PVH Corp (PVH) 2022 Q1 法說會逐字稿

Good day, and welcome to the PVH First Quarter 2022 Earnings Call. Today's conference is being recorded. At this time, I would like to hand the call over to Sheryl Freeman. Please go ahead, ma'am.

美好的一天，歡迎來到 PVH 2022 年第一季度收益電話會議。今天的會議正在錄製中。在這個時候，我想把電話轉給謝麗爾·弗里曼。請繼續，女士。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. First Quarter 2022 Earnings Conference Call. Leading the call today will be Stefan Larsson, PVH's Chief Executive Officer; and Zac Coughlin, Chief Financial Officer. This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material. It may not be recorded, rebroadcast or otherwise transmitted without PVH's written permission. 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.

謝謝你，運營商。大家早上好，歡迎來到 PVH Corp. 2022 年第一季度收益電話會議。 PVH 首席執行官 Stefan Larsson 將主持今天的電話會議；和首席財務官 Zac Coughlin。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。未經 PVH 書面許可，不得錄製、轉播或以其他方式傳播。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 June 1, 2022, of future events and financial performance. 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. 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.

將要討論的信息包括反映 PVH 截至 2022 年 6 月 1 日對未來事件和財務業績的看法的前瞻性陳述。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。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, global inflationary pressures and the war in Ukraine continue to have impact on the company's business, cash flow and results of operations. There is significant uncertainty about the duration and extent of the impact of these events. The dynamic nature of the circumstances means what is said on this call could change materially at any time. 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.

值得注意的是，此時 COVID-19 大流行、全球通脹壓力和烏克蘭戰爭繼續對公司的業務、現金流和經營業績產生影響。這些事件影響的持續時間和程度存在很大的不確定性。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。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. Generally, the financial information and projections to be discussed will be on a non-GAAP basis as defined under SEC rules. Reconciliations to GAAP amounts are included in PVH's first quarter 2022 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 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。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。 PVH 2022 年第一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 am 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, Sheryl. Good morning, everyone, and thank you for joining our call today. We are pleased with our first quarter performance, where we beat our guidance for both the top and bottom line, and our business experienced continued strength and delivered strong underlying double-digit top line growth. Through the disciplined execution of the PVH+ Plan, we are confident in the sustained momentum of our overall underlying business trends and we are reaffirming our annual guidance for constant currency revenue growth, EPS and a 10% EBIT margin, which includes maintaining our strong gross margins and speaks to the strength of our overall business.

謝謝你，謝麗爾。大家早上好，感謝您今天加入我們的電話會議。我們對第一季度的業績感到滿意，我們的收入和利潤都超過了我們的指導，我們的業務持續強勁，並實現了強勁的潛在兩位數收入增長。通過嚴格執行 PVH+ 計劃，我們對整體基本業務趨勢的持續勢頭充滿信心，我們重申我們對貨幣收入、每股收益和 10% 的息稅前利潤率保持穩定的年度指導，其中包括保持我們強勁的毛利率並說明了我們整體業務的實力。

For the full year of 2022, we will drive underlying double-digit top and bottom line growth. While we are mindful of the volatile overall backdrop, including continued temporary lockdowns in certain markets and new supply chain disruptions in China, the war in Ukraine and inflationary headwinds, we are prudently managing our business in a way that positions us to drive sustainable, profitable growth and create long-term value.

在 2022 年全年，我們將推動潛在的兩位數收入和利潤增長。雖然我們留意到動蕩的總體背景，包括某些市場的持續臨時封鎖和中國新的供應鏈中斷、烏克蘭戰爭和通脹逆風，但我們正在審慎地管理我們的業務，使我們能夠推動可持續、盈利增長並創造長期價值。

Having introduced our strategic growth plan, the PVH+ plan at our recent Investor Day, this quarter's performance is just the beginning of our multiyear journey to unlock the full potential of our company and our 2 globally iconic brands, Calvin Klein and Tommy Hilfiger.

在我們最近的投資者日推出了我們的戰略增長計劃 PVH+ 計劃之後，本季度的業績只是我們釋放公司和我們兩個全球標誌性品牌 Calvin Klein 和 Tommy Hilfiger 的全部潛力的多年旅程的開始。

As a reminder, the PVH+ Plan is, first and foremost, a growth plan. It's a brand, digital and direct-to-consumer led plan underpinned by 5 growth drivers. One, we will win with product as we create the best hero products in the most important product categories. Two, we connect those hero products to the consumer and the biggest consumer moments, with our iconic brands as platforms for creative partnerships to win with consumer engagement. Three, we will win in the digitally led marketplace through our direct-to-consumer digital-first approach, which creates the pinnacle experience of our brands while supercharging our e-commerce business across regions.

提醒一下，PVH+ 計劃首先是一項增長計劃。這是一個以品牌、數字和直接面向消費者為主導的計劃，由 5 個增長動力支撐。第一，我們將以產品取勝，因為我們在最重要的產品類別中創造最好的英雄產品。第二，我們將這些英雄產品與消費者和最重要的消費者時刻聯繫起來，將我們的標誌性品牌作為創意合作夥伴的平台，以贏得消費者參與。第三，我們將通過我們直接面向消費者的數字優先方法在數字主導的市場中取勝，這種方法創造了我們品牌的巔峰體驗，同時增強了我們跨地區的電子商務業務。

Four, we are developing a demand and data-driven operating model that connects the planning, buying and selling of inventory closer to demand to increase speed and flexibility. And five, we are focused on driving efficiencies and further investing in initiatives to fuel our growth, and at the same time, improving our overall cost competitiveness.

第四，我們正在開發一種需求和數據驅動的運營模式，將庫存的規劃、買賣與需求聯繫起來，以提高速度和靈活性。第五，我們專注於提高效率並進一步投資於推動我們增長的計劃，同時提高我們的整體成本競爭力。

For both of our brands, these 5 growth drivers come to life in all regions, where we will fuel the market-leading strength we have in Europe, accelerate our growth in Asia and unlock significant opportunity in North America. Through the PVH+ Plan, we have the focus and the tools to position PVH and our brands to win with the consumer and drive profitable long-term growth in both challenging and favorable macro types. Zac will provide more detail on our financial commitments and our financial performance for the quarter.

對於我們的兩個品牌，這 5 個增長動力在所有地區都得到了體現，我們將在這些地區增強我們在歐洲的市場領先實力，加速我們在亞洲的增長，並在北美釋放重要機遇。通過 PVH+ 計劃，我們有重點和工具來定位 PVH 和我們的品牌，以贏得消費者的青睞，並在具有挑戰性和有利的宏觀類型中推動有利可圖的長期增長。 Zac 將提供有關本季度財務承諾和財務業績的更多詳細信息。

Let me now turn to our regional update and share how the PVH+ Plan comes to life across each region. Starting with Europe. The region delivered double-digit revenue growth on a constant currency basis, supported by solid gross margin expansion from strong full price selling and a higher share of direct-to-consumer as we further build on and fuel the market-leading strength the region has delivered over the last few years. Europe continues to execute in a systematic, repeatable way generating consistent, profitable growth on an underlying basis. High brand awareness and a premium positioning through its strong consumer base and leadership in digital.

現在讓我談談我們的區域更新，並分享 PVH+ 計劃如何在每個區域生效。從歐洲開始。該地區在固定匯率基礎上實現了兩位數的收入增長，這得益於強勁的全價銷售帶來的穩健毛利率增長和更高的直接面向消費者的份額，因為我們進一步鞏固和推動了該地區的市場領先實力在過去幾年交付。歐洲繼續以系統的、可重複的方式執行，在基礎上產生持續的、盈利的增長。通過其強大的消費者基礎和數字領域的領導地位，實現了高品牌知名度和優質定位。

Despite the macro challenges with the war in Ukraine, the underlying business performance in Europe remains very strong, with performance closely aligned to the PVH+ Plan growth drivers, driven by strong product execution across both Tommy and Calvin, combined with a market presence that allows us to very closely follow where and how the consumer wants to shop, both in stores and online.

儘管烏克蘭戰爭帶來了宏觀挑戰，但歐洲的基本業務表現仍然非常強勁，表現與 PVH+ 計劃的增長動力密切相關，這得益於 Tommy 和 Calvin 強大的產品執行力，加上市場佔有率使我們能夠密切關註消費者希望在商店和網上購物的地點和方式。

You might recall that in the first quarter last year, the region faced significant temporary store closures due to COVID. This led to unprecedented growth in demand in our digital channels. We have since seen stores open up and the consumer going back very strong to brick-and-mortar for both Calvin and Tommy and online shopping behavior returning to a more normalized rate, although importantly, still significantly above pre-pandemic levels. This is an example of what we do better than most others to have the seamless flexibility to follow the consumer when they shift from one channel to another.

