女性 Museum 腕錶；以 Verso S 擴展 Movado bold 產品線；並推出一款受原始 Movado Kingmatic 啟發的新傳承（heritage）錶款。我們也將擴展珠寶系列，包括全新的女性 Curve 系列。

Our licensed brands also delivered strong innovation and growth. Coach performed very well, driven by Gen-Z engagement and the continued success of the Sammy family, along with Caddy and Reese. We're clearly capturing the momentum of the parent brand with Gen-Z consumers.

我們的授權品牌同樣展現強勁的創新與成長。Coach 表現非常亮眼，受惠於 Z 世代互動提升，以及 Sammy 系列的持續成功，並由 Caddy 與 Reese 共同帶動。我們顯然正在掌握母品牌在 Z 世代消費者中的動能。

Hugo Boss saw strong momentum with Grand Prix and growth in women's with the May Collection. Lacoste continued to perform, led by the LC-33, and strengthened men's jewelry, particularly the Metropole bracelet. In Tommy Hilfiger, we're seeing a strong response to new shapes, smaller case sizes, and trend right designs. In Tommy Hilfiger men's, we've also seen success with Oxford, inspired by the traditional Oxford shirt.

Hugo Boss 在 Grand Prix 系列帶動下展現強勁動能，並透過 May 系列推動女性產品成長。Lacoste 持續穩健表現，由 LC-33 領軍，並強化男性珠寶，特別是 Metropole 手鍊。在 Tommy Hilfiger 方面，我們看到市場對新造型、更小錶徑與符合潮流的設計反應熱烈；在 Tommy Hilfiger 男錶方面，我們也看到 Oxford 系列的成功，其靈感來自傳統牛津襯衫。

In Calvin Klein, we saw a strong reaction to our innovation in watches with the introduction of our new Pulse Mini, our unique circle in the square watch design. We also received a favorable response to our CK Motion for him and believe that men's represents a significant opportunity going forward.

在 Calvin Klein 方面，我們推出全新 Pulse Mini——獨特的「方中帶圓」腕錶設計，市場對我們在腕錶創新上的表現反應強烈。我們的 CK Motion 男款也獲得正面回饋，並相信男士品類在未來代表一項重要機會。

Finally, Olivia Burton continued its growth in both the UK and the US driven by Mini Grove and [Grovenor], supported by our Mini to the Max campaign. Overall, we're very encouraged by the return of consumers to the fashion watch category, particularly women, and we believe we are well positioned to capitalize on that trend.

最後，Olivia Burton 在英國與美國市場持續成長，主要由 Mini Grove 與 [Grovenor] 帶動，並由我們的 Mini to the Max 行銷活動支持。整體而言，我們對消費者回流時尚腕錶品類、特別是女性消費者，感到非常鼓舞，並相信我們已具備良好定位以掌握此一趨勢。

This brings us to our third strategic priority, connecting with consumers through compelling storytelling across digital and communication platforms. This is an area where we've made meaningful progress. During the holiday season, our Movado campaign featuring brand ambassadors including Ludacris, Christian McCaffrey, Julianne Moore, Jessica Alba, and Tyrese Halliburton performed very well. What made it effective was the authenticity of the storytelling with each ambassador sharing how they personally connect with our brand.

這也帶到我們的第三項策略優先事項：透過數位與傳播平台，以引人入勝的故事敘事與消費者建立連結。這是我們取得實質進展的領域。在假期旺季，我們的 Movado 行銷活動表現非常出色，品牌大使包括 Ludacris、Christian McCaffrey、Julianne Moore、Jessica Alba 與 Tyrese Halliburton。其有效之處在於敘事的真實性——每位大使都分享了他們如何與我們的品牌產生個人連結。

We amplified this across digital channels, social platforms, and through influencers and content creators, allowing us to reach consumers in more relevant and engaging ways. Looking ahead, storytelling will be even more important as we celebrate Movado's 145th anniversary.

