PVH Corp (PVH) 2022 Q2 法說會逐字稿

Good day and welcome to the PVH Second Quarter 2022 Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Sheryl Freeman, Senior Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎參加 PVH 2022 年第二季度財報電話會議。今天的會議正在錄製中。此時，我想將會議轉交給投資者關係高級副總裁 Sheryl Freeman。請繼續。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. Second Quarter 2022 Earnings Conference Call. Leading the call today will be Stefan Larsson, PVH's Chief Executive Officer; and Zac Coughlin, Chief Financial Officer.

謝謝你，接線員。大家早上好，歡迎參加 PVH Corp. 2022 年第二季度收益電話會議。 PVH 首席執行官 Stefan Larsson 將領導今天的電話會議；和首席財務官 Zac Coughlin。

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.

該網絡廣播和電話會議代表 PVH 錄製，包含受版權保護的材料。未經 PVH 書面許可，不得對其進行錄製、重播或以其他方式傳播。您參與問答環節即表示您同意讓您所說的任何內容出現在本次通話的任何記錄或重播中。

The information to be discussed includes forward-looking statements that reflects PVH's view as of August 30, 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 8 月 30 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性的影響，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。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 impacts on the company's business, cash flow and results of operations. There is significant uncertainty about the duration and extent of the impacts 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 大流行的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。這些事件的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本次電話會議上所說的內容可能隨時發生重大變化。因此，公司業務的運營及其未來的運營結果可能與歷史實踐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 second 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 不承擔任何公開更新任何前瞻性陳述的義務，包括但不限於關於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美國證券交易委員會規則所定義的非公認會計原則。 PVH 的 2022 年第二季度收益發布中包含對 GAAP 金額的對賬，該發布可在 www.pvh.com 以及公司向 SEC 提交的與該發布相關的 8-K 表格的當前報告中找到。

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

此時，我很高興將會議交給 Stefan Larsson。

Thank you, Sheryl, and good morning, everyone, and thank you for joining our call today. I want to start by saying that despite the macro challenges we're all facing, we have many strong proof points on the progress we are making in executing the PVH+ Plan.

謝謝你，Sheryl，大家早上好，感謝你今天加入我們的電話會議。首先我想說的是，儘管我們都面臨著宏觀挑戰，但我們在執行 PVH+ 計劃方面取得的進展有很多有力的證據。

Starting with the underlying strength of our business. In the second quarter, on an underlying basis, we delivered solid revenue growth of 6% compared to last year, excluding the impact of currency, Russia and the Heritage Brands divestiture. The underlying growth speaks to the effectiveness of our strategy and resilience of our 2 brands, which are 2 our strongest, most iconic brands in our sector globally. We also had solid profitability, with non-GAAP EPS for the quarter above guidance.

從我們業務的潛在實力開始。在第二季度，在基本基礎上，我們實現了與去年相比穩健的 6% 的收入增長，不包括貨幣、俄羅斯和 Heritage Brands 剝離的影響。潛在的增長說明了我們戰略的有效性和我們兩個品牌的韌性，這兩個品牌是我們在全球行業中最強大、最具標誌性的品牌。我們還擁有穩健的盈利能力，本季度的非公認會計準則每股收益高於指導。

This quarter started strong, with the trends we experienced in the first quarter continuing through May. The macroeconomic environment then softened in June as high gas prices and other inflationary pressures began to affect consumer discretionary spending. It was most pronounced for us in the middle-income and value consumer in North America, but we also experienced some pullback in certain European markets.

本季度開局強勁，我們在第一季度經歷的趨勢一直持續到 5 月。由於高油價和其他通脹壓力開始影響非必需消費品支出，宏觀經濟環境隨後在 6 月份轉弱。在北美的中等收入和價值消費者中，這對我們來說最為明顯，但我們在某些歐洲市場也經歷了一些回落。

Consumer demand has stabilized in July, although at the reduced levels we experienced in June. And we are now planning prudently for demand to remain at these lower levels for at least the remainder of the year, and we have revised our outlook accordingly. Importantly, we're still projecting underlying high single-digit revenue growth for the full year, driven by continued strength in our direct-to-consumer business, led by the international regions.

7 月份消費者需求已趨於穩定，儘管 6 月份的水平有所下降。我們現在正在謹慎地計劃至少在今年剩餘時間內將需求保持在這些較低的水平，並且我們相應地修改了我們的前景。重要的是，由於我們以國際地區為首的直接面向消費者的業務持續強勁，我們仍預計全年潛在的高個位數收入增長。

As a management team, we continue to intensify the execution of our PVH+ Plan, where we are in the early days of a multiyear journey to unlock Calvin Klein's and Tommy Hilfiger's full potential. We developed the PVH+ Plan to compete to win in the new normal because there is no such thing as normal operating conditions anymore. Our plan is about operating in a way that helps us compete and win long term, regardless of macro challenges.

作為一個管理團隊，我們繼續加強我們的 PVH+ 計劃的執行，我們正處於釋放 Calvin Klein's 和 Tommy Hilfiger 全部潛力的多年旅程的早期階段。我們制定 PVH+ 計劃是為了在新常態下競爭取勝，因為不再有正常運營條件這樣的東西。我們的計劃是以一種幫助我們長期競爭和贏得勝利的方式運營，無論宏觀挑戰如何。

I want to start by thanking our teams around the world for their hard work and dedication. It's through our extraordinary talent that we bring the PVH+ Plan to life step-by-step for the consumer and in our financial performance.

首先，我要感謝我們在世界各地的團隊的辛勤工作和奉獻精神。正是通過我們非凡的才能，我們將 PVH+ 計劃逐步變為消費者和我們的財務業績。

As we navigate the current business conditions, we have not 1 but 2 of the most iconic global brands that resonate deeply with the consumers around the world. We have the PVH+ Plan to deliver brand, D2C and digitally led sustainable growth over time. We are taking concrete steps to further strengthen our financial performance, particularly in North America. And we remain committed to achieving the 2025 targets we presented at our Investor Day 4 months ago.

當我們駕馭當前的商業環境時，我們擁有的不是 1 個而是 2 個最具標誌性的全球品牌，它們與世界各地的消費者產生了深刻的共鳴。隨著時間的推移，我們制定了 PVH+ 計劃，以實現品牌、D2C 和數字主導的可持續增長。我們正在採取具體措施進一步加強我們的財務業績，尤其是在北美。我們仍然致力於實現 4 個月前在投資者日提出的 2025 年目標。

More than ever, across both our brands, the 5 key growth drivers of our PVH+ Plan provide a clear road map to execute profitable long-term growth and value creation. Our first growth driver is about winning with products, and it's about intensifying our focus on the most important product categories for our consumers, where we have the right to play to win, and where every season, we will have stronger and more focused hero product offering with the best essential products in the market.

在我們兩個品牌中，我們的 PVH+ 計劃的 5 個關鍵增長動力比以往任何時候都更清晰地提供了執行盈利性長期增長和價值創造的路線圖。我們的第一個增長動力是用產品取勝，它是關於加強我們對消費者最重要的產品類別的關注，我們有權在這些產品類別中獲勝，並且每個賽季我們都將擁有更強大、更專注的英雄產品提供市場上最好的基本產品。

During the quarter, we saw strong performance in key hero product categories in men's polos at Tommy Hilfiger and our iconic underwear and denim categories at Calvin Klein. We're also continuing to see positive momentum in refined and smart casual categories like woven shirts, dresses and pants as consumers are elevating their apparel. More people are returning to the workplace and attending events. And with both brands being true lifestyle brands, we are well positioned to deliver on consumer needs, ranging from casual to refined.

在本季度，我們在 Tommy Hilfiger 的男士 Polo 衫和 Calvin Klein 的標誌性內衣和牛仔布類別中看到了關鍵英雄產品類別的強勁表現。隨著消費者對服裝的升級，我們也繼續看到精緻和時尚休閒品類（如梭織襯衫、連衣裙和褲子）的積極勢頭。越來越多的人返回工作場所並參加活動。由於這兩個品牌都是真正的生活方式品牌，我們有能力滿足消費者的需求，從休閒到精緻。

Our second growth driver is about winning with consumer engagement. The main way we drive increased customer engagement is by connecting our brands through our hero products with people who shape culture in a masspirational way and to big consumer moments throughout the year. You can see the impact of this right now in Calvin Klein through our collaboration with Jennie Kim of the South Korean group, BLACKPINK. She has 69 million followers on Instagram. She is a big supporter of the brand, loves our iconic products and drive big engagement among consumers in Asia and, increasingly, globally.

我們的第二個增長動力是關於贏得消費者參與。我們提高客戶參與度的主要方式是通過我們的英雄產品將我們的品牌與以大眾化方式塑造文化的人聯繫起來，並與全年的重要消費時刻聯繫起來。通過我們與韓國組合 BLACKPINK 的 Jennie Kim 的合作，您現在可以在 Calvin Klein 看到這方面的影響。她在 Instagram 上擁有 6900 萬粉絲。她是該品牌的大力支持者，熱愛我們的標誌性產品，並推動亞洲乃至全球消費者的廣泛參與。

Tommy is doing the same type of work with Shawn Mendes with strong results. And for both brands, this is just the beginning of building a very strong influence capability that will leverage and multiply each brand's iconic global strength.

湯米正在與肖恩門德斯做同樣類型的工作，並取得了很好的成果。對於這兩個品牌來說，這只是建立強大影響力的開始，它將利用和倍增每個品牌的標誌性全球實力。

We're also creating our own big-brand moments. And I'm excited that Tommy Hilfiger is returning to the New York Fashion Week for the first time in 3 years, with an experiential runway event that will unveil the latest See Now, Buy Now Fall 2022 collection while immersing audiences both physically and digitally in a refreshed brand world.

我們也在創造我們自己的大品牌時刻。我很高興 Tommy Hilfiger 3 年來首次重返紐約時裝週，舉辦一場體驗式時裝秀，將推出最新的 See Now, Buy Now 2022 秋季系列，同時讓觀眾沉浸在身體和數字上煥然一新的品牌世界。

Our third growth driver is to win in the digitally led marketplace, where we continue to align our channel mix to where the consumer wants to shop our brands. We delivered solid underlying growth in our digital channel, led by our own and operated business. In addition, our third-party partnerships continue to provide important platforms for our brands globally.