您可能還記得，去年第一季度，該地區因 COVID 面臨大量臨時商店關閉。這導致我們數字渠道的需求空前增長。從那以後，我們看到商店開張了，對於 Calvin 和 Tommy 來說，消費者非常強烈地回到實體店，網上購物行為也恢復到更正常的速度，儘管重要的是，仍然大大高於大流行前的水平。這是我們比大多數其他公司做得更好的一個例子，即當消費者從一個渠道轉移到另一個渠道時，我們可以無縫地靈活地跟踪他們。

Overall, sellout at full price remains very strong and shows the strong consumer demand for both Tommy and Calvin. We have seen strength in elevated product categories such as denim, shirts, woven tops as consumers shop for more refined styles while also further expanding lifestyle categories, such as footwear. We continue to experience strength in our future order books for both brands with fall holiday 2022 now finalized and up double digits versus the prior year.

總體而言，全價銷售仍然非常強勁，表明消費者對 Tommy 和 Calvin 的需求強勁。隨著消費者購買更精緻的款式，同時進一步擴大鞋類等生活方式類別，我們已經看到牛仔布、襯衫、梭織上衣等高端產品類別的實力。隨著 2022 年秋季假期現已敲定，我們這兩個品牌的未來訂單繼續保持強勁勢頭，與上一年相比增長了兩位數。

Moving on to Asia. During the quarter, the region was heavily impacted by significant COVID lockdowns in China, which caused stores as well as warehouse closures, negatively affecting our retail, wholesale and e-commerce business there. However, in markets such as Korea and Australia, we have seen a very strong sales recovery.

繼續前往亞洲。在本季度，該地區受到中國重大 COVID 封鎖的嚴重影響，導致商店和倉庫關閉，對我們在當地的零售、批發和電子商務業務產生負面影響。然而，在韓國和澳大利亞等市場，我們看到了非常強勁的銷售復甦。

As we continue to navigate COVID resurgences, we remain excited about the significant long-term potential to accelerate growth in the region. Our brands have a clear premium brand and product positioning with the opportunity to grow further in all markets. We continue to lean in to further increase overall brand awareness, especially in China, where both Calvin and Tommy are underpenetrated.

隨著我們繼續應對 COVID 復甦，我們仍然對該地區加速增長的巨大長期潛力感到興奮。我們的品牌擁有明確的高端品牌和產品定位，並有機會在所有市場進一步發展。我們繼續努力以進一步提高整體品牌知名度，尤其是在中國，Calvin 和 Tommy 都未被充分滲透。

Under the surface, we made important progress across each of the PVH+ Plan growth drivers. We drove strong performance of hero products aligned with marketing support and locally relevant talent across all channels. We continue to drive engagement through impactful brand campaigns focused on key consumer moments. We are now gearing up for 6/18 and Chinese Valentine's Day with each of these events supported by unique product capsules. We are creating a consistent and seamless consumer experience no matter where the consumer shops in the marketplace.

從表面上看，我們在 PVH+ 計劃的每個增長驅動力方面都取得了重要進展。我們通過所有渠道的營銷支持和本地相關人才推動了英雄產品的強勁表現。我們繼續通過專注於關鍵消費者時刻的有影響力的品牌活動來推動參與。我們現在正在為 6/18 和中國情人節做準備，這些活動中的每一個都由獨特的產品膠囊支持。無論消費者在市場的哪個位置購物，我們都在創造一致且無縫的消費者體驗。

We're innovating by accelerating new platforms for digital commerce, including social, digital gamification and personalization. We see success in consumer engagement and sales traction across various live streaming formats such as on Douyin, where our events are generating significant increases in GMV and new followers. Tommy's A+ live streaming ranked #1. And for Calvin's new fashion event, Calvin Klein Jeans ranked top 3 among international menswear brands, and Calvin Klein underwear ranked top 5.

我們正在通過加速數字商務的新平台進行創新，包括社交、數字遊戲化和個性化。我們看到各種直播格式在消費者參與和銷售牽引力方面取得了成功，例如在抖音上，我們的活動在抖音上產生了顯著的 GMV 和新粉絲增長。 Tommy 的 A+ 直播排名第一。而對於Calvin的新時尚事件，Calvin Klein Jeans在國際男裝品牌中排名前三，Calvin Klein內衣排名前五。

Turning to North America. As we shared at our Investor Day, both Calvin and Tommy remain highly relevant with today's consumer in the region. However, we recognize that we're on a multiyear journey to unlock the significant opportunities we have in the market. We continue to intensify our focus on the domestic consumer, while international tourist traffic still remains significantly below pre-pandemic levels.

轉向北美。正如我們在投資者日分享的那樣，Calvin 和 Tommy 仍然與該地區當今的消費者高度相關。然而，我們認識到，我們正在進行多年的旅程，以釋放我們在市場上擁有的重要機會。我們繼續加強對國內消費者的關注，而國際遊客流量仍遠低於大流行前的水平。

As we previously guided, we continue to work through significant COVID-related inventory delays during the first quarter and we expect our inventory positions to gradually improve in the back half of this year. Despite these challenges, we see important progress in the region, including, we are driving significantly lower promotions and are able to sell through our products at higher AURs. We are driving increased product strength through our hero product focus and the consumer is responding positively to newness for both Calvin and Tommy.

正如我們之前的指導，我們在第一季度繼續努力解決與 COVID 相關的重大庫存延遲問題，我們預計我們的庫存狀況將在今年下半年逐步改善。儘管存在這些挑戰，我們還是看到該地區取得了重要進展，包括我們正在大幅降低促銷力度，並能夠以更高的 AUR 銷售我們的產品。我們通過我們的英雄產品重點來推動產品實力的增強，消費者對 Calvin 和 Tommy 的新產品反應積極。

For Calvin, we continue to see strength in underwear, in addition to the launch of new hero products such as the Smooth Cotton Polo and Tee, which have been highly successful. We also see great strength in refined categories like dress shirts which are up significantly versus last year. For Tommy, we are increasingly leveraging our global bestsellers and essential styles with strong brand DNA and driving strong increases in AUR.

對於 Calvin，我們繼續看到內衣的實力，此外還推出了非常成功的新主打產品，例如 Smooth Cotton Polo 衫和 T 卹。我們還看到精緻品類的強勁勢頭，例如與去年相比顯著增長的正裝襯衫。對於 Tommy，我們越來越多地利用我們的全球暢銷書和具有強大品牌 DNA 的基本款式，並推動 AUR 的強勁增長。

We are highly focused on meeting our consumer where they want to shop our brands. For us, this starts with digital, where our target consumer is increasing their shopping the most and direct-to-consumer where we are in control of the whole brand experience. As we increasingly grow these channels, which we previously had underinvested in, this will, over time, rebalance our distribution footprint in a healthy and disciplined way to drive higher-quality sales and long-term sustainable growth.

我們非常專注於在消費者想要購買我們品牌的地方與他們會面。對我們來說，這從數字開始，我們的目標消費者正在增加他們的購物最多和直接面向消費者，我們控制整個品牌體驗。隨著我們越來越多地發展這些我們以前投資不足的渠道，隨著時間的推移，這將以健康和有紀律的方式重新平衡我們的分銷足跡，以推動更高質量的銷售和長期可持續增長。

Looking ahead, both in D2C and together with our key wholesale partners, we will better leverage the strength of our brands by building increased product strength, driving consumer engagement and taking a segmented approach to each channel to position the region for more sustainable, profitable growth over time. An important specific driver for this already in place for the back half of this year will be our improved inventory position, which will enable stronger in-stock levels with our key hero products.

展望未來，無論是在 D2C 領域，還是與我們的主要批發合作夥伴一起，我們將通過增強產品實力、推動消費者參與以及對每個渠道採取細分方法來更好地利用我們品牌的優勢，使該地區實現更可持續、更有利可圖的增長隨著時間的推移。今年下半年已經存在的一個重要具體驅動因素將是我們改善的庫存狀況，這將使我們的主要英雄產品的庫存水平更高。

Next, I'll share a few key global brand highlights and how we are bringing each brand to life for the consumer beginning with Calvin Klein. Global brand awareness remains high with a continued increase in consideration to purchase. The brand's product strategy is rooted in creating the best hero products for our target consumers through high-quality modern essentials designed with purpose. Through this approach, we are creating newness while maintaining the iconic strength of our product and brand.

接下來，我將分享幾個重要的全球品牌亮點，以及我們如何從 Calvin Klein 開始為消費者帶來每個品牌的生命力。隨著購買考慮的持續增加，全球品牌知名度仍然很高。該品牌的產品戰略植根於通過有目的地設計的高品質現代必需品為我們的目標消費者創造最好的英雄產品。通過這種方法，我們在保持產品和品牌標誌性優勢的同時創造新意。

We continue to focus on social platforms relevant to the younger Gen Z consumer. Last month, we introduced a global hashtag challenge on TikTok across 10 countries, generating significant viewership of the #onlyinmycalvins while we continue to drive engagement through Instagram, which hit 22 million followers in May. In April, we launched CK1 Palace, a collaboration with London-based streetwear brand Palace, with record sellouts and high consumer engagement across the globe. Following a strategic marketing campaign, including short films, social media post with key talent, at launch, there were lines around the block at Palace stores in London, Tokyo, L.A. and New York, emphasizing our global reach.