我們也在數位通路、社群平台，以及透過網紅與內容創作者放大傳播，使我們能以更貼近且更具互動性的方式觸及消費者。展望未來，隨著我們慶祝 Movado 145 週年，故事敘事將變得更加重要。

We're developing a series of campaigns that highlight our Swiss heritage, craftsmanship, and the growing interest in our vintage timepieces, which we believe will further strengthen our emotional connection with consumers. As a company, we will also be amplifying our investments by expanding our consumer insights capabilities, further reinforcing the importance of placing the consumer at the center of each of our brand's universe.

我們正在規劃一系列行銷活動，凸顯我們的瑞士傳承、工藝，以及市場對我們復古時計日益升溫的興趣；我們相信這將進一步強化與消費者的情感連結。作為一家公司，我們也將透過擴充消費者洞察能力來加大投資，進一步強化「將消費者置於各品牌宇宙核心」的重要性。

And finally, driving profitability and strengthening our gross margins. This remains a key focus for us. Despite external pressures, including tariffs, we are able to maintain stable gross margins while significantly increasing operating income. This reflects the disciplined execution of our teams across pricing, sourcing, product mix, and cost management. As we move forward, our initiatives are clearly focused on improving profitability.

最後，推動獲利能力並強化毛利率。這仍是我們的關鍵重點。儘管面臨包括關稅在內的外部壓力，我們仍能維持穩定的毛利率，同時大幅提升營業利益。這反映我們團隊在定價、採購、產品組合與成本管理方面的紀律性執行。展望未來，我們的各項措施將明確聚焦於提升獲利能力。

This includes continuing to shift our mix towards higher margin products, driving more-full price sell-through through stronger brand positioning while reducing promotional activity and improving efficiency across our supply chain and operations. We see a clear path to margin expansion over time as we continue to execute against these priorities.

這包括持續將我們的組合轉向更高毛利產品，透過更強的品牌定位在降低促銷活動的同時，提高正價銷售滲透率，並提升整個供應鏈與營運的效率。隨著我們持續落實這些優先事項，我們看到隨時間推進毛利率擴張的清晰路徑。

So overall, we are very pleased with the momentum in the business, as well as the strong execution and collaboration our teams have demonstrated in advancing our strategic initiatives. These investments we've made over the past several years are delivering results, and we believe we are well positioned for continued growth.

總體而言，我們對業務動能感到非常滿意，也對團隊在推進策略性計畫方面展現的強勁執行力與協作感到欣慰。我們過去幾年所做的這些投資正在帶來成果，我們相信公司已具備持續成長的良好定位。

At the same time, we remain mindful of the broader environment. The conflict in the Middle East has introduced additional uncertainty in global markets. We're closely monitoring the situation while supporting our teams and partners in that region.

同時，我們也持續關注更廣泛的外部環境。中東衝突為全球市場帶來了額外的不確定性。我們正密切監測情勢，同時支持該地區的團隊與合作夥伴。

With that, I'll turn the call over to Sallie to review our financial results in more detail, and then we'll be happy to take your questions.

接下來，我會把電話會議交給 Sallie，請她更詳細地回顧我們的財務結果，之後我們也很樂意回答各位的問題。

Thank you, Efraim, and good morning. For today's call, I will review our financial results for the fourth quarter and fiscal year. My comments today will focus on adjusted results. Please refer to the description of the special items included in our results for the fourth quarter and full year of fiscal 2026 in our press release issued earlier today, which also included a table for GAAP and non-GAAP measures.

謝謝你，Efraim，各位早安。在今天的電話會議中，我將回顧我們第四季與2026財政年度的財務結果。我今天的評論將聚焦於調整後結果。請參閱我們今日稍早發布的新聞稿中，對2026財政年度第四季與全年結果所包含特殊項目的說明；該新聞稿亦包含 GAAP 與 non-GAAP 指標的對照表。

We were very pleased with our overall top-line performance for fiscal 2026, which delivered 2.7% growth over fiscal 2025. And included a year-over-year increase of 5.6% in the fourth quarter. For the fourth quarter of fiscal 2026, sales were $191.6 million as compared to $181.5 million last year, reflecting growth in our own brands, licensed brands, and in our company's stores.

