PVH Corp (PVH) 2022 Q4 法說會逐字稿

Good morning, everyone, and welcome to today's PVH's Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) Please note that this call may be recorded. (Operator Instructions) It is now my pleasure to turn today's program over to Sheryl Freeman, Senior Vice President of Investor Relations.

大家早上好，歡迎來到今天的 PVH 2022 年第四季度和全年收益電話會議。 （操作員說明）請注意，此通話可能會被錄音。 （操作員說明）現在我很高興將今天的節目轉交給投資者關係高級副總裁 Sheryl Freeman。

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

謝謝你，運營商。大家早上好，歡迎來到 PVH Corp. 2022 年第四季度和全年收益電話會議。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。

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 to having anything you say appear on any transcript or replay of this call.

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將您所說的任何內容出現在本次通話的任何文字記錄或重播中。

The information to be discussed includes forward-looking statements that reflect PVH's view as of March 28, 2023, 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 statements included in the press release that is the subject of this call.

將要討論的信息包括反映 PVH 截至 2023 年 3 月 28 日對未來事件和財務業績的看法的前瞻性陳述。這些聲明受公司提交給美國證券交易委員會的文件中指出的風險和不確定因素以及作為本次電話會議主題的新聞稿中包含的安全港聲明的約束。

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, restructurings and similar plans such as the planned cost efficiency action announced in its second quarter earnings release and its 2021 sale of (inaudible) and exit from its Heritage Brands business to focus on the Calvin Klein and Tommy Hilfiger businesses.

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（聽不清）並退出其 Heritage Brands 業務，專注於 Calvin Klein 和 Tommy Hilfiger 業務。

Significantly, the COVID-19 pandemic, global inflationary pressures 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. As a result, what is said on this call could change materially at any time.

值得注意的是，COVID-19 大流行、全球通脹壓力和烏克蘭戰爭繼續對 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。因此，此次電話會議的內容隨時可能發生重大變化。

Therefore, the operation of the company's business and its future results of operations could differ materially from historical practices and results or current descriptions, estimates and suggestions. PVH does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimates regarding revenue or earnings.

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。

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 fourth 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.

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 年第四季度收益發布中包含與 GAAP 金額的對賬，該發布可在 www.pvh.com 上找到，也可在該公司就該發布向美國證券交易委員會提供的 8-K 表格當前報告中找到。

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

此時，我很高興將會議轉交給 Stefan Larsson。

Thank you, Sheryl, and good morning, everyone, and thank you for joining our call today. We are pleased to report that we drove strong fourth quarter financial performance ahead of expectations for both the top and bottom line, led by strength in our direct-to-consumer businesses. Revenue exceeded our expectations on both a reported and constant currency basis. And underlying growth, excluding the impact of currency and the Russia-Ukraine exit, was plus 9% in the fourth quarter driven by better-than-expected results for both Tommy Hilfiger and Calvin Klein.

謝謝雪莉，大家早上好，感謝您今天加入我們的電話會議。我們很高興地報告，在我們直接面向消費者的業務強勁的帶動下，我們第四季度的財務業績強勁，超過了對收入和利潤的預期。在報告和固定貨幣基礎上，收入都超出了我們的預期。在 Tommy Hilfiger 和 Calvin Klein 好於預期的業績推動下，第四季度潛在增長（不包括貨幣和俄羅斯與烏克蘭退出的影響）增長了 9%。

We are coming into 2023 with strong momentum and expect to continue to grow our top line, led by outsized D2C growth while planning to deliver EBIT margin expansion and double-digit EPS growth. The growth in 2022 was driven by strong consumer response to our product, marketing and marketplace execution across both brands and across all regions. We showed that we were able to compete to win in what proved to be a much more challenging macro environment than any of us expected going into the year. And I would like to highlight some of the proactive choices we made to make that happen.

我們將以強勁的勢頭進入 2023 年，並預計在超額 D2C 增長的帶動下，我們的收入將繼續增長，同時計劃實現息稅前利潤率擴張和兩位數的每股收益增長。 2022 年的增長是由消費者對我們兩個品牌和所有地區的產品、營銷和市場執行的強烈反響推動的。我們證明了我們能夠在事實證明比我們任何人預期進入這一年更具挑戰性的宏觀環境中競爭取勝。我想強調我們為實現這一目標所做的一些主動選擇。

Last April, we shared our long-term vision and multiyear growth plan at our Investor Day. The PVH+ Plan is our brand-focused, direct-to-consumer and digitally led growth plan that will over time build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world and in parallel, making PVH one of the highest performing brand groups in our sector.