我們的第三個增長動力是在數字主導的市場中獲勝，我們繼續將我們的渠道組合與消費者想要購買我們品牌的地方保持一致。在我們自己和經營的業務的帶動下，我們的數字渠道實現了穩健的潛在增長。此外，我們的第三方合作夥伴繼續為我們的全球品牌提供重要平台。

This was important to mention is that this year's performance will reflect consumers coming back to brick-and-mortar shopping in most regions after a multiyear absence, including lockdowns during the height of the COVID. However, we still expect that the digital channel has the strongest long-term trajectory of growth over the coming years across both own and operated and third-party e-commerce channels. And digital continues to represent approximately 25% of our revenue.

值得一提的是，今年的表現將反映出大多數地區的消費者在多年缺席後重返實體店購物，包括在 COVID 高峰期的封鎖。然而，我們仍然預計數字渠道在未來幾年內擁有最強勁的長期增長軌跡，無論是自有、運營還是第三方電子商務渠道。數字繼續占我們收入的約 25%。

Our fourth growth driver is about developing a demand and data-driven operating model to enhance the speed and agility of our supply chain. Even though we are early days in this initiative, we already have some significant international proof points. A major portion of our European bestsellers are on core replenishment with short lead times to match demand. In Asia, for the first time this season, we were able to keep 15% open-to-buy. These are just a few important first steps that we will scale and enhance globally over the coming years.

我們的第四個增長動力是關於開發需求和數據驅動的運營模式，以提高我們供應鏈的速度和敏捷性。儘管我們在這項計劃中處於早期階段，但我們已經有了一些重要的國際證明點。我們的大部分歐洲暢銷書都在以較短的交貨時間進行核心補貨以滿足需求。在亞洲，我們本賽季第一次能夠保持 15% 的開放購買。這些只是我們將在未來幾年在全球範圍內擴展和增強的幾個重要的第一步。

In North America, we are continuing to work through inventory issues driven by both external factors and internal execution challenges. We previously shared with you that residual pandemic-related supply chain issues were the primary driver of inventory shortages in our North America D2C business, particularly in our stores. We are still working through those issues, and they're still pressuring retail inventory levels.

在北美，我們將繼續解決由外部因素和內部執行挑戰驅動的庫存問題。我們之前與您分享過，與大流行相關的剩餘供應鏈問題是我們北美 D2C 業務（尤其是我們的商店）庫存短缺的主要驅動因素。我們仍在努力解決這些問題，它們仍在對零售庫存水平施加壓力。

While we are still experiencing inventory shortages in our North America retail channel, we ended the quarter with excess inventory in certain categories within our wholesale business as consumer spending softened. We have a clear strategy to strategically manage inventory through the remainder of the year, and Zac will give you more details around that.

雖然我們的北美零售渠道仍然存在庫存短缺，但由於消費者支出疲軟，我們在本季度末批發業務中某些類別的庫存過剩。我們有一個明確的戰略來戰略性地管理今年剩餘時間的庫存，Zac 將為您提供更多詳細信息。

Our business in North America has also been over reliant on the international consumer and has not sufficiently prioritized the domestic consumer. These issues have also made crystal clear the need to simplify our execution, especially in North America, within our supply chain globally. As such, we are evolving our leadership team to the needs of the execution of the PVH+ Plan and the changing environment, and we have made 2 significant leadership announcements.

我們在北美的業務也過度依賴國際消費者，並沒有充分優先考慮國內消費者。這些問題也清楚地表明了我們在全球供應鏈中簡化執行的必要性，尤其是在北美。因此，我們正在根據執行 PVH+ 計劃和不斷變化的環境的需要發展我們的領導團隊，我們已經發布了 2 項重要的領導公告。

As we recently announced, David Savman will be joining us as Global Chief Supply Chain Officer. David joins PVH from H&M, where he served as Head of Global Supply Chain, and brings a wealth of knowledge and experience in managing best-in-class global supply chains. We're excited that David is joining the team later this year, and we look forward to have him hit the ground running in helping us make our supply chain a competitive advantage.

正如我們最近宣布的那樣，David Savman 將加入我們擔任全球首席供應鏈官。 David 從 H&M 加入 PVH，擔任全球供應鍊主管，在管理一流的全球供應鏈方面擁有豐富的知識和經驗。我們很高興 David 在今年晚些時候加入該團隊，我們期待他能夠幫助我們使我們的供應鏈成為競爭優勢。

We have just announced that Trish Donnelly, CEO of PVH Americas and Calvin Klein Global, will be leaving the company to pursue other opportunities. She will remain in an advisory role through November 30 to assist with the transition. We're deeply grateful to Trish for her commitment, hard work and dedication leading Americas and Calvin Klein.

我們剛剛宣布，PVH Americas 和 Calvin Klein Global 的首席執行官 Trish Donnelly 將離開公司以尋求其他機會。她將在 11 月 30 日之前繼續擔任顧問職務，以協助過渡。我們非常感謝 Trish 領導美洲和 Calvin Klein 的承諾、辛勤工作和奉獻精神。

We believe it's critical to strengthen our ability to execute our PVH+ Plan for the Americas and continue growing the Calvin Klein brand globally. We therefore plan to separate Trish's responsibilities and hire 2 leaders with different skill sets who will be able to devote their full attention to each of these key roles. In the Americas, we need a very strong leader who can help us unlock the full potential of both Calvin and Tommy in the North American market and especially when it comes to winning more with the domestic consumer.

我們認為，加強我們在美洲執行 PVH+ 計劃的能力並繼續在全球發展 Calvin Klein 品牌至關重要。因此，我們計劃將 Trish 的職責分開，並聘請 2 位具有不同技能的領導者，他們將能夠將全部精力投入到每個關鍵角色中。在美洲，我們需要一位非常強大的領導者，他可以幫助我們釋放 Calvin 和 Tommy 在北美市場的全部潛力，尤其是在贏得更多國內消費者的青睞時。

At the same time, we are continuing to expand the Calvin Klein brand around the world. This requires a brand visionary whose singular focus is realizing the brand's significant global growth opportunity. We have launched a global search process to identify the right leaders for these roles. In the interim, I will lead PVH Americas and the global Calvin Klein business, working very closely with leadership and teams from both organizations.

與此同時，我們正在繼續在全球範圍內擴展 Calvin Klein 品牌。這需要一個品牌有遠見的人，他的唯一重點是實現品牌的重要全球增長機會。我們已經啟動了一個全球搜索流程，以確定這些職位的合適領導者。在此期間，我將領導 PVH Americas 和全球 Calvin Klein 業務，與這兩個組織的領導層和團隊密切合作。

Lastly, our fifth growth driver is about driving efficiencies and investing in growth. As we are proactively managing what's within our control, managing the cost base is critical. At Investor Day, we spoke about how we will work differently and more efficiently manage our expenses. This effort includes reducing our people costs in our global offices by approximately 10% on a net basis by the end of 2023 in order to streamline our corporate organization, drive efficiencies and fuel strategic investments in line with the PVH+ Plan.

最後，我們的第五個增長驅動力是提高效率和投資增長。當我們主動管理我們控制範圍內的內容時，管理成本基礎至關重要。在投資者日，我們談到了我們將如何以不同的方式工作並更有效地管理我們的開支。這項工作包括到 2023 年底將我們全球辦事處的人員成本淨減少約 10%，以便根據 PVH+ 計劃精簡我們的企業組織、提高效率並推動戰略投資。

I want to emphasize that our focus on managing expenses is to simplify how we work, stop doing work that doesn't align with the PVH+ Plan and better leverage our global scale. As we generate those savings, we're committed to reinvest a portion of them in PVH+ growth drivers, such as product, consumer engagement, digital and supply chain capabilities.

我想強調的是，我們對管理費用的關注是簡化我們的工作方式，停止做不符合 PVH+ 計劃的工作，並更好地利用我們的全球規模。隨著我們產生這些儲蓄，我們致力於將其中的一部分再投資於 PVH+ 增長驅動力，例如產品、消費者參與、數字和供應鏈能力。

Now turning to our regional performance and how we are connecting our PVH+ Plan across each region. I want to start with Europe. We continue to experience positive brand momentum. Even as the European consumer is showing some signs of softening, our business across both our brands in Europe remains strong and growing. Our European business is now 25% larger than pre-COVID levels in local currency, with significantly higher profitability.

現在轉向我們的區域表現以及我們如何在每個區域連接我們的 PVH+ 計劃。我想從歐洲開始。我們繼續體驗積極的品牌勢頭。儘管歐洲消費者表現出一些疲軟的跡象，但我們在歐洲的兩個品牌的業務仍然強勁且不斷增長。我們的歐洲業務現在以當地貨幣計算比 COVID 之前的水平高出 25%，盈利能力顯著提高。

During the second quarter, we continued to achieve healthy year-over-year growth on an underlying basis. adjusting for the impact of our exit from the Russian market and FX, which have been headwinds to our business. For the quarter, we generated mid-single-digit growth versus last year, adjusting for these impacts. We are seeing continued momentum in consumers returning to stores, with traffic up meaningfully compared to last year.

在第二季度，我們繼續在基本基礎上實現健康的同比增長。調整我們退出俄羅斯市場和外彙的影響，這對我們的業務構成不利影響。本季度，我們根據這些影響進行了調整，與去年相比實現了中個位數的增長。我們看到消費者重返商店的勢頭持續，與去年相比，客流量顯著增加。

There is some bifurcation in the strength of our business between Northern and Southern Europe. Our Southern European markets continued to show solid business performance, while Germany, our largest market in Europe, has been most impacted by macro factors. However, we continue to see underlying growth for the region, as I mentioned earlier.

我們在北歐和南歐之間的業務實力存在一些分歧。我們的南歐市場繼續表現出穩健的業務表現，而我們在歐洲最大的市場德國受到宏觀因素的影響最大。然而，正如我之前提到的，我們繼續看到該地區的潛在增長。

Brand relevance for both Tommy and Calvin remains very high among European consumers. Tommy Hilfiger ranks #2 across global lifestyle brands, spontaneously mentioned in Europe for both men and women. And Calvin Klein continues to be the runway leader in underwear, a category that brings huge visibility and constantly engages new consumers into the brand.

