PVH Corp (PVH) 2022 Q3 法說會逐字稿

Good day, and welcome to the PVH Third 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，歡迎來到 PVH 2022 年第三季度財報電話會議。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. Third Quarter 2022 Earnings Conference Call. Leading the call today will be Stefan Larsson, 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 constitutes your consent having anything you say appear on any transcript or replay of this call. The information to be discussed includes forward-looking statements that reflect PVH's view as of December 1, 2022, of future events and 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.

謝謝你，運營商。大家早上好，歡迎來到 PVH Corp. 2022 年第三季度收益電話會議。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。您的參與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。將要討論的信息包括反映 PVH 截至 2022 年 12 月 1 日對未來事件和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。

These include PVH's right to change its strategies, objectives, expectations and intentions and the company's ability to realize anticipated benefits and savings from divestitures, restructuring and similar plans such as the planned cost efficiency action announced in its second quarter earnings release and its 2021 sale of assets and exit from its Heritage brands business to focus on its Calvin Klein and Tommy Hilfiger businesses. Significantly, the COVID-19 pandemic, global inflationary pressures, the strength of the U.S. dollar against most of the foreign currencies in which PVH's business and the war in Ukraine continue to have impacts on PVH's business, cash flow and results of operations. There is significant uncertainty about the duration and extent of these impacts.

其中包括 PVH 改變其戰略、目標、期望和意圖的權利，以及公司從資產剝離、重組和類似計劃中實現預期收益和節省的能力，例如在其第二季度財報中宣布的計劃成本效率行動和 2021 年出售資產並退出其傳統品牌業務，以專注於其 Calvin Klein 和 Tommy Hilfiger 業務。值得注意的是，COVID-19 大流行、全球通脹壓力、美元兌 PVH 業務所使用的大多數外幣的強勢以及烏克蘭戰爭繼續對 PVH 的業務、現金流和經營業績產生影響。這些影響的持續時間和程度存在很大的不確定性。

As a result, 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. PVH does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimates 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. Reconciliation to GAAP amounts are included in PVH's third quarter 2022 earnings release 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 this release.

因此，此次電話會議的內容隨時可能發生重大變化。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 不承擔任何義務公開更新任何前瞻性聲明，包括但不限於任何有關收入或收益的估計。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 年第三季度收益發布中包含與 GAAP 金額的對賬，可在 www.pvh.com 以及公司就此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 to share that we delivered financial performance in the third quarter ahead of the guidance we provided for both the top and bottom line on a non-GAAP basis. Top line results exceeded our expectations on a reported and constant currency basis and underlying growth, excluding the impact of currency and the Russia-Ukraine exit was plus 9% in the third quarter, driven by better-than-expected growth rates for both Tommy and Calvin. Delivering this strong performance in the face of ongoing macroeconomic challenges is a testament to our disciplined execution of the PVH+ Plan and the strength of our 2 global brands. We managed our business in a prudent and disciplined manner, and underlying revenue growth, combined with an increased cost focus, drove the outperformance of non-GAAP EPS.

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。我們很高興地與大家分享，我們在第三季度實現了財務業績，領先於我們在非 GAAP 基礎上為頂線和底線提供的指導。在報告的和恆定的貨幣基礎和潛在增長的基礎上，收入結果超出了我們的預期，不包括貨幣的影響和俄羅斯-烏克蘭退出在第三季度增長 9%，這得益於 Tommy 和 Tommy 的增長率好於預期卡爾文。面對持續的宏觀經濟挑戰，取得如此強勁的業績證明了我們嚴格執行 PVH+ 計劃以及我們兩個全球品牌的實力。我們以審慎和紀律的方式管理我們的業務，潛在的收入增長，加上對成本的關注增加，推動了非 GAAP 每股收益的出色表現。

Our international businesses continued to execute very well across both brands with increased product strength and strong consumer engagement driving performance even in the face of a challenging macro backdrop in Europe and ongoing COVID restrictions in China. And with respect to North America, we are encouraged that our business is starting to show green shoots, although we recognize that we still have work to do to win more of the domestic consumer. We have doubled down on improving our own execution, and this quarter, we delivered double-digit growth for Tommy and Calvin, led by our D2C stores even against the soft consumer backdrop and intense promotional environment.

即使面對歐洲充滿挑戰的宏觀背景和中國持續的 COVID 限制，我們的國際業務在兩個品牌中繼續表現良好，產品實力增強，消費者參與度高，推動業績增長。關於北美，我們感到鼓舞的是我們的業務開始出現新的萌芽，儘管我們認識到我們仍有工作要做才能贏得更多的國內消費者。我們加倍努力提高我們自己的執行力，本季度，即使在疲軟的消費者背景和激烈的促銷環境下，我們的 D2C 商店也為 Tommy 和 Calvin 帶來了兩位數的增長。

Given that we're in the middle of the very important holiday season, I've been traveling extensively with our leaders around the world. This past Thanksgiving week, I was with our North American leaders in several of our U.S. markets. Before that, I spent a week in Asia with our leadership team visiting both Korea and Japan. And in a week's time, I'm heading to Europe to spend time with our leaders there. Being out in the markets this holiday season, I feel very good about our performance and the hard work our teams put in to make the PVH+ Plan come to life with the consumer. There is a lot of progress being made, and I want to take the opportunity to say a big thank you to our leaders and teams, your work is making a big difference.

鑑於我們正處於非常重要的假期之中，我一直在與我們的領導人在世界各地進行廣泛的旅行。在剛剛過去的感恩節這一周，我在幾個美國市場與我們的北美領導人會面。在那之前，我和我們的領導團隊在亞洲待了一周，訪問了韓國和日本。一周後，我將前往歐洲與我們的領導人共度時光。在這個假期的市場上，我對我們的表現以及我們的團隊為使 PVH+ 計劃在消費者中栩栩如生而付出的努力感到非常滿意。取得了很大進展，我想藉此機會對我們的領導和團隊表示衷心的感謝，你們的工作帶來了很大的不同。

One market visit that stood out over the past few weeks was our visit to Korea. This was my first time returning to Korea after COVID, where I could in person experienced the strong execution of the PVH+ Plan and our Calvin Klein brand to market. Calvin in Korea is a great example for how executing the PVH+ Plan will drive strong impacts over time across all regions and markets. In Korea, we have taken the key growth drivers of the PVH+ Plan and made them come to life in a uniquely strong way, driving year-to-date revenue growth of plus 22% in local currency. We have accomplished this by leaning into our key product growth categories like underwear, denim, outerwear, big categories where we have the right to play to win. Within each of these, we have them focused on winning with the best hero products in the market, 1 concrete example being the modern cotton underwear program.

過去幾週最引人注目的一次市場訪問是我們對韓國的訪問。這是我在 COVID 之後第一次回到韓國，在那裡我親身體驗了 PVH+ 計劃的強大執行和我們的 Calvin Klein 品牌推向市場。韓國的 Calvin 是一個很好的例子，說明執行 PVH+ 計劃將如何隨著時間的推移在所有地區和市場產生強大的影響。在韓國，我們採用了 PVH+ 計劃的主要增長動力，並以獨特的強大方式實現了這些目標，推動年初至今的收入增長超過 22%（以當地貨幣計算）。我們通過專注於我們的關鍵產品增長類別（如內衣、牛仔布、外套）以及我們有權贏得勝利的大類別來實現這一目標。在每一個項目中，我們都讓他們專注於以市場上最好的英雄產品取勝，現代棉質內衣項目就是一個具體的例子。

We have then connected this strong product focus with some of the strongest talent in the market like Jennie Kim, Ho Yeon Jung, (inaudible), to name a few. Finally, we make all these parts come to life on social media and in the consumer experience, both online and in stores. The results from executing this, both brand and financial, have been outstanding, generating increasing brand relevance, double-digit growth in revenue with significant pricing power and gross margin expansion. Since the PVH+ Plan growth drivers are the same across our brands and all regions, this Korea example is so valuable because it shows how we deliver results through disciplined execution of the plan. As a reminder, our PVH+ Plan is about connecting our 2 global brands closer to where the customer is going than any time before, through 5 growth drivers: winning with product, winning with consumer engagement, winning in the digitally-led marketplace, developing a demand and data-driven operating model and driving efficiencies while investing in growth.

然後，我們將這種對產品的強烈關注與市場上一些最強大的人才聯繫起來，例如 Jennie Kim、Ho Yeon Jung（聽不清）等。最後，我們讓所有這些部分在社交媒體和在線和商店的消費者體驗中栩栩如生。執行這一舉措的品牌和財務成果非常出色，品牌相關性不斷提高，收入實現兩位數增長，定價能力顯著，毛利率也有所擴大。由於 PVH+ 計劃的增長動力在我們的品牌和所有地區都是相同的，這個韓國的例子非常有價值，因為它展示了我們如何通過嚴格執行計劃來取得成果。提醒一下，我們的 PVH+ 計劃旨在通過 5 個增長驅動因素將我們的 2 個全球品牌比以往任何時候都更接近客戶的去向：以產品取勝、以消費者參與取勝、在數字主導的市場中取勝、開發需求和數據驅動的運營模式，並在投資於增長的同時提高效率。

Let me share a brief update on where we are within each of these. In winning with product, our hero product strategy continues to be key to our plan, and we have seen a strong response to our product assortment from both Calvin and Tommy consumers. At Tommy, we are globalizing our strong product assortment developed by Tommy's global product engine based in Europe, building capabilities that deliver products that meet unique local demand across the world. For spring '23, nearly 90% of the assortments as our stores in North America will be aligned with global bestsellers.

