PVH Corp (PVH) 2021 Q3 法說會逐字稿

Good day and welcome to the PVH Q3 2021 Earnings Call.

美好的一天，歡迎來到 PVH 2021 年第三季度財報電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I would like to turn the conference over to Dana Perlman.

在這個時候，我想把會議轉交給 Dana Perlman。

Please go ahead, ma'am.

請繼續，女士。

Thank you, operator.

謝謝你，運營商。

Good morning, everyone, and welcome to the PVH Corp.

大家早上好，歡迎來到 PVH 公司。

Third Quarter 2021 Earnings Conference Call.

2021 年第三季度收益電話會議。

Leading the call today will be Stefan Larsson, PVH's Chief Executive Officer; and Jim Holmes, EVP, Interim Chief Financial Officer and Corporate Controller.

PVH 首席執行官 Stefan Larsson 將主持今天的電話會議；執行副總裁、臨時首席財務官兼公司財務總監 Jim Holmes。

This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material.

此網絡廣播和電話會議是代表 PVH 錄製的，由受版權保護的材料組成。

It may not be recorded, rebroadcast or otherwise transmitted without PVH's written permission.

未經 PVH 書面許可，不得錄製、轉播或以其他方式傳播。

Your participation in the question-and-answer session constitutes your consent to having anything you say appear on any transcript or replay of this call.

您參與問答環節即表示您同意您所說的任何內容出現在本次通話的任何文字記錄或重播中。

The information to be discussed includes forward-looking statements that reflect PVH's view as of December 1, 2021, of future events and financial performance.

將要討論的信息包括反映 PVH 截至 2021 年 12 月 1 日對未來事件和財務業績的看法的前瞻性陳述。

These statements are subject to risks and uncertainties indicated in the company's SEC filings and the safe harbor statement included in the press release that is the subject of this call.

這些聲明受公司提交給美國證券交易委員會的文件中指出的風險和不確定因素以及作為本次電話會議主題的新聞稿中包含的安全港聲明的影響。

These risks and uncertainties include PVH's right to change its strategies, objectives, expectations and intentions and its need to use significant cash flow to service its debt obligations.

這些風險和不確定性包括 PVH 改變其戰略、目標、預期和意圖的權利，以及它需要使用大量現金流來償還債務。

Significantly, at this time, the COVID-19 pandemic continues to have a significant impact on the company's business, financial condition, cash flow and results of operations.

值得注意的是，此時 COVID-19 大流行繼續對公司的業務、財務狀況、現金流和經營業績產生重大影響。

There is significant uncertainty about the duration and extent of the impact of the pandemic.

大流行影響的持續時間和程度存在很大的不確定性。

The dynamic nature of these circumstances means what is said on this call could change materially at any time.

這些情況的動態性質意味著在這次電話會議上所說的內容可能隨時發生重大變化。

Therefore, the operation of the company's business and its future results of operations could differ materially from historical practices and results or current descriptions, estimates and suggestions.

因此，公司業務的運作及其未來的經營業績可能與歷史慣例和結果或當前的描述、估計和建議存在重大差異。

PVH does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimates or suggestions regarding revenue or earnings.

PVH 不承擔任何義務公開更新任何前瞻性陳述，包括但不限於有關收入或收益的任何估計或建議。

Generally, the financial information and projections to be discussed will be on a non-GAAP basis as defined under SEC rules.

一般來說，要討論的財務信息和預測將基於 SEC 規則定義的非 GAAP 基礎。

Reconciliations to GAAP amounts are included in PVH's third quarter 2021 earnings release, which can be found on www.pvh.com and in the company's current report on Form 8-K furnished to the SEC in connection with the release.

PVH 2021 年第三季度收益發布中包含與 GAAP 金額的對賬，該發布可在 www.pvh.com 上找到，也可在該公司就該發布向美國證券交易委員會提供的 8-K 表格當前報告中找到。

At this time, I'm pleased to turn the conference over to Stefan Larsson.

此時，我很高興將會議轉交給 Stefan Larsson。

Thank you, Dana.

謝謝你，丹娜。

Good morning, everyone, and thank you for joining our call today.

大家早上好，感謝您今天加入我們的電話會議。

For the third quarter, we delivered another strong quarter of high-quality growth, driven by the disciplined execution of our accelerated recovery priorities across both Calvin Klein and Tommy Hilfiger: driving brand and product strength with increased pricing power, supercharging e-commerce to win in the digitally led marketplace, where we are on track for a 25% digital penetration of our total business for the full year, double pre-pandemic levels, all while increasing our discipline in driving cost efficiencies and investing in growth.

在第三季度，我們在 Calvin Klein 和 Tommy Hilfiger 嚴格執行加速復蘇優先事項的推動下實現了又一個強勁的高質量增長：通過提高定價能力來提升品牌和產品實力，增強電子商務以贏得勝利在以數字為主導的市場中，我們有望在全年實現總業務的數字滲透率達到 25%，是大流行前水平的兩倍，同時加強我們在推動成本效率和投資增長方面的紀律。

All this has resulted in much better-than-expected EBIT margins and EPS, which significantly exceeded our guidance, with EBIT margins for the quarter above pre-pandemic levels and our gross margin rate up 300 basis points versus 2019.

所有這些導致息稅前利潤率和每股收益好於預期，大大超出了我們的指導，本季度的息稅前利潤率高於大流行前水平，我們的毛利率比 2019 年上升了 300 個基點。

Our international businesses continued to execute very well across brands, with increased product strength and strong consumer engagement, both online and in stores.

我們的國際業務繼續在各個品牌中表現出色，產品實力不斷增強，消費者參與度也很高，無論是在網上還是在實體店。

This resulted in strong sales growth, significantly increased pricing power and margin expansion compared to both last year and to pre-pandemic levels.

與去年和大流行前的水平相比，這導致了強勁的銷售增長、定價能力的顯著提高和利潤率的擴張。

In North America, despite worsening logistics disruptions, including U.S. port delays towards the very end of the quarter, which shifted revenues from the third to the fourth quarter, the region is still on track to deliver against the full year plans.

在北美，儘管物流中斷情況惡化，包括美國港口在本季度末的延誤，將收入從第三季度轉移到第四季度，但該地區仍有望實現全年計劃。

Without this shift of revenues to Q4, we would have exceeded our overall revenue guidance for the quarter.

如果沒有將收入轉移到第四季度，我們將超過本季度的整體收入指導。

Looking ahead at the full year.

展望全年。

Despite the COVID-related disruptions we are all currently navigating, based on the strength of our underlying performance trends and most recently through early positive reads of the start of our holiday season, we are affirming the upper end of our revenue guidance and are increasing our earnings guidance for the full year.

儘管與 COVID 相關的中斷我們目前都在航行，但基於我們潛在的業績趨勢的力量以及最近通過我們假期開始的早期積極閱讀，我們正在確認我們的收入指導的上限，並正在增加我們的收入全年收益指引。

We are raising our EBIT margin guidance to nearly 10%, which is above 2019 and pre-pandemic levels.

我們將息稅前利潤率指引提高到近 10%，高於 2019 年和大流行前的水平。

Our guidance is based on the knowledge we have of the COVID situation today and how we have successfully navigated through previous COVID resurgences, yet we are carefully monitoring developments around the new COVID variant and its impact on the consumer.

我們的指導基於我們對當今 COVID 情況的了解以及我們如何成功應對之前的 COVID 復甦，但我們正在仔細監測新 COVID 變體的發展及其對消費者的影響。

Let me now turn to our regional update, starting with Europe.

現在讓我談談我們的區域更新，從歐洲開始。

Our Europe team delivered another very strong quarter with continued market share gains.

我們的歐洲團隊取得了另一個非常強勁的季度業績，市場份額持續增長。

Both Tommy and Calvin generated strong double-digit revenue growth compared to pre-pandemic levels, with gross margin expansion above 2019 levels driven by strong full-price sell-throughs, which, combined with ongoing cost efficiencies, drove significantly higher operating margins well above pre-pandemic levels.

與大流行前的水平相比，Tommy 和 Calvin 的收入都實現了強勁的兩位數增長，毛利率增長超過了 2019 年的水平，這得益於強勁的全價銷售，再加上持續的成本效率，大大提高了營業利潤率，遠高於 2019 年的水平。大流行前的水平。

The region's strong results highlight how we are successfully meeting the consumer through a digitally led omnichannel approach and continuously elevating the brand positioning through having the best hero products in the market for both Tommy and Calvin.

該地區的強勁業績突顯了我們如何通過以數字為主導的全渠道方法成功地滿足消費者需求，並通過為 Tommy 和 Calvin 提供市場上最好的英雄產品來不斷提升品牌定位。

Continued demand for our brands and products drove higher conversion and sell-throughs, with strong sales in both our owned and operated channels as well as our wholesale channels.

對我們品牌和產品的持續需求推動了更高的轉化率和銷售率，我們的自有和經營渠道以及批發渠道的銷售都非常強勁。

We generated digital sales growth of 23%, which included double-digit growth for both our owned and operated channels and third-party partners, especially with digital pure players.