在歐洲消費者中，Tommy 和 Calvin 的品牌相關性仍然很高。 Tommy Hilfiger 在全球生活方式品牌中排名第二，在歐洲自發地提及男性和女性。 Calvin Klein 繼續成為內衣領域的領跑者，這一類別帶來了巨大的知名度並不斷吸引新消費者加入該品牌。

In addition, we are seeing a positive impact on AURs and gross margins from premium positioning through product elevation. This will remain a key priority for both brands. And demand in future order books across brands remains solid, with the Spring 2023 season planned up high single digits on top of double-digit growth this past year.

此外，我們看到從高端定位到產品提升對 AUR 和毛利率的積極影響。這仍將是兩個品牌的關鍵優先事項。各個品牌對未來訂單的需求保持穩定，2023 年春季銷售季計劃在過去一年實現兩位數增長的基礎上實現高個位數增長。

Moving on to Asia. We continue to be encouraged by the underlying momentum in our brands across the region, and we are pleased with the progress we made in Asia against the PVH+ Plan. Excluding China, the region demonstrated a 25% year-over-year growth in the second quarter, and this included a 12% headwind from foreign currency.

繼續前往亞洲。我們繼續為我們品牌在整個地區的潛在發展勢頭感到鼓舞，我們對我們在亞洲根據 PVH+ 計劃取得的進展感到高興。除中國外，該地區第二季度同比增長 25%，其中包括 12% 的外匯逆風。

The resurgence of COVID has continued to pressure sales in Greater China, but we are gaining momentum in other markets across the region, such as Australia, New Zealand and Southeast Asia. Also, in Japan and South Korea, we grew at healthy rates compared to last year. Across the region, we build on the strong underlying performance we have achieved and remain focused on driving the PVH+ Plan execution with a very strong focus on regionally relevant hero products, talent and focus on the biggest customer moments.

新冠疫情的捲土重來繼續給大中華區的銷售帶來壓力，但我們在該地區的其他市場（如澳大利亞、新西蘭和東南亞）的勢頭正在增強。此外，在日本和韓國，與去年相比，我們以健康的速度增長。在整個地區，我們以已取得的強勁基礎業績為基礎，繼續專注於推動 PVH+ 計劃的執行，非常關注與地區相關的英雄產品、人才和最重要的客戶時刻。

Our hero product strategy continues to yield strong results with sales up over 300% on like-for-like categories, with sales outpacing inventory. During 6/18, the largest selling period of the quarter in China, sales increased nearly 40% year-over-year, with strength in both Calvin and Tommy. Hero product activations, including underwear, tees, polos, were key features of our sale events and include a strong marketing support, further elevation of interactive content and supplemental live streaming from stores.

我們的英雄產品戰略繼續產生強勁的業績，同類產品的銷售額增長了 300% 以上，銷售額超過了庫存。 6/18 是中國本季度銷量最大的時期，銷售額同比增長近 40%，Calvin 和 Tommy 均表現強勁。包括內衣、T 卹、馬球在內的英雄產品激活是我們銷售活動的主要特點，包括強大的營銷支持、互動內容的進一步提升和來自商店的補充直播。

In addition, e-commerce for Asia grew strong double digits, with notable strength in China and Korea, driven by key volume-driving platforms such as Tmall, JD and in addition to rapidly expanding Douyin. E-commerce also remains significantly underpenetrated relative to the sizable growth opportunity we have, which is a big reason for optimism and a key factor in our strategy.

此外，在天貓、京東等關鍵銷量驅動平台以及快速擴張的抖音的推動下，亞洲電子商務增長強勁，達到兩位數，在中國和韓國的實力顯著。與我們擁有的可觀增長機會相比，電子商務的滲透率仍然顯著不足，這是我們保持樂觀的一個重要原因，也是我們戰略的一個關鍵因素。

We also increased our investment in our supply chain, including Asia for Asia product and sourcing, getting us closer to the market and closer to the consumer. By leaning into the initiatives and core tenets of the PVH+ Plan in Asia, we continue to have a long runway ahead to grow both our brands in the region.

我們還增加了對供應鏈的投資，包括亞洲對亞洲的產品和採購，讓我們更貼近市場，更貼近消費者。借助 PVH+ 計劃在亞洲的舉措和核心原則，我們繼續在該地區發展我們的兩個品牌還有很長的路要走。

Lastly for North America, as I mentioned earlier, we are seeing the effects of the weaker macroeconomic environment in North America, which is pressuring customer discretionary spending. And we felt the softening consumer environment most prominently in our wholesale channel, where performance was below our expectations and our partners have taken a more cautious approach to orders. And while there are some signs of improvements in foreign tourism, the absence of most international tourists from Asia remains a headwind.

最後，對於北美，正如我之前提到的，我們正在看到北美宏觀經濟環境疲軟的影響，這給客戶的可自由支配支出帶來了壓力。我們在批發渠道中感受到消費者環境的疲軟最為明顯，該渠道的表現低於我們的預期，我們的合作夥伴對訂單採取了更加謹慎的態度。雖然外國旅遊業有一些改善的跡象，但大多數亞洲國際遊客的缺席仍然是一個不利因素。

We remain in the early phase of our multiyear journey to unlock the significant opportunity we have in this market. However, our focus on winning more with the domestic consumer is already starting to deliver some positive proof points. In our D2C channels, we have driven improvements and positive comps for domestic consumers that continue to improve sequentially.

我們仍處於多年旅程的早期階段，以釋放我們在這個市場上的重要機會。然而，我們對贏得更多國內消費者的關注已經開始提供一些積極的證據。在我們的 D2C 渠道中，我們為國內消費者推動了改進和積極的補償，並繼續按順序改善。

We grew our own and operated stores across both Calvin and Tommy by 8% in the quarter, and traffic trends for our factory stores outpaced the market in July. Improved inventory levels of hero products, an enhanced store experience and stronger execution will translate into an even stronger performance over time.

本季度，我們在 Calvin 和 Tommy 的自有和經營商店增長了 8%，我們工廠商店的客流量趨勢在 7 月份超過了市場。隨著時間的推移，英雄產品庫存水平的提高、商店體驗的增強和執行力的增強將轉化為更強勁的業績。

As we focus on improving our product offering, we are seeing encouraging results in stores where we have a full assortment of the most important product essentials for our consumers, our hero products. In Tommy Hilfiger stores, we have been strategically repositioning inventory to high-volume test stores, ensuring our best stores have appropriate inventory of the right hero products.

當我們專注於改進我們的產品供應時，我們在商店看到了令人鼓舞的結果，我們為消費者提供了最重要的產品必需品，我們的英雄產品。在 Tommy Hilfiger 商店，我們一直在戰略性地將庫存重新定位到大批量測試商店，確保我們最好的商店有合適的英雄產品庫存。

And as we pursue this strategy, sales in these stores have shown a 20 percentage point positive improvement compared to the rest of chain and control doors. This shows how our brands and product strategies resonate with consumers when we play in the right product categories with the right hero products in the right stores and the right inventory levels in front of the consumers, then we'll drive profitable sustainable growth. This also provides a road map for driving future growth as we resolve supply chain challenges.

隨著我們推行這一戰略，與其他連鎖店和控制門相比，這些商店的銷售額顯示出 20 個百分點的積極改善。這表明我們的品牌和產品策略如何在正確的產品類別中與正確的商店中正確的英雄產品以及在消費者面前的正確庫存水平產生共鳴，然後我們將推動盈利的可持續增長。這也為我們解決供應鏈挑戰提供了推動未來增長的路線圖。

Headed into fall and holiday, we're working to scale the most impactful initiatives we have tested. It's important that, over time, we start to accelerate these green shoots we are growing and build them into how we win with the domestic customer in North America across both brands and all businesses.

進入秋季和假期，我們正在努力擴大我們測試過的最具影響力的舉措。重要的是，隨著時間的推移，我們開始加速我們正在培育的這些新芽，並將它們構建成我們如何在北美的國內客戶中贏得品牌和所有業務的勝利。

Next, I'll share a few key global brand highlights on how we are bringing both brands to life for the consumer, beginning with Calvin Klein. Global brand-aided awareness remains incredibly high, with ongoing strength in consolidation and high visibility in key markets. From a product perspective, for fall, we're building out our hero product franchises in key categories, starting with underwear, where we're expanding our hero modern cotton program with new silhouettes, seasonal colors and sustainable fibers. We are doing the same with denim and a number of other key categories, where we make sure we have the best essentials in the market.

接下來，我將分享一些關鍵的全球品牌亮點，說明我們如何將這兩個品牌帶入消費者的生活中，從 Calvin Klein 開始。全球品牌輔助意識仍然非常高，在主要市場的整合和高知名度的持續實力。從產品的角度來看，對於秋季，我們將在關鍵類別中建立我們的英雄產品特許經營權，從內衣開始，我們正在通過新的輪廓、季節性顏色和可持續纖維擴展我們的英雄現代棉計劃。我們對牛仔布和其他一些關鍵類別也採取同樣的做法，確保我們擁有市場上最好的必需品。

As we move into fall, we have structured a multi-month program to strategically strengthen our brand positioning. Just last week, Fall '22 images of Jennie Kim were revealed on Instagram, e-commerce and high-visibility placements, including Houston Street in New York City, timed to BLACKPINK's release of their new single.

隨著我們進入秋季，我們制定了一個為期數月的計劃，以戰略性地加強我們的品牌定位。就在上週，Jennie Kim 的 22 年秋季照片在 Instagram、電子商務和包括紐約市休斯頓街在內的高知名度展示位置上曝光，與 BLACKPINK 發布他們的新單曲同步。

The activation created excitement for the fall campaign and further tapped into the brand's connection to culture. Additional images starring Jennie as well as actor Dominic Fike, actor and activist Susan Sarandon, models Lila Moss and Precious Lee and more will launch today, all executed in an iconic unmistakably Calvin way.

此次活動為秋季活動帶來了興奮，並進一步挖掘了品牌與文化的聯繫。由 Jennie 和演員 Dominic Fike、演員兼活動家 Susan Sarandon、模特 Lila Moss 和 Precious Lee 等主演的其他圖片將於今天推出，所有這些都以標誌性的 Calvin 方式執行。

In addition, the brand announced Son Heung-min as brand ambassador for Calvin Klein underwear in South Korea. Heung-min will be featured in an exclusive campaign in South Korea for this fall season, wearing one of Calvin Klein's underwear's newest styles, Embossed Icon. The announcement generated significant excitement on own social with Son's post driving higher reach, engagement and comment volume. This is an early example of how we are building out Calvin's talent collaborations across regions and countries.