讓我分享一下我們在其中每一項中所處的位置的簡要更新。在以產品取勝方面，我們的英雄產品戰略仍然是我們計劃的關鍵，我們已經看到 Calvin 和 Tommy 的消費者對我們的產品種類反應強烈。在 Tommy，我們正在將由位於歐洲的 Tommy 全球產品引擎開發的強大產品系列全球化，打造能夠提供滿足全球獨特本地需求的產品的能力。對於 23 年春季，我們在北美的商店中近 90% 的商品種類將與全球暢銷商品保持一致。

At the same time, for Calvin, we remain focused on doubling down on the key essential products the brand is known for and staying true to the brand's DNA. We are connecting our hero products through winning with consumer engagement. We are connecting our brands together with hero products with culturally relevant talent. For Tommy, we continue to build on our ongoing partnership with Shawn Mendes, who's a big fan of the Tommy brand and couple that with brand heat driving moments such as Tommy's recent fashion show at New York Fashion Week. For Calvin, we are continuing to drive strong consumer engagement through clear product stories centered around hyper-relevant talent.

與此同時，對於 Calvin，我們仍然專注於加倍投入該品牌知名的關鍵基本產品，並忠於該品牌的 DNA。我們通過贏得消費者參與來連接我們的英雄產品。我們正在將我們的品牌與具有文化相關人才的英雄產品聯繫在一起。對於 Tommy，我們繼續建立與 Shawn Mendes 的持續合作關係，Shawn Mendes 是 Tommy 品牌的忠實粉絲，並將其與品牌熱驅動時刻相結合，例如 Tommy 最近在紐約時裝週的時裝秀。對於 Calvin，我們將繼續通過以高度相關人才為中心的清晰產品故事來推動強大的消費者參與。

We are executing our strategy to win in the digitally-led marketplace by building direct-to-consumer connections, led by our own digital business to drive engagement. For example, ck.com in North America recently successfully launched this new platform with enhancements, including faster site speed and strong product imagery. In addition, we are focused on fueling high-quality growth by working with best-in-class digital partners. With David Savman having just joined the PVH team as our Chief Supply Chain Officer, we are actively working to improve our supply chain and build a demand and data-driven operating model. We are investing in important building blocks to enhance our end-to-end planning capabilities to better match inventory to consumer demand.

我們正在執行我們的戰略，通過建立直接面向消費者的聯繫，在我們自己的數字業務的推動下推動參與，從而在數字主導的市場中取勝。例如，北美的 ck.com 最近成功推出了這個具有增強功能的新平台，包括更快的站點速度和強大的產品圖像。此外，我們專注於通過與一流的數字合作夥伴合作來推動高質量的增長。 David Savman 剛剛加入 PVH 團隊擔任我們的首席供應鏈官，我們正在積極努力改善我們的供應鏈並建立需求和數據驅動的運營模式。我們正在投資重要的構建模塊，以增強我們的端到端規劃能力，從而更好地將庫存與消費者需求相匹配。

Lastly, we remain focused on driving efficiencies and investing in growth. As we continue to proactively managing what's within our control, we increased our focus on ensuring that our cost structure match the external demand environment. Through disciplined execution, we control our costs, which has translated into solid operating margin performance, at the same time, enabled us to invest in the PVH+ growth drivers. The PVH+ execution and investments we are making today are building the foundation for long-term growth. This is where we remain intensely focused. Over time, the macro challenges we are navigating today will abate, and we will then be in a strong position to further capitalize on improved external conditions.

最後，我們仍然專注於提高效率和投資增長。隨著我們繼續主動管理我們控制範圍內的內容，我們更加關注確保我們的成本結構與外部需求環境相匹配。通過嚴格執行，我們控制了成本，這已轉化為穩健的營業利潤率表現，同時使我們能夠投資於 PVH+ 增長動力。我們今天進行的 PVH+ 執行和投資正在為長期增長奠定基礎。這是我們高度關注的地方。隨著時間的推移，我們今天面臨的宏觀挑戰將會減弱，屆時我們將處於有利地位，可以進一步利用改善的外部條件。

During the third quarter, despite the challenging consumer sentiment, which has become further challenged over the last few months, particularly North America, we feel good about our team's execution and how well we delivered, a theme we expect to continue for the fourth quarter. So looking ahead, based on our underlying performance trends, we are reaffirming our revenue and EBIT margin guidance and increasing our EPS guidance for the full year, which incorporates our planning for a more promotional environment in the fourth quarter and continued focus on prudently managing our expenses.

在第三季度，儘管消費者信心充滿挑戰，在過去幾個月中受到進一步挑戰，尤其是北美，但我們對我們團隊的執行力和交付情況感到滿意，我們預計第四季度將繼續這一主題。因此，展望未來，根據我們的基本業績趨勢，我們重申我們的收入和息稅前利潤率指引，並提高我們全年的每股收益指引，其中包括我們計劃在第四季度提供更具促銷性的環境，並繼續專注於審慎管理我們的業務花費。

Our guidance is based on our current view on the macroeconomic environment, and we continue to carefully monitor developments and potential impacts on the consumer for each of the regions in which we operate. We also feel good about the start of the holiday. It's a Black Friday weekend. Performance has been in line with our expectations, and we are on plan. In Europe, where Black Friday has become increasingly relevant, we drove strong performance across all channels for both Tommy and Calvin, which include strong increases in traffic, more than ever, great brands such as our standout during this important shopping period.

我們的指引基於我們目前對宏觀經濟環境的看法，我們將繼續仔細監測我們經營所在的每個地區的發展和對消費者的潛在影響。我們也對假期的開始感到滿意。這是一個黑色星期五的周末。業績符合我們的預期，我們正在按計劃進行。在黑色星期五變得越來越重要的歐洲，我們推動了 Tommy 和 Calvin 在所有渠道的強勁表現，其中包括流量的強勁增長，比以往任何時候都多，我們在這個重要的購物時期脫穎而出。

And for North America, against the backdrop of soft consumer sentiment and a highly promotional environment, we executed well. We have significantly better in-stock levels versus last year and we saw better conversions in our stores, along with some improvement in international traffic. We expect that the strength of our product and better in-stock levels of hero product will continue to support performance in Q4. With respect to leadership for our North America businesses and the Calvin Klein Global brand, we're making strong progress on the respective searches and look forward to sharing an update shortly. Now turning to our regional performance and how we're executing our PVH+ Plan across each region.

對於北美，在疲軟的消費者情緒和高度促銷的環境下，我們的表現很好。與去年相比，我們的庫存水平明顯提高，而且我們的商店轉化率更高，國際客流量也有所改善。我們預計我們產品的實力和英雄產品更好的庫存水平將繼續支持第四季度的業績。關於我們北美業務和 Calvin Klein 全球品牌的領導力，我們在各自的搜索方面取得了長足的進步，並期待很快分享更新。現在轉向我們的區域績效以及我們如何在每個區域執行我們的 PVH+ 計劃。

Starting with Europe. Both our brands remain strong and continue to resonate with the European consumers, with both Calvin and Tommy showing improvements in relevance and consideration compared to last year. Adjusting for the impact of our exit from the Russian market and FX, we generated mid-single-digit growth on an underlying basis, consistent with our growth in the second quarter and achieved a record EUR 1 billion in revenue for the third quarter. This is on top of very strong growth the prior year. Product elevation remains a key priority with a positive impact on ASPs for Tommy and for Calvin, we remain focused on growing the CK lifestyle through elevated commercial collections connected to strong consumer experience and marketing campaigns. Even as we build on our brand strength, we continue to closely monitor the headwinds in the macro environment and the related impacts to consumer spending, particularly in the U.K. and Germany, where the pressures of high inflation and energy costs are the greatest.

從歐洲開始。我們的兩個品牌都保持強勁並繼續引起歐洲消費者的共鳴，與去年相比，Calvin 和 Tommy 在相關性和關注度方面均有所提高。調整我們退出俄羅斯市場和外彙的影響後，我們在基本基礎上實現了中等個位數增長，與我們第二季度的增長一致，並且第三季度實現了創紀錄的 10 億歐元收入。這是在前一年非常強勁的增長之上。產品提升仍然是對 Tommy 和 Calvin 的 ASP 產生積極影響的關鍵優先事項，我們仍然專注於通過與強大的消費者體驗和營銷活動相關的提升商業系列來發展 CK 生活方式。即使在我們打造品牌實力的同時，我們也會繼續密切關注宏觀環境的不利因素以及對消費者支出的相關影響，尤其是在高通脹和能源成本壓力最大的英國和德國。

Southern Europe continues to perform very well. Demand in our future order books across brands continue to hold with the spring 2023 season firming up to be high single-digit growth on top of double-digit growth in spring this past year.

南歐繼續表現出色。隨著 2023 年春季在去年春季實現兩位數增長的基礎上，我們未來各品牌訂單的需求將繼續保持高個位數增長。

Moving on to Asia Pacific. This past quarter, we continued to see strong momentum with all markets demonstrating solid local currency growth. Excluding China, the region demonstrated nearly 30% year-over-year growth, inclusive of a 15% headwind from foreign currency. Sales growth was driven by double-digit growth in Australia, Japan, Korea and Southeast Asia. Despite restrictions, we drove mid-single-digit local currency growth in China. In addition, e-commerce delivered solid double-digit growth led by China, Korea and Australia as we continue to expand our presence on the most important digital growth platforms in the region.