我們的數字銷售額增長了 23%，其中包括我們自有和運營的渠道以及第三方合作夥伴的兩位數增長，尤其是數字純玩家。

Our investments in building direct digital consumer connections through our own digital business continue to drive engagement and fuel high-quality growth.

我們通過自己的數字業務建立直接數字消費者聯繫的投資繼續推動參與並推動高質量增長。

Our brick-and-mortar retail business significantly outperformed our plan and impressively delivered double-digit growth above pre-pandemic levels.

我們的實體零售業務大大超出了我們的計劃，並且令人印象深刻地實現了比大流行前水平高出兩位數的增長。

Demand in our core replenishment business remains strong, on top of future order books for spring 2022 across brands, which, as a reminder, are up double digits.

除了 2022 年春季各品牌的未來訂單之外，我們核心補貨業務的需求依然強勁，提醒一下，這些訂單增長了兩位數。

I visited over 40 stores across 4 countries in Europe this past quarter, and it was incredibly exciting to see the key drivers behind the region's performance and to meet and learn from the teams that are directly driving these strong results.

上個季度，我走訪了歐洲 4 個國家的 40 多家商店，看到該地區業績背後的主要推動因素，並與直接推動這些強勁業績的團隊會面並向他們學習，我感到非常興奮。

The way we focus on the consumer, drive brand elevation, product strength, pricing power and winning across the marketplace, led by digital, all serve as a blueprint for the type of top-tier execution and financial performance that we will, over time, be able to deliver for Calvin and Tommy across all our regions.

我們專注於消費者、推動品牌提升、產品實力、定價能力和在數字化引領下贏得市場的方式，所有這些都是我們將隨著時間的推移而製定的頂級執行和財務業績類型的藍圖，能夠在我們所有地區為 Calvin 和 Tommy 提供服務。

While we are closely monitoring the recent COVID resurgences in multiple markets in Europe, our business there has demonstrated strong resilience during previous COVID resurgences, with our ability to pivot to where the consumer is going faster than most of our competitors by leveraging our connected retail capabilities.

雖然我們正在密切關注最近歐洲多個市場的 COVID 復甦，但我們在那裡的業務在之前的 COVID 復甦期間表現出了強大的彈性，我們有能力通過利用我們的互聯零售能力，比大多數競爭對手更快地轉向消費者去向的地方.

Moving on to Asia.

繼續前往亞洲。

I remain excited about the progress and the underlying performance in the region.

我仍然對該地區的進展和潛在表現感到興奮。

Results were led by China, which outperformed our plan, while revenues for the region overall were in line with pre-pandemic levels, and trends were consistent with the prior quarter.

結果由中國領先，超出了我們的計劃，而該地區的整體收入與大流行前的水平一致，趨勢與上一季度一致。

This is despite facing additional COVID resurgences across markets, which was particularly pronounced in Australia.

儘管各個市場都面臨新冠疫情的捲土重來，這在澳大利亞尤為明顯。

For a significant portion of the quarter, over half of our stores in Australia were closed.

在本季度的大部分時間裡，我們在澳大利亞的一半以上的商店都關閉了。

And we are now pleased that strong consumer demand has returned as the market has been able to open up again.

我們現在很高興，隨著市場能夠再次開放，強勁的消費者需求又回來了。

In Asia, we continue to invest in driving growth and building awareness for our brands, focusing on key consumer moments, strengthening product storytelling for key categories and hero products and enhancing the consumer experience in our stores.

在亞洲，我們繼續投資於推動增長和建立品牌知名度，關注關鍵的消費者時刻，加強關鍵類別和主打產品的產品故事講述，並提升我們商店的消費者體驗。

With our focus on driving brand and product relevance, our regional and local marketing campaigns are resonating with consumers as we saw strong performance of our fall and winter collections.

由於我們專注於推動品牌和產品相關性，我們的區域和本地營銷活動正在與消費者產生共鳴，因為我們看到了秋冬系列的強勁表現。

And we continue to build brand heat and strong engagement, particularly around key holidays.

我們繼續建立品牌熱度和強大的參與度，尤其是在關鍵假期前後。

For example, China's 11/11 Singles' Day outperformed our plan with double-digit sales increases for both Tommy and Calvin, with strong full-price selling which follows a nice improvement of traffic in the market.

例如，中國 2011 年 11 月的光棍節表現優於我們的計劃，Tommy 和 Calvin 的銷售額都實現了兩位數增長，市場客流量大幅改善後全價銷售強勁。

We also continue to further enhance the consumer experience, both online as well as off-line, through new concepts.

我們還通過新概念繼續進一步提升線上和線下的消費者體驗。

Ahead of Singles' Day, we hosted a CK Jeans House of Denim pop-up in Shanghai.

在光棍節之前，我們在上海舉辦了 CK Jeans House of Denim 快閃店。

This event showcased brand storytelling and featured interactive consumer engagement activities, driving significant social media exposure with over 300 million impressions.

該活動展示了品牌故事講述和特色互動消費者參與活動，推動了社交媒體的重大曝光，印象超過 3 億次。

Online, our interactive experiences on Tmall and live streaming events are achieving high viewership and engagement.

在線上，我們在天貓和直播活動上的互動體驗獲得了很高的收視率和參與度。

And we're excited about the upcoming special product capsules and 360 digital activations in honor of the Chinese Lunar New Year.

我們對即將推出的特別產品膠囊和 360 數字激活感到興奮，以慶祝中國農曆新年。

In addition, inventory levels continue to be very lean as we are buying inventory closer to demand.

此外，庫存水平繼續非常低，因為我們正在購買更接近需求的庫存。

Turning to North America.

轉向北美。

The region continued to face pressure from the lack of tourism, which, pre-pandemic, accounted for 30% to 40% of our total revenues in the market.

該地區繼續面臨缺乏旅遊業的壓力，在大流行前，旅遊業占我們市場總收入的 30% 至 40%。

In addition, towards the end of the quarter, as I mentioned earlier, we experienced worsening U.S. port delays in October, which pushed some of our revenues from Q3 to Q4.

此外，正如我之前提到的，在本季度末，我們在 10 月份經歷了美國港口延誤的惡化，這將我們的部分收入從第三季度推到了第四季度。

Inventory receipt delays have also impacted our retail businesses in this region, especially for Tommy Hilfiger, which has a higher penetration of seasonal product offerings.

庫存收貨延遲也影響了我們在該地區的零售業務，尤其是 Tommy Hilfiger，它在季節性產品供應方面的滲透率更高。

However, there are some early green shoots, and we saw borders start to reopen.

然而，有一些早期的綠芽，我們看到邊界開始重新開放。

In the quarter, I had the opportunity to visit 30 stores in 5 regional markets in North America.

在本季度，我有機會參觀了北美 5 個區域市場的 30 家門店。

And I remain very encouraged about the multiyear opportunity to unlock a sustainable, increasingly profitable business for both brands.

我仍然對這個多年機會為兩個品牌開啟可持續的、盈利能力越來越強的業務感到非常鼓舞。

Given the lack of tourism due to COVID, our teams are leaning in to our accelerated recovery priorities with a much increased focus on the domestic consumer, particularly with the Gen Z and millennials, and driving towards an increased product strength with pricing power and supercharging e-commerce while winning in the whole marketplace in a balanced and sustainable way.

鑑於 COVID 導致旅遊業缺乏，我們的團隊正傾向於我們加速復甦的優先事項，更加關注國內消費者，尤其是 Z 世代和千禧一代，並通過定價能力和增壓 e 推動增強產品實力- 商業，同時以平衡和可持續的方式在整個市場中取勝。

Some proof points of our progress this quarter include: we continue to drive less discounting and higher AURs as domestic consumer responded well to newness in our fall product, especially in our focus categories and iconic hero products such as knits, fleece, denim, underwear.

本季度我們取得進展的一些證據包括：我們繼續推動減少折扣和提高 AUR，因為國內消費者對我們秋季產品的新穎性反應良好，尤其是在我們的重點類別和標誌性主打產品，如針織品、羊毛、牛仔布、內衣。

For example, ahead of the holiday season, Calvin partnered with Amazon Fashion, Amazon Live and Amazon Music to deliver a shoppable live stream holiday special with platinum-selling hit rapper, Saweetie.

例如，在節日季之前，Calvin 與亞馬遜時尚、亞馬遜直播和亞馬遜音樂合作，與白金暢銷說唱歌手 Saweetie 合作推出可購物的直播節日特輯。

The event drove the highest-traffic day on the CK brand store on Amazon Fashion outside of Prime Day.

除了 Prime Day 外，該活動還推動了亞馬遜時尚 CK 品牌商店的最高流量日。

Overall, as we have shared before, we know we have the most work to do in the North America region to unlock the multiyear opportunity ahead.

總的來說，正如我們之前分享的那樣，我們知道我們在北美地區要做的工作最多，以釋放未來多年的機會。

This is something we are leaning into with full force, and we'll keep you updated along the way.

這是我們全力投入的事情，我們會隨時為您提供最新信息。

Next, I'll share a few brief global brand highlights, beginning with Calvin Klein.