我們繼續關注與年輕 Z 世代消費者相關的社交平台。上個月，我們在 10 個國家/地區的 TikTok 上推出了全球話題標籤挑戰賽，#onlyinmycalvins 獲得了大量收視率，同時我們繼續通過 Instagram 推動參與，5 月份粉絲人數達到 2200 萬。 4 月，我們推出了 CK1 Palace，這是與倫敦街頭服飾品牌 Palace 的合作，在全球範圍內銷量創下歷史新高，消費者參與度也很高。在推出戰略營銷活動後，包括短片、關鍵人才在社交媒體上的帖子，在倫敦、東京、洛杉磯和紐約的 Palace 商店周圍排起了長隊，強調了我們的全球影響力。

Our approach generated high global influencer earned media value, and we've sold through almost everything in the first week of the campaign, with 85% of the purchases by either new tower site or reactivated consumers. And these particular consumers drove greater value, spending over 60% more on average than our current consumer.

我們的方法產生了很高的全球影響力贏得媒體價值，我們在活動的第一周幾乎售罄所有商品，其中 85% 的購買量來自新塔網站或重新激活的消費者。這些特定的消費者帶來了更大的價值，平均花費比我們當前的消費者多 60% 以上。

The underlying drivers of this campaign are important proof points for the PVH + approach to driving consumer engagement. We connected our iconic brand to culture. We created energy in key product categories and a halo around our most important hero products, and we attracted a young, digitally native consumer, supercharged e-commerce and cut through the noise in medium.

此活動的潛在驅動因素是 PVH + 方法推動消費者參與的重要證據。我們將標誌性品牌與文化聯繫起來。我們在關鍵產品類別中創造了能量，並圍繞我們最重要的英雄產品創造了光環，我們吸引了年輕的數字原生消費者，增強了電子商務並消除了媒體的噪音。

Lastly, I'm excited that Jonathan Bottomley will be joining the brand as Global Chief Marketing Officer. Jonathan is a transformational marketing leader with a proven track record, who has deep expertise across all aspects of marketing. He brings over 20 years of global experience from both best-in-class agencies and in-house having been the global CMO for Ralph Lauren. Jonathan's leadership will help us win with the consumer and increase our brand relevance even further by leaning into the many strengths of the Calvin Klein brand.

最後，我很高興 Jonathan Bottomley 將作為全球首席營銷官加入該品牌。喬納森 (Jonathan) 是一位具有良好業績的變革型營銷領導者，他在營銷的各個方面都擁有深厚的專業知識。他擁有超過 20 年的全球經驗，來自一流的代理機構和內部，曾擔任 Ralph Lauren 的全球首席營銷官。 Jonathan 的領導將幫助我們贏得消費者的青睞，並通過利用 Calvin Klein 品牌的眾多優勢進一步提高我們的品牌相關性。

Moving on to Tommy Hilfiger. Similar to Calvin, brand awareness remains strong, and we have seen recent increases in relevance. Tommy's product strategy is rooted in its classic American style essentials, always with a twist to make them current, generating a global and timeless appeal. From a consumer engagement perspective, our brand campaigns are focused on driving global relevance while also considering the regional differences today of consumers to always be relevant for local audiences.

轉到 Tommy Hilfiger。與 Calvin 類似，品牌知名度仍然很高，而且我們看到最近相關性有所提高。 Tommy's 的產品策略植根於其經典的美式風格必需品，並始終以一種扭曲的方式使其與時俱進，從而產生一種全球性和永恆的吸引力。從消費者參與的角度來看，我們的品牌活動專注於推動全球相關性，同時也考慮到當今消費者的區域差異，以便始終與當地受眾相關。

For example, in Europe, our Tommy Hilfiger Major Move and Tommy Jeans Play to Progress spring brand campaigns successfully drove consumer demand in key markets. In addition, to celebrate the Tommy Jeans pop drop, capsule and the Tommy Jeans TikTok account launch, we activated a number of global influencer partnerships with very strong results.

例如，在歐洲，我們的 Tommy Hilfiger Major Move 和 Tommy Jeans Play to Progress 春季品牌活動成功推動了主要市場的消費者需求。此外，為慶祝 Tommy Jeans pop drop、capsule 和 Tommy Jeans TikTok 帳戶的發布，我們啟動了一些全球有影響力的合作夥伴關係，並取得了非常好的成果。

Lastly, I'm excited to share our new Play it Forward long-term partnership with Canadian singer-songwriter, Shawn Mendes, which builds on our iconic style and shared vision for a better future. The collaboration launched last month with Shawn fronting the classic reborn campaign features a collection fully made from more sustainable materials from our iconic 1985 program.

最後，我很高興分享我們與加拿大歌手兼詞曲作者肖恩·門德斯 (Shawn Mendes) 新的 Play it Forward 長期合作夥伴關係，該合作建立在我們標誌性的風格和對更美好未來的共同願景之上。上個月由 Shawn 發起的合作推出了經典的重生活動，其特色是一個完全由我們標誌性的 1985 計劃中更可持續的材料製成的系列。

For Tommy, this collaboration also connects to the underlying drivers of the PVH+ Plan. This campaign stays true to our successful history of brand collaborations with people who shape culture. It amplifies our iconic hero products. It highlights our sustainability efforts and drives heat and relevance for the brand. Early consumer reads are very strong, with the highest positive sentiment score ever for a brand campaign, strong social engagement and a direct positive impact on traffic to e-commerce and stores.

對於 Tommy 而言，這種合作還與 PVH+ 計劃的潛在驅動因素相關聯。該活動忠實於我們與塑造文化的人進行品牌合作的成功歷史。它放大了我們標誌性的英雄產品。它突出了我們在可持續發展方面所做的努力，並推動了品牌的熱度和相關性。早期的消費者閱讀非常強烈，品牌活動的積極情緒得分最高，社交參與度高，對電子商務和商店的流量產生直接的積極影響。

In closing, for both Calvin Klein and Tommy Hilfiger, despite the volatile macro backdrop, we see our brands, business and consumer remaining strong. As I shared at our recent Investor Day, having 2, not 1, but 2 of the most globally iconic brands in our sector is an incredible strength to build on and I couldn't be more excited about the growth opportunities ahead. Through the PVH+ Plan, we are connecting our brands closer to where the customer is going in a very strategic and disciplined way across all our 3 regions.

最後，對於 Calvin Klein 和 Tommy Hilfiger，儘管宏觀背景動盪，但我們看到我們的品牌、業務和消費者依然強勁。正如我在最近的投資者日分享的那樣，擁有 2 個，而不是 1 個，而是 2 個我們行業中最俱全球標誌性的品牌是一種令人難以置信的力量，我對未來的增長機會感到無比興奮。通過 PVH+ 計劃，我們在所有 3 個地區以極具戰略性和紀律性的方式將我們的品牌更接近客戶的目的地。

Having the strength of these brands and a clear plan in volatile times is a big advantage. And what you will see from myself, Zac and the full management team going forward is how we are leaning into the execution of the plan and continuously learn and improve to keep delivering on our commitments.

擁有這些品牌的實力和在動盪時期的清晰計劃是一個很大的優勢。您將從我本人、Zac 和整個管理團隊中看到的是我們如何傾向於執行計劃並不斷學習和改進以繼續履行我們的承諾。

And with that, let me now turn the call over to Zac to discuss the financials in more detail.

有了這個，讓我現在把電話轉給 Zac 來更詳細地討論財務問題。

Thanks, Stefan. At our Investor Day in April, we committed to how we will communicate and engage with our investors: simple, transparent and long-term focus. Our new multiyear strategic growth plan, the PVH+ Plan leverages the strength of our 2 global brands, Calvin Klein and Tommy Hilfiger, and reflects the compelling opportunities we see across our channels and geographies. While investing to fully capitalize on the global digital and DTC focused potential of our plan, we will also drive efficiencies that together will accelerate earnings growth and deliver strong and sustainable shareholder returns.

謝謝，斯特凡。在 4 月的投資者日，我們承諾將如何與投資者溝通和互動：簡單、透明和長期關注。我們新的多年戰略增長計劃 PVH+ 計劃利用了我們兩個全球品牌 Calvin Klein 和 Tommy Hilfiger 的實力，並反映了我們在渠道和地區看到的引人注目的機會。在投資以充分利用我們計劃的全球數字和 DTC 重點潛力的同時，我們還將提高效率，共同加速收益增長並提供強勁和可持續的股東回報。

As a reminder, our 2025 financial objectives include high single-digit global compounded annual revenue growth and a total revenue target of $12.5 billion, with operating margin expanding to 15% and free cash flow above $1 billion. The PVH+ Plan is about accelerating growth over the near and long term, and as we are coming off an exceptionally strong 2021 with record financial results, we are very pleased that we have been able to build off of that strong base into the first quarter of 2022 and deliver both revenue and earnings per share above our guidance despite the challenging macroeconomic environment.