轉向亞太地區。在上個季度，我們繼續看到強勁勢頭，所有市場都顯示出穩健的本幣增長。除中國外，該地區實現了近 30% 的同比增長，其中包括 15% 的外匯逆風。澳大利亞、日本、韓國和東南亞的兩位數增長推動了銷售額增長。儘管受到限制，我們在中國推動了中等個位數的本地貨幣增長。此外，隨著我們繼續擴大在該地區最重要的數字增長平台上的影響力，電子商務在中國、韓國和澳大利亞的帶動下實現了穩健的兩位數增長。

As I shared in my Korea example earlier, across the region, we are connecting our PVH+ product and consumer engagement initiatives all the way to the stores where we meet to soar. We saw strong performance for our fall collections, and we continue to build brand heat and strong engagement, particularly around key holidays. We are delivering strong hero products coupled with ongoing locally relevant product collaborations. These efforts are driving strong growth in underwear, led by new silhouettes and functionality, outerwear driven by buy now, wear now transitional products as well as denim fits that resonates with the Gen Z consumer. During the quarter, we drove strong e-commerce performance for key consumer moments such as the Chinese Valentine's Day.

正如我之前在韓國的例子中分享的那樣，在整個地區，我們正在將我們的 PVH+ 產品和消費者參與計劃一直連接到我們見面的商店。我們看到了秋季系列的強勁表現，並且我們繼續建立品牌熱度和強大的參與度，尤其是在關鍵假期前後。我們正在提供強大的英雄產品以及持續的本地相關產品合作。這些努力正在推動內衣的強勁增長，以新的輪廓和功能為主導，外套由即買即穿的過渡產品以及與 Z 世代消費者產生共鳴的牛仔服推動。本季度，我們在中國情人節等關鍵消費時刻推動了電子商務的強勁表現。

And most recently, we delivered double-digit GMV and comp growth during China's 11.11 activation, outperforming the industry. Importantly, both Tommy and Calvin gained market share and moved up the rankings on Tmall. In addition, both brands live streaming events achieved a record 10 million views and each also delivered a record RMB 100 million GMV, which very few brands achieved. Our collaborations with Tmall with product development, led by our innovation center on the platform, continue to fuel our results. We are leveraging data and insights in these collaborations to quickly be able to react and replenish these products to maximize sales. We've also continued to rationalize our assortment to improve SKU productivity and inventory efficiency, while simultaneously named the region to activate near and onshore product supply chain for speed and margin expansion.

最近，我們在中國 11.11 激活期間實現了兩位數的 GMV 和 comp 增長，表現優於行業。重要的是，Tommy 和 Calvin 都獲得了市場份額，並提升了天貓的排名。此外，這兩個品牌的直播活動都創下了創紀錄的 1000 萬觀看次數，各自還創造了創紀錄的 1 億元人民幣 GMV，這是很少有品牌能做到的。我們與天貓在產品開發方面的合作，由我們平台上的創新中心領導，繼續推動我們取得成果。我們正在利用這些合作中的數據和見解來快速做出反應並補充這些產品，以最大限度地提高銷售額。我們還繼續合理化我們的產品組合，以提高 SKU 生產率和庫存效率，同時指定該地區激活近岸和陸上產品供應鏈，以提高速度和利潤率。

We remain excited about the progress and underlying performance in the region and the future white space opportunity, particularly digital, which remains under-penetrated. Lastly, for North America, we remain in the early phase of our multiyear journey to unlock the significant opportunity in the region. We are doubling down on driving improved execution through our PVH+ Plan. Most importantly, we are seeing positive performance indicators, especially in our D2C stores, underscoring the effectiveness of the PVH+ execution. As we have moved through the year, even with external challenges, we have driven sequentially improved domestic consumer comps, which returned to pre-pandemic levels in the third quarter.

我們仍然對該地區的進步和潛在表現以及未來的空白空間機會感到興奮，尤其是數字空間，其滲透率仍然不足。最後，對於北美，我們仍處於開啟該地區重要機遇的多年旅程的早期階段。我們正在通過我們的 PVH+ 計劃加倍努力推動改進執行。最重要的是，我們看到了積極的績效指標，尤其是在我們的 D2C 商店中，這凸顯了 PVH+ 執行的有效性。在過去的一年中，即使面臨外部挑戰，我們也推動了國內消費者的連續改善，並在第三季度恢復到大流行前的水平。

In the third quarter, D2C stores delivered double-digit positive comps driven by higher traffic. We continue to make step-by-step progress, starting with product and our assortment. As we shared with you last quarter, we have been allocating more inventory to select doors to showcase the full assortment of our most important hero products. This past quarter, we further scaled our learnings to additional stores. We significantly improved inventory levels in these hero product programs and improved in-store experience to generate stronger results. This select group of stores continue to show a very strong sales lift against controlled doors with higher transactions and AUR. For Tommy, our #1 category, men's Polo significantly improved to achieve 2019 levels during the third quarter. We are seeing a lift as traffic and inventory positioning improves. Our global bestseller initiative, which puts the best products from our global design center into North America, continue to grow its impact in the third quarter, up from 50% in the second quarter, and we are seeing strong performance from these products.

第三季度，D2C 商店在客流量增加的推動下實現了兩位數的正收益。我們繼續逐步取得進展，從產品和我們的分類開始。正如我們在上個季度與您分享的那樣，我們一直在分配更多庫存來選擇門，以展示我們最重要的英雄產品的全部種類。上個季度，我們進一步將學習擴展到更多商店。我們顯著提高了這些英雄產品計劃的庫存水平，並改善了店內體驗以產生更強勁的結果。這組精選的商店繼續顯示出非常強勁的銷售額提升，與受控門相比具有更高的交易量和 AUR。對於我們排名第一的 Tommy，男子 Polo 衫在第三季度有了顯著改善，達到了 2019 年的水平。隨著流量和庫存定位的改善，我們看到了提升。我們的全球暢銷書計劃將我們全球設計中心的最佳產品投放到北美，該計劃在第三季度繼續擴大其影響力，高於第二季度的 50%，我們看到這些產品的強勁表現。

In wholesale, we are deepening the work we do together with our key wholesale partners. We are remerchandising doors with improved stock levels and we will intensify field team coverage and create clearer product presentation. In addition, we are seeing good improvement in on-time delivery. A significantly larger portion of spring orders are projected to be on time compared to the fall and holiday season. Lastly, as we just announced, we are extending our licensing agreement with G-III in North America, and we're doing that in a way that over a multiyear time period, step-by-step, we will transition our business back in-house.

在批發方面，我們正在深化與主要批發合作夥伴一起開展的工作。我們正在重新銷售提高庫存水平的門，我們將加強現場團隊的覆蓋範圍並創建更清晰的產品展示。此外，我們看到準時交貨方面有了很大改善。與秋季和假日季節相比，春季訂單的大部分預計會準時交貨。最後，正如我們剛剛宣布的那樣，我們將在北美延長與 G-III 的許可協議，我們這樣做的方式是在多年的時間段內逐步將我們的業務轉移回-屋。

We are grateful to G-III for their partnership and long-term commitment to Calvin Klein and Tommy Hilfiger, and they will continue to be a key partner as we work together over the next few years to internalize the direct operation of these businesses. This is an important long-term step to unlock the full potential of our brands in North America. By bringing these core product categories in-house over time, we will be able to draw on the power and expertise of our global brand teams and have them fully connected to the demand-driven supply chain we are developing. 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.

我們感謝 G-III 與 Calvin Klein 和 Tommy Hilfiger 的合作夥伴關係和長期承諾，他們將繼續成為我們未來幾年共同努力實現這些業務直接運營內部化的重要合作夥伴。這是釋放我們品牌在北美的全部潛力的重要長期步驟。隨著時間的推移，通過將這些核心產品類別引入內部，我們將能夠利用我們全球品牌團隊的力量和專業知識，並讓他們與我們正在開發的以需求為導向的供應鏈完全相連。接下來，我將分享一些重要的全球品牌亮點，從 Calvin Klein 開始，介紹我們如何為消費者帶來這兩個品牌的活力。

We have continued to drive strong brand relevance through our exciting brand campaigns featuring masspirational talent for the Millennial and Gen Z consumer. In September, we launched Calvin or Nothing, a new underwear campaign starring actor Maya Hawke and Belgium Professional Footballer, Romelu Lukaku. The campaign channels, the brand's iconic impactful aesthetic and featured the latest underwear offerings. On Instagram, where Calvin has over 22 million followers, the campaign exceeded our expectations and outperformed our engagement rate benchmarks. Most recently, ahead of the World Cup, Calvin Klein tapped soccer players; Trent Alexander-Arnold, Antonee Robinson, Kai Havertz, Richarlison and Virgil van Dijk in the latest installment of the campaign, expanding on the strategy of working with culturally relevant of the moment talent with global appeal.

我們通過面向千禧一代和 Z 世代消費者的大量人才的激動人心的品牌活動，繼續推動強大的品牌相關性。 9 月，我們推出了由演員瑪雅霍克和比利時職業足球運動員羅梅盧盧卡庫主演的全新內衣廣告 Calvin or Nothing。活動頻道、品牌標誌性的影響力美學以及最新的內衣產品。在 Instagram 上，Calvin 擁有超過 2200 萬粉絲，該活動超出了我們的預期，並超過了我們的參與率基準。最近，在世界杯之前，Calvin Klein 聘請了足球運動員； Trent Alexander-Arnold、Antonee Robinson、Kai Havertz、Richarlison 和 Virgil van Dijk 在最新一期的活動中，擴大了與具有全球吸引力的文化相關人才合作的戰略。

In addition, Calvin Klein Jeans launched a capsule collection and campaign in partnership with leading European online retailer, Zalando. The campaign launched first for Zalando Plus members, a loyalty program that gives consumers access to new releases before becoming available on Zalando, calvinklein.com and Calvin Klein retail stores in key European countries. In Asia, as I mentioned earlier, we leverage mega talent to driving relevance by featuring Jennie Kim, Jessica Jung, Ho Yeon Jung, Park Seo-Joon and others in images that captures the versatile nature of this season's Calvin Klein offerings across the region and increasingly globally.