此外，該品牌還宣布孫興慜為韓國 Calvin Klein 內衣品牌代言人。 Heung-min 將身著 Calvin Klein 最新款的 Embossed Icon 內衣出現在今年秋季在韓國舉行的獨家活動中。該公告在自己的社交媒體上引起了極大的興奮，孫正義的帖子推動了更高的影響力、參與度和評論量。這是我們如何建立 Calvin 跨地區和國家的人才合作的早期示例。

Moving on to Tommy Hilfiger. We continue to drive enhanced brand equity with consumers, demonstrated by continued strength in brand visibility and relevance across markets. We're driving brand heat and momentum through connections with pop culture. Collaborations with Shawn Mendes, the NBA and the anticipation for our upcoming return to New York Fashion Week have all increased the visibility of Tommy Hilfiger. Our collaboration with Shawn Mendes generated a record-breaking 1.5 billion impressions and the highest global growth in new followers since 2019.

轉到湯米希爾費格。我們繼續推動增強消費者的品牌資產，這體現在品牌知名度和跨市場相關性的持續實力上。我們通過與流行文化的聯繫來推動品牌熱度和動力。與 Shawn Mendes、NBA 的合作以及對我們即將回歸紐約時裝週的期待都增加了 Tommy Hilfiger 的知名度。我們與 Shawn Mendes 的合作產生了創紀錄的 15 億次展示，以及自 2019 年以來全球新追隨者的最高增長。

Our Summer 2022 Classics Reborn campaign, featuring Shawn wearing our collection fully made from more sustainable materials, drove a meaningful uplift in sales of our full-price 1985 essential business across all regions. We applaud Shawn's courage to speak openly about mental health and his efforts towards healing and recovery. Speaking up is an inspiring act that sets a positive example for his 100-plus million followers. Following his recovery, we look forward to the next exciting phase of our collaboration.

我們的 2022 年夏季 Classics Reborn 活動以 Shawn 為特色，穿著我們的系列完全由更可持續的材料製成，推動了我們在所有地區的 1985 年全價基本業務的銷售量顯著提升。我們讚賞肖恩敢於公開談論心理健康以及他為康復和康復所做的努力。大聲疾呼是一個鼓舞人心的行為，為他的 100 多萬粉絲樹立了一個積極的榜樣。在他康復之後，我們期待著我們合作的下一個激動人心的階段。

Turning to Tommy Jeans. The brand launched a global capsule collection with the NBA, continuing our focus on creating unique capsules. Their collection drove hype and quickly sold out, supported by strong media placement in key outlets, coupled with the successful influencer push with more than 22 million impressions.

轉向湯米牛仔褲。該品牌與 NBA 一起推出了全球膠囊系列，繼續專注於打造獨特的膠囊。他們的系列大肆宣傳並迅速售罄，這得益於主要媒體的強大媒體投放，以及超過 2200 萬印象的成功影響者推送。

Looking ahead, in September, through the brand's return to New York Fashion Week, we kick off an exciting global brand activation campaign featuring Kate Moss; legendary drummer and producer, Travis Barker; and Grammy-winning artists and Golden Global Emmy-nominated actor, Anthony Ramos.

展望未來，9 月，隨著品牌重返紐約時裝週，我們將啟動由 Kate Moss 主演的激動人心的全球品牌激活活動；傳奇鼓手兼製作人 Travis Barker；和格萊美獲獎藝術家和金全球艾美獎提名演員安東尼·拉莫斯。

In closing, we are early into the execution of our PVH+ Plan to achieve the 2025 targets we shared at our Investor Day. While we are prudently navigating the current macro challenges, we remain laser-focused on executing our plan to set PVH up to win in the new normal and drive long-term sustainable growth.

最後，我們正在儘早執行我們的 PVH+ 計劃，以實現我們在投資者日分享的 2025 年目標。雖然我們正在謹慎應對當前的宏觀挑戰，但我們仍然專注於執行我們的計劃，讓 PVH 在新常態中獲勝並推動長期可持續增長。

We already have proof points of our strong execution in Europe and Asia. And with the actions we are taking to strengthen North America and our global supply chain, how we drive efficiencies and invest in growth initiatives with the current level of macro impact, we will still be well positioned to deliver underlying growth for the remainder of this year and deliver on our long-term commitments.

我們已經有證據證明我們在歐洲和亞洲的強大執行力。隨著我們為加強北美和我們的全球供應鏈而採取的行動，以及我們如何在當前宏觀影響水平下提高效率並投資於增長計劃，我們仍將有能力在今年剩餘時間內實現潛在增長並兌現我們的長期承諾。

With the power of our 2 iconic brands and quarter-by-quarter connecting them closer to where the consumer is going, driven by the execution of the 5 value-creating initiatives of the PVH+ Plan, we are confident in our ability to generate long-term sustainable growth and value for shareholders.

在執行 PVH+ 計劃的 5 項價值創造計劃的推動下，憑藉我們 2 個標誌性品牌的力量，並且每季度將它們與消費者的目的地聯繫起來，我們對我們創造長期價值的能力充滿信心。長期可持續增長和股東價值。

With that, I'll turn the call over to Zac to discuss the financials in more detail.

有了這個，我將把電話轉給 Zac 來更詳細地討論財務狀況。

Thanks, Stefan, and good morning. My comments are based on non-GAAP results and are reconciled in our press release. Our commitment to simple, transparent and long-term focused communication and engaging with our investors is more important than ever as we continue to navigate a challenging and increasingly complex macroeconomic environment. We are focused on what is within our control and pleased that we delivered underlying revenue growth of 6% and EPS above our guidance for the second quarter, driven by disciplined management of expenses and a lower tax rate and despite a greater negative currency impact and a shortfall in revenue compared to expectations.

謝謝，斯特凡，早上好。我的評論基於非公認會計原則的結果，並在我們的新聞稿中得到了協調。隨著我們繼續應對充滿挑戰且日益複雜的宏觀經濟環境，我們對簡單、透明和長期專注的溝通以及與投資者互動的承諾比以往任何時候都更加重要。我們專注於我們控制範圍內的事情，並且很高興我們在第二季度實現了 6% 的基本收入增長和高於我們預期的每股收益，這得益於嚴格的費用管理和較低的稅率，儘管貨幣負面影響更大，而且收入低於預期。

While we expect pressure on our results to continue in the second half of 2022, which is reflected in our revised outlook, the PVH+ Plan is a multiyear strategic growth plan, and we remain committed to our long-term financial objectives. We are moving ahead quickly to align every area of our company with the PVH+ Plan, putting the consumer at the center of all we do as we execute our 5 key growth drivers.

雖然我們預計 2022 年下半年我們的業績將繼續面臨壓力，這反映在我們修訂的展望中，但 PVH+ 計劃是一項多年戰略增長計劃，我們將繼續致力於實現我們的長期財務目標。我們正在迅速推進，以使公司的每個領域都與 PVH+ 計劃保持一致，在執行 5 個關鍵增長驅動因素時，將消費者置於我們所做的一切工作的中心。

In line with the fifth growth driver of the PVH+ Plan, drive efficiencies and invest in growth, we are taking steps to simplify and streamline how we work, reducing spans and layers to shorten the path to the consumer and working more efficiently and collaboratively to leverage our resources and global scale. These actions will enable us to reduce people costs in our global offices by approximately 10% by the end of 2023 as we resize the organization around our streamlined model.

根據 PVH+ 計劃的第五個增長驅動力，即提高效率並投資於增長，我們正在採取措施簡化和精簡我們的工作方式，減少跨度和層級以縮短通往消費者的路徑，並更高效地協作以利用我們的資源和全球規模。隨著我們圍繞精簡模式調整組織規模，這些行動將使我們能夠在 2023 年底之前將全球辦事處的人員成本降低約 10%。

These reductions will be phased in over time and across all regions as we put our new ways of working in place, driving cost efficiencies and enabling continued strategic investments to fuel growth, including investing in global product excellence, creating customer excitement and engagement through impactful marketing campaigns, elevating our digital capabilities and continuing to streamline and upgrade our commercial enterprise platform globally. We expect these reductions will generate annual cost savings of over $100 million, net of continued strategic people investments, with a small benefit to 2022 and increased savings as we move through 2023.

隨著我們採用新的工作方式、提高成本效率並實現持續的戰略投資以推動增長，包括投資於全球產品卓越、通過有影響力的營銷創造客戶興奮和參與度，這些削減將隨著時間的推移在所有地區逐步實施活動，提升我們的數字能力，並繼續在全球範圍內簡化和升級我們的商業企業平台。我們預計，這些削減將在扣除持續的戰略人員投資後每年節省超過 1 億美元的成本，到 2022 年將帶來小幅收益，而隨著我們進入 2023 年，節省會增加。

I will now discuss our second quarter results in more detail, and then we'll move on to our outlook for 2022. As mentioned previously, revenue for the second quarter was up 6% on an underlying basis, driven by a solid performance in our international businesses. Revenue was lower than planned, primarily due to an increasingly challenging macro environment, which particularly affected our North America wholesale business as inflationary pressures weigh on consumer demand and our wholesale partners take a more cautious approach to their open-to-buy, as well as ongoing supply chain and logistics disruptions globally.

我現在將更詳細地討論我們的第二季度業績，然後我們將繼續討論我們對 2022 年的展望。如前所述，在我們的穩健表現的推動下，第二季度的收入基本增長了 6%。國際業務。收入低於計劃，主要是由於日益具有挑戰性的宏觀環境，這尤其影響了我們的北美批發業務，因為通脹壓力對消費者需求造成壓力，我們的批發合作夥伴對他們的開放購買採取更加謹慎的態度，以及全球持續的供應鍊和物流中斷。

Overall reported revenue was down 8% and flat in constant currency compared to the prior year and reflected a 6% negative impact due to the Heritage Brands transaction, the exit from the Heritage Brands retail business and the war in Ukraine. We remain focused on driving performance in our direct-to-consumer business, the channel with the closest connection to our consumer, and DTC was up high single digits on an underlying basis. On a reported basis, direct-to-consumer revenue was down 5% compared to the prior year, up 3% on a constant currency basis and reflected a 3% reduction from the exit of the Heritage Brands retail business and a 1% reduction due to the war in Ukraine.