提醒一下，我們 2025 年的財務目標包括高個位數的全球複合年收入增長和 125 億美元的總收入目標，營業利潤率擴大到 15%，自由現金流超過 10 億美元。 PVH+ 計劃旨在加速近期和長期增長，隨著我們以創紀錄的財務業績迎來異常強勁的 2021 年，我們很高興能夠在這一強勁基礎的基礎上進入第一季度2022 年，儘管宏觀經濟環境充滿挑戰，但收入和每股收益均高於我們的指導。

I will now discuss our first quarter results in more detail, and then we will move on to our outlook for 2022. The comments I'm about to make are based on non-GAAP results and are reconciled in our press release. Overall, revenues for the first quarter were up 2% compared to the prior year as reported and up 7% on a constant currency basis, reflecting strong underlying double-digit growth and continued momentum in Europe. Revenues for the quarter reflected a 5% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands retail business and a 1% reduction from our decision to suspend operations in Russia and Belarus, along with the reduction in wholesale shipments to Ukraine as a result of the war.

我現在將更詳細地討論我們第一季度的業績，然後我們將繼續討論我們對 2022 年的展望。我將要發表的評論基於非 GAAP 業績，並在我們的新聞稿中進行了調整。總體而言，第一季度的收入與上年同期相比增長 2%，按固定匯率計算增長 7%，反映出強勁的潛在兩位數增長和歐洲的持續增長勢頭。本季度的收入因 Heritage Brands 交易和退出 Heritage Brands 零售業務而減少 5%，因我們決定暫停在俄羅斯和白俄羅斯的業務而減少 1%，同時減少對烏克蘭的批發出貨量戰爭的結果。

Driving that growth was our direct-to-consumer business, where we saw continued positive consumer sentiment and momentum in spite of the worsening macro environment, up 4% compared to the prior year and up 9% on a constant currency basis, inclusive of a 6% reduction from the exit of the Heritage Brands retail business.

推動這一增長的是我們的直接面向消費者的業務，儘管宏觀環境不斷惡化，我們仍看到了持續積極的消費者情緒和勢頭，與去年相比增長了 4%，按固定匯率計算增長了 9%，其中包括退出 Heritage Brands 零售業務減少 6%。

From a regional perspective, we saw strong momentum in nearly all international markets other than those markets in Greater China, which were affected by COVID shutdowns, with first quarter revenue for our international businesses up 8% versus last year on a constant currency basis, and significantly exceeding 2019 pre-pandemic levels. In North America, direct-to-consumer led strong growth of 21% overall for Tommy Hilfiger and Calvin Klein in the region for the first quarter although our North America business is still below 2019 pre-pandemic levels as we face significant ongoing supply chain disruptions.

從區域角度來看，除大中華區受 COVID 關閉影響的市場外，我們在幾乎所有國際市場都看到了強勁勢頭，按固定匯率計算，我們國際業務第一季度的收入比去年增長了 8%，並且大大超過了 2019 年大流行前的水平。在北美，直接面向消費者的業務在第一季度引領 Tommy Hilfiger 和 Calvin Klein 在該地區實現了 21% 的整體強勁增長，儘管我們的北美業務仍低於 2019 年大流行前的水平，因為我們面臨嚴重的持續供應鏈中斷.

We also demonstrated strong underlying growth across our brands, with Tommy Hilfiger revenues up 2% as reported and up 7% on a constant currency basis and Calvin Klein revenues up 13% as reported and up 17% on a constant currency basis. In the first quarter, we delivered gross margin stronger than pre-pandemic levels at 58.4%. This compares to 59.1% in the prior year. We maintained our full price selling and reduced promotions. We also implemented price increases in certain regions and in certain product categories to mitigate inflationary pressures, including higher cost of commodities and raw materials and increased cost of ocean freight.

我們還展示了我們所有品牌的強勁潛在增長，Tommy Hilfiger 收入按報告增長 2%，按固定匯率計算增長 7%，Calvin Klein 收入按報告增長 13%，按固定匯率計算增長 17%。第一季度，我們的毛利率為 58.4%，高於大流行前的水平。相比之下，去年為 59.1%。我們維持全價銷售並減少促銷。我們還在某些地區和某些產品類別實施價格上漲，以緩解通脹壓力，包括商品和原材料成本上漲以及海運成本上漲。

However, these improvements were more than offset by an increase in air freight to mitigate supply chain costs and logistics delays primarily in North America. All in, the impact of inflationary pressures and increased air freight was worth over 150 basis points of margin deterioration versus last year.

然而，這些改進被主要在北美減少供應鏈成本和物流延誤的空運增加所抵消。總而言之，通脹壓力和空運增加的影響使利潤率比去年下降了 150 個基點以上。

SG&A expense as a percentage of revenue for the first quarter of 48.4% was better than originally planned as we prudently manage our expenses in light of worsening macro pressures during the quarter. SG&A as a percent of revenue was higher than last year by approximately 120 basis points as we invested meaningfully during the quarter in areas like marketing and digital to fuel growth. Also, as a reminder, in the first quarter of 2021, we were still benefiting from significant store closures, and we are receiving COVID relief.

第一季度 SG&A 費用佔收入的百分比為 48.4%，好於原計劃，因為我們在本季度惡化的宏觀壓力下審慎地管理我們的費用。 SG&A 佔收入的百分比比去年高出約 120 個基點，因為我們在本季度對營銷和數字等領域進行了有意義的投資以推動增長。另外，提醒一下，在 2021 年第一季度，我們仍然受益於大量商店關閉，並且我們正在接受 COVID 救濟。

As communicated in our Investor Day, we expect to deliver significant cost efficiencies and we'll invest in our infrastructure for the long-term growth, but we will pull back on costs were prudent based on changing external conditions. So taken together, our EBIT of $210 million was better than our plans due to the revenue outperformance, gross margin in line with our plans and proactively managing SG&A in light of increasing macro pressures and an operating margin of 9.9% for the quarter compared to our guidance of approximately 10% for the full year.

正如我們在投資者日所傳達的那樣，我們希望實現顯著的成本效率，我們將投資於我們的基礎設施以實現長期增長，但我們將根據不斷變化的外部條件謹慎地縮減成本。因此，綜合來看，我們 2.1 億美元的息稅前利潤好於我們的計劃，因為收入表現出色，毛利率符合我們的計劃，並且在宏觀壓力不斷增加的情況下積極管理 SG&A，與我們相比，本季度的營業利潤率為 9.9%全年的指導約為 10%。

EBIT was down 15% versus last year which reflected a negative impact of 10% due to foreign currency translation and the suspension of operations in Russia, Belarus and Ukraine with the remaining 5% represented by the increased air freight and expenses I mentioned previously.

息稅前利潤與去年相比下降了 15%，這反映了 10% 的負面影響，這是由於外幣換算以及俄羅斯、白俄羅斯和烏克蘭的業務暫停造成的，其餘 5% 是我之前提到的空運和費用增加造成的。

Earnings per share was $1.94 for the first quarter compared to $1.92 in the prior year period and exceeded the top end of guidance by $0.34. Earnings per share for the current quarter included the $0.28 negative impact compared to the prior year related to foreign currency translation and the suspension of operations in Russia, Belarus and Ukraine.

第一季度每股收益為 1.94 美元，去年同期為 1.92 美元，超出指導上限 0.34 美元。本季度的每股收益包括與上一年相比與外幣換算和俄羅斯、白俄羅斯和烏克蘭業務暫停相關的 0.28 美元負面影響。

Inventory was down 4% at the end of the quarter compared to the prior year, but would be up approximately 6% if adjusted for changes in foreign currency exchange rates, the Heritage Brand 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 4%，但如果根據外匯匯率的變化、Heritage Brand 的銷售和 Heritage Brands 零售業務的退出進行調整，庫存將增加約 6%。

In response to global supply chain disruptions, we've adjusted our buying cycle to account for increased lead times and ensure we will have the right product at the right time. As a result, our in-transit inventory levels are up 10% versus last year. Inventory levels in North America remain lean as the supply chain disruptions continue to impact the region most severely. Additionally, we returned over $100 million to shareholders during the first quarter through the repurchase of 1.2 million shares of common stock and our dividend payment.

為了應對全球供應鏈中斷，我們調整了採購週期以應對交貨時間的增加，並確保我們在正確的時間擁有正確的產品。因此，我們的在途庫存水平比去年增加了 10%。由於供應鏈中斷繼續對該地區造成最嚴重的影響，北美的庫存水平仍然很低。此外，我們在第一季度通過回購 120 萬股普通股和支付股息向股東返還了超過 1 億美元。

Moving on to our outlook. To start with, we are reaffirming our projected revenue increase on a constant currency basis of 6% to 7%, our EBIT margin outlook of 10% and our EPS projection of $9. While we continue to navigate this unprecedented macroeconomic volatility, we remain confident in the power of our 2 global brands, Calvin Klein and Tommy Hilfiger, and in the fundamental strength of our business. And we believe that the disciplined execution of our strategic priorities will drive underlying double-digit top and bottom line growth for 2022, while maintaining our strong gross margins.