此外，Calvin Klein Jeans 還與歐洲領先的在線零售商 Zalando 合作推出了膠囊系列和活動。該活動首先針對 Zalando Plus 會員推出，這是一項忠誠度計劃，讓消費者可以在新品上架歐洲主要國家的 Zalando、calvinklein.com 和 Calvin Klein 零售店之前獲得新品。在亞洲，正如我之前提到的，我們利用超級人才來推動相關性，讓 Jennie Kim、Jessica Jung、Ho Yeon Jung、Park Seo-Joon 和其他人在圖像中捕捉到本季 Calvin Klein 產品在該地區和越來越全球化。

Turning to holiday. We've recently launched our curated gift guide, which includes iconic styles of underwear and apparel, focused on elevated clicks for going out as super soft layers for staying in. In addition to our brand-driven holiday campaign through our brand ambassadors and collaborators, we will pulse out holiday content to drive relevance and engagement throughout this important shopping period.

談到假期。我們最近推出了我們的精選禮品指南，其中包括標誌性風格的內衣和服裝，著重於提高點擊率，讓外出成為穿著超柔軟的外衣。除了我們通過品牌大使和合作者開展的品牌驅動的假日活動外，我們將推出節日內容，以在這個重要的購物期間提高相關性和參與度。

Moving on to Tommy Hilfiger. Our marketing initiatives in the third quarter delivered brand heat, brand campaigns and immersive experiences, where the highlight was our return to New York Fashion Week, which kicked off with a multi-verse Tommy Factory Runway experience that launched our new Tommy Hilfiger monogram collection and included a star-studded guest list, generated global visibility and strong consumer engagement.

轉到 Tommy Hilfiger。我們在第三季度的營銷舉措帶來了品牌熱度、品牌活動和身臨其境的體驗，其中的亮點是我們重返紐約時裝週，該週以多元的 Tommy Factory 跑道體驗拉開序幕，推出了我們全新的 Tommy Hilfiger 花押字系列和包括明星雲集的嘉賓名單，產生了全球知名度和強大的消費者參與度。

We generated approximately 6.2 billion impressions from August to October, and approximately 27 million social engagements over the same period. The Tommy Factory Runway Show ranked the #2 on the list of the most talked about shows in New York, generating significant media interest with the most brand mentions around (inaudible) American, Sustainable, compared to other top participating brands in the New York Fashion Week. The brand campaign this fall generated 1.1 billion social media impressions and 44 million in organic reach. The TikTok video featuring Tommy Hilfiger is our best-performing video on the platform to date. In addition, we generated strong consumer engagement, reaching 14 million followers on Instagram and drove strong engagement on the platform. The brand has seen strong consumer demand following the launch of Tommy Hilfiger monogram.

從 8 月到 10 月，我們產生了大約 62 億次展示，同期產生了大約 2700 萬次社交互動。 Tommy Factory 時裝秀在紐約最受關注的時裝秀榜單中排名第二，與紐約時裝週的其他頂級參與品牌相比，圍繞（聽不清）美國、可持續發展的品牌提及最多，引起了媒體的極大興趣星期。今年秋天的品牌宣傳活動產生了 11 億次社交媒體印象和 4400 萬次有機影響。由 Tommy Hilfiger 主演的 TikTok 視頻是我們迄今為止在該平台上表現最好的視頻。此外，我們產生了強大的消費者參與度，在 Instagram 上達到了 1400 萬粉絲，並推動了平台上的強大參與度。 Tommy Hilfiger 花押字推出後，該品牌的消費者需求強勁。

In Europe, the campaign featuring celebrities such as Kate and Lila Moss, Travis Barker, Jon Batiste and Anthony Ramos drove a higher sell-through rate twice that of the rest of the fall collection range with double-digit increases in ASP and very strong retail activations. We saw incredibly strong impressions, a share of voice in Asia, North America as well. In addition, as part of the Tommy Hilfiger monogram collection, the brand collaborated with British designer, Richard Quinn, on a limited-edition capsule, which highlights the refreshed logo and received exclusive tier retail distribution globally, including French premium retailer, Pronto. We're excited about our upcoming holiday campaign and collection featuring American iconic styles with distinctive modern aesthetic, inspired by Andy Warhol's factory, paying tribute to Warhol's famous parties and the joy of gift giving during the holiday.

在歐洲，由 Kate 和 Lila Moss、Travis Barker、Jon Batiste 和 Anthony Ramos 等名人參與的宣傳活動使銷售率達到秋季系列其他系列的兩倍，平均銷售價格實現兩位數增長，零售表現非常強勁激活。我們看到了令人難以置信的強烈印象，在亞洲和北美也有一定的發言權。此外，作為 Tommy Hilfiger 花押字系列的一部分，該品牌與英國設計師 Richard Quinn 合作推出了限量版膠囊，突出了煥然一新的標誌，並在全球範圍內獲得了獨家零售渠道，包括法國高級零售商 Pronto。我們對即將到來的節日活動和系列感到興奮，這些活動和系列以美國標誌性風格為特色，具有鮮明的現代審美，靈感來自安迪沃霍爾的工廠，向沃霍爾著名的派對和假期送禮的樂趣緻敬。

The collection is available at tommy.com, Tommy Hilfiger stores globally and key wholesale partners. And for Tommy Jeans, the label is collaborating with Martine Rose for an Americana-inspired capsule collection with modern wardrobe essentials fusing streetwear style with (inaudible) details, available on tommy.com, and Tommy Hilfiger stores globally. For both brands, we're looking forward to an exciting holiday season.

該系列可在 tommy.com、全球 Tommy Hilfiger 門店和主要批發合作夥伴處購買。對於 Tommy Jeans，該品牌正在與 Martine Rose 合作推出一個以美國風格為靈感的膠囊系列，其中包含融合街頭風格和（聽不清）細節的現代衣櫥必備單品，可在 tommy.com 和全球 Tommy Hilfiger 商店購買。對於這兩個品牌，我們都期待著一個激動人心的假期。

In closing, I feel very good about the strong underlying performance we delivered in the quarter that enabled us to beat both our top and bottom-line expectations, and I'm confident in our ability to deliver our full year commitments. And we are delivering this despite the macro challenges and volatility we're all navigating through. Looking forward, I'm incredibly optimistic for how in a very disciplined manner, through the PVH+ Plan, every quarter, we will unlock more and more of the full potential of our 2 iconic brands, Calvin Klein and Tommy Hilfiger across all our regions, leveraged by PVH as a high-performing global growth platform. We will be relentless in our execution of this.

最後，我對我們在本季度實現的強勁基礎表現感到非常滿意，這使我們能夠超越我們的最高和最低預期，而且我對我們實現全年承諾的能力充滿信心。儘管我們都在應對宏觀挑戰和動盪，但我們正在實現這一目標。展望未來，我非常樂觀地認為，通過 PVH+ 計劃，我們將如何以一種非常有紀律的方式，在每個季度釋放我們兩個標誌性品牌 Calvin Klein 和 Tommy Hilfiger 在我們所有地區的全部潛力， PVH 將其用作高性能的全球增長平台。我們將不懈地執行此操作。

Before I turn the call over to Zac, I would like to again thank all our associates around the world for your hard work, important contributions this year, and I wish everyone a happy, healthy and safe holiday season. I'll now turn the call over to Zac to discuss the financials in more detail.

在我將電話轉給 Zac 之前，我想再次感謝我們在世界各地的所有同事今年的辛勤工作和重要貢獻，並祝大家度過一個愉快、健康和安全的假期。我現在將電話轉給 Zac，以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. As Stefan discussed, we are pleased to report strong third quarter results, which exceeded our top line guidance by 2%, delivering underlying revenue growth of 9% versus last year and significantly exceeding our earnings guidance with earnings per share of $2.60. We remain laser focused on what is within our control as we continue to navigate a challenging and increasingly complex macroeconomic environment, and that discipline is reflected in our performance for the quarter. Our underlying revenue growth was driven by strong growth across all regions in both our Tommy Hilfiger and Calvin Klein brands. We delivered continued solid performance in our international businesses and sequential improvement in North America, driven by the direct-to-consumer business. On just a reported basis, revenue was down 2%, which reflected a 9% negative impact from exchange and a 2% negative impact from the war in Ukraine.

謝謝，Stefan，早上好。我的評論基於非 GAAP 結果，並在我們的新聞稿中進行了調整。正如 Stefan 所討論的，我們很高興地報告強勁的第三季度業績，超出我們的最高指導價 2%，與去年相比實現了 9% 的基本收入增長，並大大超過了我們的每股收益 2.60 美元的收益指導。隨著我們繼續應對充滿挑戰且日益複雜的宏觀經濟環境，我們仍然專注於我們控制範圍內的事情，這一紀律反映在我們本季度的業績中。我們的基本收入增長是由我們的 Tommy Hilfiger 和 Calvin Klein 品牌在所有地區的強勁增長推動的。在直接面向消費者的業務的推動下，我們在國際業務中取得了持續穩健的業績，並在北美實現了持續改進。根據報告，收入下降了 2%，這反映了 9% 的匯率負面影響和 2% 的烏克蘭戰爭負面影響。

We continue to focus on driving performance in our direct-to-consumer business, where we have the closest connection to our consumer and DTC was up high single digits on an underlying basis. On a reported basis, DTC revenue was down 5% compared to last year, which reflected a 10% negative impact from exchange and a 2% negative impact from the war in Ukraine. From a regional perspective, we drove underlying growth across all markets. Third quarter revenue for our international businesses was up 7% versus last year on a constant currency basis, continuing to significantly exceed 2019 pre-pandemic levels.