與上年相比，報告的整體收入下降 8%，按固定匯率計算持平，反映了由於 Heritage Brands 交易、Heritage Brands 零售業務退出和烏克蘭戰爭造成的 6% 負面影響。我們仍然專注於推動我們直接面向消費者的業務的表現，這是與我們的消費者聯繫最密切的渠道，而 DTC 在基礎上上漲了個位數。根據報告，直接面向消費者的收入比上年下降 5%，按固定匯率計算增長 3%，反映出傳統品牌零售業務的退出減少了 3%，而到烏克蘭戰爭。

From a regional perspective, we saw solid underlying growth in nearly all international markets other than Greater China, which remains impacted by COVID restrictions. Second quarter revenue for our international businesses was up 6% versus last year on a constant currency basis and significantly exceeded 2019 pre-pandemic levels.

從區域的角度來看，我們看到除大中華區以外的幾乎所有國際市場都出現了穩健的潛在增長，大中華區仍受到新冠疫情限制的影響。按固定匯率計算，我們國際業務的第二季度收入與去年相比增長了 6%，大大超過了 2019 年大流行前的水平。

Within our international business, as Stefan mentioned, our European business is now approximately 25% larger than pre-pandemic levels in local currency. And our Asia Pacific business, excluding China, grew approximately 25% compared to last year, even with a negative impact of foreign currency translation of 12%.

正如 Stefan 所說，在我們的國際業務中，我們的歐洲業務現在以當地貨幣計算比大流行前的水平高出約 25%。與去年相比，我們的亞太地區業務（不包括中國）增長了約 25%，即使外幣換算產生了 12% 的負面影響。

In North America, revenue in the second quarter was up 2% overall for Tommy Hilfiger and Calvin Klein, although still below 2019 pre-pandemic levels, impacted by the lack of international tourism from Asia. Our North America retail store business continues to demonstrate growth in line with our plans, up high single digits from the prior year. Our wholesale business was challenged for the reasons I mentioned, which had an outsized effect on our Calvin Klein business, which has a much larger wholesale component.

在北美，Tommy Hilfiger 和 Calvin Klein 的第二季度整體收入增長了 2%，但仍低於 2019 年大流行前的水平，受亞洲國際旅遊業缺乏的影響。我們的北美零售店業務繼續按照我們的計劃實現增長，比上一年增長了個位數。由於我提到的原因，我們的批發業務受到了挑戰，這對我們的 Calvin Klein 業務產生了巨大的影響，後者的批發部分要大得多。

We also demonstrated continued underlying growth across global brands: the Tommy Hilfiger revenues up 4% on a constant currency basis and Calvin Klein revenues up 6% on a constant currency basis. Reported revenues were down 5% for Tommy Hilfiger and down 1% for Calvin Klein. In the second quarter, we delivered gross margin of 57.2%, up approximately 200 basis points compared to pre-pandemic levels and nearly in line with the prior year's 57.7%, excluding the 40 basis point impact of foreign currency translation.

我們還展示了全球品牌的持續潛在增長：Tommy Hilfiger 收入按固定匯率計算增長 4%，Calvin Klein 收入按固定匯率計算增長 6%。 Tommy Hilfiger 的報告收入下降了 5%，Calvin Klein 的收入下降了 1%。第二季度，我們實現了 57.2% 的毛利率，與大流行前水平相比上升了約 200 個基點，幾乎與去年的 57.7% 持平，不包括外幣換算的 40 個基點的影響。

SG&A expense as a percentage of revenue for the second quarter was better than planned at 47.3% as we prudently manage expenses while still making targeted investments in areas like marketing and digital to fuel growth. SG&A expense as a percentage of revenue was approximately 240 basis points higher than last year.

第二季度 SG&A 費用佔收入的百分比為 47.3%，好於計劃，因為我們謹慎管理費用，同時仍在營銷和數字等領域進行有針對性的投資以推動增長。 SG&A 費用佔收入的百分比比去年高出約 240 個基點。

In the second quarter of the prior year, we benefited from lower expenses as stores were reopening, and we were receiving COVID relief. In total, our EBIT for the quarter was in line with our guidance despite the tougher macroeconomic conditions and increased negative impact of foreign currency as we work to offset lower revenue with more controlled spending.

去年第二季度，由於商店重新開業，我們受益於較低的支出，並且我們正在接受 COVID 救濟。總體而言，儘管宏觀經濟形勢更加嚴峻，外彙的負面影響增加，但我們本季度的息稅前利潤仍符合我們的指引，因為我們努力通過更嚴格的支出控制來抵消較低的收入。

Operating margin was 9.9% as reported. Operating margin was 10.4% for the quarter, excluding the negative impact of approximately 50 basis points due to foreign currency translation.

據報導，營業利潤率為 9.9%。本季度的營業利潤率為 10.4%，不包括外幣折算帶來的約 50 個基點的負面影響。

Earnings per share of $2.08 compared to $2.72 in the prior year period and exceeded our previous guidance by $0.08, driven by disciplined management of expenses and a lower tax rate. Earnings per share for the quarter included a $0.35 negative impact compared to the prior year related to foreign currency translation and a $0.17 negative impact due to the war in Ukraine.

由於嚴格的費用管理和較低的稅率，每股收益為 2.08 美元，而去年同期為 2.72 美元，超出了我們之前的指導 0.08 美元。本季度每股收益包括與上年相比與外幣換算相關的 0.35 美元的負面影響，以及因烏克蘭戰爭造成的 0.17 美元的負面影響。

Inventory was up 19% at the end of the quarter compared to the prior year period but still remains below pre-pandemic levels. Inventory levels at the start of the second quarter were too lean, particularly in North America, where delayed receipts of inventory due to supply chain delays negatively impacted revenue.

與去年同期相比，本季度末的庫存增加了 19%，但仍低於大流行前的水平。第二季度初的庫存水平太低，尤其是在北美，由於供應鏈延遲而導致的庫存延遲接收對收入產生了負面影響。

The increase in ending inventory was due to a combination of 3 factors. First, inventory levels were abnormally low last year in all regions. Normalizing those inventory levels this year to historical levels was worth about half of the overall inventory increase. Second, as we discussed previously, we continue to increase our inventory investment in core product to mitigate ongoing supply chain and logistics disruptions and ensure that we have the right product at the right time, which was worth about another 1/4 of the increase. And lastly, the balance of the increase, approximately $65 million, was due to elevated inventory levels in North America wholesale due to lower-than-expected demand. We are executing a plan to mitigate this amount by reducing future purchases and redirecting products through our own stores.

期末存貨增加是三個因素共同作用的結果。首先，去年所有地區的庫存水平都異常低。將今年的庫存水平正常化至歷史水平，相當於整體庫存增加的一半左右。其次，正如我們之前所討論的，我們繼續增加對核心產品的庫存投資，以緩解持續的供應鍊和物流中斷，並確保我們在正確的時間擁有正確的產品，這相當於增加了大約 1/4。最後，增加的餘額約為 6500 萬美元，這是由於需求低於預期導致北美批發庫存水平升高。我們正在執行一項計劃，通過減少未來的購買和通過我們自己的商店重定向產品來減少這一數額。

In-transit inventory levels were up over 50% versus last year and reflect the extended lead times we continue to experience. Additionally, we delivered on our commitment under the PVH+ Plan to return excess cash to shareholders, returning over $125 million to shareholders through the repurchase of 2 million PVH shares and our dividend.

與去年相比，在途庫存水平增加了 50% 以上，這反映了我們繼續經歷的延長交貨時間。此外，我們兌現了我們在 PVH+ 計劃下的承諾，將多餘的現金返還給股東，通過回購 200 萬股 PVH 股票和我們的股息向股東返還超過 1.25 億美元。

Moving on to our outlook. We have updated our full year 2022 revenue and EPS outlook to reflect our current expectations for the second half of 2022. Our outlook reflects the challenging macroeconomic environment and trends within the retail industry, including lower consumer demand as a result of inflationary pressures as consumers reduce discretionary spend and certain wholesale customers take a more cautious approach.

繼續我們的展望。我們更新了 2022 年全年收入和每股收益展望，以反映我們目前對 2022 年下半年的預期。我們的展望反映了零售行業充滿挑戰的宏觀經濟環境和趨勢，包括由於消費者減少導致通脹壓力導致的消費者需求下降可自由支配的支出和某些批發客戶採取更加謹慎的態度。

These trends are particularly noticeable in North America, where there has been a change in how our U.S. consumer is spending due to inflationary pressures. And we anticipate a more promotional environment in our wholesale channel in the back half of 2022 as a result of elevated inventory levels industry-wide.

這些趨勢在北美尤為明顯，由於通脹壓力，美國消費者的消費方式發生了變化。由於整個行業的庫存水平上升，我們預計 2022 年下半年我們的批發渠道將有更多的促銷環境。

To a lesser extent, inflationary pressures are also impacting consumers in Europe, particularly in Northern Europe, where inflation rates have been the highest. Despite these pressures, our business in Europe is strong, and our revised outlook continues to reflect the underlying revenue growth in the high single digits for our Europe business for the second half of the year.

在較小程度上，通脹壓力也在影響歐洲的消費者，尤其是在通脹率最高的北歐。儘管面臨這些壓力，我們在歐洲的業務依然強勁，我們修訂後的展望繼續反映我們下半年歐洲業務的基本收入增長在高個位數。

In Asia Pacific, we continue to see strength in markets that are not currently impacted by COVID. Our full year outlook also reflects an increased negative impact of foreign currency translation, along with an improvement in our effective income tax rate, as a result of a favorable change in the mix of earnings between tax jurisdictions and recognition of certain tax credits.

在亞太地區，我們繼續看到目前未受 COVID 影響的市場表現強勁。我們的全年展望還反映了外幣折算的負面影響增加，以及我們的有效所得稅率的改善，這是由於稅收管轄區之間的收入組合發生有利變化以及對某些稅收抵免的確認。

For the full year, we are projecting underlying high single-digit revenue growth, driven by our continued strength in our DTC business. Our international businesses continued to demonstrate strength, and we expect to continue to build on strong growth from 2021 through systemic execution of our strategic priorities. In North America, while we are working our way back to pre-pandemic revenue levels, we are still facing a lack of international tourism, particularly from Asia, and ongoing supply chain pressures, along with pressures in our wholesale business, which are expected to negatively impact the second half.