繼續我們的展望。首先，我們重申在固定貨幣基礎上預計收入增長 6% 至 7%，我們的息稅前利潤率前景為 10%，我們的每股收益預測為 9 美元。在我們繼續應對這種前所未有的宏觀經濟波動的同時，我們仍然對我們兩個全球品牌 Calvin Klein 和 Tommy Hilfiger 的力量以及我們業務的基本實力充滿信心。我們相信，嚴格執行我們的戰略重點將推動 2022 年基本的兩位數收入和利潤增長，同時保持我們強勁的毛利率。

For the full year, we are projecting underlying double-digit revenue growth in our businesses, driven by continued strength in our direct-to-consumer business. Our overall revenue is projected to be up 1% to 2% as reported and up 6% to 7% on a constant currency basis compared to 2021. Our overall revenue projection reflects a 2% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands retail business and a 2% reduction as a result of the war in Ukraine.

在全年，我們預計在我們直接面向消費者的業務持續強勁的推動下，我們的業務將實現兩位數的潛在收入增長。與 2021 年相比，我們的總收入預計將增長 1% 至 2%，按固定匯率計算增長 6% 至 7%。我們的總收入預測反映了 Heritage Brands 交易和退出Heritage Brands 零售業務，並因烏克蘭戰爭而減少 2%。

Our international businesses continue to demonstrate strength and are expected to continue to build on strong growth from 2021, underpinned by systemic execution of our strategic priorities. And while China remains impacted by COVID lockdowns, we are already seeing signs of sales returning to prior levels. And in North America, we expect to continue to progress back towards pre-pandemic revenue levels while still facing a lack of international tourism and ongoing supply chain pressures.

我們的國際業務繼續展現實力，預計從 2021 年開始繼續強勁增長，這得益於我們戰略重點的系統執行。儘管中國仍受到 COVID 封鎖的影響，但我們已經看到銷售恢復到之前水平的跡象。在北美，我們預計收入將繼續回到大流行前的水平，同時仍面臨缺乏國際旅遊業和持續的供應鏈壓力。

We expect supply chain and logistics disruptions to continue to impact our business, primarily in North America through most of the year, with the first half being most severely impacted. This includes wholesale shipments originally planned for the end of second quarter shifting into the beginning of the third quarter.

我們預計供應鍊和物流中斷將繼續影響我們的業務，主要是在一年中的大部分時間在北美，上半年受到的影響最為嚴重。這包括原計劃在第二季度末轉移到第三季度初的批發出貨量。

Total digital penetration as a percent of revenue is expected to continue to be approximately 25% in spite of lapping exceptionally strong growth in the prior year, particularly in the first half as stores were closed last year. We expect our full year gross margin rate to remain at record levels and flat to 2021 despite rising inflation, higher cost of commodities and raw materials and increased premium fee. We will accomplish this by implementing strategic price increases beginning in the first quarter in certain regions and in certain product categories but to a greater extent in the second half by continuing our focus on full price selling in all channels and by leveraging growth in direct-to-consumer.

儘管去年取得了異常強勁的增長，尤其是去年上半年門店關閉，但總數字滲透率預計將繼續保持在 25% 左右。儘管通脹上升、商品和原材料成本上升以及保費增加，我們預計我們的全年毛利率將保持在創紀錄水平並持平至 2021 年。我們將通過從第一季度開始在某些地區和某些產品類別實施戰略性提價來實現這一目標，但在下半年通過繼續關注所有渠道的全價銷售並利用直銷業務的增長在更大程度上實施提價-消費者。

Consistent with prior guidance, SG&A expense as a percentage of revenue for the full year is expected to increase approximately 70 basis points compared to 2021, with an increase in the first half and a slight reduction compared to 2021 in the second half. We will continue to prudently invest in core pillars of the PVH+ Plan while accelerating cost efficiencies across the business.

與之前的指引一致，預計全年 SG&A 費用佔收入的百分比將比 2021 年增加約 70 個基點，上半年有所增加，下半年與 2021 年相比略有下降。我們將繼續審慎地投資於 PVH+ 計劃的核心支柱，同時加快整個企業的成本效率。

We expect our full year operating margin will continue to exceed 2019 pre-pandemic levels and will be approximately 10%. This reflects double-digit growth in our underlying business earnings as we systemically execute against our strategic growth priorities. However, we expect that our overall EBIT in 2022 will decrease low mid-single digits versus 2021, given the unprecedented macroeconomic impacts, reflecting a negative impact of approximately 14% due to foreign currency translation and the war in Ukraine.

我們預計我們的全年營業利潤率將繼續超過 2019 年大流行前的水平，約為 10%。這反映了我們系統地執行我們的戰略增長重點時，我們的基礎業務收益實現了兩位數的增長。然而，鑑於前所未有的宏觀經濟影響，我們預計我們 2022 年的整體息稅前利潤將比 2021 年下降中低個位數，反映出由於外匯換算和烏克蘭戰爭造成的約 14% 的負面影響。

We expect our interest expense to decrease in 2022 to approximately $90 million compared to $104 million in 2021. And our tax rate for the year is estimated at 28.5% to 29.5% compared to 17.1% in 2021 and reflects a slight improvement versus our previous guidance.

我們預計我們的利息支出將在 2022 年減少至約 9000 萬美元，而 2021 年為 1.04 億美元。我們今年的稅率估計為 28.5% 至 29.5%，而 2021 年為 17.1%，與我們之前的指導相比略有改善.

For the full year in 2022, we are holding our projected earnings per share at approximately $9, in line with our previous guidance despite increasing macroeconomic headwinds as we continue to project underlying double-digit growth in revenue and business earnings. We are also announcing that we will be increasing our planned stock repurchases in 2022 to approximately $400 million from approximately $225 million following the recently approved $1 billion increase to the stock repurchase authorization.

對於 2022 年全年，我們將預計每股收益保持在約 9 美元，這與我們之前的指導一致，儘管宏觀經濟逆風不斷增加，因為我們繼續預測收入和業務收益的潛在兩位數增長。我們還宣布，在最近批准增加 10 億美元的股票回購授權後，我們將在 2022 年將計劃的股票回購從約 2.25 億美元增加到約 4 億美元。

For the second quarter, we are projecting our overall revenue to decrease by 3% to 4% as recorded and to increase by approximately 2% to 3% on a constant currency basis compared to the prior year. This reflects continued double-digit revenue growth in our underlying business and includes a 4% reduction from the Heritage Brands transaction and the exit from the Heritage Brands retail business and a 2% reduction from the war in Ukraine.

對於第二季度，我們預計我們的總收入將減少 3% 至 4%，按固定匯率計算，與去年同期相比將增加約 2% 至 3%。這反映了我們基礎業務收入持續兩位數增長，其中包括 Heritage Brands 交易和退出 Heritage Brands 零售業務減少 4%，以及烏克蘭戰爭減少 2%。

Our second quarter revenue projection also reflects an impact of approximately $75 million or 3% in wholesale shipments shifting from the end of the second quarter into the beginning of the third quarter. While we remain vigilant for macroeconomic challenges, we have seen a strong start to the second quarter, especially in our direct-to-consumer channels.

我們的第二季度收入預測還反映了從第二季度末到第三季度初批發出貨量約 7500 萬美元或 3% 的影響。雖然我們對宏觀經濟挑戰保持警惕，但我們已經看到第二季度的強勁開局，尤其是在我們直接面向消費者的渠道中。

Second quarter earnings per share is expected to be approximately $2, which reflects negative impacts of approximately $0.42 due to exchange translation in the war in Ukraine. And as mentioned a moment ago, the expected shipment deferral from the second quarter to third quarter is also impacting second quarter earnings.

第二季度每股收益預計約為 2 美元，這反映了烏克蘭戰爭中匯率換算帶來的約 0.42 美元的負面影響。正如剛才提到的，預計從第二季度到第三季度的出貨量延遲也影響了第二季度的收益。

We expect our interest expense for the quarter to be approximately $20 million and our tax rate to be approximately 30%. Before we open up for questions, I want to reiterate that despite the increasing macro pressures, we remain steadfastly focused on driving our strategic priorities and are committed to delivering steady and consistent financial performance over time. Through the PVH+ Plan, our global brands and businesses are well positioned to drive long-term value creation and deliver sustainable, profitable growth and shareholder returns.

我們預計本季度的利息支出約為 2000 萬美元，稅率約為 30%。在我們公開提問之前，我想重申，儘管宏觀壓力越來越大，但我們仍然堅定地專注於推動我們的戰略重點，並致力於隨著時間的推移提供穩定和一致的財務業績。通過 PVH+ 計劃，我們的全球品牌和業務能夠很好地推動長期價值創造並實現可持續的盈利增長和股東回報。

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) Our first question comes from Bob Drbul, Guggenheim.

（操作員說明）我們的第一個問題來自古根海姆的 Bob Drbul。

Stefan, I was wondering if you could spend a little bit more time, provide more insight into European market, the European business conversations that you're having with your retail partners around the fall. And I think you said your order book remains double digit. Could you spend a little more time, I don't know, country information, just on the strength of international overall would be pretty helpful.