我們對2026財政年度整體營收表現感到非常滿意，較2025財政年度成長2.7%，其中第四季年增5.6%。在2026財政年度第四季，銷售額為1.916億美元，去年同期為1.815億美元，反映自有品牌、授權品牌以及公司門市的成長。

In constant dollars, net sales increased 1.8%. By geography, US net sales increased 11.2%. International net sales increased 1% compared to the fourth quarter of last year, with strong performances in certain markets such as Europe and Mexico, offset by a weaker performance in the Middle East, where we were making progress rebuilding this important market.

以固定美元計算，淨銷售成長1.8%。按地區來看，美國淨銷售成長11.2%。國際淨銷售較去年第四季成長1%，其中歐洲與墨西哥等特定市場表現強勁，但被中東較弱的表現所抵銷；我們當時正逐步重建這個重要市場並取得進展。

On a constant currency basis, international net sales decreased by 5.9%. We held gross margin nearly flat at 54.1% of sales as compared to 54.2% in the fourth quarter of last year. We absorbed increased US tariffs with favorable channel and product mix, increased leverage of lower fixed cost of higher sales, and the favorable impact of foreign currency exchange rates.

以固定匯率計算，國際淨銷售下降5.9%。我們的毛利率幾乎持平，為銷售額的54.1%，去年第四季為54.2%。我們透過有利的通路與產品組合、更高銷售帶來的較低固定成本槓桿效益，以及外匯匯率的有利影響，吸收了美國關稅上升的影響。

Operating expenses were $89.3 million as compared to $84.8 million for the same period of last year. The increase was driven by higher performance-based compensation, partially offset by a planned reduction in marketing expenses.

營業費用為8,930萬美元，去年同期為8,480萬美元。增加主要來自較高的績效型薪酬，部分被按計畫降低的行銷費用所抵銷。

Higher sales and gross margin dollars more than offset the increase in operating expenses resulted in operating income increasing $900,000 to $14.4 million compared to $13.5 million in the fourth quarter of fiscal 2025. We recorded approximately $600,000 of other non-operating income in the fourth quarter of fiscal 2026 as compared to $1.4 million during the same period of last year.

較高的銷售額與毛利金額，足以抵銷營業費用的增加，使營業利益較2025財政年度第四季的1,350萬美元增加90萬美元至1,440萬美元。我們在2026財政年度第四季認列約60萬美元的其他非營業收益，去年同期為140萬美元。

Income tax expense was $1.7 million in the fourth quarter of fiscal 2026 as compared to $3.1 million in the fourth quarter of fiscal 2025. Net income in the fourth quarter was $13 million or $0.57 per diluted share, as compared to $11.5 million or $0.51 per diluted share in the year ago period.

2026財政年度第四季所得稅費用為170萬美元，去年同期為310萬美元。第四季淨利為1,300萬美元，或稀釋後每股0.57美元；去年同期為1,150萬美元，或稀釋後每股0.51美元。

Now turning to our fiscal year results, sales were $671.3 million, an increase of 2.7% from fiscal 2025. In constant dollars, the increase in net sales was 1%. US net sales increased by 4.3%. International sales increased 1.6%, but decreased 1.5% on a constant currency basis.

接著看全年結果，銷售額為6.713億美元，較2025財政年度成長2.7%。以固定美元計算，淨銷售成長1%。美國淨銷售成長4.3%。國際銷售成長1.6%，但以固定匯率計算下降1.5%。

Gross profit was $363.6 million or 54.2% of sales as compared to $353.1 million or 54% of sales last year. The increase in gross margin rate was due to favorable channel and product mix and increased leverage of lower cost over higher sales, lower fixed costs over higher sales, partially offset by increased US tariffs and the unfavorable impact of foreign currency exchange rates.