接下來，我將分享一些簡短的全球品牌亮點，首先是 Calvin Klein。

Global brand health remains strong, with a recent increase in purchase intent, along with continued strong global awareness.

全球品牌健康狀況依然強勁，近期購買意向有所增加，全球知名度持續增強。

This past quarter was great globally for hero products in our key focus categories, with double-digit growth in sales and much higher AURs.

上個季度在全球範圍內我們重點關注類別中的英雄產品表現出色，銷售額實現兩位數增長，AUR 更高。

Our global fall campaign, The Language of Calvin Klein, resonated very well with our consumers, featuring regionally relevant ambassadors, including Jennie Kim, Damson Idris and Kaia Gerber, and focus on hero products in support of key seasonal categories like underwear and jeans.

我們的全球秋季活動“The Language of Calvin Klein”在我們的消費者中產生了很好的共鳴，包括 Jennie Kim、Damson Idris 和 Kaia Gerber 在內的地區相關大使，並專注於支持內衣和牛仔褲等主要季節性類別的英雄產品。

We also continue to connect our iconic Calvin Klein brand to people who shape culture by launching the second chapter of the brand's collaboration with designer Heron Preston.

我們還通過推出品牌與設計師 Heron Preston 合作的第二篇章，繼續將標誌性的 Calvin Klein 品牌與塑造文化的人們聯繫起來。

The response has been very positive.

反應非常積極。

And as we saw with the first drop, many styles sold out very quickly.

正如我們看到的第一滴，許多款式很快就賣光了。

Celebrities and influencers, including Squid Game star, Ho Yeon Jung, continue to wear and organically post our products.

包括 Squid Game 明星 Ho Yeon Jung 在內的名人和有影響力的人繼續穿著並有機地發布我們的產品。

The collection continues to deliver higher AURs, higher sell-throughs, high conversion and highlighting the strength and relevance of our collaborations when we connect our brand to culture and the younger consumer.

該系列繼續提供更高的 AUR、更高的銷售率、更高的轉化率，並在我們將品牌與文化和年輕消費者聯繫起來時突出我們合作的實力和相關性。

We're looking forward to the upcoming holiday season, and we have a strong social media-based campaign planned for this key selling period.

我們期待著即將到來的假期，我們計劃在這個關鍵的銷售時期開展基於社交媒體的強大活動。

Moving on to Tommy Hilfiger.

轉到 Tommy Hilfiger。

Consumer connection, brand awareness and brand relevance remain strong, with the unique DNA of Tommy as a key growth engine for our business globally.

消費者聯繫、品牌知名度和品牌相關性依然強勁，Tommy 獨特的 DNA 是我們全球業務的主要增長引擎。

Consumers responded very positively to our seasonal collections.

消費者對我們的季節性系列反應非常積極。

For menswear, the expansion of hero product programs, such as the 1985 Menswear Essentials Collection, continued to drive strong results.

在男裝方面，1985 男裝必備系列等英雄產品計劃的擴展繼續推動強勁業績。

Our recent collaboration with Timberland has been very well received.

我們最近與 Timberland 的合作廣受好評。

This unique iconic collaboration drove brand heat and exceeded expectations in traffic and sell-through, with an authentic focus on sustainability and inclusivity.

這種獨特的標誌性合作推動了品牌熱度，並在流量和銷售方面超出了預期，真正關注可持續性和包容性。

In Europe, we saw strong double-digit increases in traffic in activated stores and on tommy.com, and we achieved a 100% sell-through within 2 weeks.

在歐洲，我們看到激活商店和 tommy.com 上的客流量出現了兩位數的強勁增長，並且我們在 2 週內實現了 100% 的銷售率。

The collaboration is attracting new audiences, with 40% of site visits being made by new users.

此次合作正在吸引新的受眾，40% 的網站訪問是由新用戶完成的。

And we experienced a significant increase in average spend.

我們的平均支出顯著增加。

In North America, the capsule is gaining momentum.

在北美，膠囊正在獲得發展勢頭。

Over 200 million consumer impressions were generated across media in 2 weeks.

在 2 週內通過媒體產生了超過 2 億次消費者印象。

And significant buzz was generated at ComplexCon through a dedicated brand activation during the event.

通過活動期間專門的品牌激活，ComplexCon 產生了巨大的影響。

Lastly, the brand recently kicked off its WORLD OF HILFIGER Holiday campaign, which welcomes the holiday spirit, embracing traditions, fresh beginnings and the brand's New York City routes.

最後，該品牌最近啟動了 WORLD OF HILFIGER 假日活動，歡迎節日精神，擁抱傳統、新的開始和品牌的紐約市路線。

In closing, as I have shared previously, when the pandemic hit, we first set out to successfully navigate through the initial phase of the COVID crisis, which we did, and to do that in a way that sets us up to drive an accelerated recovery, which we are now driving, all while positioning us to win in the new normal coming out of it.

最後，正如我之前分享的那樣，當大流行來襲時，我們首先著手成功度過 COVID 危機的初始階段，我們做到了，並以一種讓我們能夠推動加速復甦的方式做到這一點，我們現在正在駕駛，同時讓我們在新常態中獲勝。

We look forward to sharing more of how we will win in the new normal when we present our multiyear growth plan at our upcoming Investor Day in mid-April.

我們期待在 4 月中旬即將到來的投資者日上展示我們的多年增長計劃時，分享更多關於我們將如何在新常態中取勝的信息。

It will be the first Investor Day for PVH in over 10 years, and it will be an important moment for us to take you through our strategy and long-term performance targets as we look ahead to tapping into more of our full potential: focusing in on our core strength, connecting them closer to where the consumer is going than any time before, all with the goal to win with the consumer, drive long-term profitable growth while driving fashion forward for good.

這將是 PVH 10 多年來的第一個投資者日，這將是我們向您介紹我們的戰略和長期業績目標的重要時刻，因為我們期待著充分發揮我們的全部潛力：專注於憑藉我們的核心優勢，將他們比以往任何時候都更接近消費者的去向，所有這些都是為了贏得消費者，推動長期盈利增長，同時推動時尚向前發展。

On Investor Day, I look forward to introducing you to our regional and brand leaders, who are key drivers on this journey.

在投資者日，我期待著向您介紹我們的區域和品牌領導者，他們是這一旅程的關鍵驅動力。

Before I turn the call over to Jim, I would like to thank all our associates around the world for your hard work and critical contributions this year.

在我把電話轉給吉姆之前，我要感謝我們在世界各地的所有同事今年的辛勤工作和重要貢獻。

And I wish everyone a happy, healthy and safe holiday season.

我希望每個人都有一個快樂、健康和安全的假期。

And with that, I would like to hand the call over to Jim.

有了這個，我想把電話轉給吉姆。

Thanks, Stefan.

謝謝，斯特凡。

The comments I'm about to make are based on non-GAAP results and are reconciled in our press release.

我即將發表的評論基於非 GAAP 結果，並在我們的新聞稿中進行了核對。

Overall, revenues for the third quarter were up 10% compared to the prior year but below our previous guidance due to worsening logistics disruptions in October, including significant U.S. port delays, which resulted in a 4% negative impact from an unplanned shift in the timing of U.S. wholesale shipments from the third quarter into the fourth quarter.

總體而言，第三季度的收入與去年同期相比增長了 10%，但由於 10 月份物流中斷情況惡化（包括美國港口的嚴重延誤）導致 4% 的負面影響來自計劃外的時間轉移，因此低於我們之前的指導從第三季度到第四季度的美國批發出貨量。

Absent this shift, our revenues for the third quarter would have exceeded our guidance.

如果沒有這種轉變，我們第三季度的收入將超過我們的指導。

Third quarter revenue also reflects a 4% reduction from the sale of the Heritage Brands business, which closed on the first day of the third quarter, and also the exit from the Heritage Brands retail business that was substantially completed in the second quarter of 2021.

第三季度收入還反映了在第三季度第一天關閉的 Heritage Brands 業務的銷售以及 2021 年第二季度基本完成的 Heritage Brands 零售業務的退出減少了 4%。

Our retail stores faced continued pressure during the third quarter, with the majority of stores temporarily closed in Australia for most of this year's quarter.

我們的零售店在第三季度面臨持續的壓力，在今年這個季度的大部分時間裡，澳大利亞的大多數商店都暫時關閉。

Owned and operated digital commerce increased 21%, and our overall revenue through our digital channels grew approximately 15% on top of exceptionally strong growth in the prior year.

擁有和經營的數字商務增長了 21%，在去年異常強勁的增長基礎上，我們通過數字渠道獲得的總收入增長了約 15%。

The impact of foreign currency translation on our revenues was immaterial for the quarter.

外幣換算對本季度收入的影響並不重大。

Looking at our segments.

看看我們的細分市場。

Tommy Hilfiger revenues were up 12%, with international up 11% and North America up 13% versus third quarter of 2020.

與 2020 年第三季度相比，Tommy Hilfiger 的收入增長了 12%，國際收入增長了 11%，北美收入增長了 13%。

Calvin Klein revenue was up 22%, with international up 19% and North America up 27%.