去年 4 月，我們在投資者日分享了我們的長期願景和多年增長計劃。 PVH+ 計劃是我們以品牌為中心、直接面向消費者和數字化主導的增長計劃，隨著時間的推移，它將把 Calvin Klein 和 Tommy Hilfiger 打造成世界上最受歡迎的生活方式品牌，同時使 PVH 成為表現最好的品牌之一我們部門的團體。

The clarity of our direction and plan have provided a very strong focus for everyone in the company. We know where we are going, we know how we will get there and we made great progress in the first year of execution. This stronger execution focus is gaining traction across the company and we will continue into this year.

我們明確的方向和計劃為公司的每個人提供了非常強烈的關注點。我們知道我們要去哪裡，我們知道我們將如何到達那裡，我們在執行的第一年取得了很大進展。這種更強大的執行重點正在整個公司獲得牽引力，我們將持續到今年。

In 2022, both Calvin and Tommy delivered increased strength in product with hero products across key categories and in our consumer engagement with cut-through campaigns, collaborations and world-class talent partnerships. This strength in product and consumer engagement is a big reason we drove high-quality plus 9% underlying revenue growth with increased pricing power.

2022 年，Calvin 和 Tommy 都通過關鍵類別的英雄產品以及我們通過切入式活動、合作和世界級人才合作夥伴關係在消費者參與方面增強了產品實力。這種產品和消費者參與度的優勢是我們通過提高定價能力推動高質量和 9% 基礎收入增長的一個重要原因。

For 2022 from a regional perspective, Europe continued to grow from a position of strength in a challenging environment and delivered a very strong plus 10% growth in euros when adjusting for the Russia exit. In Asia, we are setting out to accelerate our growth. We were able to drive outstanding performance in the markets that were not in COVID lockdown, driving plus 11% constant currency growth for the total region and plus 23% constant currency growth outside of China.

從區域角度來看，到 2022 年，歐洲在充滿挑戰的環境中繼續保持強勢增長，並在針對俄羅斯退出進行調整時實現了 10% 以上的非常強勁的歐元增長。在亞洲，我們正著手加速我們的增長。我們能夠在未處於 COVID 鎖定狀態的市場中取得出色的業績，推動整個地區 11% 的恆定貨幣增長以及中國以外 23% 的恆定貨幣增長。

And in North America, we were able to start to win more with our domestic consumer, driving plus 9% growth for Tommy and Calvin together in a brand-accretive way, recognizing that this is the beginning of a multiyear unlock.

在北美，我們能夠開始贏得更多國內消費者，以品牌增值的方式推動 Tommy 和 Calvin 共同增長 9%，認識到這是多年解鎖的開始。

From a supply chain perspective, we successfully navigated through the COVID-related challenges. Over the year, we increased our on-time deliveries from 60% to 95%, which have and will continue to deliver a positive impact on both availability and cost. And we are now about to unleash the next steps in building our supply chain to become a real strategic value driver. We are creating a strong data-driven sourcing approach that will return not only efficiencies and cost reduction opportunities but also enable us to invest back into great products.

從供應鏈的角度來看，我們成功應對了與 COVID 相關的挑戰。一年來，我們的準時交貨率從 60% 提高到 95%，這已經並將繼續對可用性和成本產生積極影響。我們現在即將展開下一步，打造我們的供應鏈，使其成為真正的戰略價值驅動力。我們正在創建一種強大的數據驅動採購方法，該方法不僅可以提高效率和降低成本，還可以讓我們重新投資於優質產品。

In addition, we are optimizing our SKU breadth to create higher productivity by cutting the unproductive assortment tail. We also came into the year knowing that an important underlying driver of the PVH+ Plan is to become more cost competitive in a way that simplifies how we work, increase our speed in decision-making and empowers our team to execute and enables us to drive new growth by making strategic investments in areas such as marketing, supply chain and technology.

此外，我們正在優化我們的 SKU 廣度，以通過削減非生產性分類尾部來提高生產率。進入這一年，我們還知道 PVH+ 計劃的一個重要的潛在驅動力是通過簡化我們的工作方式、提高我們的決策速度、增強我們的團隊執行能力並使我們能夠推動新的方式來提高成本競爭力通過在營銷、供應鍊和技術等領域進行戰略投資來實現增長。

I'm pleased to share that we made significant progress here during the year. Perhaps the most important improvements we have made this past year was to continue to strengthen our management team with the capabilities needed to translate our PVH+ Plan to impact.

我很高興與大家分享，我們在這一年裡取得了重大進展。也許我們在過去一年中做出的最重要的改進是繼續加強我們的管理團隊，使其具備將我們的 PVH+ 計劃轉化為影響力所需的能力。

From my experience, the strength of the leadership team is the single most important factor in successfully translating a value-creating plan into action and impact. I'm proud to share that we made significant progress in this critical area. Zac Coughlin joined as our CFO, David Savman as our Chief Supply Chain Officer, and Sara Bland as our Chief Strategy Officer. All 3 bring highly relevant experience and we are already seeing the positive impact from their leadership.