Stefan，我想知道你是否可以多花一點時間，提供更多關於歐洲市場的見解，以及你在秋季前後與零售合作夥伴進行的歐洲商業對話。我想你說過你的訂單仍然是兩位數。你能不能多花點時間，我不知道，國家信息，就國際整體而言會很有幫助。

Yes. Thank you, Bob. As we mentioned in our prepared remarks, we see continued strength in Europe strengthen our business, strength with the consumer. What we have seen over the past quarter is this shift from having been in lockdown Q1 last year to the consumer coming back to brick-and-mortar really strong. And again, it's a testament to our strong execution from our team there that they are able to seamlessly follow the consumer. So very strong continued business trend in Europe and strong execution.

是的。謝謝你，鮑勃。正如我們在準備好的評論中提到的那樣，我們看到歐洲的持續實力加強了我們的業務，增強了與消費者的實力。我們在過去一個季度看到的是這種轉變，從去年第一季度的封鎖到消費者回歸實體店的勢頭非常強勁。再一次，這證明了我們團隊的強大執行力，他們能夠無縫地關註消費者。歐洲非常強勁的持續業務趨勢和強大的執行力。

And to your point, the forward-looking order book is also very strong. When it comes to Asia -- so that's Europe. And a big part of international is Europe and then we have Asia. What I wanted to say on Asia this quarter is that we took a hit from the COVID lockdowns in China. So China was down 25%. And what's important, though, is that Asia outside of China was up double digits. So what we see is that the consumer comes back, both in Europe and both in Asia, as soon as the consumer is out of lockdowns, it's a very strong customer and very strong business that comes back.

就您而言，前瞻性訂單也非常強大。說到亞洲，那就是歐洲。國際的很大一部分是歐洲，然後是亞洲。本季度我想對亞洲說的是，我們受到了中國 COVID 封鎖的打擊。所以中國下降了 25%。但重要的是，中國以外的亞洲地區增長了兩位數。因此，我們看到的是，歐洲和亞洲的消費者都會回來，一旦消費者解除封鎖，就會有非常強大的客戶和非常強大的業務回歸。

Yes. Bob, just to supplement what Stefan had to say, our most important signal, our DTC business, has built on our first quarter performance and in many of our markets has actually strengthened in the first month of our second quarter. So a very good sign there. And as Stefan said, in Europe specifically, the fall order book remains very strong, up double digits to last year. And I think what's important to comment on that is the fall season reflects our planned price increases and our key accounts have continued to support strongly with that order book.

是的。 Bob，只是為了補充 Stefan 不得不說的話，我們最重要的信號，我們的 DTC 業務，建立在我們第一季度的業績之上，並且在我們的許多市場中，實際上在第二季度的第一個月就得到了加強。所以這是一個很好的跡象。正如 Stefan 所說，特別是在歐洲，秋季訂單仍然非常強勁，比去年增長了兩位數。我認為對此發表評論的重要一點是秋季反映了我們計劃的價格上漲，我們的主要客戶繼續大力支持該訂單。

Michael Binetti, Credit Suisse.

邁克爾·比內蒂，瑞士信貸。

Congrats on a nice quarter from us as well. Could you take us through the comment that North America revenues should start to approach pre-pandemic levels in the back half? And I think you said that's without tourism being fully back. Can you walk us through what the brands and channels are that will be above 2019 since it seems like this speaks to some initial progress on the work that Stefan has mentioned again with reengaging the domestic consumer, obviously, a big swing factor.

祝賀我們也有一個不錯的季度。您能否介紹一下北美收入應該在下半年開始接近大流行前水平的評論？我想你說過那是在旅遊業沒有完全恢復的情況下。您能否介紹一下 2019 年以上的品牌和渠道，因為這似乎表明 Stefan 再次提到的重新吸引國內消費者的工作取得了一些初步進展，顯然，這是一個很大的搖擺因素。

Okay. Thank you, Michael. Yes, as we stated on Investor Day, North America will be a multiyear unlock as we're seeing. I think if we talk about the first quarter specifically, if we start at the top line, 21% growth, really good, strong balanced growth across both wholesale and DTC. I think the most important impact for us and really for the most of the first half of the year in North America is really going to be the impacts of supply chain disruption.

好的。謝謝你，邁克爾。是的，正如我們在投資者日所說的那樣，正如我們所看到的，北美將是一個多年的解鎖期。我認為，如果我們具體談論第一季度，如果我們從頂線開始，增長 21%，非常好，批發和 DTC 的強勁平衡增長。我認為對我們以及北美今年上半年的大部分時間來說，最重要的影響確實是供應鏈中斷的影響。

As we've discussed the last couple of quarters, we believe that is both suppressing sales as well as costing us air freight. In the first quarter, that impact is $12 million alone. So I think as we look forward then for North America, we do expect the supply chain challenges to continue through the second quarter, but then beginning in the second half, we've seen the supply chain challenges abating significantly which we believe will be a significant step-up in growth.

正如我們在過去幾個季度討論的那樣，我們認為這既抑制了銷售又增加了我們的空運成本。僅在第一季度，這一影響就達到了 1200 萬美元。所以我認為，當我們展望北美時，我們確實預計供應鏈挑戰將持續到第二季度，但從下半年開始，我們已經看到供應鏈挑戰顯著減弱，我們認為這將是增長顯著提升。

And then beyond that as well, I think we begin to see, especially in Tommy, some of the new product line that we've been working on and bringing from the global line in. And so we get really a compounding effect of better supply and less disruption, better margins accordingly from that and an increasing progression in this multiyear unlock of better product moving forward from there. And so yes, from an international tourism perspective, we're not calling international tourism back by the end of the year. We do expect to see moderate improvement in our non-Asian-based travel, and so there'll be some uplift from there. But I think what we expect is that the growth to continue for the international travel to be able to work beyond '22 as well.

然後除此之外，我認為我們開始看到，尤其是在 Tommy 中，我們一直在研究並從全球生產線引入的一些新產品線。因此我們真正獲得了更好供應的複合效應更少的干擾，相應的更好的利潤率，以及在這個多年解鎖更好產品的過程中不斷取得進展。所以，是的，從國際旅遊業的角度來看，我們不會在年底前召回國際旅遊業。我們確實希望看到我們的非亞洲旅行有所改善，因此會有一些提升。但我認為我們期望的是，國際旅行的增長將持續到 22 年後也能發揮作用。

Jay Sole, UBS.

傑·索爾，瑞銀。

My question is on SG&A., one of the PVH+ Plan key drivers is to drive efficiencies and invest in growth. How can you maybe get us comfortable that with the tightly managing SG&A right now, given the macro changes that are taking place, you're still able to invest in growth while at the same time, obviously, drive short-term earnings improvement?

我的問題是關於 SG&A.，PVH+ 計劃的主要驅動因素之一是提高效率和投資於增長。考慮到正在發生的宏觀變化，您如何才能讓我們對目前嚴格管理的 SG&A 感到滿意，您仍然能夠投資於增長，同時顯然可以推動短期收益改善？

Thanks, Jay. And I think as we communicated at Investor Day, we're actually confident in being able to do both. So starting on the investment piece. If we think about our investments for the first quarter, we remain laser-focused on those items that are most important to the plan. And so focusing significantly on digital spending and the rest of the technology platforms we have around that, investing in marketing, making sure that we're connecting to our customer closer and closer. And then increasingly, over the rest of this year, we'll see investments in the store network. And we do not believe that, that is in contrast to the work we'll do on around efficiencies.

謝謝，傑伊。而且我認為，正如我們在投資者日交流的那樣，我們實際上有信心能夠做到這兩點。所以從投資開始。如果我們考慮第一季度的投資，我們仍然會專注於那些對計劃最重要的項目。因此，我們重點關注數字支出和我們擁有的其他技術平台，投資營銷，確保我們與客戶的聯繫越來越緊密。然後，在今年餘下的時間裡，我們將越來越多地看到對商店網絡的投資。我們不相信，這與我們將圍繞效率所做的工作形成對比。

So on that side of things, we saw 3 main areas that we believe will continue to prove beneficial from an efficiency perspective. So the first is really opportunities to simplify how we work through new ways of working. And we see significant scale and leverage opportunities as we grow, especially in North America, taking advantage of our store network. And then lastly, we've seen opportunity to work more closely with our most important landlord partners to win -- to find win-win occupancy agreements. So we don't see those in contrast with one another. And I think we saw that in the first quarter with SG&A landing below where the plan was, but at the same time not slowing down investments as we move forward.

因此，在這方面，我們看到了我們認為從效率角度來看將繼續有益的 3 個主要領域。因此，首先是真正有機會通過新的工作方式簡化我們的工作方式。隨著我們的發展，我們看到了巨大的規模和利用機會，特別是在北美，利用我們的商店網絡。最後，我們看到了與我們最重要的房東合作夥伴更緊密合作以贏得勝利的機會——找到雙贏的入住協議。所以我們看不到它們之間的對比。我認為我們在第一季度看到 SG&A 低於計划水平，但同時在我們前進的過程中並沒有放緩投資。

Chris Nardone, Bank of America.