Calvin Klein 收入增長 22%，其中國際收入增長 19%，北美增長 27%。

Our Heritage revenues were down 36%, which included a 40% decline from the Heritage Brands transaction and the exit from the Heritage Brands retail business.

我們的 Heritage 收入下降了 36%，其中包括 Heritage Brands 交易和退出 Heritage Brands 零售業務導致的 40% 下降。

Gross margin was very strong at 57.7% for the quarter as compared to 52% in the prior year and an increase of over 300 basis points compared to 2019 pre-pandemic levels, which drove operating margin expansion.

本季度的毛利率非常強勁，為 57.7%，而去年同期為 52%，與 2019 年大流行前的水平相比增加了 300 多個基點，這推動了營業利潤率的增長。

The improvement was primarily due to increased full-price sales and a favorable shift in regional sales mix, which more than offset higher freight costs, including an increase in airfreight.

改善主要是由於全價銷售增加和區域銷售組合的有利轉變，這大大抵消了更高的貨運成本，包括空運的增加。

Inventory was down 7% at the end of the quarter compared to the prior year, primarily due to the Heritage Brands sale and the exit from the Heritage Brands retail business.

與去年同期相比，本季度末庫存下降了 7%，這主要是由於 Heritage Brands 的出售和 Heritage Brands 零售業務的退出。

However, within our total inventory, our on-hand levels were down mid-teens versus last year while our in-transit inventory levels increased over 50% due to extended lead times from supply chain and logistics disruptions, including U.S. port delays, which drove the shift in timing of U.S. wholesale shipments from the third to fourth quarter that I mentioned earlier.

然而，在我們的總庫存中，我們的現有庫存水平比去年下降了十幾歲，而我們的在途庫存水平增加了 50% 以上，這是由於供應鍊和物流中斷導致的交貨時間延長，包括美國港口延誤，這推動了我之前提到的美國批發出貨時間從第三季度到第四季度的轉變。

Despite the unplanned shift of timing of U.S. wholesale shipments, we significantly exceeded our earnings guidance for the third quarter.

儘管美國批發出貨時間發生了計劃外的變化，但我們第三季度的收益大大超出了我們的預期。

Notably, the shifted shipments were lower-margin, seasonless goods that we did not use airfreight to transport them.

值得注意的是，轉移的貨物是利潤率較低的季節性商品，我們沒有使用空運來運輸它們。

Earnings per share was $2.67 compared to $1.32 in the prior year period, beating the top end of our previous guidance by $0.67.

每股收益為 2.67 美元，上年同期為 1.32 美元，比我們之前指引的上限高出 0.67 美元。

The beat was primarily due to business outperformance for approximately $0.50, driven by gross margin and expense improvements.

這一節拍主要是由於在毛利率和費用改善的推動下，業務表現出色約 0.50 美元。

Also included in the beat is an approximately $0.17 favorable impact from taxes due to our mix of earnings.

由於我們的收入組合，節拍中還包括約 0.17 美元的稅收有利影響。

Notably, our EBIT margin continued to be very strong at 11.4% for the quarter, exceeding 2019 pre-pandemic levels, driven by continued strength in our international business.

值得注意的是，在我們國際業務持續強勁的推動下，我們本季度的息稅前利潤率繼續非常強勁，達到 11.4%，超過了 2019 年大流行前的水平。

Additionally, we made over $100 million of voluntary term loan payments in the third quarter, bringing voluntary payments to over $800 million for the first 9 months of 2021.

此外，我們在第三季度支付了超過 1 億美元的自願定期貸款，使 2021 年前 9 個月的自願支付金額超過 8 億美元。

And we repurchased approximately 149 million of common stock and reinstated our cash dividend.

我們回購了大約 1.49 億股普通股並恢復了現金股息。

Moving on to our outlook.

繼續我們的展望。

We are providing our 2021 outlook despite the continued significant uncertainty due to the pandemic, including the Omicron variant and related supply chain and logistics disruptions globally.

儘管大流行導致持續存在重大不確定性，包括 Omicron 變體以及全球相關供應鍊和物流中斷，但我們仍提供 2021 年展望。

We continue to be encouraged by our international businesses, which are expected to continue to exceed pre-pandemic levels in the fourth quarter.

我們繼續受到國際業務的鼓舞，預計第四季度這些業務將繼續超過大流行前的水平。

We expect North America to continue to face the ongoing challenge of reduced international tourism, which was the source of approximately 30% to 40% of pre-pandemic revenue from the region, and higher for Tommy Hilfiger than for Calvin Klein.

我們預計北美將繼續面臨國際旅遊業減少的持續挑戰，這是該地區大流行前收入的大約 30% 至 40% 的來源，Tommy Hilfiger 的收入高於 Calvin Klein。

We are not planning for international tourism to return to any significant levels in the fourth quarter.

我們不打算讓國際旅遊業在第四季度恢復到任何顯著水平。

In addition, North America has been and continues to be the region most challenged by supply chain disruptions, including higher airfreight costs and lower-than-optimal inventory levels on hand in stores.

此外，北美一直並將繼續成為供應鏈中斷挑戰最嚴重的地區，包括更高的空運成本和低於最佳的商店庫存水平。

For the full year, we are reaffirming the top end of our revenue guidance range and are projecting revenue to grow approximately 27% to 28%, as reported, and approximately 25% to 26% on a constant currency basis compared to 2020.

對於全年，我們重申收入指導範圍的上限，並預計收入將增長約 27% 至 28%，據報導，與 2020 年相比，按固定匯率計算收入增長約 25% 至 26%。

We expect gross margin will continue to show significant improvement for the remainder of the year due to more full-price selling and a favorable shift in regional sales mix compared to the prior year, with our higher-margin international businesses making up a larger portion of total revenue.

我們預計今年剩餘時間的毛利率將繼續顯著改善，原因是與上一年相比，更多的全價銷售和區域銷售組合的有利轉變，我們利潤率較高的國際業務佔更大比例總收入。

We expect our fourth quarter gross margin rate will be relatively in line with the prior 2 quarters.

我們預計第四季度的毛利率將與前兩個季度基本持平。

We now expect our full year EBIT margin will exceed our 2019 pre-pandemic level and will reach nearly 10%.

我們現在預計我們的全年息稅前利潤率將超過 2019 年大流行前的水平，並將達到近 10%。

However, our EBIT margin in the fourth quarter is expected to be below 2019 levels and also to the first 9 months of 2021 as the fourth quarter is more heavily impacted by incremental airfreight as well as planned increases in marketing and other investments.

然而，我們預計第四季度的息稅前利潤率將低於 2019 年的水平，也將低於 2021 年前 9 個月的水平，因為第四季度受到增量空運以及計劃增加的營銷和其他投資的影響更大。

We expect our interest expense to decrease in 2021 to approximately $105 million compared to $116 million in 2020.

我們預計我們的利息支出將在 2021 年減少至約 1.05 億美元，而 2020 年為 1.16 億美元。

Our tax rate for the year is estimated at 16% to 17%.

我們今年的稅率估計為 16% 至 17%。

For the full year in 2021, we are projecting non-GAAP earnings per share to be approximately $9.25, which is an increase compared to our previous guidance of $8.50 and compares to a loss per share of $1.97 in 2020.

對於 2021 年全年，我們預計非 GAAP 每股收益約為 9.25 美元，比我們之前的 8.50 美元指引有所增加，而 2020 年每股虧損為 1.97 美元。

The increase versus previous guidance was primarily due to better-than-anticipated gross margin expansion and operating expense efficiencies worth approximately $0.60, along with an improvement in taxes of approximately $0.15.

與之前的指引相比，這一增長主要是由於好於預期的毛利率擴張和價值約 0.60 美元的運營費用效率，以及約 0.15 美元的稅收改善。

For the fourth quarter, our revenue is projected to increase 11% to 14%, as reported, and 16% to 19% on a constant currency basis compared to the prior year.

據報導，第四季度我們的收入預計將比上年增長 11% 至 14%，按固定匯率計算增長 16% 至 19%。

Compared to our fourth quarter previously implied revenue guidance, this reflects the positive impact of the shift of U.S. wholesale shipments from the third quarter into the fourth quarter and a 2% negative impact of foreign currency translation, primarily due to the recent strengthening of the U.S. dollar compared to the euro.

與我們之前暗示的第四季度收入指引相比，這反映了美國批發出貨量從第三季度轉移到第四季度的積極影響以及外幣換算帶來的 2% 的負面影響，這主要是由於近期美國經濟走強。美元與歐元相比。

The underlying business performance has not changed compared to our previously implied guidance.

與我們之前暗示的指導相比，基本業務績效沒有變化。

Fourth quarter non-GAAP earnings per share is expected to be approximately $1.94 compared to a loss per share of $0.38 in the prior year period.

第四季度非 GAAP 每股收益預計約為 1.94 美元，而去年同期為每股虧損 0.38 美元。

Our fourth quarter guidance reflects an incremental $0.10 of expected airfreight costs versus our prior expectations.

我們第四季度的指導反映了預期空運成本比我們之前的預期增加 0.10 美元。

And with that, operator, we would like to open it up to questions.