根據我的經驗，領導團隊的實力是將價值創造計劃成功轉化為行動和影響的最重要因素。我很自豪地告訴大家，我們在這個關鍵領域取得了重大進展。 Zac Coughlin 加入我們擔任首席財務官，David Savman 擔任我們的首席供應鏈官，Sara Bland 擔任我們的首席戰略官。這三位都帶來了高度相關的經驗，我們已經看到了他們領導的積極影響。

And then as of this month, Eva Serrano joined as Calvin Klein Global President, having spent 20 years as one of the key leaders behind the growth of Zara and Inditex. And Donald Kohler joined as Calvin Klein America's President, having spent a big part of his career on the team that turned around Burberry, both from global roles and as Head of North America for them. With these appointments complementing our strong existing leadership team, we have the capabilities, experiences and the competitive mindset needed to deliver on our long-term PVH+ growth commitments.

然後從本月開始，Eva Serrano 加入 Calvin Klein 擔任全球總裁，她作為 Zara 和 Inditex 發展背後的主要領導者之一已有 20 年。唐納德·科勒 (Donald Kohler) 作為 Calvin Klein 美國總裁加入，他職業生涯的大部分時間都在扭轉巴寶莉 (Burberry) 的團隊中度過，既擔任過全球職務，也擔任過他們的北美負責人。通過這些任命補充了我們現有強大的領導團隊，我們擁有了實現長期 PVH+ 增長承諾所需的能力、經驗和競爭心態。

Finally, I spent a big part of my time in 2022 traveling to experience our markets and stores from the consumer's perspective. And I continue to be impressed by our people and teams around the world. I want to thank all of our associates for their hard work during 2022 and give a special recognition to our store managers. Their incredible work ethic, expertise and their passion to every day go out there and win with the consumer is an inspiration to all of us.

最後，我在 2022 年花了很大一部分時間旅行，從消費者的角度體驗我們的市場和商店。我仍然對我們在世界各地的員工和團隊印象深刻。我要感謝我們所有員工在 2022 年的辛勤工作，並特別表彰我們的門店經理。他們令人難以置信的職業道德、專業知識和他們每天走出去並贏得消費者的熱情激勵著我們所有人。

Now turning to our regional performance and how we are connecting our brands and executing the PVH+ Plan across each region. Starting with Europe. Our Europe team continued to drive very strong performance, reflecting the power our brands have with consumers in the region. Despite macro headwinds, we really leaned into the business that finished the year strong. We delivered double-digit year-over-year growth for the fourth quarter and had another record quarter, exceeding EUR 1 billion in revenue.

現在轉向我們的區域績效以及我們如何連接我們的品牌並在每個區域執行 PVH+ 計劃。從歐洲開始。我們的歐洲團隊繼續推動非常強勁的業績，反映了我們的品牌在該地區消費者中的影響力。儘管存在宏觀逆風，但我們確實專注於今年表現強勁的業務。我們在第四季度實現了兩位數的同比增長，並創下了另一個創紀錄的季度，收入超過 10 億歐元。

For the year, Europe also delivered double-digit underlying revenue growth adjusted for FX and our Russia exit, including growth in every quarter of 2022. Growth in the fourth quarter was led by our retail stores, which generated very strong performance during the holidays selling period. We also saw strong early wholesale shipments of spring 2023 collections, which have been very well received by our partners.

今年，歐洲還實現了兩位數的基本收入增長（根據外彙和我們的俄羅斯退出進行調整），包括 2022 年每個季度的增長。第四季度的增長是由我們的零售店帶動的，這些零售店在假期銷售中表現非常強勁時期。我們還看到 2023 年春季系列的早期批發出貨量強勁，受到了我們合作夥伴的好評。

Growth was enabled by better product availability, increased operational efficiencies and faster product deliveries. Our Tommy product strategy continues to be driven by product elevation, winning assortments and product stories true to the Tommy DNA, all with a focus on reaching the aspiration of consumer. This was supported by our hero product strategy, which was a strong enabler of growth in 2022. And in 2023, we are further increasing our category offerings and with that, amplifying our iconic products.

增長得益於更好的產品可用性、更高的運營效率和更快的產品交付。我們的 Tommy 產品戰略繼續受到產品提升、成功分類和忠實於 Tommy DNA 的產品故事的驅動，所有這些都以滿足消費者的願望為重點。這得到了我們的英雄產品戰略的支持，該戰略是 2022 年增長的強大推動力。到 2023 年，我們將進一步增加我們的類別產品，並以此擴大我們的標誌性產品。

For Calvin, we continue to leverage our proven playbook from Tommy to further build out Calvin as a lifestyle brand across product categories. We see strong growth momentum in footwear, accessories, next to our established Calvin Klein underwear and jeans businesses. We have seen favorable demand from consumers for our spring collection with unplanned early sell-through at wholesale.