美國銀行的 Chris Nardone。

Can you talk a little bit more about your confidence in getting inventory into the U.S. in the back half of the year and whether you think you'll be able to support potentially better expected demand from the core towards consumer? And also, how do you gauge the risk of receiving delayed seasonal inventory in the back half of the year? And if you could talk just about how you're forecasting the promotional environment to evolve?

你能多談談你對今年下半年將庫存進入美國的信心，以及你是否認為你能夠支持從核心到消費者的潛在更好的預期需求？此外，您如何衡量下半年接收延遲季節性庫存的風險？如果你能談談你如何預測促銷環境的演變？

Thank you, appreciate it. Because on the point on inventory, I think we really want to make sure, obviously, we ended the first quarter minus 4% reported, but what's most important is if we adjust for exchange and the impact of the Heritage sale, inventories are up 6%. And I think if we break that down looking across the regions, international, we feel very good about where inventories are and should definitely be able to continue to fuel growth. We are leaving the first quarter with less than the level of inventory in North America we would like because of the supply chain disruptions. And so we do expect the work on that to continue through the first half.

謝謝，感激不盡。因為在庫存方面，我認為我們真的很想確定，很明顯，我們在第一季度結束時報告了負 4%，但最重要的是，如果我們根據匯率和 Heritage 銷售的影響進行調整，庫存將增加 6 %。而且我認為，如果我們將其分解為跨區域、國際的情況，我們對庫存狀況感到非常滿意，並且肯定能夠繼續推動增長。由於供應鏈中斷，我們離開第一季度的北美庫存水平低於我們希望的水平。因此，我們確實希望這方面的工作能夠在上半年繼續進行。

And with those challenges abating starting in the second half, we believe that, that will present an opportunity for incremental growth as we work our way through that from there at that point in time. So I think that inventory level leaves us at a good level of balance around being both optimistic to drive growth. And at the same time, making sure that we are -- we have an inventory level going -- heading into the macro environment that allows us.

隨著這些挑戰從下半年開始減弱，我們相信，這將為我們在那個時間點從那裡努力解決問題的方式提供增量增長的機會。因此，我認為庫存水平使我們在樂觀推動增長方面處於良好的平衡狀態。同時，確保我們——我們有一個庫存水平——進入允許我們的宏觀環境。

Now the downside with that is, it is costing us airfreight in the first half of the year. We saw that in the first quarter with the $12 million of airfreight impact, and we will expect to see that in the second quarter. But that as well we expect to abate into the second half as well. So we'll be getting both higher inventory levels and less airfreight.

現在的缺點是，它在今年上半年花費了我們的空運費。我們在第一季度看到了 1200 萬美元的空運影響，我們預計會在第二季度看到這一點。但我們也預計下半年也會減弱。因此，我們將獲得更高的庫存水平和更少的空運。

And just building on what Zac is saying here, when it comes to your question about the risk of increased promotional levels, we don't see it for our brands. On the contrary, we see that we are able to sell through our products with a higher AUR and lower discount rate. And my experience having navigated through good and bad times from a macro perspective is that there is a lot you can control in terms of how you plan and buy your inventory to demand. So that's what we're leaning into.

只是基於 Zac 在這裡所說的內容，當談到你關於提高促銷水平的風險的問題時，我們認為我們的品牌不會這樣做。相反，我們看到我們能夠以更高的 AUR 和更低的折扣率銷售我們的產品。從宏觀角度來看，我經歷了好時光和壞時光的經驗是，在計劃和購買庫存以滿足需求方面，你可以控制很多東西。這就是我們的傾向。

We'll move to our next question from Brooke Roach from Goldman Sachs.

我們將轉到高盛的布魯克羅奇的下一個問題。

Can you provide additional context on your AUC outlook into the second half of '22 and perhaps the first part of 2023 and provide additional dimensional color on your plans for taking price on a like-for-like basis?

您能否提供有關 22 年下半年甚至 2023 年上半年的 AUC 前景的更多背景信息，並為您按同類價格定價的計劃提供額外的維度顏色？

Yes. Thank you, Brooke. Yes, I think as I mentioned in the comments, we're expecting to see around 150 basis points of inflationary gross margin pressure tied to sort of macroeconomics. Around 2/3 of that is in product cost and increases in AUC, which we've indicated at about 10% previously. And that trend, we see sort of consistent with what we said previously from there. The other 1/3 of that inflationary pressure is tied to increased freight costs as there's inflationary cost increases in those places from there.

是的。謝謝你，布魯克。是的，我認為正如我在評論中提到的那樣，我們預計將看到與某種宏觀經濟相關的通貨膨脹毛利率壓力約為 150 個基點。其中大約 2/3 是產品成本和 AUC 的增加，我們之前表示約為 10%。而這種趨勢，我們看到的與我們之前從那裡所說的有點一致。通貨膨脹壓力的另外 1/3 與運費增加有關，因為這些地方的通貨膨脹成本從那裡開始增加。

So again, consistent with prior direction, so no surprises. With regards to pricing, we've indicated previously increases of pricing of approximately 10% with passing most of that on to -- most of the cost increases on to customers in terms of pricing. And we still feel confident in that. We've begun targeted pricing in some of our markets so far already this year. And we've seen the ability to maintain full price selling. That will increase as we get into the second half of the year when we start to see some higher cost increases.

同樣，與先前的方向一致，所以沒有驚喜。關於定價，我們之前曾表示將定價增加約 10%，並將大部分費用轉嫁給 - 大部分成本增加在定價方面轉嫁給客戶。我們仍然對此充滿信心。今年到目前為止，我們已經開始在我們的一些市場進行有針對性的定價。我們已經看到了保持全價銷售的能力。隨著我們進入今年下半年，當我們開始看到一些更高的成本增加時，這將會增加。

And again, I think from as a proof point around our expectation, the order books as we worked with our European partners reflected that pricing. We've seen strong support from there. And so I think at this point, we see that across Europe. And in North America, the pricing increases will be combined with the improved product that is coming in, especially on Tommy Hilfiger. So the idea of both pricing and product improvement at the same time gives us confidence that as we head into the second half that we'll be able to continue with the focus on full-price selling.

再一次，我認為作為我們預期的證據，我們與歐洲合作夥伴合作時的訂單反映了這種定價。我們從那裡看到了強大的支持。所以我認為在這一點上，我們在整個歐洲都看到了這一點。在北美，價格上漲將與即將推出的改進產品相結合，尤其是在 Tommy Hilfiger 上。因此，同時定價和改進產品的想法讓我們有信心，在進入下半年時，我們將能夠繼續專注於全價銷售。

And Brooke, what -- in addition to that, what makes us confident going forward is that both our brands, both Tommy and Calvin, are uniquely positioned being both aspirational and accessible. So it gives us the pricing power and we are still able to deliver great value to the consumer. .

Brooke，除此之外，讓我們對未來充滿信心的是我們的兩個品牌，包括 Tommy 和 Calvin，都具有獨特的定位，既有抱負又容易接近。所以它給了我們定價權，我們仍然能夠為消費者提供巨大的價值。 .

Tom Nikic with Wedbush Securities.

韋德布什證券公司的湯姆·尼克奇。

Zac, I wanted to ask, I guess, kind of main question as we think about currencies. So I know you've guided to a $0.85 headwind from foreign currency translation this year. We should also think that there should be a transactional impact in 2023. And I was just hoping to get some clarity as to how we should think about that.

Zac，我想問的是我們考慮貨幣時的主要問題。所以我知道你今年已經從外幣換算中獲得了 0.85 美元的逆風。我們還應該考慮到 2023 年應該會產生交易影響。我只是希望弄清楚我們應該如何考慮這一點。

Yes. Sorry, Tom, on that one. The reception was a little bit rough coming through. But I think if I heard you correctly, you're asking about the transactional impact that we should expect to see beyond the translation impact. So I think with regards to that, we've run a hedging program that will allow us to maintain sort of the cost levels that we'll see from a transactional basis for the remainder of this year. As we work into 2023, we'll begin to see the impact around that. And so we're locked in for this year.

是的。對不起，湯姆，關於那個。招待會有點粗魯。但我想如果我沒聽錯的話，你問的是我們應該期望看到的超越翻譯影響的交易影響。所以我認為關於這一點，我們已經運行了一個對沖程序，這將使我們能夠維持今年剩餘時間從交易基礎上看到的某種成本水平。當我們努力進入 2023 年時，我們將開始看到這方面的影響。所以我們今年被鎖定了。

And as we move into next year, we'll work to continue to address that through some of the other efficiencies that we're seeing across the business as well as continuation of the pricing that we expect to take in the second half of the year. So again, while it's -- our eyes are on it, we do not expect to see significant modeling differences to the business as we move out of '22 into '23.

隨著我們進入明年，我們將努力通過我們在整個業務中看到的其他一些效率以及我們預計在今年下半年採取的定價的延續來繼續解決這個問題.因此，雖然它 - 我們關注它，但我們不希望看到業務的重大建模差異，因為我們從 22 年搬出到 23 年。

Paul Lejuez, Citigroup.