毛利為3.636億美元，或占銷售額54.2%，去年為3.531億美元，或占銷售額54.0%。毛利率提升主要來自有利的通路與產品組合，以及在較高銷售下對較低成本（含較低固定成本）的槓桿效益；但部分被美國關稅上升及外匯匯率不利影響所抵銷。

Operating income was $34.8 million or 5.2% of sales compared to operating income of $27.1 million or 4.1% of sales in fiscal 2025. We recorded approximately $4.5 million of other non-operating income in fiscal 2026, which was primarily comprised of interest earned on our global cash position as compared to $6.6 million during the same period of last year. Net income was $30.4 million or $1.34 per diluted share as compared to net income of $25.4 million or $1.12 per diluted share in the year ago period.

營業利益為3,480萬美元，或占銷售額5.2%；2025財政年度營業利益為2,710萬美元，或占銷售額4.1%。我們在2026財政年度認列約450萬美元的其他非營業收益，主要由全球現金部位所賺取的利息構成；去年同期為660萬美元。淨利為3,040萬美元，或稀釋後每股1.34美元；去年同期淨利為2,540萬美元，或稀釋後每股1.12美元。

Now turning to our balance sheet. Cash at the end of the fiscal year was $230.5 million and we had no outstanding debt. Accounts receivable for $102 million as compared to $93.4 million at the same period of last year. This increase was driven by timing and the mix of our business.

接著看資產負債表。財政年度末現金為2.305億美元，且沒有未償還債務。應收帳款為1.02億美元，去年同期為9,340萬美元。此增加主要由時點因素與業務組合所致。

Inventory at the end of the fiscal year, which included $3.1 million of IEEPA reciprocal tariffs was $158.3 million as compared to $156.7 million at the same period of last year. Capital expenditures were $4.5 million and depreciation and amortization expense was $9.4 million.

財政年度末存貨（其中包含310萬美元的 IEEPA 對等關稅）為1.583億美元，去年同期為1.567億美元。資本支出為450萬美元，折舊與攤銷費用為940萬美元。

As it relates to share repurchases during the fiscal 2026, we repurchased approximately 208,000 shares. As of January 31, 2026, we have $46.1 million remaining under our December 5, 2004, authorized repurchase program. Subject to prevailing market conditions in the business environment, we plan to utilize our share repurchase plan to offset dilution in fiscal 2027. Given the current economic and geopolitical uncertainty, including the unpredictable impact of the current Middle East conflict and ongoing tariff developments, the company has elected to not provide a fiscal 2027 outlook at this time.

就2026財政年度的庫藏股回購而言，我們回購約20.8萬股。截至2026年1月31日，我們在2004年12月5日核准的回購計畫下仍有4,610萬美元的剩餘額度。視商業環境下的市場狀況而定，我們計畫在2027財政年度運用回購計畫以抵銷稀釋效應。鑑於目前經濟與地緣政治的不確定性，包括當前中東衝突的不可預測影響以及關稅發展的持續變化，公司目前選擇不提供2027財政年度展望。

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

我現在想開放提問。

(Operator Instructions)

（接線員指示）

Owen Rickert, Northland Capital.

Owen Rickert，Northland Capital。

Thanks for taking my questions here. First for me, movado.com grew 18% in 4Q '26. What's driving that strong performance? Is it traffic, conversion, higher ASPs, or is it a combination of all of that? And maybe how are you thinking about the B2C mix of the business longer-term?

謝謝讓我提問。首先，movado.com 在2026財年第四季成長18%。是什麼在推動這麼強勁的表現？是流量、轉換率、較高的平均售價（ASP），還是以上因素的組合？另外，從更長期來看，你們如何看待業務中 B2C 組合的變化？

So I think -- thank you for that question, Owen, and good to talk to you. So we see a number of things driving it, and I think you actually touched on all of them. Really, it's a higher level of engagement from consumers, and the connection that Movado is making them with the new innovation and shapes and sizes across our product segments, also driving higher price points with the growth of automatic watches particularly for men.