對於 Calvin，我們繼續利用我們經過驗證的 Tommy 劇本，進一步將 Calvin 打造成跨產品類別的生活方式品牌。除了我們成熟的 Calvin Klein 內衣和牛仔褲業務，我們還看到鞋類、配飾的強勁增長勢頭。我們已經看到消費者對我們的春季系列的有利需求，以及計劃外的早期批發銷售。

Looking ahead, adjusting for Russia and improved delivery performance compared to last year's supply chain disruptions, our shipped order book for fall is expected to be up low single digits. While our wholesale partners are taking a conservative approach, given the potential for macroeconomic volatility, we are well positioned to capitalize should stronger demand continue through our best-in-class operating model and strong never-out-of-stock program.

展望未來，與去年的供應鏈中斷相比，針對俄羅斯進行了調整併改善了交付性能，我們的秋季發貨訂單預計將增長低個位數。雖然我們的批發合作夥伴採取保守的方法，但考慮到宏觀經濟波動的可能性，如果通過我們一流的運營模式和強大的永不缺貨計劃，如果需求持續強勁，我們將做好充分準備。

Moving on to Asia Pacific. Our Asia team continued to deliver solid growth in constant currency in the fourth quarter outside of Greater China. In Greater China, we generated stronger-than-expected 11.11 performance, which was offset by the widespread COVID impact. For the year, the region generated strong double-digit constant currency growth. And both Calvin and Tommy continued to increase their brand awareness. Our focus on key growth categories and hero products and ongoing efforts to refine the products assortment through regionally relevant products with SKU rationalization are driving results.

轉向亞太地區。我們的亞洲團隊在大中華區以外的第四季度繼續以固定匯率實現穩健增長。在大中華區，我們產生了強於預期的 11.11 業績，這被廣泛的 COVID 影響所抵消。這一年，該地區產生了強勁的兩位數貨幣持續增長。 Calvin 和 Tommy 都在繼續提高他們的品牌知名度。我們專注於關鍵增長類別和英雄產品，並不斷努力通過 SKU 合理化的區域相關產品來完善產品分類，這正在推動成果。

In the fourth quarter, our hero products outperformed with higher AURs and lower discounts. We continue to lean in and win key consumer moments such as Lunar New Year by driving engagement and performance above plan, fueled by successful product capsule launches and consumer activations. Both brands continue to move up the rankings on Tmall, underscoring the strength of our brands and product in the market and how well they are resonating with consumers.

第四季度，我們的主打產品以更高的 AUR 和更低的折扣表現出色。在成功的產品膠囊發布和消費者激活的推動下，我們通過推動超出計劃的參與度和績效，繼續依靠並贏得農曆新年等關鍵消費者時刻。這兩個品牌在天貓的排名繼續上升，凸顯了我們品牌和產品在市場上的實力以及它們與消費者產生共鳴的程度。

For the holiday, we launched the Tommy Miffy Capsule Collection, which feature the iconic cartoon character Miffy. The omnichannel campaign and capsule launch was brought to life across retail, social media, influencer collaborations and e-commerce partnerships, fueling strong brand heat.

在節日期間，我們推出了以標誌性卡通人物米菲為特色的湯米米菲膠囊系列。全渠道活動和膠囊推出在零售、社交媒體、影響者合作和電子商務合作夥伴關係中得到了體現，激發了強大的品牌熱度。

Calvin also launched a dedicated capsule and consumers had the opportunity to dress virtual avatars in the collection called Ready Player Me. As we look toward 2023, we are working to further expand the region's digital capabilities and to enable a single consumer view across channels as well as faster digital execution.

Calvin 還推出了一款專用膠囊，消費者有機會在名為 Ready Player Me 的系列中為虛擬化身打扮。展望 2023 年，我們正在努力進一步擴展該地區的數字能力，並實現跨渠道的單一消費者視圖以及更快的數字執行。

We continue to make investments in newer channels such as Douyin live streaming and collaborations with the Tmall Innovation Center, which leverages big data and consumer insights to offer customized styles. We're also laying the foundation for new and enhanced capabilities in our supply chain through Asia for Asia sourcing, as well as improving our demand planning to focus increasingly on core replenishment and a read-and-react model to enable shorter lead times with higher in-season buying.

我們繼續投資抖音直播等新渠道，並與天貓創新中心合作，利用大數據和消費者洞察力提供定制風格。我們還通過亞洲為亞洲採購奠定了新的和增強的供應鏈能力的基礎，並改進了我們的需求規劃，以越來越關注核心補貨和閱讀和反應模型，以實現更短的交貨時間和更高的季節性購買。

Looking ahead, our brands have a clear premium brand and product positioning with the opportunity to grow further in all markets. We continue to lean into further increasing overall brand awareness, especially in China, where both Calvin and Tommy are underpenetrated.