花旗集團的 Paul Lejuez。

Just one clarification. You mentioned double-digit order book increase. Just curious if you could break that down in units versus dollars. How much of that pricing increase is impacting the number that you cited? And then just higher level, you guys play in many different categories. I'm curious if -- as you look across the apparel landscape, if any category strike you as being have balanced from an inventory to sales perspective? And are there any differences by region or channel?

只是一個澄清。你提到了兩位數的訂單增長。只是好奇您是否可以將其分解為單位與美元。價格上漲在多大程度上影響了您引用的數字？然後只是更高的水平，你們在許多不同的類別中發揮作用。我很好奇——當你縱觀整個服裝領域時，是否有任何類別讓你覺得從庫存到銷售的角度是平衡的？地區或渠道是否存在差異？

Yes. Let's start from the last question you had in terms of categories. So what we see with the consumer coming out of the lockdowns is that we see the shift that we have been talking about on earnings call over the past few quarters, the shift towards more refined dressing. So we see it in denim, strength in denim, khakis, woven shirts, woven dresses, dresses across the board. And you see the occasional-based dressing like dress shirts in some areas, we're up over 60% in dress shirts. So we definitely see strength in the more refined categories.

是的。讓我們從您在類別方面提出的最後一個問題開始。因此，我們看到消費者從封鎖中走出來，我們看到了過去幾個季度我們在財報電話會議上一直在談論的轉變，即轉向更精緻的著裝。所以我們在牛仔布中看到它，在牛仔布、卡其褲、梭織襯衫、梭織連衣裙、連衣裙中看到它的力量。你會在某些地區看到偶爾穿的衣服，比如正裝襯衫，我們的正裝襯衫增加了 60% 以上。因此，我們肯定會在更精細的類別中看到優勢。

But you also see -- we also see the consumers still maintaining a casual lifestyle that's focused on comfort. And you can see that in categories like sneakers. So if this -- what we see going forward from a category mix with the consumer is more of a hybrid way of keeping their cash a lifestyle, but wanting more of a refined mix. And that fits our 2 brands really well because both Calvin and Tommy are true lifestyle brands, 2 are very few that have the right to play across categories with the best hero products across ranging from very casual and underwear to more refined.

但你也看到了——我們也看到消費者仍然保持著注重舒適的休閒生活方式。你可以在運動鞋等類別中看到這一點。因此，如果這樣——我們從與消費者的類別組合中看到的更多是一種讓他們的現金成為一種生活方式的混合方式，但想要更多的精緻組合。這非常適合我們的 2 個品牌，因為 Calvin 和 Tommy 都是真正的生活方式品牌，很少有 2 個品牌有權跨類別使用最好的英雄產品，從非常休閒和內衣到更精緻。

Yes. And Paul, to your question around the -- what's in pricing versus units, I think maybe I'll focus first on what we're seeing and through the first quarter. And so while growth was strong, I think also importantly to indicate below that is actually, the AUR increase was low single digits across all of our markets in the first quarter. So really all of our growth thus far this year has come from unit growth. Now we do expect that ratio to moderate to a certain extent, as we get into the second half of the year and pricing increases do remain, but we do expect to continue on with the trend of important and powerful unit growth as well.

是的。保羅，關於你的問題——定價與單位的關係，我想我可能會首先關注我們在第一季度看到的情況。因此，雖然增長強勁，但我認為同樣重要的是要指出，實際上，第一季度我們所有市場的 AUR 增長都是低個位數。所以今年到目前為止，我們所有的增長實際上都來自單位增長。現在我們確實預計這一比率會在一定程度上有所緩和，因為我們進入了今年下半年並且價格上漲確實仍然存在，但我們確實希望繼續保持重要而強大的單位增長趨勢。

And we have, operator, we have opportunity for one more question.

接線員，我們還有機會提出一個問題。

Certainly. Our last question comes from Kimberly Greenberger from Morgan Stanley.

當然。我們的最後一個問題來自摩根士丹利的 Kimberly Greenberger。

Okay. Great. I was hoping just to ask about gross margin, if I could. The back half, I think you talked about flat gross margin. It seems like in terms of the puts and takes in gross margin, freight costs maybe ease up and supply chain costs might ease up in the back half. What are the other puts and takes? And do you see any further inflation in cost of goods sold as we head into 2023? And do you think the price increases you're taking are sufficient to offset the current 10% inflation in input costs that you're seeing?

好的。偉大的。如果可以的話，我希望只是詢問毛利率。後半部分，我想你談到了持平的毛利率。就看跌期權和毛利率而言，運費成本可能會下降，供應鏈成本可能會在下半年下降。其他的 puts 和 takes 是什麼？隨著我們進入 2023 年，您是否認為銷售成本會進一步上漲？你認為你所採取的價格上漲足以抵消你所看到的當前 10% 的投入成本通貨膨脹嗎？

Yes. Thank you, Kimberly. From a gross margin perspective, overall, yes, in the first quarter, we saw overall 70 points -- basis points down versus last year, really more than explained by the premium costs around air freight. That will continue through the second half -- or second quarter. That will then begin to pull back in the second half. And so we will get that lift, and we expect gross margins for the second half of the year to be higher than the second half of last year. So the supply chain costs sort of fade away. And we're really able to see that is the power of focused on full price selling.

是的。謝謝你，金伯利。從毛利率的角度來看，總體而言，是的，在第一季度，我們看到整體下降了 70 個基點——與去年相比下降了 70 個基點，這實際上超過了空運的溢價成本所解釋的。這將持續到下半年或第二季度。然後將在下半場開始回落。所以我們會得到提升，我們預計今年下半年的毛利率將高於去年下半年。因此，供應鏈成本逐漸消失。我們真的能夠看到專注於全價銷售的力量。

And I think also that's a good signal of the fact that we believe that our pricing is expected to be able to offset the inflationary pressures we're seeing. So as we mentioned earlier, 150 basis points of gross margin pressure tied to product costs and ocean freight costs will be able to be offset by the pricing that we're seeing from there at that point in time. So that's sort of what the breakdown is. And move into 2023, at this point, we believe that most of the work will be some increases, but much more moderate versus '22 than what we've seen thus far. And we'll continue to work to leverage both pricing as well as other efficiencies that we can to hold the strong margin levels we've delivered thus far.

而且我認為這也是一個很好的信號，表明我們相信我們的定價有望抵消我們所看到的通脹壓力。因此，正如我們之前提到的，與產品成本和海運成本相關的 150 個基點的毛利率壓力將能夠被我們當時從那裡看到的定價所抵消。這就是崩潰的原因。進入 2023 年，在這一點上，我們相信大部分工作都會有所增加，但與 22 年相比，我們迄今為止所看到的要溫和得多。我們將繼續努力利用定價和其他效率來保持我們迄今為止提供的強勁利潤率水平。

That's great color, Zac. And could I just ask one follow-up on supply chain. How the recent rounds of lockdowns in China in any way either affected production of product for PVH or distribution of product for PVH? Or have you been pretty unaffected at the inventory or production level and just more sort of at the retail level? .

顏色真好，扎克。我可以問一個關於供應鏈的後續問題嗎？中國最近幾輪的封鎖如何以任何方式影響 PVH 產品的生產或 PVH 產品的分銷？還是您在庫存或生產層面幾乎沒有受到影響，只是在零售層面受到了更多影響？ .

Yes. I think for us, generally speaking, the biggest impact of the shutdowns that we've seen across Shanghai and Beijing has really been focused on the impact to our China market. As Stefan mentioned earlier, down 25% in the first quarter versus last year. And we will see that impact as well carry through into the first couple of months of second quarter. But what I would say is from a positive perspective, it's one of the reasons why we're confident of being able to continue growth into the second half as those sort of -- some of the lockdowns ease and our ability to return back to selling.

是的。我認為對我們來說，一般來說，我們在上海和北京看到的停工的最大影響確實集中在對我們中國市場的影響上。正如 Stefan 之前提到的，第一季度與去年相比下降了 25%。我們將看到這種影響也會持續到第二季度的前幾個月。但我要說的是從積極的角度來看，這是我們有信心能夠在下半年繼續增長的原因之一——一些封鎖措施的放鬆以及我們恢復銷售的能力.

We've seen relatively quick upticks in the marketplace from there at that point in time. So I think in general, our production in China is heavily oriented to China for China production. And so the impacts beyond that have been minimal, and I would say actually low from a production perspective because most of the production facilities in China are away from where the heavy lockdowns have been. But port congestion in China has been a little bit, but the impact we expect to be minimal.

從那時起，我們已經看到市場出現了相對快速的上漲。所以我認為總的來說，我們在中國的生產主要面向中國生產。因此，除此之外的影響很小，我想說從生產的角度來看實際上很低，因為中國的大部分生產設施都遠離嚴格封鎖的地方。但是中國的港口擁堵有一點點，但我們預計影響很小。

Thank you all. This concludes today's question-and-answer session and concludes today's conference call. Thank you for your participation. Ladies and gentlemen, you may now disconnect.

謝謝你們。今天的問答環節到此結束，今天的電話會議也到此結束。感謝您的參與。女士們先生們，你們現在可以斷開連接了。