有了這個，運營商，我們想公開提問。

(Operator Instructions) We'll take our first question from Bob Drbul of Guggenheim.

（操作員說明）我們將從古根海姆的 Bob Drbul 那裡回答我們的第一個問題。

Two questions for me, if I could.

如果可以的話，請問我兩個問題。

The first one is, I don't know if this is for Jim or Stefan, but can you talk a little bit about -- you mentioned price increases, really, what you've seen so far from a consumer receptivity or your wholesale partners on either prices that you have taken higher at this point or plans that you have sort of in the coming months and quarters?

第一個是，我不知道這是給 Jim 還是 Stefan 的，但你能談談——你提到了價格上漲，真的，到目前為止你從消費者接受度或你的批發合作夥伴那裡看到了什麼您目前採取的更高價格還是您在未來幾個月和幾個季度的計劃？

Yes.

是的。

We definitely are moving into an inflationary period and coming back to our accelerated recovery priorities where we have leaned in since the beginning of the pandemic on brand relevance, product strength, and we really see the results of that coming through in pricing power.

我們肯定正在進入一個通貨膨脹時期，並回到我們自大流行開始以來在品牌相關性、產品實力方面一直傾向於的加速復蘇優先事項，我們確實看到了定價能力的結果。

So we see increased AURs.

所以我們看到 AUR 增加了。

We see increased gross margin rates.

我們看到毛利率上升。

So looking forward, Jim can give you a little bit more of the details of what we expect in terms of AUC increases, but we are confident from a product strength perspective that we will continue to drive AUR increases.

因此，展望未來，吉姆可以為您提供更多我們對 AUC 增長的預期細節，但從產品實力的角度來看，我們有信心繼續推動 AUR 增長。

And then overall, looking at the inflationary environment we're moving into, we are looking at both pricing power, sourcing mitigation, and we are looking at cost efficiencies overall.

然後總體而言，看看我們正在進入的通貨膨脹環境，我們正在研究定價能力、採購緩解措施，並且我們正在研究整體成本效率。

So Jim?

那麼吉姆？

Yes, Bob.

是的，鮑勃。

Just to add to what Stefan alluded to, as we head into spring 2022, some of the cost increases we're starting to see is about mid-single digits.

補充一下 Stefan 提到的內容，隨著我們進入 2022 年春季，我們開始看到的一些成本增長大約是中個位數。

But we do see great strength in our products.

但我們確實看到了我們產品的巨大優勢。

So we'll be looking to mitigate that through different supply chain initiatives, but also through increasing pricing, particularly in key categories where we see a lot of strength in the business.

因此，我們將尋求通過不同的供應鏈計劃來緩解這種情況，同時也通過提高定價，特別是在我們看到業務有很大優勢的關鍵類別中。

Great.

偉大的。

And the other question I have is, can you talk a little bit about the denim trends that you're seeing within the brands and how you feel you're positioned in some of the denim cycle commentary that we see out there?

我的另一個問題是，你能談談你在品牌中看到的牛仔趨勢，以及你覺得自己在我們看到的一些牛仔週期評論中的定位嗎？

Yes, definitely.

當然是。

So we see denim trending up in the market with the consumer.

因此，我們看到牛仔佈在市場上受到消費者的青睞。

We are excited by that because we have strengthened denim in both Tommy and Calvin.

我們對此感到興奮，因為我們在 Tommy 和 Calvin 中加強了牛仔布。

It's in the DNA of the brand.

這是品牌的 DNA。

It's one of those power categories that we are leaning into.

這是我們正在研究的那些權力類別之一。

So it's an exciting consumer trend that we are leaning into, and you will see that increasingly going forward.

因此，這是我們正在關注的令人興奮的消費趨勢，您會看到它越來越向前發展。

We will now move on to our next question from Michael Binetti of Credit Suisse.

我們現在將繼續瑞士信貸的 Michael Binetti 提出的下一個問題。

Just a quick one on the near term.

短期內只是一個快速的。

I think we had a -- before coming into today, we had a fourth quarter implied guidance.

我認為我們有一個——在進入今天之前，我們有一個第四季度的隱含指導。

And you had talked about stepping up marketing in the back half, so we knew about that.

你談到在後半段加強營銷，所以我們知道這一點。

But then excluding the wholesale shift and the FX changes, it looked like the underlying sales for fourth quarter pretty much where you thought they'd be, but the SG&A looks like it stepped up a little bit more for fourth quarter.

但是，如果不考慮批發轉移和外匯變化，第四季度的基本銷售額看起來與您想像的差不多，但 SG&A 看起來第四季度的增長幅度更大。

Maybe help us think about, if that's right, what might have stepped up.

或許可以幫助我們想想，如果那是對的，可能會加強什麼。

And then Stefan, as we spoke through this year, we talked a little bit about how much opportunity you see to realign work streams and accelerate product lead times in these different brands.

然後 Stefan，在我們今年的談話中，我們談到了在這些不同品牌中重新調整工作流和加快產品交貨時間的機會。

As the shift moves away from just navigating COVID here globally, maybe you could just help us think about the size of the opportunity you see there, where the company is at on some of those processes.

隨著這種轉變不再只是在全球範圍內導航 COVID，也許你可以幫助我們考慮你在那裡看到的機會的大小，以及公司在其中一些流程中所處的位置。

And what are the biggest initiatives that you think we'll see as we talk over the next year or so that you'll start working on as far as like the biggest opportunity for the financials as you start to kind of put some of those changes into play?

您認為我們在明年左右討論時會看到哪些最大的舉措，以便您開始著手盡可能地為財務部門提供最大的機會，因為您開始做出一些改變玩？

Yes, Michael.

是的，邁克爾。

I'll start.

我會開始。

I'll take your Q4 question and turn it over to Stefan.

我會把你的 Q4 問題交給 Stefan。

Really, in Q4, if you just start with the revenues, the first thing we did is we narrowed the revenue guidance.

真的，在第四季度，如果你只是從收入開始，我們做的第一件事就是縮小收入指導範圍。

And really, we increased it at the bottom end of the range, and we reaffirmed at the top end.

實際上，我們在範圍的底部增加了它，並在頂部重申了它。

In Q4, with revenues, the underlying business is pretty much held, and we were able to cover some weakening of the euro.

在第四季度，隨著收入的增加，基礎業務基本保持不變，我們能夠彌補歐元的一些疲軟。

The euro did weaken against the U.S. dollar, particularly we saw that in the last month.

歐元兌美元確實走弱，尤其是我們在上個月看到的。

As far as when you get below revenue, really, the main changes we had to incur an additional $0.10 -- $10 million, $0.10 of airfreight costs in Q4.

就收入低於收入而言，我們不得不在第四季度額外承擔 0.10 美元——1000 萬美元，0.10 美元的空運成本。

But really, everything underlying, we're still generating very strong gross margins, just like in Q3, continuing to gain expense efficiencies.

但實際上，所有潛在的東西，我們仍然產生非常強勁的毛利率，就像在第三季度一樣，繼續獲得費用效率。

The marketing that I alluded to was always planned to always be very heavily weighted to the second half of the year, particularly to Q4, where we really wanted to connect those -- that spending to some of the consumer moments that we have, particularly Black Friday and Singles' Day.

我提到的營銷總是計劃在下半年佔很大比重，尤其是第四季度，我們真的想把這些聯繫起來——將支出與我們擁有的一些消費者時刻聯繫起來，尤其是 Black週五和光棍節。

Yes.

是的。

Thanks, Jim.

謝謝，吉姆。

And when it comes -- Michael, when it comes to your product question, there are multiple components that we drive coming back to our accelerated recovery priorities, which will lead into our long-term strategy, which is about focusing in on the key categories where we have the right to play to win with the consumer.

邁克爾，當談到你的產品問題時，我們會推動多個組成部分回到我們加速恢復的優先事項，這將導致我們的長期戰略，即專注於關鍵類別我們有權與消費者一起贏得勝利。

Within that, then develop an increased focus on hero products, the most essential products in the consumers' wardrobe.

在此基礎上，進一步關注主打產品，即消費者衣櫥中最基本的產品。

Every single product has to have an intent, then cutting the assortment tail.

每一件產品都必須有一個意圖，然後削減分類尾巴。

So we have done a good first job on that.

所以我們在這方面做得很好。

We will -- looking ahead, coming back to your question, we see opportunities to continue to cut the unproductive assortment tail.

我們將 - 展望未來，回到你的問題，我們看到了繼續削減非生產性分類尾部的機會。

And then there is a big value unlock over time in planning and buying closer to demand.

隨著時間的推移，在更接近需求的情況下進行規劃和購買會產生巨大的價值。

We will now move on to our next question from Erinn Murphy of Piper Sandler.

我們現在將繼續討論來自 Piper Sandler 的 Erinn Murphy 的下一個問題。

My first question is for Stefan.

我的第一個問題是問 Stefan 的。

I would love if you could share a little bit more about your outlook for China.

如果您能分享更多關於您對中國的展望，我將非常高興。

And then specifically, what's the current dynamic on the ground there between global versus national brands?

然後具體來說，全球品牌與國家品牌之間目前的動態是什麼？

Yes, Erinn.