展望未來，我們的品牌擁有清晰的高端品牌和產品定位，並有機會在所有市場進一步發展。我們繼續致力於進一步提高整體品牌知名度，尤其是在中國，Calvin 和 Tommy 的滲透率都不夠高。

Lastly, shifting gears to our business in North America. Step by step, we are getting early traction in growing the business in a brand accretive way, underpinned by a clear category and product focus to deliver sustainable, profitable growth with an increased focus on the domestic consumer.

最後，轉向我們在北美的業務。一步一步地，我們在以品牌增值的方式發展業務方面獲得了早期的牽引力，以明確的類別和產品重點為基礎，以實現可持續的、盈利的增長，並更加關注國內消費者。

Our Tommy and Calvin businesses delivered mid-single-digit growth in the fourth quarter, led by our D2C stores. We delivered strong performance despite a very promotional holiday period, given elevated inventory levels across the market.

在我們的 D2C 商店的帶動下，我們的 Tommy 和 Calvin 業務在第四季度實現了中個位數增長。考慮到整個市場的庫存水平較高，儘管假期促銷活動非常激烈，但我們仍取得了強勁的業績。

For the year, our Tommy and Calvin businesses increased high single digits. Our D2C stores delivered high single-digit positive comps in the fourth quarter driven by improved product assortments and in-stock levels. Most importantly, we continue to drive improved domestic consumer comps. Our assortment and product improvements continue to yield results.

這一年，我們的 Tommy 和 Calvin 業務實現了高個位數增長。我們的 D2C 商店在第四季度交付了高個位數的正收益，這得益於產品種類和庫存水平的改善。最重要的是，我們繼續推動改善國內消費者比較。我們的分類和產品改進繼續取得成果。

For Tommy, our global bestseller initiative, which focuses on combining global winning design, scaled quickly to 70% of our D2C business. This initiative is generating higher AURs, stronger sell-throughs and higher gross margins compared to the balance of the assortment.

對於 Tommy，我們的全球暢銷書計劃專注於結合全球獲獎設計，迅速擴大到我們 D2C 業務的 70%。與其他產品相比，這一舉措產生了更高的 AUR、更強的銷售率和更高的毛利率。

One great example that we shared with you last quarter pertain to our expanding Polo business. Building on the prior quarter success in this key category, in the fourth quarter, our 3 biggest Polo product franchises were up plus 21% versus 2019.

我們上個季度與您分享的一個很好的例子與我們不斷擴大的 Polo 業務有關。基於上一季度在這一關鍵類別的成功，在第四季度，我們最大的 3 個 Polo 產品特許經營權比 2019 年增長了 21%。

We also saw significant progress with on-time deliveries in the region with over 90% of our spring season on time compared to a year ago where we were just 32% on time at the start of the year. This improvement is a direct result of our improved supply chain leadership.

我們在該地區的準時交貨方面也取得了顯著進步，與一年前相比，我們春季的準時交貨率超過 90%，而年初我們的準時交貨率僅為 32%。這種改進是我們改進供應鏈領導地位的直接結果。

Looking ahead to 2023, we are focused on applying our learnings from 2022 and further scale our growth initiatives in North America. We are doubling down on the performance drivers in our D2C stores through rigorous assortment billing and [editing], even better matched to demand with a focus on in-stock improvements in key categories.

展望 2023 年，我們專注於應用 2022 年的經驗教訓，進一步擴大我們在北美的增長計劃。我們通過嚴格的分類計費和 [編輯] 加倍提高 D2C 商店的績效驅動因素，甚至更好地滿足需求，重點關注關鍵類別的庫存改進。

For Tommy, we're expanding the Tommy global bestseller initiative to the wholesale channel. And for Calvin, we're building market share in CK underwear by improving replenishment execution and in-stock levels across all channels coupled with our impactful marketing execution. At the same time, we are making investments in store upgrades to ensure our stores deliver an elevated consumer experience.

對於 Tommy，我們正在將 Tommy 全球暢銷書計劃擴展到批發渠道。對於 Calvin，我們正在通過改善所有渠道的補貨執行和庫存水平以及我們有影響力的營銷執行來建立 CK 內衣的市場份額。與此同時，我們正在對商店升級進行投資，以確保我們的商店提供更好的消費者體驗。

Next, I'll share a few global brand highlights and how we are bringing both brands to life for the consumer, beginning with Calvin Klein. Jonathan Bottomley, our global Calvin Klein CMO, and our Calvin marketing team have done a fantastic job in going back to the iconic DNA of Calvin Klein and made it highly relevant to today. During the past few months, we have been able to see this work come to life under the campaign umbrella of Calvins or nothing.