我想——謝謝你的問題，Owen，也很高興和你交流。我們看到有多項因素在推動，我想你其實都提到了。主要是消費者參與度提升，以及 Movado 透過新品創新、不同造型與尺寸在各產品線與消費者建立連結；同時，尤其是男款自動機械錶的成長，也帶動了更高的價格帶。

So we're really encouraged. I think D2C will continue to play a significant role in our business, but so will our wholesale business. So we saw growth in most of our biggest customers, particularly across during the fourth quarter, and those trends, a lot of those have continued into the first quarter. So it's exciting to see the engagement across the Movado brand.

所以我們真的很受鼓舞。我認為 D2C 將持續在我們業務中扮演重要角色，但我們的批發業務也同樣如此。因此我們看到多數最大客戶都有成長，尤其是在第四季期間；而其中許多趨勢也延續到第一季。看到 Movado 品牌的互動度提升，令人振奮。

Got it. And secondly for me, US net sales grew about 11.2% in the quarter. Can you break down how much of that growth was volume driven versus price driven and how you expect that mix to evolve throughout fiscal year '27?

了解。第二個問題，對我來說，美國淨銷售在本季成長約 11.2%。你能否拆解一下，這個成長有多少是由銷量帶動、多少是由價格帶動？以及你預期這個組合在 2027 財政年度期間會如何演變？

I think it's mostly volume driven. We passed some very minimal price increases last year, mostly to try to offset tariffs somewhat. We've passed a second price increase in the first half of this year across multiple of our brands. So we're just really looking at the consumer returning to the fashion watch category as well as the accessible luxury category, particularly in the United States.

我認為主要是由銷量帶動。我們去年只做了非常小幅的漲價，主要是為了在某種程度上抵消關稅。我們在今年上半年已在多個品牌上進行了第二次漲價。因此，我們真正看到的是消費者回流到時尚腕錶品類以及可負擔奢華品類，尤其是在美國。

Also, as I highlighted in my comments to see the strength of women in the category, and they are the main shoppers in the marketplace, so I think it's great to have them back after a long period of time where there was probably less interest in watches from women, but to see younger women lead that effort, particularly in brands like Coach and Movado is really exciting.

另外，正如我在評論中提到的，看到女性在這個品類的強勁表現，而她們是市場上的主要購買者。我認為很棒的是，在經過一段很長時間女性對腕錶可能興趣較低之後，她們又回來了；而且看到年輕女性帶頭推動，特別是在 Coach 和 Movado 這些品牌上，真的令人振奮。

Great. And then you called out tariffs as a partial offset to gross margins during the quarter in the year. I guess can you just quantify the total tariff drag on gross margin and basis points for fiscal year '26? And then maybe if possible, just what's embedded in your internal planning assumptions for fiscal year '27?

很好。接著你提到關稅在本季及本年度對毛利率有部分抵消影響。我想請你量化一下，2026 財政年度關稅對毛利率的總拖累是多少（以基點計）？然後如果可以的話，你們在 2027 財政年度的內部規劃假設中，包含了哪些內容？

Sure, Owen, I'll take that and hopefully get you all the information you're looking for. The IEEPA tariffs this past fiscal year hurt us in our cost of goods sold by about $10 million. In basis points for the year was 150 basis points. It was about a little more than $3 million a quarter towards second, third, and fourth quarter of this year just based on the timing of it. So the fourth quarter was impacted by about 180 basis points in gross margin.

當然，Owen，我來回答，希望能提供你想要的所有資訊。過去這個財政年度，IEEPA 關稅使我們的銷貨成本增加了約 1,000 萬美元。以全年基點計算是 150 個基點。依時間點來看，本年度第二、第三與第四季每季約略多出 300 多萬美元。因此第四季毛利率約受到 180 個基點的影響。

So that recaps really what happened this past fiscal year. Going forward, we kind of have some information now, and are using our current tariff information in our current plans for the next fiscal year which is closer to about a 10% tariff on top of what is normal. Like, I don't know what normal is nowadays, but --

以上是對過去這個財政年度實際發生情況的回顧。展望未來，我們現在掌握了一些資訊，並在下一個財政年度的現行計畫中採用目前的關稅資訊，大致相當於在一般水準之上再加約 10% 的關稅。像是，我也不知道現在所謂的一般水準是什麼，但——

A normal duty rates.