我們繼續專注於推動直接面向消費者業務的績效，在該業務中，我們與消費者的聯繫最密切，DTC 在基礎上實現了高個位數增長。根據報告，DTC 收入與去年相比下降了 5%，這反映了 10% 的匯率負面影響和 2% 的烏克蘭戰爭負面影響。從區域角度來看，我們推動了所有市場的潛在增長。按固定匯率計算，我們國際業務的第三季度收入比去年增長 7%，繼續大大超過 2019 年大流行前的水平。

Within our international business, our European business had a record quarter, exceeding EUR 1 billion in revenue for a quarter for the first time ever. Asia Pacific business, excluding China, grew nearly 30% compared to last year, even with a negative impact of exchange of 15%. And importantly, we drove mid-single-digit growth in China in local currency as COVID restrictions there lessened compared to the first half of the year. While we remain optimistic about our business in China, there continues to be a challenging environment as restrictions have once again intensified in the fourth quarter.

在我們的國際業務中，我們的歐洲業務創下了創紀錄的季度收入，有史以來第一次超過 10 億歐元。亞太地區業務（不包括中國）與去年相比增長了近 30%，即使匯率帶來了 15% 的負面影響。重要的是，與上半年相比，我們在中國推動了以當地貨幣計算的中個位數增長，因為那裡的 COVID 限制有所減少。儘管我們對我們在中國的業務保持樂觀，但由於限制在第四季度再次加強，環境仍然充滿挑戰。

In North America, revenue in the third quarter was up 10% overall for Tommy Hilfiger and Calvin Klein and above our plans despite the inflation and interest rate pressures that continue to weigh on consumer sentiment in the region. Our North America retail store business was up double digits versus last year, even as we continue to be impacted by the lack of international tourism from Asia, and we drove sequential improvement versus the second quarter as we improved inventory levels in store and grew sales to domestic consumers with our comp base now back to 2019 levels. Our wholesale business was also up double digits versus last year. Our global brands also continued to deliver strong underlying growth with Tommy Hilfiger revenues up 7% on a constant currency basis and Calvin Klein revenues up 9% on a constant currency basis.

在北美，Tommy Hilfiger 和 Calvin Klein 第三季度的整體收入增長了 10%，高於我們的計劃，儘管通貨膨脹和利率壓力繼續影響該地區的消費者信心。我們的北美零售店業務與去年相比增長了兩位數，儘管我們繼續受到亞洲國際旅遊業缺乏的影響，我們推動了與第二季度相比的環比改善，因為我們提高了店內庫存水平並將銷售額增長到擁有我們補償基數的國內消費者現在回到了 2019 年的水平。我們的批發業務也比去年增長了兩位數。我們的全球品牌也繼續實現強勁的基礎增長，Tommy Hilfiger 收入按固定匯率計算增長 7%，Calvin Klein 收入按固定匯率計算增長 9%。

Reported revenues were down 4% for Tommy Hilfiger and up 1% for Calvin Klein. In the third quarter, we delivered gross margin of 55.9%, up approximately 130 basis points compared to pre-pandemic levels, but down approximately 180 basis points compared to last year. This includes a 40-basis point negative impact of exchange. While gross margin reflected planned price increases, that benefit was more than offset by higher costs and increased promotional selling as inventory levels are elevated across the industry. SG&A expense as a percentage of revenue for the third quarter was better than planned at 46.2% and nearly flat to last year. We continue to take a disciplined approach to managing expenses, driving cost efficiencies while making targeted investments in strategic areas of fuel growth, in line with the fifth growth driver of the PVH+ Plan. We also took actions this quarter to drive initial progress under the plan we announced last quarter to reduce people costs in our global offices by approximately 10% by the end of 2023.

Tommy Hilfiger 的報告收入下降了 4%，而 Calvin Klein 的報告收入增長了 1%。第三季度，我們實現了 55.9% 的毛利率，與大流行前的水平相比上升了約 130 個基點，但與去年相比下降了約 180 個基點。這包括 40 個基點的匯率負面影響。雖然毛利率反映了計劃中的價格上漲，但隨著整個行業庫存水平的提高，這一收益被更高的成本和增加的促銷銷售所抵消。第三季度 SG&A 費用佔收入的百分比好於計劃，為 46.2%，與去年幾乎持平。根據 PVH+ 計劃的第五個增長動力，我們將繼續採取嚴格的方法來管理費用、提高成本效率，同時在燃料增長的戰略領域進行有針對性的投資。本季度我們還採取了行動，以推動我們上季度宣布的計劃取得初步進展，即到 2023 年底將我們全球辦事處的人員成本降低約 10%。

As a reminder, we expect that once completed, these reductions will generate annual cost savings of over $100 million with a small benefit to 2022 and increase savings as we move through 2023. In total, our EBIT for the quarter exceeded our guidance due to strong revenue performance and lower expenses. Operating margin was 9.6% as reported and 10% excluding the negative impact of approximately 40 basis points due to exchange. On a GAAP basis, we also took a noncash goodwill impairment charge of $417 million, which was nonoperational and driven by significant increases in discount rates. Earnings per share was $2.60 compared to $2.67 in last year's third quarter and exceeded the top end of our guidance by $0.45, almost entirely driven by the improvement in EBIT.

提醒一下，我們預計這些削減一旦完成，每年將節省超過 1 億美元的成本，到 2022 年將產生少量收益，並在我們進入 2023 年時增加節省。總的來說，我們本季度的息稅前利潤超過了我們的指導，因為強大的收入表現和較低的費用。報告的營業利潤率為 9.6%，排除因匯率造成的約 40 個基點的負面影響後為 10%。根據 GAAP，我們還計提了 4.17 億美元的非現金商譽減值費用，這是非經營性的，並且受到貼現率大幅上升的推動。每股收益為 2.60 美元，而去年第三季度為 2.67 美元，超出我們指引的上限 0.45 美元，這幾乎完全是由息稅前利潤的改善推動的。

Earnings per share for the quarter also included a $0.35 negative impact compared to the prior year related to exchange and an $0.18 negative impact due to the war in Ukraine. Inventory was up 32% at the end of the quarter compared to the prior year period due to a combination of factors. First, inventory levels were abnormally low last year in all regions, and consistent with second quarter, we are normalizing to levels that support our planned growth. Second, as we've discussed previously, we have increased our inventory investment in core products to mitigate supply chain and logistics disruptions and ensure that we have the right product at the right time. While supply chain and logistics disruptions have not eased entirely, we have begun to see improvements in on-time delivery and decreases in in-transit times.

本季度的每股收益還包括與上一年相比與匯率相關的 0.35 美元的負面影響，以及因烏克蘭戰爭而產生的 0.18 美元的負面影響。由於多種因素，與去年同期相比，本季度末庫存增加了 32%。首先，去年所有地區的庫存水平都異常低，並且與第二季度一致，我們正在正常化到支持我們計劃增長的水平。其次，正如我們之前所討論的，我們增加了對核心產品的庫存投資，以減輕供應鍊和物流中斷，並確保我們在正確的時間擁有正確的產品。雖然供應鍊和物流中斷並未完全緩解，但我們已經開始看到準時交貨有所改善，運輸時間有所減少。

And lastly, inventory levels remain elevated in North America wholesale due to lower-than-expected demand. At the end of Q2, I mentioned that this was worth about $65 million of the increase in inventory versus the prior year. At this point, we have reduced that amount by nearly 1/3 and are on track with our plan to normalize inventory levels in North America. Additionally, we delivered on our commitment under the PVH+ Plan to return excess cash to shareholders, returning over $100 million to shareholders during the quarter through the repurchase of 1.9 million PVH shares and our dividend.

最後，由於需求低於預期，北美批發市場的庫存水平仍然很高。在第二季度末，我提到與上一年相比，庫存增加的價值約為 6500 萬美元。目前，我們已將該數量減少了近 1/3，並且正在按計劃正常化北美庫存水平。此外，我們還兌現了 PVH+ 計劃下的承諾，即通過回購 190 萬股 PVH 股票和派息，向股東返還超額現金，本季度向股東返還超過 1 億美元。

Moving on to our outlook. To start with, we are reaffirming the top end of our projected revenue guidance, up 4% on a constant currency basis and our EBIT margin outlook of approximately 9%, and we are raising our full year EPS projection to $8.25. We continue to work relentlessly to drive results even in the face of the challenging macroeconomic environment and trends within the retail industry. Our strong third quarter performance is a testament to our ability to react quickly in the short term, while continuing to be laser-focused on strategic actions to support the long-term growth of our business, powered by our 2 global brands, Calvin Klein and Tommy Hilfiger. For the full year, we continue to project underlying high single-digit revenue growth in line with our previous guidance.

繼續我們的展望。首先，我們重申我們預計收入指引的上限，按固定匯率計算增長 4%，我們的息稅前利潤率前景約為 9%，我們將全年每股收益預測上調至 8.25 美元。即使面對充滿挑戰的宏觀經濟環境和零售業趨勢，我們仍將繼續不懈努力以取得成果。我們強勁的第三季度業績證明了我們在短期內快速做出反應的能力，同時繼續專注於戰略行動以支持我們業務的長期增長，這得益於我們的 2 個全球品牌，Calvin Klein 和湯米希爾費格。對於全年，我們繼續根據我們之前的指導預測潛在的高個位數收入增長。

On a reported basis, revenue is projected to be down approximately 3% as reported compared to 2021 and reflects a 7% negative impact from exchange and a 4% reduction resulting from the Heritage Brands transaction, the exit from the Heritage Brands retail business and the war in Ukraine. We expect total digital penetration as a percentage of revenue to be nearly 25%. We expect our full year gross margin rate to remain significantly above pre-pandemic levels, though approximately 130 basis points below record levels in 2021, which includes the negative impact of exchange of approximately 30 basis points. We continue to expect pressure on our gross margin for the remainder of the year due to promotional selling. Overall, we expect gross margin in the fourth quarter will reflect a similar year-over-year decline versus what we reported for the third quarter, as we offset the negative impact of the increasingly promotional environment by driving our higher-margin direct-to-consumer channel as a greater share of the business versus last year.