接下來，我將分享一些全球品牌亮點，以及我們如何為消費者帶來這兩個品牌，首先是 Calvin Klein。我們的全球 Calvin Klein 首席營銷官 Jonathan Bottomley 和我們的 Calvin 營銷團隊在回歸 Calvin Klein 的標誌性 DNA 方面做得非常出色，並使其與今天高度相關。在過去的幾個月裡，我們已經能夠看到這項工作在 Calvins 的競選保護傘下得以實現，否則就什麼都不是。

In January, the campaign launched with global tennis star, Carlos Alcaraz, in our signature cotton underwear styles, wearing our classic straight jeans and it drove strong results. More recently, the spring chapter of the campaign was launched globally starring ambassadors and friends of the brand including Michael B. Jordan, Jennie Kim, Kendall Jenner, FKA Twigs and the Aaron Taylor-Johnson. Dressed in the latest underwear and jeans, the full cast introduced a wide range of new styles for the season.

1 月，全球網球明星卡洛斯·阿爾卡拉斯 (Carlos Alcaraz) 身著我們標誌性的棉質內衣款式和經典直筒牛仔褲推出了該活動，取得了強勁的效果。最近，該活動的春季篇章在全球推出，由 Michael B. Jordan、Jennie Kim、Kendall Jenner、FKA Twigs 和 Aaron Taylor-Johnson 等品牌大使和好友主演。全體演員身著最新款的內衣和牛仔褲，推出了本季的各種新款式。

The campaign launched with Michael B. Jordan timed to the release of his highly anticipated film, Creed III. The campaign images quickly went viral across social media and generated very high engagement. The colab post between Calvin and Michael B. Jordan is now one of our highest performing post to date with a total reach of 8 million on OwnSocial.

邁克爾·B·喬丹 (Michael B. Jordan) 發起的宣傳活動恰逢他備受期待的電影《信條 III》(Creed III) 的上映。活動圖片迅速在社交媒體上傳播開來，並產生了非常高的參與度。 Calvin 和 Michael B. Jordan 之間的合作帖子現在是我們迄今為止表現最好的帖子之一，在 OwnSocial 上的總訪問量達到 800 萬。

We saw incredibly strong organic broadcast and digital coverage across entertainment, pop culture and fashion outlets, including on Jimmy Kimmel Live! for a total reach of 1.3 billion in the 24 hours after launch. And the campaign pickup didn't stop there. The brand's colab post with Kendall Jenner is now the highest reaching post of the year with 13.4 million in reach, again, a testament to the power of the right imagery and the right talent to cut through.

我們在娛樂、流行文化和時尚渠道中看到了令人難以置信的強大有機廣播和數字報導，包括 Jimmy Kimmel Live！在發布後的 24 小時內，總訪問量達到 13 億。競選活動並沒有就此停止。該品牌與 Kendall Jenner 合作的帖子現已成為年度最高點擊率的帖子，達到 1340 萬，這再次證明了正確圖像和正確人才的力量。

Also launching this week, Jungkook, a member of the extremely popular South Korean boy band, BTS, will join the brand as global ambassador for Calvin Klein jeans and Calvin Klein underwear.

同樣在本週推出的是，極受歡迎的韓國男孩樂隊 BTS 的成員 Jungkook 將加入該品牌，擔任 Calvin Klein 牛仔褲和 Calvin Klein 內衣的全球大使。

Moving on to Tommy Hilfiger. Tommy, with its unique classic American cool DNA, continued to drive strong brand visibility and relevance among our target consumers. The brand generated approximately 4 billion impressions from November to January.

轉到 Tommy Hilfiger。 Tommy 憑藉其獨特的經典美國酷 DNA，繼續在我們的目標消費者中提高品牌知名度和相關性。從 11 月到 1 月，該品牌產生了大約 40 億次展示。

Tapping into a moment of strong consumer relevance, the brand's Miffy collaboration, which I just spoke to, although developed for the Lunar New Year celebrations, was leveraged globally and it was one of our strongest performing capsules.

利用與消費者密切相關的時刻，我剛剛談到的該品牌的 Miffy 合作款雖然是為農曆新年慶祝活動開發的，但在全球範圍內得到了利用，它是我們表現最強勁的膠囊之一。

Looking ahead, our Tommy spring campaign, Classics Reborn with Shawn Mendes recently launched globally. And as part of that, Tommy and Shawn just hosted a tour of immersive events in London, Berlin, Milan and Mexico City. Selected flagship stores held in-store activations. Sustainability stands at the heart of this collaboration with the collection incorporating a broad range of recycled and other sustainable materials.

展望未來，我們與 Shawn Mendes 合作的 Tommy 春季活動 Classics Reborn 最近在全球推出。作為其中的一部分，湯米和肖恩剛剛在倫敦、柏林、米蘭和墨西哥城舉辦了一場身臨其境的活動。精選旗艦店舉辦店內活動。可持續性是這次合作的核心，該系列採用了廣泛的回收材料和其他可持續材料。

The Tommy Jeans label is also fostering new consumer connections through the upcoming Tommy Aries collaboration, which features a bold and creative play on all things Tommy Jeans. The collection is inspired by archival Tommy pieces and will, in the coming days, be available for early access online in our own stores and in key streetwear retailers globally.