全年，由於我們在 DTC 業務方面的持續實力，我們預計潛在的高個位數收入增長。我們的國際業務繼續展現實力，我們預計通過系統執行我們的戰略重點，從 2021 年起繼續實現強勁增長。在北美，雖然我們正在努力恢復大流行前的收入水平，但我們仍然面臨缺乏國際旅遊業，特別是來自亞洲的旅遊業，以及持續的供應鏈壓力，以及我們批發業務的壓力，預計這些壓力將對下半年產生負面影響。

Our overall revenue is predicted to be up 3% to 4% on a constant currency basis and down 3% to 4% as reported compared to 2021 and reflects a 4% reduction resulting from the Heritage Brands transaction, the exit from Heritage Brands retail business and the war in Ukraine. We expect digital penetration as a percentage of revenue to be approximately 25%.

與 2021 年相比，按固定匯率計算，我們的總收入預計將增長 3% 至 4%，並下降 3% 至 4%，這反映了 Heritage Brands 交易、Heritage Brands 零售業務的退出導致的 4% 減少和烏克蘭的戰爭。我們預計數字滲透率佔收入的百分比約為 25%。

We expect our full year gross margin rate to remain above pre-pandemic levels, though approximately 70 basis points below record levels in 2021, which includes the negative impact of foreign currency translation of approximately 25 basis points. We expect that gross margin in our international business will hold, while in North America, we expect that elevated inventory levels industry-wide will create a more promotional environment.

我們預計我們的全年毛利率將保持在大流行前水平之上，儘管比 2021 年的創紀錄水平低約 70 個基點，其中包括約 25 個基點的外匯折算的負面影響。我們預計我們國際業務的毛利率將保持不變，而在北美，我們預計全行業庫存水平的提高將創造一個更具促銷性的環境。

With higher inventory levels in North America wholesale, we are also lowering inventory purchases and redirecting on-hand inventory to our outlet stores. SG&A expense as a percent of revenue for the full year is expected to be approximately 100 basis points higher compared to 2021. While we continue to prudently invest in the core pillars of the PVH+ Plan, we have accelerated cost efficiencies across the business in light of increased macro pressures.

隨著北美批發庫存水平的提高，我們也在降低庫存採購併將現有庫存轉移到我們的直銷店。與 2021 年相比，SG&A 費用佔全年收入的百分比預計將比 2021 年高出約 100 個基點。雖然我們繼續審慎地投資於 PVH+ 計劃的核心支柱，但鑑於以下因素，我們已經加快了整個業務的成本效率宏觀壓力加大。

Our full year operating margin is now projected at approximately 9%. This reflects a negative impact compared to prior year of approximately 50 basis points due to foreign currency translation. We expect our interest expense to decrease in 2022 to approximately $85 million compared to $104 million in 2021.

我們現在預計全年營業利潤率約為 9%。這反映了與上一年相比由於外幣折算產生的約 50 個基點的負面影響。我們預計我們的利息支出將在 2022 年減少至約 8500 萬美元，而 2021 年為 1.04 億美元。

We also have continued the important work to reduce our corporate tax rate versus previous guidance. With the finalization of the Inflation Reduction Act in the United States, we now have improved clarity on future legislation, and combined with adjustments in our global tax planning, we are more able to take advantage of foreign tax credits than previously assumed. Additionally, we continue to evolve our transfer pricing structure to better align with our PVH+ Plan value drivers. The result is an outlook for 2022 of 24% for our corporate tax rate, which we believe is sustainable over the medium term.

我們還繼續進行重要工作，以降低我們的公司稅率與之前的指導。隨著美國《減通脹法案》的最終確定，我們現在提高了未來立法的清晰度，再加上我們全球稅收計劃的調整，我們比以前假設的更能利用外國稅收抵免。此外，我們將繼續發展我們的轉讓定價結構，以更好地與我們的 PVH+ 計劃價值驅動因素保持一致。結果是我們的公司稅率在 2022 年的前景為 24%，我們認為這在中期內是可持續的。

For the full year in 2022, we project earnings per share of approximately $8, which now reflects a negative impact of foreign currency translation of approximately $1.25 per share. Our planned stock repurchases in 2022 remain at approximately $400 million. For the third quarter, we are projecting our overall revenue to increase by 4% to 5% on a constant currency basis compared to the prior year and to decrease by 4% to 5% as reported. This reflects mid- to high single-digit revenue growth in our underlying business and a 2% reduction from the war in Ukraine.

對於 2022 年全年，我們預計每股收益約為 8 美元，這反映了外幣折算的負面影響約為每股 1.25 美元。我們計劃在 2022 年進行的股票回購仍約為 4 億美元。對於第三季度，我們預計在固定貨幣基礎上，與去年相比，我們的總收入將增長 4% 至 5%，並根據報告減少 4% 至 5%。這反映了我們基礎業務的中高個位數收入增長以及烏克蘭戰爭減少了 2%。

Third quarter earnings per share is expected to be in the range of $2.10 to $2.15, which reflects negative impacts of approximately $0.35 due to foreign currency translation and approximately $0.18 from the war in Ukraine compared to the prior year. We expect our interest expense for the third quarter to be approximately $20 million and our tax rate to be approximately 18%.

第三季度每股收益預計在 2.10 美元至 2.15 美元之間，這反映出與去年相比，外幣折算帶來的負面影響約為 0.35 美元，烏克蘭戰爭的負面影響約為 0.18 美元。我們預計第三季度的利息支出約為 2000 萬美元，稅率約為 18%。

Before we open it up for questions, I want to reiterate that despite the increasing macro pressures, we remain focused on driving our strategic priorities and are committed to delivering strong financial performance over time. With 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.

在我們提出問題之前，我想重申，儘管宏觀壓力越來越大，我們仍然專注於推動我們的戰略重點，並致力於隨著時間的推移實現強勁的財務業績。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，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，接線員，我們想對它提出問題。

(Operator Instructions) Our first question comes from Bob Drbul from Guggenheim.

（操作員說明）我們的第一個問題來自古根海姆的 Bob Drbul。

Just had 2 questions for you. I guess, the first one is, when you look at the underlying performance of the business, I was wondering if you could just help us tie the underlying performance with what you've now stated as the second half expectations are, with a lot of the macro issues that you're facing, foreign exchange, et cetera. And then the second question is, can you just talk more broadly about digital as a channel and the growth opportunities that you have invested in and that you're seeing as part of the PVH+ Plan?

剛剛有 2 個問題要問你。我想，第一個是，當你查看業務的基本表現時，我想知道你是否可以幫助我們將基本表現與你現在所說的下半年預期聯繫起來，有很多您面臨的宏觀問題，外匯等。然後第二個問題是，您能否更廣泛地談論數字化作為一種渠道以及您投資的增長機會以及您將其視為 PVH+ 計劃的一部分？

Thank you, Bob. Yes, this is an unprecedented amount of exchange rate and macro impact we see this quarter and the difference between reported and the underlying growth of the business. I've been leading for over 20 years, and I haven't seen this kind of exchange rate macro difference. What's important here is that underneath of all that, we are laser-focused on the execution of our PVH+ Plan.

謝謝你，鮑勃。是的，這是我們本季度看到的前所未有的匯率和宏觀影響，以及報告的業務增長與潛在業務增長之間的差異。我已經領先了20多年，我還沒有看到這種匯率宏觀差異。這裡重要的是，在這一切之下，我們專注於執行我們的 PVH+ 計劃。

And what's exciting to share is, to your point, the difference between reported and underlying this quarter, we have an underlying growth of the business with 6%. And for the full year, we are projecting an underlying growth of 8%. So strong underlying growth, even though we are navigating through this more tougher macro challenges.

就您而言，令人興奮的是，本季度報告和基礎之間的差異，我們的業務基礎增長為 6%。對於全年，我們預計基本增長率為 8%。如此強勁的潛在增長，儘管我們正在應對更嚴峻的宏觀挑戰。

So breaking that down to the PVH+ Plan focus, which is continue to build out and accelerate the strength in Europe and Asia. So when we look at Europe, we drove a 6% underlying growth in euros. We are 25% bigger, as I mentioned -- 25% bigger than pre-pandemic, significantly more profitable. So we're building a real strength in Europe.

因此，將其分解為 PVH+ 計劃的重點，即繼續在歐洲和亞洲建立和加速實力。因此，當我們看歐洲時，我們推動了歐元 6% 的潛在增長。正如我所提到的，我們的規模擴大了 25%——比大流行前擴大了 25%，利潤顯著增加。因此，我們正在歐洲建立真正的實力。

In Asia, we drove 15% underlying growth despite COVID shutdowns. And if we look at Asia outside of Greater China, because we have so much COVID restrictions to navigate through, we drove -- as Zac mentioned, we drove -- on a constant currency, drove a 37% growth. So very well-executed PVH+ driving strong underlying growth in international, both Europe and Asia.

在亞洲，儘管 COVID 關閉，我們仍推動了 15% 的潛在增長。如果我們看看大中華區以外的亞洲，因為我們有太多的 COVID 限制需要通過，我們推動了 - 正如 Zac 提到的，我們推動了 - 以恆定貨幣計算，推動了 37% 的增長。因此，執行得非常出色的 PVH+ 推動了歐洲和亞洲國際的強勁潛在增長。

And even if we have much work to do in North America, what's exciting this quarter is that we're starting to gain traction with the domestic consumer in both Calvin and Tommy in our own stores. So in our D2C channel, which we control the outcome the most, we are driving an 8% growth in the quarter. And we see it -- for Calvin stores, we see that we're starting to come up and beat 2019 levels when it comes to the domestic consumer. So when you add all that up, I'm very encouraged by our ability across the company to execute on the PVH+ Plan.

即使我們在北美還有很多工作要做，但本季度令人興奮的是，我們開始在我們自己的商店中吸引 Calvin 和 Tommy 的國內消費者。因此，在我們最能控制結果的 D2C 渠道中，我們在本季度推動了 8% 的增長。我們看到了——對於 Calvin 商店，我們看到在國內消費者方面我們開始上升並超過 2019 年的水平。因此，當您將所有這些加起來時，我對我們在整個公司執行 PVH+ 計劃的能力感到非常鼓舞。

Switching gears to your digital question, it's the third growth driver in our 5 -- of our 5 growth drivers of the PVH+ Plan, digital is the third, winning in the digitally led marketplace. We continue to do that. As I mentioned in my prepared remarks, Bob, we see the consumer coming back to brick-and-mortar very much from a COVID-disturbed globally for the last 2 years. So we see consumer really coming strongly back to brick-and-mortar.