根據報告，與 2021 年相比，收入預計將下降約 3%，這反映了交易所帶來的 7% 的負面影響以及 Heritage Brands 交易、退出 Heritage Brands 零售業務和烏克蘭戰爭。我們預計總數字滲透率佔收入的百分比將接近 25%。我們預計我們的全年毛利率仍將大大高於大流行前的水平，儘管比 2021 年的創紀錄水平低約 130 個基點，其中包括匯率的負面影響約 30 個基點。由於促銷銷售，我們繼續預計今年剩餘時間的毛利率將面臨壓力。總體而言，我們預計第四季度的毛利率將反映與我們報告的第三季度類似的同比下降，因為我們通過推動更高利潤率的直銷來抵消日益增長的促銷環境的負面影響與去年相比，消費者渠道在業務中所佔的份額更大。

We continue to take a disciplined approach to manage expenses across the business in light of increased macro pressures weighing on our gross margin, and we are accelerating cost efficiencies while prudently investing in the core pillars of the PVH+ Plan. SG&A expense as a percentage of revenue for the full year reflects an approximately 60 basis points improvement compared to our previous guidance and is now expected to be approximately 40 basis points higher compared to 2021. Our full year operating margin projection continues to be approximately 9% and reflects a negative impact compared to last year of approximately 40 basis points due to exchange. Our interest expense projection is unchanged at approximately $85 million, and we continue to expect our corporate tax rate will be approximately 24%. For the full year 2022, we are raising our projected earnings per share to be approximately $8.25 compared to our previous guidance of $8. The increase versus our previous guidance is primarily due to our strong Q3 performance.

鑑於對我們毛利率造成壓力的宏觀壓力增加，我們繼續採取嚴格的方法來管理整個業務的費用，我們正在加快成本效率，同時審慎地投資於 PVH+ 計劃的核心支柱。 SG&A 費用佔全年收入的百分比與我們之前的指導相比提高了約 60 個基點，現在預計將比 2021 年高出約 40 個基點。我們的全年營業利潤率預測仍然約為 9%並反映了與去年相比由於匯率產生的大約 40 個基點的負面影響。我們的利息支出預測保持不變，約為 8500 萬美元，我們繼續預計我們的公司稅率將約為 24%。對於 2022 年全年，我們將預計每股收益上調至約 8.25 美元，而我們之前的指引為 8 美元。與我們之前的指導相比有所增加主要是由於我們第三季度的強勁表現。

Our planned stock repurchase in 2022 remained at approximately $400 million with approximately $330 million of repurchases completed year-to-date. For the fourth quarter, we are projecting mid-single-digit revenue growth in our underlying business. On a reported basis, revenue is projected to be down approximately 4% as compared to 2021 and reflects an 8% negative impact from exchange and a 2% negative impact from the war in Ukraine. Fourth quarter earnings per share is expected to be approximately $1.65, which reflects the negative impacts of approximately $0.27 due to exchange and approximately $0.15 from the war in Ukraine compared to the prior year.

我們計劃在 2022 年進行的股票回購保持在約 4 億美元左右，年初至今已完成約 3.3 億美元的回購。對於第四季度，我們預計基礎業務的收入將實現中個位數增長。根據報告，與 2021 年相比，收入預計將下降約 4%，這反映了 8% 的匯率負面影響和 2% 的烏克蘭戰爭負面影響。預計第四季度每股收益約為 1.65 美元，這反映了與上一年相比，匯率帶來的負面影響約為 0.27 美元，烏克蘭戰爭帶來的負面影響約為 0.15 美元。

We expect our tax rate in this year's fourth quarter will be an expense of approximately 25%, which is relatively in line with our full year rate expectation. As a reminder, in last year's fourth quarter, we benefited from noncash tax rate relief tied to our purchase of the Calvin Klein brand back in 2003. This benefit ran out in 2021. As a result, our tax rate in the fourth quarter of last year was a benefit of approximately 33%. We expect our interest expense for the fourth quarter to be approximately $24 million.

我們預計今年第四季度的費用稅率約為 25%，這與我們全年的稅率預期基本一致。提醒一下，在去年第四季度，我們受益於與我們在 2003 年購買 Calvin Klein 品牌相關的非現金稅率減免。這項福利在 2021 年到期。因此，我們去年第四季度的稅率年收益約為 33%。我們預計第四季度的利息支出約為 2400 萬美元。

Before we open it up for questions, I want to reiterate that we are pleased with our strong third quarter results and that we continue to drive strong underlying growth across the business even in the tough macroeconomic environment. We remain focused on driving our strategic priorities despite the continued volatility. 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.

在我們提出問題之前，我想重申，我們對我們強勁的第三季度業績感到滿意，並且即使在艱難的宏觀經濟環境下，我們也會繼續推動整個業務的強勁基礎增長。儘管持續動盪，我們仍然專注於推動我們的戰略重點。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 will come from Bob Drbul with Guggenheim.

（操作員說明）我們的第一個問題將來自古根海姆的 Bob Drbul。

I guess the question I'd actually like to spend some time on, if you could, is Stefan, can you just talk us through the strategic rationale for taking the G-III licenses back and sort of how you structure them and why now and sort of how you really approach this? I think that would be pretty helpful.

我想我真的想花一些時間來解決這個問題，如果可以的話，Stefan，你能不能跟我們談談收回 G-III 許可證的戰略理由，以及你如何構建它們以及為什麼現在和你真的是如何處理這個問題的？我認為這會很有幫助。

Absolutely. Thank you, Bob. So as we communicated yesterday, we are extending the licensing agreement with G-III in a way that over a multiyear period, we'll bring these categories back in-house. And the rationale for that is very much connected to the PVH+ Plan and what that is about. Because, in essence, the PVH+ Plan is a growth plan. It's a brand-driven growth plan. So it's about unlocking the full potential of our brands. And the brands, both Calvin and Tommy, the brands are the most valuable assets we have. So when we look at over time -- over the next few years in housing this, it's about giving us complete control of those brands. So when you look at the PVH+ Plan, we have 5 drivers.

絕對地。謝謝你，鮑勃。因此，正如我們昨天溝通的那樣，我們正在延長與 G-III 的許可協議，在多年的時間內，我們將把這些類別帶回內部。這樣做的理由與 PVH+ 計劃及其內容密切相關。因為，本質上，PVH+計劃是一個成長計劃。這是一個品牌驅動的增長計劃。所以這是關於釋放我們品牌的全部潛力。還有品牌，包括 Calvin 和 Tommy，品牌是我們擁有的最寶貴的資產。因此，當我們隨著時間的推移 - 在接下來的幾年中容納這個時，就是讓我們完全控制這些品牌。因此，當您查看 PVH+ 計劃時，我們有 5 個驅動程序。

And it's very much connected to what creates value in unlocking those brands. So product design, the product assortment, the pricing, the market channel mix enabling us to connect to a demand-driven supply chain. So all those parts are value-creating growth drivers, and that's what we will be able to be in control of and it will help unlock more of Calvin and Tommy and bigger value creation over time, but it also help us build Calvin and Tommy to truly global cohesive aspirational lifestyle brands.

它與解鎖這些品牌時創造價值的因素密切相關。因此，產品設計、產品分類、定價、市場渠道組合使我們能夠連接到需求驅動的供應鏈。所以所有這些部分都是創造價值的增長動力，這就是我們能夠控制的，這將有助於釋放更多的 Calvin 和 Tommy，隨著時間的推移創造更大的價值，但它也幫助我們建立 Calvin 和 Tommy真正具有全球凝聚力的理想生活方式品牌。

Yes. And maybe, Bob, I can give a bit of context from an economics perspective, to complement the strategic element of this. So first of all, I think it's useful to size the current business impact. These are predominantly U.S. women's wholesale categories for Calvin Klein and Tommy Hilfiger. And today, these licenses make up approximately 1/3 of our global licensing revenue. And from a profit perspective, the profit comprised less than 10% of our 2021 EBIT. I think also important to note is that due to the structure of the agreement, we do not expect any material impact to our financial results between now and the end of our PVH+ Plan commitments in 2025. Beyond that, in 2026 and beyond, we do expect the impact to become more material. We expect the intake of this business will be accretive to our financial results as we take advantage of the scale of what the rest of the business has.

是的。鮑勃，也許我可以從經濟學的角度提供一些背景信息，以補充其中的戰略要素。所以首先，我認為衡量當前的業務影響是有用的。這些主要是 Calvin Klein 和 Tommy Hilfiger 的美國女裝批發類別。如今，這些許可約占我們全球許可收入的 1/3。從利潤的角度來看，利潤占我們 2021 年息稅前利潤的不到 10%。我認為還需要注意的是，由於協議的結構，我們預計從現在到 2025 年我們的 PVH+ 計劃承諾結束之間不會對我們的財務業績產生任何實質性影響。除此之外，在 2026 年及以後，我們會預計影響會變得更加實質性。我們預計，隨著我們利用其他業務的規模優勢，收購這項業務將增加我們的財務業績。

Our next question will come from Michael Binetti with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Michael Binetti。

Congrats on a nice quarter. It's a tough backdrop. I guess a quick 1 on the model to Zac. For the EBIT guidance in the fourth quarter, it seems like it implies a decent step up relative to third quarter on both a year-over-year and a 3-year basis. Maybe you could unpack that a little bit, how much of that cost savings or mix dynamics? Help us understand that a little. And then I guess, what I found interesting was the U.S. DTC comments to store. Stefan, I know this has been a focus for you. It seems like there's a bigger unlock emerging there. I know you said -- I think you said domestic consumer traffic crossed it back above 2019 levels for the first time. It's great to hear. I know you've been citing that hard. I think you told us 30% of sales in those doors or at least in the outlet doors with tourist volume. Maybe talk a little bit about how far below 2019 levels those doors are today in productivity and in margins? And what you think are some realistic medium-term expectations for how much those can progress back to pre-COVID levels?