Tommy Jeans 品牌還通過即將推出的 Tommy Aries 合作項目培養新的消費者聯繫，該合作項目在 Tommy Jeans 的所有產品上大膽創新。該系列的靈感來自 Tommy 的經典作品，並將在未來幾天內在我們自己的商店和全球主要街頭服飾零售商處在線搶先體驗。

For both brands, we are looking forward to an exciting 2023. It will be a year to take another big step forward in delivering on our PVH+ commitments towards our long-term vision of building Tommy and Calvin into the most desirable lifestyle brands in the world, all while becoming one of the highest performing brand groups in our sector.

對於這兩個品牌，我們都期待著激動人心的 2023 年。這將是我們在履行 PVH+ 承諾方面又邁出一大步的一年，以實現我們將 Tommy 和 Calvin 打造成世界上最受歡迎的生活方式品牌的長期願景，同時成為我們行業中表現最好的品牌集團之一。

I recognize the macroeconomic environment will likely continue to be tough. So we will be relentless in executing our 5 PVH+ growth drivers across both brands and all regions.

我認識到宏觀經濟環境可能會繼續艱難。因此，我們將堅持不懈地在兩個品牌和所有地區執行我們的 5 個 PVH+ 增長動力。

In winning with products, we will advance our category offerings and create the best hero products in the market. In winning with consumer engagement, we will deliver seasonal cut-through campaigns charged by an increasingly strong network of aspirational talent.

以品取勝，我們將做大品類，打造市場最好的英雄產品。為了贏得消費者的參與，我們將開展由越來越強大的有抱負的人才網絡負責的季節性切入活動。

You will also see us improve the aspirational presence of all consumer touch points ranging from social media, e-commerce to in-store. We're also investing more into marketing as a share of sales to make sure we continue to cut through with our initiatives.

您還將看到我們改善了從社交媒體、電子商務到店內的所有消費者接觸點的令人嚮往的存在。我們還將更多的投資投入到營銷中，作為銷售額的一部分，以確保我們繼續通過我們的舉措取得進展。

In winning in the digital marketplace, we will continue to drive D2C offense across both the e-commerce and stores with improved productivity, all while we strengthen our partnership and business with our key wholesale partners and increasing our full price penetration. We are continuing to drive e-commerce strength, both owned and operated and with key partners.

為了在數字市場中取勝，我們將繼續推動電子商務和商店的 D2C 進攻，提高生產力，同時加強與主要批發合作夥伴的合作夥伴關係和業務，並提高我們的全價滲透率。我們將繼續推動擁有和運營以及與主要合作夥伴的電子商務實力。

We are only in the beginning of developing our demand-driven supply chain. And this year, we will make progress in cost of goods, delivery accuracy and leveraging our scale across both brands, all while we take big steps to become cost competitive, going after efficiencies while investing behind our growth drivers.

我們才剛剛開始發展以需求為導向的供應鏈。今年，我們將在商品成本、交付準確性和利用我們在兩個品牌中的規模方面取得進展，同時我們採取重大步驟以提高成本競爭力，追求效率，同時投資於我們的增長動力。

I look forward to building on the strong momentum we started in 2022 to win in 2023 and beyond. We are starting to get real traction around the vision, the plan, the execution and most importantly, the team and the mindset needed to get it done. Over time, there is enormous power in the compounded effect on being consistent in direction and value-creating focus through the PVH+ Plan.

我期待在 2022 年開始的強勁勢頭的基礎上再接再厲，在 2023 年及以後取得勝利。我們開始真正關注願景、計劃、執行，最重要的是，團隊和完成它所需的心態。隨著時間的推移，通過 PVH+ 計劃在方向一致和價值創造重點方面的複合效應會產生巨大的力量。

I'll now turn the call over to Zac to discuss the financials in more detail.

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 extremely pleased with our results for the fourth quarter and the full year, which significantly exceeded both our top and bottom line guidance, driven by strength in our European business and continued cost discipline globally.

謝謝，斯特凡，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 所討論的那樣，我們對第四季度和全年的業績感到非常滿意，在我們歐洲業務的實力和全球持續的成本控制的推動下，這大大超過了我們的頂線和底線指導。

2022 was a year of unprecedented macroeconomic volatility. And in this tough environment, we fought hard to win by focusing on what is within our control.

2022 年是宏觀經濟動盪前所未有的一年。在這種艱難的環境中，我們通過專注於我們控制範圍內的事情來努力爭取勝利。

Our ability to drive underlying revenue growth of 9% for 2022 and earnings per share of $8.97, in line with our initial expectations at the start of the year, approximately $9 per share, is a testament to our disciplined execution of our strategic priorities and the power of our 2 global brands, Calvin Klein and Tommy Hilfiger. We are encouraged by the positive momentum we drove in the fourth quarter and are confident that we can deliver solid top line growth in 2023 while driving increasingly improved profitability.