切換到您的數字問題，它是我們 5 個增長驅動力中的第三個 - 在我們 PVH+ 計劃的 5 個增長驅動力中，數字化是第三個，在數字主導的市場中獲勝。我們繼續這樣做。正如我在準備好的講話中提到的那樣，鮑勃，我們看到消費者在過去 2 年中從全球範圍內受到 COVID 干擾的情況下重回實體店。因此，我們看到消費者真的強烈回歸實體店。

We're still able to hold the digital penetration of 25%. More importantly, medium to long term, we see digital continue to grow the fastest. So that's where we are investing in our own and operated e-commerce, making those the flagship across the world, but also in third-party e-commerce. So China, a good example there. Even though we navigated really tough COVID impact in China, we were able to execute 6/18 digitally led, with 40% growth across all platforms. So very encouraged by the investment and the focus our teams have on digital. And over time, you will see that channel grow the most.

我們仍然能夠保持 25% 的數字滲透率。更重要的是，從中長期來看，我們看到數字化繼續以最快的速度增長。所以這就是我們投資於我們自己和運營的電子商務的地方，使它們成為世界各地的旗艦，同時也投資於第三方電子商務。中國就是一個很好的例子。儘管我們在中國應對了非常嚴峻的 COVID 影響，但我們還是能夠以 6/18 的數字領先，在所有平台上實現 40% 的增長。因此，我們的團隊對數字化的投資和關注讓我們深受鼓舞。隨著時間的推移，您會看到該渠道增長最快。

Jay Sole of -- from UBS.

來自瑞銀的Jay Sole。

My question is just on foreign exchange. Just wondering how should we think about next year? I know you're not giving guidance for next year yet, but how might gross margin next year be impacted if foreign exchange rates don't change and the hedges reset?

我的問題只是關於外匯。只是想知道我們應該如何考慮明年？我知道你還沒有給出明年的指導，但是如果外匯匯率沒有變化並且對沖重置，明年的毛利率會受到什麼影響？

Yes. Thank you, Jay. It's -- again, our main focus when it comes to leading with the management team through these, again, unprecedented exchange rate fluctuations is on the underlying strength of the business. And in parallel with that, Zac, do you want to share more?

是的。謝謝你，傑。再次，當涉及到領導管理團隊通過這些前所未有的匯率波動時，我們的主要重點是業務的潛在實力。與此同時，扎克，你想分享更多嗎？

Yes. Jay, in general, as we take a look, moving forward to next year, we see a gross impact of around 100 basis points of that transaction effect for exchange based on where we're sitting in now and using, say, euro at about parity as an example. I think the focus of the teams, as Stefan had mentioned, is controlling what is it that we can control.

是的。傑伊，總的來說，當我們展望明年時，我們看到交易效果的總影響約為 100 個基點，基於我們現在所處的位置，使用歐元以平價為例。正如斯特凡所說，我認為團隊的重點是控制我們可以控制的東西。

So first off, things like adjusting our sourcing footprint to better match sales and buying currencies. So for example, taking a look in Europe about leveraging Turkey and the euro-based cost there as an example and timing our Fall '23 buy to be as late as possible to take advantage of decreasing raw materials prices in the markets there.

所以首先，調整我們的採購足跡以更好地匹配銷售和購買貨幣。因此，例如，以歐洲為例，以土耳其和基於歐元的成本為例，並儘可能晚地安排我們的 23 年秋季購買，以利用那里市場原材料價格下降的優勢。

Obviously, we will continue to watch to be able to take advantage of anywhere that there are pricing opportunities, as we would expect that the competitive set as well to face similar pressures. But for right now, our eyes are laser-focused on what we can control, which is driving those mitigation actions against AUC.

顯然，我們將繼續關注能夠利用任何有定價機會的地方，因為我們預計競爭者也會面臨類似的壓力。但就目前而言，我們的眼睛專注於我們可以控制的事情，這正在推動針對 AUC 的緩解措施。

Michael Binetti of Credit Suisse.

瑞士信貸的邁克爾·比內蒂。

I guess, maybe as we look out multiyear for the Analyst Day targets, I think the plan was for high single-digit to low double-digit growth CAGR through '25. As -- obviously, you've got a lot of nonoperational headwinds this year. As we start thinking about the inputs that we can look at today to bridge to 2023, is that still a relevant range given the 8% underlying growth rate this year and excluding any impact from currency next year? Is that still -- I'm trying to look at what indicators you might be looking at to triangulate to a number for next year early on at this point, admittedly.

我想，也許當我們期待分析師日的多年目標時，我認為該計劃是到 25 年實現高個位數到低兩位數的複合年增長率。正如 - 顯然，今年你遇到了很多非運營的逆風。當我們開始考慮我們今天可以考慮到 2023 年的輸入時，考慮到今年 8% 的基本增長率並且不包括明年貨幣的任何影響，這仍然是一個相關範圍嗎？仍然如此 - 我正在嘗試查看您可能正在尋找的指標，以便在這一點上對明年早些時候的數字進行三角測量，誠然。

And then the same question, I guess, on EPS growth rates. As you look at the operations and the analyst -- and the algorithm from the Analyst Day, I'm wondering if given the inputs we know about today with currency, the cost savings, some of the freight cost recapture, the order books you pointed to, can the reported EPS number grow next year? Or do the big macros, like FX, that are out of your control weigh on that ability?

然後我猜想，關於每股收益增長率的同樣問題。當您查看運營和分析師 - 以及分析師日的算法時，我想知道是否考慮到我們今天所知道的貨幣輸入、成本節約、一些運費成本回收、您指出的訂單簿到，報告的EPS數量明年會增長嗎？或者像 FX 這樣不受您控制的大宏是否會影響這種能力？

Yes. Thank you, Michael. And as you mentioned, the PVH+ Plan is a multiyear plan, 2025 targets. We are very focused on making sure that we execute on the PVH+ drivers, the 5-plus drivers, on winning more with product, winning even more with consumer engagement, winning in the digitally led marketplace and getting to that demand-driven supply chain and investing behind that growth and driving efficiencies.

是的。謝謝你，邁克爾。正如您所提到的，PVH+ 計劃是一項多年計劃，目標為 2025 年。我們非常專注於確保我們執行 PVH+ 驅動程序、5+ 驅動程序、通過產品贏得更多、通過消費者參與贏得更多、在數字主導的市場中獲勝並進入需求驅動的供應鍊和投資於增長並提高效率。

So when -- the way we track that internally is based on what's within our control, the underlying performance of the business. So as you see this year, we'll drive, in a tough macro, an 8% underlying growth. And then looking into next year, we'll just continue to unlock more and more value of those 5 drivers.

因此，我們在內部跟踪的方式是基於我們控制範圍內的業務的基本績效。因此，正如你今年所看到的，我們將在艱難的宏觀環境中推動 8% 的潛在增長。然後展望明年，我們將繼續釋放這 5 個驅動程序的越來越多的價值。

Yes. And I think, Michael, to put some numbers around that, obviously, we're not giving specific guidance for next year at this point. But as Stefan mentioned, with macroeconomic headwinds we're facing this year, which, as Stefan had started with, they're almost unprecedented, and we're still driving underlying growth that's in line with where our algorithm we had talked about is.

是的。我認為，邁克爾，為了給出一些數字，顯然，我們目前沒有為明年提供具體的指導。但正如 Stefan 所提到的，今年我們面臨著宏觀經濟逆風，正如 Stefan 開始所說的那樣，它們幾乎是前所未有的，而且我們仍在推動潛在的增長，這與我們談到的算法是一致的。

And I think as we look forward, whether it be '23 or beyond from there, I think that's what gives us the confidence that, as we keep our heads down and laser-focused on the PVH+ Plan deliverables, that the ability to continue to drive growth in the things that we can control, we still remain confident about. So lots of work still to do on the plan for next year, but I think we still see significant opportunities to drive the business forward to each of the 5 pillars that we had discussed previously.

我認為，當我們展望未來時，無論是 23 年還是以後，我認為這讓我們有信心，當我們低頭並專注於 PVH+ 計劃的可交付成果時，我們有能力繼續在我們可以控制的事情上推動增長，我們仍然對此充滿信心。明年的計劃還有很多工作要做，但我認為我們仍然看到了推動業務向我們之前討論的 5 個支柱中的每一個推進的重要機會。

And to give you some more texture, Michael, on the 5 growth drivers. So when we look at product, we see that the underlying growth that we are driving -- strong underlying growth we are driving, especially in international and in D2C stores in North America, is coming through the focus -- the increased focus on playing in the big categories that matters the most to the consumer, where we have the right to play to win, execute on those most essential products silhouettes true to our brand DNA and creating those hero products and have them in stock.

邁克爾，為了給你更多關於 5 個增長驅動因素的信息。因此，當我們查看產品時，我們看到我們正在推動的潛在增長——我們正在推動的強勁的潛在增長，特別是在國際和北美的 D2C 商店中，正在通過焦點——對參與的日益關注對消費者最重要的大類別，我們有權在這些類別中獲勝，在那些最重要的產品上執行符合我們品牌 DNA 的輪廓，並創造這些英雄產品並有庫存。

So the demand-driven supply chain, it's the fourth value driver, but it connects directly to the product focus. So we see in Asia already this season that a very concrete way that they have managed their inventory situation in a very volatile market very well is that they were able to keep 15% open to buy.

因此，需求驅動的供應鍊是第四個價值驅動因素，但它直接與產品重點相關聯。因此，我們本季已經在亞洲看到，他們在非常動蕩的市場中很好地管理庫存狀況的一個非常具體的方法是，他們能夠保持 15% 的開放購買。

And in Europe, as an example, the -- many of our best-selling hero products are on core replenishment with short lead times. So there is -- what I'm excited about is that I'm seeing that the underlying growth we are driving comes from the execution of these drivers. And yet, we, as a management team see, over time, so much more value to unlock.

例如，在歐洲，我們許多最暢銷的英雄產品都在以較短的交貨時間進行核心補貨。所以有 - 我很興奮的是，我看到我們正在推動的潛在增長來自這些驅動因素的執行。然而，作為一個管理團隊，我們看到，隨著時間的推移，更多的價值可以釋放。

When it comes to the consumer engagement piece, we are starting to tap into masspirational talent that work as an amplifier to our brands. So when we put our brands together with masspirational talent, whether it's Shawn Mendes or Jennie Kim, 2 really strong examples, and they wear our iconic hero products and we have them in stock in the channels that the consumer wants to engage and digitally led, that's where we, in Asia, as an example, drive the underlying 37% growth.