是的，愛琳。

Thanks for your question.

謝謝你的問題。

When it comes to Asia, we had another strong quarter in Asia.

說到亞洲，我們在亞洲有另一個強勁的季度。

We see it more than what you see because of the COVID resurgences that we keep going in and out of in different countries in Asia.

我們看到的比你看到的更多，因為我們不斷進出亞洲不同國家的 COVID 死灰復燃。

When it comes to China, this quarter, we outperformed our plan.

談到中國，本季度，我們的表現超出了我們的計劃。

It's very much driven by leaning into Calvin and Tommy and connecting them even closer to the consumer, and digital is a key part there.

這在很大程度上是靠著 Calvin 和 Tommy，並將他們與消費者聯繫得更近，而數字是其中的關鍵部分。

So when we look at 11/11, as an example, the Singles' Day that's now way beyond the day, we performed really, really strongly.

因此，當我們以 11 月 11 日為例，光棍節現在已經超越了這一天，我們的表現非常非常強勁。

And then -- so digital is an important component, leaning into the different consumer moments like the 11/11, and then it's the product focus on making sure that we play into the right big categories that matters the most.

然後——所以數字是一個重要的組成部分，它傾向於像 11/11 這樣的不同消費者時刻，然後是產品專注於確保我們進入最重要的正確大類別。

And then we see that the hero products that we have been developing over the last year is really resonating in China with the Chinese consumer and leading to higher sell-throughs and higher AURs.

然後我們看到，我們在過去一年中一直在開發的英雄產品確實在中國引起了中國消費者的共鳴，並帶來了更高的銷售率和更高的 AUR。

That's great to hear.

聽到這個消息我很高興。

And then maybe just one for Jim and following up on Binetti's question.

然後可能只有一個給 Jim，然後跟進 Binetti 的問題。

If you were to see upside in the fourth quarter relative to your plan, would that come more from sales or the margin front?

如果您在第四季度看到相對於您的計劃的上行空間，那會更多地來自銷售還是利潤率？

Yes, Erinn.

是的，愛琳。

We see great strength right now in the gross margins.

我們現在看到毛利率有很大的優勢。

We had -- we started the fourth quarter pretty strong.

我們有 - 我們在第四季度開始時非常強勁。

We're very pleased with our performance in Singles' Day and Black Friday on the top line.

我們對光棍節和黑色星期五的表現非常滿意。

But our inventories are leaner than we would ultimately like.

但我們的庫存比我們最終希望的要少。

So we're seeing real continued strength in AURs, that pricing power that we're seeing flow through in gross margin.

因此，我們看到 AUR 真正持續走強，我們看到毛利率中的定價能力。

So I think the opportunity is even more so in gross margin than they have been in the past.

所以我認為毛利率的機會比過去更多。

We will now move on to our next question from Jay Sole of UBS.

我們現在將繼續討論瑞銀 Jay Sole 的下一個問題。

I guess I just want to follow up on the gross margin.

我想我只是想跟進毛利率。

I mean is there -- within the guidance, I mean, do you have a sense of what -- how you feel like the gross margin should land in 4Q?

我的意思是 - 在指導範圍內，我的意思是，你有什麼感覺 - 你覺得第四季度的毛利率應該如何？

And within that, with the changes in the Heritage business in Q3, can you just talk about what impact that had on gross margin and SG&A?

其中，隨著第三季度 Heritage 業務的變化，您能否談談這對毛利率和 SG&A 產生了什麼影響？

Yes.

是的。

So Jay, just in my notes, I alluded to our gross margin per se in Q2 was 57.7%.

所以 Jay，就在我的筆記中，我提到我們第二季度的毛利率本身是 57.7%。

Our gross margin in Q3 was 57.7%, and we're right now anticipating Q4 to be about the same.

我們在第三季度的毛利率為 57.7%，我們現在預計第四季度大致相同。

So really, about 3/4 of that sustainable pretty high gross margin, so we feel pretty good about that.

所以真的，大約 3/4 的可持續相當高的毛利率，所以我們對此感覺很好。

If we talk about Heritage, yes, it has helped the gross margin somewhat.

如果我們談論 Heritage，是的，它對毛利率有所幫助。

Smaller -- the Heritage business was a much smaller base, so it's not moving the PVH needle that much, but it is a slight improvement.

更小——Heritage 業務的基數要小得多，所以它並沒有使 PVH 針頭移動那麼多，但它是一個輕微的改進。

But also, just maybe some of the offsets to that improvement in Q3, and particularly in Q4, is the airfreight cost.

而且，空運成本可能只是對第三季度，尤其是第四季度改善的一些抵消。

So we called out about $45 million of additional airfreight cost, which is all hitting in the second half.

因此，我們提出了大約 4500 萬美元的額外空運成本，這些都將在下半年實現。

So we've been able to cover that as well, which would be more impactful than any benefit that we get from Heritage.

所以我們也能夠涵蓋這一點，這比我們從 Heritage 獲得的任何好處都更有影響力。

And what's exciting, Jay -- what's exciting from -- this is Stefan, from my perspective, from a strategy perspective is that when we lean into Calvin and Tommy and into product strength and hero products, we see that we are able to drive higher AURs.

令人興奮的是，Jay——這是 Stefan，從我的角度來看，從戰略的角度來看，當我們依靠 Calvin 和 Tommy 以及產品實力和英雄產品時，我們看到我們能夠走得更高AUR。

And that's a sustainable path -- and that drives a sustainable path towards increased gross margin rates.

這是一條可持續發展的道路——並且推動了一條可持續發展的道路，以提高毛利率。

So that's very exciting from my standpoint.

所以從我的角度來看，這非常令人興奮。

Got it.

知道了。

And if I can ask one more.

如果我可以再問一個。

The company -- you're paying down some debt, buying back some stock.

公司——你正在償還一些債務，回購一些股票。

What's the plan for the balance sheet going forward?

未來的資產負債表計劃是什麼？

Because the long-term debt levels are back down to near pre-pandemic levels, and there's still a lot of cash in the balance sheet.

因為長期債務水平已經回落到接近大流行前的水平，而且資產負債表中仍有大量現金。

What's the outlook for that?

前景如何？

Yes, Jay.

是的，傑伊。

We're really pleased with our liquidity position and the strength of our balance sheet.

我們對我們的流動性狀況和資產負債表的實力感到非常滿意。

First and foremost, we're going to use our cash to invest in ourselves.

首先也是最重要的，我們將用我們的現金投資於我們自己。

That's always going to be our priority.

這永遠是我們的首要任務。

Absent that, our debt paydown so far are more than the debt we took out during the pandemic.

否則，到目前為止，我們的債務償還額超過了我們在大流行期間償還的債務。

So now we're able to also -- we want to continue to pay down debt.

所以現在我們也能夠——我們想繼續償還債務。

But also, we reinstated our share repurchases.

而且，我們恢復了股票回購。

So we're calling out about -- we'll have about $350 million of share repurchases for the year.

所以我們呼籲 - 我們今年將進行約 3.5 億美元的股票回購。

We've also reinstated our cash dividend.

我們還恢復了現金股息。

So we feel really, really good about the strength of our balance sheet and how we're really turning inventories and using our working capital and turning them into cash.

因此，我們對資產負債表的實力以及我們如何真正轉變庫存並使用我們的營運資金並將其轉化為現金感到非常非常滿意。

We will now move on to our next question from Brooke Roach of Goldman Sachs.

我們現在將繼續討論高盛的布魯克羅奇的下一個問題。

PVH has seen particularly strong profitability in both brands internationally.

PVH 的這兩個品牌在國際上都取得了特別強勁的盈利能力。

But I was wondering if you could perhaps talk to the drivers of the increases that you've seen this year and your outlook for those margins in a perhaps somewhat more inflationary environment, where demand and supply are in better alignment going forward.

但我想知道你是否可以談談你今年看到的增長的驅動因素，以及你在通貨膨脹率可能更高的環境中對這些利潤率的展望，在這種環境下，需求和供應在未來會更好地保持一致。

Yes.

是的。

Thanks, Brooke.

謝謝，布魯克。

Absolutely.

絕對地。

And this quarter, I spent a lot of time on the road.

而這個季度，我花了很多時間在路上。

I saw over 40 stores in 4 different countries in Europe, as I mentioned in my remarks.

正如我在評論中提到的，我在歐洲的 4 個不同國家看到了 40 多家商店。

And what's so exciting there is to see the consumer focus, the brand focus, continuously elevating the brand position, driving very strong product execution and AUR coming out of that and then having a multichannel, omnichannel approach to winning with the consumer.

令人興奮的是看到消費者關注，品牌關注，不斷提升品牌地位，推動非常強大的產品執行和 AUR 從中脫穎而出，然後採用多渠道、全渠道的方法贏得消費者。

So when we see European markets resurgence in COVID, we see that we have been better than most in the market to pivot to where the consumer then how the consumer acts because the consumer is resilient and the consumer is strong.