一般的關稅稅率。

Correct. So hopefully that answers what you're looking for.

沒錯。所以希望這能回答你的問題。

Yeah, absolutely, thank you. And then lastly for me guys, you repurchased roughly 208,000 shares in fiscal '26 under that current program and just giving you of $46 million remaining strong cash balance. What would accelerate the pace of the buyback activity?

是的，完全有，謝謝。最後一個問題，你們在 2026 財政年度於現行計畫下回購了約 20.8 萬股，且目前仍有 4,600 萬美元的額度，加上強勁的現金餘額。什麼因素會加快回購的節奏？

I think it's a combination of we look at -- one, we are always very prudent with our cash balances and want to make sure that the dividend is solid and it has been and continues to be important for us and I believe important for our shareholders. And then we try to offset the solution with our share repurchases and -- so I would expect that to occur as we move forward, especially with our significant cash balances.

我認為是多項因素的組合。我們會看——第一，我們一向對現金餘額非常審慎，並希望股利穩健；股利一直很穩健，且對我們很重要，我相信對股東也很重要。接著我們會透過股票回購來做平衡——因此我預期隨著我們往前推進，特別是在我們擁有可觀現金餘額的情況下，回購會持續進行。

Great. Thanks for taking my questions, guys.

很好。謝謝各位回答我的問題。

Thanks, Owen.

謝謝你，Owen。

Thank you, Owen.

謝謝你，Owen。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Hey, good morning. I'll start with the follow-up on the tariffs. Last year, you had been highlighting maybe potentially saving because the revision, the Swiss tariff. Do you think that still exists now? And it would -- how much of that would be able to help in this fiscal year?

嗨，早安。我先追問關稅的問題。去年你們曾提到，因為瑞士關稅修訂，可能會有一些節省。你覺得現在這個情況還存在嗎？如果存在，這個財政年度能帶來多少幫助？

So -- and I think, Hamed, what you're referring to -- and good to talk to you today is that, at one point for about a six-week to two-month period, Swiss tariffs went to 39%. We brought in very little during that period of time with the idea that 39% tariffs would not be long lasting. So I don't think we will see a major benefit this year because we didn't bring in a lot of inventory at those types of tariff only really on things that we needed to have it in a timely manner.

所以——我想，Hamed，你指的是——也很高興今天和你交流——曾經有大約六週到兩個月的期間，瑞士關稅升到 39%。我們在那段期間進口得非常少，因為我們認為 39% 的關稅不會持續太久。因此我不認為今年會看到很大的好處，因為我們並沒有在那種關稅水準下進很多庫存，只有在需要及時到貨的品項上才有進一些。

If anything, it might have caused our inventories to be a little lower at the end of the year and as we entered this year particularly in the Movado brand which is the one that's the most impacted, was the most impacted by the 39% tariff rates. The new tariff rate, the Swiss and the USA agreed to was a 15% tariff, but right now it's a 10%, plus about a 6% to 8% tariff duty rate on top of that.

如果真要說，這可能導致我們在年底以及進入今年時的庫存略低，特別是在 Movado 品牌上；該品牌受 39% 關稅稅率影響最大、也是受影響最嚴重的。瑞士與美國同意的新關稅稅率是 15%，但目前是 10%，再加上約 6% 到 8% 的關稅稅率（duty rate）。

And so we don't really know which one will be the permanent tariff rate going forward and that's why, as we highlighted in the comments, there's still a lot of volatility around tariffs because there's a new statute -- there's a statute that's being used to impose the current 10% rate, but that is above the current duty rates, whereas the 15% was an all-inclusive rate when the Swiss and the United States negotiated that.