祝賀一個不錯的季度。這是一個艱難的背景。我猜是 Zac 的模型上的快速 1。對於第四季度的息稅前利潤指引，這似乎意味著在同比和三年的基礎上相對於第三季度都有不錯的提升。也許你可以稍微分析一下，節省多少成本或混合動力？幫助我們稍微了解一下。然後我想，我發現有趣的是要存儲的美國 DTC 評論。 Stefan，我知道這一直是你關注的焦點。似乎那裡出現了更大的解鎖。我知道你說過——我想你說過國內消費者流量首次超過 2019 年的水平。很高興聽到。我知道你一直在努力引用。我想你告訴我們 30% 的銷售額在那些門或至少在有遊客量的出口門。也許談談這些門在生產力和利潤率方面比 2019 年的水平低多少？您認為對於這些可以恢復到 COVID 之前的水平有多少現實的中期期望是什麼？

Thanks, Michael. So before I let Zac unpack more detailed financials in the outlook for Q4. So what excites us with Q3 is that we were able to compete to win in a difficult macro backdrop. And we continue the outlook for Q4. It's based on that. We will continue to do that in Q4. And we had on plan start of the holiday, and then we continue to compete to win through Q4. And that's the underlying driver of the Q4 outlook. But Zac, feel free to give more...

謝謝，邁克爾。因此，在我讓 Zac 在第四季度的展望中解開更詳細的財務數據之前。因此，第三季度讓我們興奮的是，我們能夠在困難的宏觀背景下競爭取勝。我們繼續展望第四季度。這是基於此。我們將在第四季度繼續這樣做。我們計劃在假期開始，然後我們繼續競爭以在第四季度獲勝。這就是第四季度前景的潛在驅動力。但是 Zac，請隨意提供更多...

No, I think as we saw -- as we look through the third quarter, overall, August and September are strong. And then some of that macroeconomic backdrop that Stefan mentioned, we again did see some softening consumer sentiment in October. And we fought hard and we believe competed for our fair share there. As we look forward, we've incorporated that sort of outlook as we sort of worked through the third quarter into the fourth quarter results or into the fourth quarter outlook and expect that to sort of be the underlying dynamic that we're competing in more broadly from a gross margin perspective.

不，我認為正如我們所看到的——從第三季度來看，總體而言，8 月和 9 月表現強勁。然後是 Stefan 提到的一些宏觀經濟背景，我們確實再次看到 10 月份的消費者信心有所減弱。我們努力奮鬥，我們相信在那裡爭奪我們的公平份額。展望未來，我們已經將這種展望納入了第三季度的工作，進入了第四季度的業績或進入了第四季度的展望，並預計這將成為我們競爭的潛在動力從毛利率的角度來看。

We expect our gross margin impact versus last year to be approximately the same at the third quarter. The composition of that, obviously, a little bit different as we do expect that higher level of promotional environment to continue through the fourth quarter, we saw at the end, but we get the lift there from a much heavier DTC retail-focused quarter, but the overall margin impact from there. And then I think from an SG&A perspective, we expect to see continued efficiency as we work our way through being really disciplined and focused on the spending from an outlook for the fourth quarter heading into the -- that's all incorporated into the guidance that we provide.

我們預計第三季度的毛利率影響與去年大致相同。顯然，其構成有點不同，因為我們確實預計更高水平的促銷環境將持續到第四季度，我們在最後看到了，但我們從更重的以 DTC 零售為重點的季度中得到了提升，但整體利潤率的影響來自那裡。然後我認為，從 SG&A 的角度來看，我們希望看到持續的效率，因為我們通過真正自律並專注於從第四季度的前景到支出的方式 - 這都包含在我們提供的指導中.

And Michael, to your question about North America and the green shoots we are seeing in D2C stores. Yes, it's exciting because we worked really hard to double down on the execution, starting with our hero products and making sure we have those best essentials that we are known for in both brands that we have them in stock. So what we saw in Q3 was that we were able to navigate through most of the supply chain issues. So we had better in-stock levels in more of our hero products. And then we were really focused on the channel execution. And we saw that drive this double-digit growth in our stores, and we saw the comps coming up with the domestic consumer. So still early days, but very encouraging.

邁克爾，關於你關於北美和我們在 D2C 商店看到的萌芽的問題。是的，這很令人興奮，因為我們非常努力地加倍執行，從我們的主打產品開始，並確保我們擁有我們在兩個品牌中都知道的最好的必需品，並且我們都有庫存。因此，我們在第三季度看到的是，我們能夠解決大部分供應鏈問題。因此，我們在更多主打產品中擁有更好的庫存水平。然後我們真正專注於渠道執行。我們看到這推動了我們商店的兩位數增長，我們看到了來自國內消費者的競爭。所以還處於早期階段，但非常令人鼓舞。

If we take Tommy, as an example, where we increasingly connect our products to the global design center of the brand and have those bestsellers even for the North American market, we see that in categories like men's knits, which is our #1 category for Tommy, we were up 42% versus last year. So Polo's iconic essential bestsellers are driving significant growth and led by global bestsellers. So we're able to get more of the hero products in stock, better product execution, leveraging the global brand design, higher AURs on that. And then we see that we are starting to come up and climb up against 2019. So early days in North America, but it's very encouraging.

如果我們以 Tommy 為例，我們越來越多地將我們的產品與品牌的全球設計中心聯繫起來，並且即使在北美市場也有這些暢銷產品，我們看到在男士針織品等類別中，這是我們的第一類別湯米，我們比去年增長了 42%。因此，Polo 的標誌性基本暢銷書正在推動顯著增長，並由全球暢銷書引領。因此，我們能夠獲得更多的英雄產品庫存，更好的產品執行，利用全球品牌設計，更高的 AURs。然後我們看到我們開始上升並攀升到 2019 年。北美還處於早期階段，但它非常令人鼓舞。

Our next question will come from Jay Sole with UBS.

我們的下一個問題將來自瑞銀的 Jay Sole。

I'm going to follow up on some of the comments you made about SG&A. It sounds SG&A control as part of the PVH+ Plan. But can you help us understand how much of the really strong SG&A control in the quarter was sort of a response to the consumer environment versus how much is sort of identifying opportunities to streamline costs and get more efficient, which will sort of continue into next year and beyond?

我將跟進您對 SG&A 的一些評論。聽起來 SG&A 控制是 PVH+ 計劃的一部分。但是您能否幫助我們了解本季度真正強大的 SG&A 控制有多少是對消費者環境的回應，有多少是確定精簡成本和提高效率的機會，這將持續到明年超越？

Thanks, Jay. So Zac has really done a great job coming in and helping us execute on the fifth growth driver of the PVH+ Plan, which is about driving efficiencies and freeing that up to invest in growth drivers. So what you see now in Q3 and going forward, increasingly, you will see that we are step-by-step becoming more cost competitive. Of course, 1 aspect of that is even more important when we operate and compete to win in a tough macro. But this is something that Zac and I will drive throughout the whole PVH+ journey and beyond.

謝謝，傑伊。所以 Zac 確實做得很好，幫助我們執行 PVH+ 計劃的第五個增長動力，該計劃是關於提高效率並釋放效率以投資於增長動力。所以你現在在第三季度和未來看到的，你會越來越多地看到我們正在逐步變得更具成本競爭力。當然，當我們在艱難的宏觀環境中運作和競爭以取勝時，其中的一個方面更為重要。但這是 Zac 和我將在整個 PVH+ 旅程及以後推動的事情。

Yes. I think just more specifically, there was really no 1 single item driving the 3Q SG&A efficiency. Instead, the efficiency was across the board as our disciplined focus on spending on only the most impactful elements of the PVH+ Plan really paid off. This is about focus and prioritization. And we actually are confident we can both invest in growth and deliver SG&A efficiency. So we also continue to invest in those areas most importantly for growth. That was included in spending. So digital, as we replatformed our U.S. calvin.com site, it continue to build out our European digital ecosystem, supply chain as we're building the technology infrastructure across Asia and logistics capability in Europe. And increasingly moving forward, you'll see spending in the U.S. retail network and global marketing. So we believe that we actually do have the ability to do both to invest in those things most important and really drive those efficiencies as well.

是的。我認為更具體地說，確實沒有任何一項可以推動 3Q SG&A 效率。相反，效率是全面的，因為我們有紀律地專注於僅在 PVH+ 計劃中最具影響力的元素上支出，這確實得到了回報。這是關於重點和優先級的。我們實際上有信心我們既可以投資於增長，又可以提高 SG&A 效率。因此，我們還繼續投資於那些對增長最重要的領域。這包括在支出中。如此數字化，當我們重新構建我們的美國 calvin.com 網站時，它繼續構建我們的歐洲數字生態系統、供應鏈，因為我們正在建設整個亞洲的技術基礎設施和歐洲的物流能力。並且越來越多地向前發展，你會看到在美國零售網絡和全球營銷方面的支出。因此，我們相信我們確實有能力做到既投資於最重要的事情，又真正提高效率。

Our next question will come from Chris Nardone with Bank of America.

我們的下一個問題將來自美國銀行的 Chris Nardone。

Can you provide an updated state of the union on your performance in some of your major Western European markets? And then how some of those trends have evolved quarter-to-date relative to 3Q? And then just as a quick follow-up into some of your vacancies for Head of Americas and how did Calvin, this G-III announcement change, how you're looking at the attributes to fill some of those roles?