因此，當我們看到歐洲市場在 COVID 中復蘇時，我們發現我們比市場上的大多數人都更好地轉向消費者所在的地方，然後是消費者的行為方式，因為消費者俱有彈性並且消費者很強大。

So even though we have a fourth wave now, we see that in countries where we have COVID restrictions coming in, we start to see a pattern from having navigated successfully through a number of waves.

因此，即使我們現在有第四波浪潮，我們也看到在我們實施 COVID 限制的國家/地區，我們開始看到成功渡過多次浪潮的模式。

So we see brick-and-mortar foot traffic slightly come down, but we see conversion go up in brick-and-mortar, and then we see the consumer immediately pivot to digital.

因此，我們看到實體店的客流量略有下降，但我們看到實體店的轉化率上升，然後我們看到消費者立即轉向數字化。

Because when I look at the consumer in Europe and overall is that the consumer is starting to get back to life as we knew it.

因為當我觀察歐洲的消費者時，總體而言，消費者開始恢復我們所知道的生活。

So we are 1.5 years, almost 2 years, into COVID.

所以我們進入 COVID 已有 1.5 年，將近 2 年。

And so we see the consumer continue to shop.

所以我們看到消費者繼續購物。

And in Europe, we are very good at meeting that consumer where the consumer shops.

在歐洲，我們非常擅長在消費者購物的地方與消費者會面。

So those are some of the key drivers we see, and those are also the key drivers for our accelerated recovery priorities across the regions.

因此，這些是我們看到的一些關鍵驅動因素，也是我們在各地區加速恢復優先事項的關鍵驅動因素。

And it sounds like there's a lot of momentum and confidence in the gross margin and AUR momentum of the brands, driven by your hero product strategy.

在您的英雄產品戰略的推動下，品牌的毛利率和 AUR 勢頭似乎有很大的動力和信心。

Perhaps we could pivot a little bit to the SG&A cost structure as you look forward.

正如您所期待的，也許我們可以稍微轉向 SG&A 成本結構。

Can you talk to the puts and takes of this as you look ahead?

當你展望未來時，你能談談這個問題嗎？

Where do you see the most leverage on your cost base?

您認為成本基礎的最大影響力在哪裡？

And where are the opportunities to optimize that expense structure as you continue to roll out this strategy?

隨著您繼續推出這一戰略，優化費用結構的機會在哪裡？

Yes, Brooke.

是的，布魯克。

Cost efficiencies and finding continued cost efficiencies is one of the key priorities on our accelerated recovery priorities that Stefan had alluded to.

成本效率和尋找持續的成本效率是 Stefan 提到的我們加速恢復優先事項的關鍵優先事項之一。

Really, we see opportunities everywhere, particularly as we -- as our international revenues really are sort of -- we were seeing outsized growth.

真的，我們到處都看到機會，特別是當我們——因為我們的國際收入確實有點——我們看到了巨大的增長。

We may start to see some real leverage there to go along with those revenues.

我們可能會開始看到一些真正的槓桿作用與這些收入一起出現。

But the expense, actually, efficiencies can be optimal and really point our investments to the growth vehicles are really across the board, across both brands and across all regions.

但費用，實際上，效率可以是最佳的，並且真正將我們的投資指向增長工具，這確實是全面的，跨越兩個品牌和所有地區。

And it's -- to build on what Jim said, Brooke, it's about -- the way we drive cost efficiencies is we start with what it takes to win with the consumer.

它是——以吉姆所說的為基礎，布魯克，它是關於——我們推動成本效率的方式是我們從贏得消費者所需的一切開始。

And the consumer has moved over the last few years.

在過去的幾年裡，消費者也發生了變化。

So we need to make sure that we invest in where the consumer is going and driving our accelerated recovery priorities.

因此，我們需要確保我們投資於消費者的去向並推動我們加速恢復的優先事項。

And then we have to divest to invest.

然後我們必須剝離投資。

So we are increasingly going to lean into cost efficiencies to make sure that we invest enough in where the consumer is going and that we free up cost efficiencies to do that, and that we'll flow through some of that to the bottom line.

因此，我們越來越傾向於提高成本效率，以確保我們在消費者的去向方面進行了足夠的投資，並且我們釋放了成本效率來做到這一點，並且我們將通過其中的一些來達到底線。

We will now move on to our next question from Kimberly Greenberger of Morgan Stanley.

我們現在將繼續摩根士丹利的 Kimberly Greenberger 提出的下一個問題。

Stefan, I wanted to ask you about the ways in which you're changing how you work with your wholesale accounts to improve the full-rice sell-through of Calvin and Tommy.

Stefan，我想問你，你是如何改變批發賬戶的工作方式，以提高 Calvin 和 Tommy 的全米飯銷量的。

And can you just remind us how you're augmenting your wholesale strategy, both domestically and internationally, to help your profit improvement initiatives?

您能否提醒我們您如何在國內和國際上加強您的批發戰略，以幫助您提高利潤？

Yes.

是的。

Thank you, Kimberly.

謝謝你，金伯利。

Definitely.

確實。

So it starts with the assortment strength, and it starts to inviting our wholesale partners on the journey for Calvin and Tommy and say, "Here are the key categories, here are the hero products, and here is how we bring those to life in the experience." And e-commerce is an increasingly important component, that we bring our brands to life through our wholesale partners increasingly well in e-commerce and then that we do it as well in brick-and-mortar, and that we -- just like we look through continuously to cut the unproductive assortment tail, we also look at the productivity -- to do our productivity with wholesale partners.

所以它從品種實力開始，它開始邀請我們的批發合作夥伴加入 Calvin 和 Tommy 的旅程，並說，“這是關鍵類別，這是英雄產品，這就是我們如何將它們帶到生活中經驗。”電子商務是一個越來越重要的組成部分，我們通過我們的批發合作夥伴在電子商務中越來越好地使我們的品牌栩栩如生，然後我們在實體店中也這樣做，而且我們 - 就像我們一樣不斷審視以削減非生產性的分類尾巴，我們還關註生產力——與批發合作夥伴一起提高我們的生產力。

But overall, it's a partnership that builds on our core strength and focus areas around assortment and product and pricing power, and then it's tapping into their strengths.

但總的來說，這是一種建立在我們核心優勢和圍繞品種、產品和定價能力的重點領域的合作夥伴關係，然後它正在利用他們的優勢。

And we have deep experience of doing this over time, and it's just great to see.

隨著時間的推移，我們在這方面有豐富的經驗，很高興看到。

And the digital opportunity for us is big in terms of owned and operated, and it's equally big when it comes to our wholesale e-commerce opportunity.

就擁有和經營而言，我們的數字機會很大，在我們的批發電子商務機會方面也同樣重要。

Okay.

好的。

Great.

偉大的。

And just one follow-up on the gross margin, if I could.

如果可以的話，只需對毛利率進行一次跟進。

Could you just quantify for us, Jim, the amount of total airfreight and basis points or dollars in gross margin here in the third quarter?

吉姆，你能為我們量化第三季度這裡的空運總額和基點或毛利率嗎？

And I know that the fourth quarter is coming in $0.10 more freight impact.

我知道第四季度的運費影響將增加 0.10 美元。

But if you could just give us that total airfreight impact also, either in basis points or dollars, for the fourth quarter that's embedded in your plan, that would be helpful.

但是，如果你能給我們提供第四季度的空運總影響，無論是基點還是美元，都包含在你的計劃中，那將是有幫助的。

Yes, Kimberly.

是的，金伯利。

We were calling out -- so in total this year, and really all in the second half, an additional $45 million of airfreight.

我們呼籲 - 所以今年總共，實際上是在下半年，額外的 4500 萬美元的空運。

And how you think about it by quarter, it's pretty almost evenly split, 50-50, which is -- and just one thing, just to add, during the last quarter, we had called out $35 million.

你如何按季度考慮它，它幾乎平均分配，50-50，這是 - 只是一件事，只是補充一下，在上個季度，我們已經撥出 3500 萬美元。

So we have an additional $10 million now than we thought we would have last quarter.

因此，我們現在比上個季度的預期多了 1000 萬美元。

We will now move on to our next question from Omar Saad of Evercore.

我們現在將繼續 Evercore 的 Omar Saad 提出的下一個問題。

I wanted to ask a question on the inventory situation.

我想問一下庫存情況。

You mentioned plus 50 in transit, it obviously is an elevated number.

你提到在途中加50，這顯然是一個更高的數字。

How do you see -- do you have visibility into the timing of the shipments and the receipts and when these goods are going to flow through to the retail and to the consumer?

您如何看待 - 您是否了解發貨和收據的時間以及這些商品何時會流向零售和消費者？

Or is there any chance that they're going to come too late and may need markdowns to deal with after the season?

或者他們是否有可能來得太晚，可能需要在賽季結束後進行降價處理？

Help us understand your visibility into the receipts and the timing of inventory flow.

幫助我們了解您對收據和庫存流動時間的可見性。

Yes, Omar.

是的，奧馬爾。

So some of the challenges that we saw worsened in October, particularly due to the U.S. port delays, which caused a shift of shipments from Q3 into Q4.

因此，我們在 10 月份看到的一些挑戰有所惡化，特別是由於美國港口延誤，導致出貨量從第三季度轉移到第四季度。

Those goods are out now.