因此我們並不確定未來哪一個會成為永久性的關稅稅率，這也是為什麼如同我們在評論中提到的，關稅仍有很大的波動性，因為有一項新的法規——目前 10% 的稅率是透過一項法規來課徵的，但它是在現行關稅稅率之上加徵；而 15% 則是在瑞士與美國談判時所達成的全包式稅率。

Okay. And then given the high growth rate out of your wholesale segment, is that because you think your wholesalers and retailers, they were underinvested inventory and they're catching up or was that being driven by all of demand?

了解。接著，鑑於你們批發部門的高成長率，這是因為你認為批發商與零售商先前在庫存投資不足、現在在追趕補庫？還是完全由需求所帶動？

No, it was really driven by demand. It was driven by self through and we still have retailers right now, chasing inventory and -- that is one of the things that we're focused on because sales were better in Q4 in Movado, particularly on the wholesale channel, we are focused on rebuilding our inventory in our -- and accelerating the delivery of those products on our best selling products in Movado.

不，主要是由需求帶動。是由終端銷售（sell-through）帶動，而且我們現在仍有零售商在追著要庫存——這也是我們關注的重點之一。因為 Movado 在第四季的銷售表現更好，特別是在批發通路，我們正專注於重建我們的庫存，並加速交付 Movado 最暢銷產品。

Yeah. And my last question is this, given that this increase in number of units sold and how much you would -- should be producing, wouldn't there be some sort of operational efficiency here?

好的。我最後一個問題是，鑑於銷售件數增加，以及你們應該生產的數量增加，這裡難道不會帶來某種營運效率嗎？

Ultimately, as volume increases and we did benefit, I believe this year a little bit from leveraging our supply chain infrastructure over greater volume. But as volume increases, it should help to leverage our gross margin and cost of goods sold.

最終，隨著銷量增加，我相信今年我們確實因為在更大的出貨量上分攤供應鏈基礎設施而獲得了一些效益。但隨著銷量增加，應該有助於提升（槓桿）我們的毛利率並改善銷貨成本。

Are you assuming anything in your -- in '27 right now?

你們目前在 '27 的假設中有納入任何內容嗎？

Sallie, I'll give -- turn that over to you.

Sallie，我把這題交給你。

Well, we -- as Efraim mentioned in his comments, we do have -- we are focused on improving our profitability and as part of that we're looking at the efficiency that you were just talking about through supply chain or other operations.

嗯，我們——如同 Efraim 在評論中提到的，我們確實——我們專注於提升獲利能力，而其中一部分就是檢視你剛提到的效率改善，無論是透過供應鏈或其他營運面。

So we don't really give outlook for forward-looking information, but it is something our teams are focused on. And what you just mentioned is very much a part of it. As demand grows, you can get leverage on you know your purchases and so forth with increased units.

因此我們不太提供前瞻性資訊的展望，但這確實是我們團隊正在聚焦的事項。你剛提到的內容正是其中很重要的一部分。隨著需求成長，出貨件數增加，你在採購等方面就能取得規模效益。

Okay. Great. Thank you.

好的。很好，謝謝。

We have no further questions at this time. Mr. Grinberg, I'd like to turn the floor back to you for closing comments.

目前沒有其他問題。Grinberg 先生，我想把時間交還給您做結語。

Okay, thanks. I'd like to thank all of you for joining us today and we're really pleased with how our year turned out and where our brands stand right now. We hope that this conflict is short-lived and that business can return to a somewhat normal basis on a global basis. So I'd like to thank all of you again for participating today. Thank you.

好的，謝謝。我想感謝各位今天加入我們，我們對今年的成果以及我們品牌目前的狀態感到非常滿意。我們希望這場衝突是短暫的，並且全球業務能回到某種較為正常的狀態。因此再次感謝各位今天的參與。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與，祝您有美好的一天。