在消費者參與方面，我們開始利用大眾化的人才作為我們品牌的放大器。因此，當我們將我們的品牌與大眾化人才（無論是肖恩·門德斯還是珍妮·金）結合在一起時，這兩個非常強大的例子，他們穿著我們標誌性的英雄產品，我們在消費者想要參與和數字化引導的渠道中有庫存，以亞洲為例，這就是我們推動潛在 37% 增長的地方。

So we are early, early days in unlocking what's within our control. And it's going to be what's my focus with my team, with my management team, is to focus and lean in on the few drivers underneath the 5 growth drivers that really makes a difference and double down and execute. So that's what we stay focused on.

因此，我們處於解鎖我們控制範圍內的早期階段。這將是我對我的團隊和我的管理團隊的關注點，就是關注並依靠 5 個真正產生影響的增長驅動力之下的少數驅動力，並加倍努力並執行。所以這就是我們一直關注的。

Chris Nardone from Bank of America.

美國銀行的 Chris Nardone。

What are your underlying assumptions for your European wholesale business over the next several quarters? And can you talk about why you think this business can fare better relative to the headwinds you're facing in your U.S. wholesale business in the back half of the year?

您對未來幾個季度歐洲批發業務的基本假設是什麼？您能否談談為什麼您認為相對於您在今年下半年在美國批發業務中面臨的逆風，該業務的表現會更好？

Yes. So we have, in Europe, strong forward-looking order books. So low double digits for the fall, and we continue for spring '23 to have strong demand. So -- and the reason we have that and the reason we have been able to execute so well in Europe and drive this kind of growth in the wholesale channel is the brand focus for both Tommy and Calvin and the product focus and staying really close to the consumer.

是的。因此，我們在歐洲擁有強大的前瞻性訂單。秋季如此低的兩位數，我們繼續對 23 年春季有強勁的需求。所以——我們擁有這一點的原因以及我們能夠在歐洲如此出色地執行並推動批發渠道的這種增長的原因是 Tommy 和 Calvin 的品牌重點以及產品重點並保持非常接近消費者。

So in a -- even though we see macro challenges impact part of Europe, our ability to pivot with the consumer and work with our wholesale partners to make sure that we have the best hero products at the best perceived value, and that is very much the product value combination, and we are able to sell through with higher AURs. So the demand is there, and we see the forward-looking demand to continue to be there as well.

因此，儘管我們看到宏觀挑戰影響了歐洲的部分地區，但我們有能力與消費者聯繫並與我們的批發合作夥伴合作，以確保我們擁有具有最佳感知價值的最佳英雄產品，這非常重要產品價值組合，我們能夠以更高的 AUR 進行銷售。所以需求就在那裡，我們看到前瞻性需求也將繼續存在。

Yes. And I think just to give a bit more context, stretching our eyes out further now. We talked last quarter about that low double digits for the fall, and that has firmed up and the team from there. And then looking a little further to pre-spring and spring, where, obviously, there's a lot more news that the sort of our key partners have absorbed, and we're still seeing high single-digit growth in the order book there as well and the early looks at that. So I think we see the strength that the European team has continued to build this year into the fall and then carrying onto the spring off of, quite honestly, a significantly larger base as well.

是的。我想只是為了提供更多的背景信息，現在把我們的眼睛拉得更遠。我們在上個季度談到了秋季的低兩位數，這已經鞏固了，團隊也從那裡開始了。然後再看看春季前和春季，顯然，我們的主要合作夥伴已經吸收了更多新聞，而且我們仍然看到那裡的訂單量也有很高的個位數增長早期的看法。所以我認為我們看到了歐洲隊在今年秋季繼續建立的實力，然後在春季繼續，老實說，一個更大的基地也是如此。

Brooke Roach from Goldman Sachs.

高盛的布魯克·羅奇。

I was wondering if you could dive a little bit deeper into the gross margin update and your outlook there and how that's changed versus last quarter. Is the step-down all a function of North America wholesale? And Zac, perhaps you could give us an update on your forward thinking on AUCs and how that might be looking into 2023.

我想知道您是否可以更深入地了解毛利率更新和您的前景以及與上一季度相比有何變化。降壓都是北美批發的功能嗎？ Zac，也許您可以向我們介紹您對 AUC 的前瞻性思考以及 2023 年可能的情況。

Thanks, Brooke. So let me just start by saying that the team is doing a really good job mitigating all the macro factors playing into the gross margin rate. So we are close to record-breaking gross margin rates still, even though we are navigating the disruption. So -- and what gives me confidence from the underlying drivers of gross margin rate going forward is, again, the ability to execute on the PVH+ drivers in, being even more disciplined on connecting the right product categories to the consumer, with increasing level of focus in the assortment of the hero products.

謝謝，布魯克。因此，讓我首先說團隊在減輕影響毛利率的所有宏觀因素方面做得非常好。因此，我們仍然接近創紀錄的毛利率，儘管我們正在應對顛覆。所以——讓我對未來毛利率的潛在驅動因素充滿信心的是，再次執行 PVH+ 驅動因素的能力，在將正確的產品類別與消費者聯繫起來時更加自律，隨著水平的提高專注於英雄產品的分類。

And then having David come in as our Global Head of Supply Chain on December 1, really bringing a best-in-class, demand-driven supply experience will unlock that further. So from a business-driving perspective, I see a lot of opportunities that we, step-by-step over the coming years, will continue to drive gross margin rate.

然後讓大衛在 12 月 1 日擔任我們的全球供應鍊主管，真正帶來一流的、需求驅動的供應體驗將進一步解鎖。因此，從業務驅動的角度來看，我看到了很多機會，我們將在未來幾年逐步推動毛利率。

Yes. And to put some numbers around that, Brooke, maybe I'll break it down into time periods. For the second quarter, largely speaking, our margins landed at expectations and at the record-high levels from last year, other than exchange translation. So through the second quarter, we've continued to hold well there with the progress the team has made.

是的。 Brooke，為了給出一些數字，也許我會將其分解為時間段。對於第二季度，除交易所翻譯外，我們的利潤率在很大程度上達到了預期和去年的創紀錄水平。因此，通過第二季度，我們繼續保持良好狀態，團隊取得了進展。

As we look forward into the second half, I think -- let me talk a little bit region by region. So our international markets have held up very well, thus far, through this. And we expect them to be able to continue to hold at those margin levels that we've seen, driven by the key business drivers, as Stefan has mentioned earlier.

當我們展望下半場時，我想——讓我逐個地區談談。因此，到目前為止，通過這種方式，我們的國際市場表現得非常好。正如 Stefan 之前提到的，我們希望他們能夠繼續保持在我們所看到的利潤率水平，這是由關鍵業務驅動因素驅動的。

Beyond the exchange rate impact, we do see, in our planning for the second half, for the North America market to become more promotional, I think, as we see, not so much our inventory levels, but where the marketplace is, leading to higher competition from there. And so we do foresee some margin headwinds more than we had previously planned into the second half, and we're planning down accordingly.

除了匯率影響之外，我們確實在下半年的計劃中看到，北美市場將變得更具促銷性，我認為，正如我們所看到的，與其說是我們的庫存水平，不如說是市場在哪裡，導致從那裡開始更高的競爭。因此，我們確實預見到下半年的利潤逆風比我們之前計劃的要多，因此我們正在相應地進行計劃。

And I would say that's across both the wholesale and our own stores. We want to continue to drive the sales growth, as Stefan had talked about earlier, up 8% in the second quarter by being relevant in the market for our customer with this moment where the marketplace is. And so I think we see a slightly more headwinds than we had assumed previously.

我想說的是批發和我們自己的商店都是如此。正如 Stefan 之前所說，我們希望繼續推動銷售增長，在第二季度增長 8%，因為我們在這個市場所在的時刻與我們的客戶市場相關。所以我認為我們看到的逆風比我們之前假設的要多一些。

As we look forward into 2023, again, we're not giving more structured guidance from there. But I think, as Stefan had mentioned, by really managing pillar 4 of this demand-driven operating model is really the key to make sure that, regardless of what we're experiencing in the marketplace, we're able to make sure that we're staying close to the customer, inventory levels are staying in line.

當我們再次展望 2023 年時，我們不會從那裡提供更有條理的指導。但我認為，正如 Stefan 所提到的，通過真正管理這種需求驅動的運營模式的支柱 4 確實是確保無論我們在市場上經歷什麼，我們都能夠確保我們'保持貼近客戶，庫存水平保持一致。

And we used an example, what Stefan mentioned earlier, around Asia for how they've managed inventory here throughout the year this year, leaving an open-to-buy open to adjust quickly and to make sure we can continue to hold for full-price selling as we have said.

我們使用了一個例子，Stefan 之前提到的亞洲各地，他們今年全年如何管理這裡的庫存，留下一個開放購買的開放空間以快速調整併確保我們可以繼續持有完整-正如我們所說的價格銷售。

Thanks, Brooke. And before we wrap up, just want to say that never -- we have never been more focused on unlocking the full potential of Calvin and Tommy through the PVH+ Plan. I'm very proud of the team's ability to drive this kind of underlying growth.

謝謝，布魯克。在我們結束之前，只想說從來沒有——我們從未像現在這樣專注於通過 PVH+ 計劃釋放 Calvin 和 Tommy 的全部潛力。我為團隊推動這種潛在增長的能力感到非常自豪。

We continue to build out on our strength in Europe and Asia. We lean in to unlock North America's potential. We know we have really big potential there. And we continue to align the management team to increase our ability to execute, and we lean in to drive efficiencies and invest in these initiatives. So that's where our focus is.

我們將繼續加強我們在歐洲和亞洲的實力。我們傾力釋放北美的潛力。我們知道我們在那裡有很大的潛力。我們將繼續調整管理團隊以提高我們的執行能力，並努力提高效率並投資於這些舉措。這就是我們的重點所在。

So thank you for spending the time with us and looking forward to catching up soon again.

因此，感謝您與我們共度時光，並期待很快再次趕上。

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

謝謝你。今天的電話會議到此結束。感謝您的參與。女士們，先生們，你們現在可以斷開連接了。