那些貨現在沒了。

We got back in line with them.

我們重新與他們保持一致。

They went out in November, so we feel pretty good.

他們在十一月出去了，所以我們感覺很好。

Inventories are still generally pretty lean.

庫存總體上仍然很低。

But as we work through the year, it will start to get a little better, still challenged.

但隨著我們一年的努力，它會開始好轉一些，但仍然充滿挑戰。

But as we move through, we should be getting better positioned.

但是隨著我們前進，我們應該處於更好的位置。

We don't see things where we would have to have heavy markdowns because generally, we're lean to begin with.

我們沒有看到必須大幅降價的事情，因為一般來說，我們一開始就很精簡。

And we feel pretty good.

我們感覺很好。

And also, that's why we are deploying so much airfreight.

而且，這就是我們部署如此多空運的原因。

We're pretty much ensuring that the goods are getting here in time for the holidays.

我們幾乎可以確保貨物在假期前及時到達。

Great.

偉大的。

That's super helpful.

這非常有幫助。

And then maybe, Stefan, could you talk about -- a little bit about this kind of demand for denim and fashion and broader -- the apparel?

然後，Stefan，你能談談——稍微談談對牛仔布和時尚以及更廣泛的——服裝的這種需求嗎？

Are we at peak levels here, do you think?

你認為我們在這里處於最高水平嗎？

Given your early thoughts on demand levels into 2022, is there room for your consumers to spend more on Tommy Hilfiger and Calvin Klein?

鑑於您對 2022 年需求水平的早期想法，您的消費者是否有空間在 Tommy Hilfiger 和 Calvin Klein 上花費更多？

So thank you, Omar.

謝謝你，奧馬爾。

Yes, we are confident in the strength of the consumer and the strength of our brands with that consumer.

是的，我們對消費者的實力以及我們品牌與該消費者的實力充滿信心。

So -- and back to the denim trend, we see that as starting to grow.

所以 - 回到牛仔趨勢，我們認為它開始增長。

And denim has always been important to the consumer, and we see that trend continuing into 2022.

牛仔布對消費者來說一直很重要，我們認為這種趨勢將持續到 2022 年。

(Operator Instructions) And we'll move to our next question from Matthew Boss of JPMorgan.

（操作員說明）我們將轉到摩根大通的 Matthew Boss 提出的下一個問題。

Stefan, by region, so you mentioned work remaining in North America and you mentioned leaning into this with full force, could you just elaborate on the unlock opportunity you see in the region maybe across each brand?

Stefan，按地區劃分，所以你提到了留在北美的工作，你提到全力投入這個領域，你能否詳細說明你在該地區看到的每個品牌的解鎖機會？

And how best to think about the time line from here?

從這裡如何最好地考慮時間線？

Yes.

是的。

So when it look -- when we look at North America, first and foremost, we have the 30%, 40% of the business that used to be tourism.

所以當它看起來 - 當我們看北美時，首先，我們有 30%，40% 的業務曾經是旅遊業。

That's -- for the last 1.5 years, we haven't seen much of that tourism.

那是——在過去的 1.5 年裡，我們沒有看到太多這樣的旅遊業。

Over time, that will come back.

隨著時間的推移，它會回來。

And this quarter, we were also hit by the shift from the U.S. port situation from Q3 to Q4.

而本季度，我們也受到了美國港口形勢從第三季度到第四季度的轉變的打擊。

So that's macro.

這就是宏觀。

We are focusing on what we can impact, which is to win more with the domestic consumer.

我們專注於我們可以產生的影響，即贏得更多國內消費者。

So what the green shoots that I mentioned that I'm excited about is that we are leaning into product strength -- hero product strength.

所以我提到的讓我興奮的綠芽是我們正在傾向於產品實力——英雄產品實力。

Pricing power is up.

定價權上去了。

So we see pricing power -- we see North America right now driving up pricing power and discounts down.

所以我們看到了定價能力——我們看到北美現在正在提高定價能力和折扣。

And we see increasing strength in our focus categories and hero product execution.

我們看到我們的重點類別和英雄產品執行力越來越強。

And then we are driving in -- we are leaning in to drive high-quality e-commerce growth as well.

然後我們正在推動 - 我們也傾向於推動高質量的電子商務增長。

So that's -- it's the same accelerated recovery period, it's just a tougher macro given the tourism and, in Q3, given the port situation.

這就是 - 這是同樣的加速復蘇期，只是考慮到旅遊業和第三季度的港口情況，這只是一個更艱難的宏觀經濟。

Great.

偉大的。

And then, Jim, just multiyear on sustainability of gross margin as we think about next year, are there any givebacks at all to consider?

然後，吉姆，就我們考慮明年的毛利率可持續性而言，只是多年，是否有任何回饋需要考慮？

Or should we think about this year's gross margin as a new foundation to build on from here?

還是我們應該將今年的毛利率視為在此基礎上發展的新基礎？

Yes, Matt.

是的，馬特。

We're projecting now, even with Q4, we're going to have 3 quarters in a row of sustainable gross margins at that very high 57% range.

我們現在預計，即使是第四季度，我們也將連續 3 個季度實現可持續的毛利率，保持在 57% 的非常高的範圍內。

So not necessarily giving guidance going out to next year, but we feel pretty good about, so far, the sustainability of our gross margins.

因此，不一定要給出明年的指導，但到目前為止，我們對毛利率的可持續性感到非常滿意。

Because -- and the reason -- just to build on what Jim just said, Matt, the reason why we feel good about the sustainability of the gross margin is how we execute product strength and pricing power.

因為 - 以及原因 - 只是基於吉姆剛才所說的，馬特，我們對毛利率的可持續性感到滿意的原因是我們如何執行產品實力和定價能力。

That's -- we see that across both brands and across all regions.

那就是——我們在兩個品牌和所有地區都看到了這一點。

And operator, we'll have to ask for the next question to be the last question for this call.

接線員，我們必須要求下一個問題成為本次電話會議的最後一個問題。

Thank you.

謝謝。

And our final question comes from Paul Lejuez of Citigroup.

我們的最後一個問題來自花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul.

Tracy Kogan 代替了 Paul。

I had a follow-up on the wholesale business.

我跟進了批發業務。

I was wondering how your partners are reacting to the delays.

我想知道您的合作夥伴對延誤有何反應。

Have you seen any material increase in cancellations?

您是否看到取消的數量有任何實質性增加？

Or are partners really just taking basically whatever inventory they can get at this point?

還是合作夥伴實際上只是在基本上獲取他們此時可以獲得的任何庫存？

And then I do have one follow-up.

然後我確實有一個後續行動。

Yes.

是的。

So I'll take that, Tracy.

所以我接受了，特蕾西。

So as far as -- we are not seeing any cancels.

就-我們沒有看到任何取消。

And one of the things with the delays we had in the shift of our shipments is it was really seasonless goods that we would not deploy airfreight and lower-margin goods.

在我們的發貨轉移中出現延誤的原因之一是，我們不會部署空運和低利潤商品的季節性商品。

So they got hung up in the ports.

所以他們被掛在港口。

But since it's seasonless, it's out already.

但由於它沒有季節性，它已經過時了。

We are not seeing cancels.

我們沒有看到取消。

And we are really in a situation, Tracy, where demand outpaced supply, which is a good place to be.

特蕾西，我們確實處於需求超過供應的情況，這是一個好地方。

And then my second question was just looking at your business or your customers internationally versus the U.S., just wondering what the demographics are like of your customers internationally versus in the U.S., the local customer, obviously, not the tourists here.

然後我的第二個問題是看看你的業務或你的國際客戶與美國，只是想知道你的國際客戶與美國客戶的人口統計數據，本地客戶，顯然，而不是這裡的遊客。

We have a similar consumer base for Tommy and Calvin across the world.

我們在世界各地為 Tommy 和 Calvin 擁有相似的消費者基礎。

And it's the strength -- so when I was out in all these markets and saw all these stores in Europe and all these stores in North America, I just get so encouraged.

這就是實力——所以當我走遍所有這些市場，看到歐洲的所有這些商店和北美的所有這些商店時，我感到非常鼓舞。

Because having 2 of the most iconic brands in our sector and seeing the consumer we have, it's all in our hands when it comes to executing, making sure that we execute those brands to the highest possible relevance through the product strength, through the consumer engagement, collaborations and through the disciplined channel execution.

因為擁有我們行業中兩個最具標誌性的品牌並看到我們擁有的消費者，所以在執行時一切都掌握在我們手中，確保我們通過產品實力，通過消費者參與，以盡可能高的相關性執行這些品牌、合作以及通過有紀律的渠道執行。

Well, thank you very much, Tracy.

好吧，非常感謝你，特蕾西。

And thank you, everyone, for joining us for this call this morning.

感謝大家今天早上加入我們的電話會議。

And I want to wish you all -- and we want to wish you all a happy, healthy and safe holidays.

我想祝大家 - 我們希望大家度過一個快樂、健康和安全的假期。

Looking forward to catching up again in 2022.

期待在 2022 年再次迎頭趕上。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。