您能否提供有關您在一些主要西歐市場的表現的最新聯盟狀況？那麼其中一些趨勢相對於第三季度是如何演變的？然後，就像快速跟進您擔任美洲負責人的一些空缺一樣，Calvin 是如何改變這個 G-III 公告的，您如何看待填補其中一些角色的屬性？

Yes. Thanks, Chris. So starting with Europe, we had a record quarter. We never made a quarter before in Europe over EUR 1 billion. It's the first time we did over EUR 1 billion for the first time in the quarter. So very strong execution by our European team, drove underlying growth of mid-single digits. Again, we were able to do this despite the tougher macro. For sure, there is a tougher macro situation, I would say, globally. But in Europe was a good example of when we were able to navigate through that successfully. And then we go into the start of holiday where Black Friday has become increasingly relevant in Europe, increasingly relevant and big. And we just came out of that and drove strong performance across both brands or channels. So feeling good about how our teams continue to execute really well.

是的。謝謝，克里斯。所以從歐洲開始，我們有一個創紀錄的季度。我們以前在歐洲的一個季度從未賺過超過 10 億歐元。這是我們本季度首次超過 10 億歐元。我們歐洲團隊的執行力非常強，推動了中個位數的潛在增長。同樣，儘管宏觀環境更加艱難，我們還是能夠做到這一點。可以肯定的是，在全球範圍內，宏觀形勢更加嚴峻。但在歐洲是我們能夠成功度過難關的一個很好的例子。然後我們進入假期的開始，黑色星期五在歐洲變得越來越重要，越來越重要和重要。我們剛剛走出困境，並推動了兩個品牌或渠道的強勁表現。所以對我們的團隊如何繼續很好地執行感到滿意。

Yes. I think then, if we take a look then just more broadly on the European performance, as Stefan mentioned, continue to see strength there. And as we look forward, there's all important order books. The fall order book holding well. Spring order book, as we've talked about in prior quarters, landing at high single digits. And in fact, some of the supply chain -- global supply chain challenges have loosened, product is showing up on time or a little bit early and reconfirming the strength of the brand as those accounts are eager to take that product. So I think moving forward as well, we feel good about the strength that Europe is continuing to drive.

是的。我認為，如果我們更廣泛地看一下歐洲的表現，正如 Stefan 提到的那樣，繼續看到那裡的實力。正如我們期待的那樣，有所有重要的訂單簿。秋季訂單保持良好。春季訂單，正如我們在前幾個季度所討論的那樣，以高個位數著陸。事實上，一些供應鏈 - 全球供應鏈挑戰已經放鬆，產品按時或提前出現並重新確認品牌的實力，因為這些客戶渴望購買該產品。因此，我認為同樣向前邁進，我們對歐洲繼續推動的力量感到滿意。

And then, Chris, when it comes to the leadership searches we have, I'm excited to share that we are making really strong progress. So within the next few weeks, I look forward to update you all on what that means both for the Calvin Klein global brand and for our North America businesses. And to your questions about how this connects to the talent choices, the leadership choices, connect to the transition of the G-III categories, definitely, it connects to the PVH+ Plan. So we are about to land leaders who will bring some different for a best-in-class experience that helps us unlock both Calvin and Tommy. So yes, very excited and looking forward to in a few weeks' time to just give you the update. We have time for 1 more question.

然後，克里斯，當談到我們的領導力搜索時，我很高興與大家分享我們正在取得非常大的進步。因此，在接下來的幾週內，我期待向大家介紹這對 Calvin Klein 全球品牌和我們的北美業務意味著什麼。關於這如何與人才選擇、領導選擇、G-III 類別的過渡相關聯的問題，當然，它與 PVH+ 計劃相關聯。因此，我們即將聘請領導者，他們將為一流的體驗帶來一些不同，幫助我們解鎖 Calvin 和 Tommy。所以是的，非常興奮並期待在幾週後為您提供更新。我們還有時間再問 1 個問題。

Our last question will come from Ed Yruma with Piper Sandler.

我們的最後一個問題將來自 Ed Yruma 和 Piper Sandler。

I guess 1 short-term question. As you think about these G-III licenses, I know you said there's no near-term financial impact, but how do you think about building talent in preparation for taking those licenses in '25 through '27? And then Stefan, as a longer-term question, it seems like in U.S. wholesale, 1 of your competitors is kind of abating some of these more premium price points. So can you talk about the white space you think that you have, given that you're able to kind of reposition some of your brands as a more premium product.

我猜是 1 個短期問題。當你考慮這些 G-III 許可證時，我知道你說過短期內沒有財務影響，但你如何考慮培養人才以為在 25 年到 27 年獲得這些許可證做準備？然後 Stefan，作為一個長期問題，似乎在美國批發市場，您的一個競爭對手正在降低其中一些更高的價格點。那麼你能談談你認為你擁有的空白，因為你能夠將你的一些品牌重新定位為更優質的產品。

Yes, definitely. So starting from your questions about white space or opportunities. So as I mentioned in my prepared remarks, I've been now traveling extensively this past week and Thanksgiving weekend was in a number of our U.S. markets. And just seeing the love for both Calvin and Tommy, the consumer love in the North America market and the opportunity we have to -- in a more disciplined way tap into that. So we have great partnership with our wholesale partners. We have great locations within those stores. And we have an end consumer that loves our brand. So where we have opportunity connects to the PVH+ focus, which is better disciplined on the product categories that really matters that are big for the consumer essential and where we have the right to play to win and that we build the best hero products within those.

當然是。所以從你關於空白或機會的問題開始。因此，正如我在準備好的發言中提到的那樣，過去一周我一直在廣泛旅行，感恩節週末在我們的許多美國市場進行。看到對 Calvin 和 Tommy 的熱愛，北美市場消費者的熱愛以及我們必須的機會——以更有紀律的方式利用這一點。因此，我們與批發合作夥伴建立了良好的合作夥伴關係。我們在這些商店中擁有優越的地理位置。我們有一個熱愛我們品牌的終端消費者。因此，我們有機會與 PVH+ 重點聯繫起來，這在真正重要的產品類別上得到了更好的約束，這些類別對消費者至關重要，我們有權利贏得勝利，我們在這些產品中打造最好的英雄產品。

And when we do today, it's early days, but where we do that today, we see that we win. We win immediately, it's 1:1. As soon as we play in the right category with the right hero products, we drive the revenue and we drive -- we don't see any price resistance. So it's very exciting to see that being -- getting closer to excellence in product and then combining that with the consumer engagement and the talent that then the product and the consumer engagement that shows up in social media, shows up in e-commerce and increasingly in our stores, that it's just exciting potential. Every time I'm out walking stores, I see it, and it's so concrete.

當我們今天這樣做時，還處於早期階段，但我們今天這樣做的地方，我們看到我們贏了。我們馬上就贏了，1:1。一旦我們在正確的類別中使用正確的英雄產品，我們就會增加收入並且我們會增加——我們看不到任何價格阻力。因此，看到這種情況非常令人興奮 - 越來越接近產品的卓越性，然後將其與消費者參與度和人才相結合，然後產品和消費者參與度出現在社交媒體中，出現在電子商務中，並且越來越多在我們的商店中，這只是令人興奮的潛力。每次我出去逛商店，我都會看到它，它是如此具體。

And then I think, Ed, I'm sure Stefan want to comment on the build-out of the talentability for the categories coming in, but just to sort of start a little bit, I think if you think about from a financial perspective on that, we already do great product creation all around the world. And we've got great supply chain abilities as well. And so I think we believe that we've got a good amount of the infrastructure in place from a financial perspective that we talked about not seeing a material impact to the financials over this medium-term period. That's what gives us the confidence, as Stefan will talk about how we go about building out some of the actual capabilities themselves.

然後我想，Ed，我確定 Stefan 想對進入的類別的人才培養髮表評論，但只是開始一點，我想如果你從財務角度考慮也就是說，我們已經在世界各地創造了偉大的產品。我們也有很好的供應鏈能力。因此，我認為我們相信從財務角度來看，我們已經擁有大量基礎設施，我們談到在這個中期期間不會對財務產生重大影響。這就是讓我們充滿信心的原因，因為 Stefan 將談論我們如何著手構建自己的一些實際功能。

Yes. We have both the time -- the time plan is set ourselves up in a very good way to -- as Zac mentioned, step 1 is to leverage the capability we already have because we have a lot of these capabilities. And we see that with those leaders and teams and capabilities, we're able to drive winning and winning big in both Europe and Asia. So we see that, one is tapping into that and 2 is to complementing our team strength, leadership strength here. So we're doing both and having this time to ramp that up.

是的。我們有時間 - 時間計劃以一種非常好的方式設置 - 正如 Zac 提到的那樣，第 1 步是利用我們已經擁有的能力，因為我們擁有很多這些能力。我們看到，憑藉這些領導者、團隊和能力，我們能夠在歐洲和亞洲推動勝利並大獲成功。所以我們看到，一是利用這一點，二是補充我們的團隊力量，這裡的領導力量。所以我們正在做這兩件事，並且有時間來提高它。

And with that, thank you very much, Ed. And with that, we want to thank all of you who are following us and wish you a really good restful holiday and looking forward to catching up in the New Year. Thank you.

因此，非常感謝你，埃德。就此，我們要感謝所有關注我們的人，祝你們度過一個愉快而寧靜的假期，並期待在新的一年裡趕上來。謝謝你。

Thank you, ladies and gentlemen. This concludes today's event. You may now disconnect.

謝謝你們，女士們，先生們。今天的活動到此結束。您現在可以斷開連接。