我們有能力推動 2022 年基本收入增長 9% 和每股收益 8.97 美元，符合我們年初的初步預期，約為每股 9 美元，這證明了我們嚴格執行戰略重點和我們的 2 個全球品牌 Calvin Klein 和 Tommy Hilfiger 的力量。我們對我們在第四季度推動的積極勢頭感到鼓舞，並有信心我們能夠在 2023 年實現穩健的收入增長，同時推動不斷提高的盈利能力。

I will now discuss our 2022 results in more detail and then we'll move on to our outlook 2023. Our strong fourth quarter results delivered underlying revenue growth of 9% versus last year, exceeding our top line guidance by 4% on a constant currency basis. And we delivered earnings per share of $2.38, significantly exceeding our earnings guidance by $0.73.

我現在將更詳細地討論我們 2022 年的業績，然後我們將繼續討論我們的 2023 年展望。我們強勁的第四季度業績使基本收入與去年相比增長了 9%，以固定匯率計算超過我們的最高指導價 4%基礎。我們的每股收益為 2.38 美元，大大超出我們的收益指引 0.73 美元。

Our underlying revenue growth was driven by both our Tommy Hilfiger and Calvin Klein brands. We delivered strong revenue growth in Europe and continued growth in North America driven by the direct-to-consumer business.

我們的潛在收入增長是由我們的 Tommy Hilfiger 和 Calvin Klein 品牌推動的。在直接面向消費者的業務的推動下，我們在歐洲實現了強勁的收入增長，並在北美實現了持續增長。

We continue to experience negative impacts in China from the COVID pandemic but the rest of Asia Pacific continued to drive growth in constant currency. On a reported basis, fourth quarter revenue was up 2%, which reflected a 6% negative impact from exchange and a 1% negative impact from the war in Ukraine.

我們繼續在中國經歷 COVID 大流行的負面影響，但亞太其他地區繼續推動穩定貨幣的增長。根據報告，第四季度收入增長了 2%，這反映了 6% 的匯率負面影響和 1% 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 double digits on an underlying basis driven by strong high single-digit growth in North America and mid-teens growth in Europe in euros. On a reported basis, DTC revenue was up 4% compared to last year, which reflected a 6% negative impact from exchange and a 1% negative impact from the war in Ukraine.

我們繼續專注於提高直接面向消費者業務的績效，我們與消費者的聯繫最為密切。在北美強勁的高個位數增長和歐洲以歐元計的中等十幾歲增長的推動下，DTC 在基礎上實現了兩位數的增長。根據報告，DTC 收入與去年相比增長了 4%，這反映了匯率帶來的 6% 負面影響和烏克蘭戰爭帶來的 1% 負面影響。

From a regional perspective, fourth quarter revenue for our international business was up 11% versus last year on a constant currency basis, continuing to significantly exceed 2019 pre-pandemic levels. Within our international business, our European business had another record quarter following the first EUR 1 billion quarter in the company's history in the third quarter.

從區域角度來看，我們國際業務的第四季度收入按固定匯率計算比去年增長 11%，繼續大大超過 2019 年大流行前的水平。在我們的國際業務中，繼第三季度公司歷史上第一個 10 億歐元的季度之後，我們的歐洲業務又創下了另一個創紀錄的季度。

Our Asia Pacific business was down 8% on a reported basis, including a 9% negative impact of exchange. Fourth quarter results in Asia Pacific were severely impacted as COVID cases in China rose following the lifting of restrictions there but saw improvement at the end of the quarter and into the first quarter of 2023.

我們的亞太業務在報告的基礎上下降了 8%，其中包括匯率帶來的 9% 的負面影響。亞太地區第四季度業績受到嚴重影響，因為中國取消限制後 COVID 病例增加，但在本季度末和 2023 年第一季度有所改善。

In North America, revenue in the fourth quarter was up 5% overall for Tommy Hilfiger and Calvin Klein with our retail store business up high single digits versus last year as we drove sequential improvement versus the third quarter in sales to domestic consumers. Our domestic comp sales are now up mid-single digits compared to 2019 levels.

在北美，Tommy Hilfiger 和 Calvin Klein 第四季度的整體收入增長了 5%，我們的零售店業務與去年相比增長了高個位數，因為我們推動了對國內消費者的銷售比第三季度有所改善。與 2019 年的水平相比，我們的國內銷售額現在增長了中個位數。

Our global brands also continued strong underlying growth, balanced across both brands, with Tommy Hilfiger revenues up 10% on a constant currency basis and Calvin Klein revenues up 8% on a constant currency basis. Reported revenues were up 3% for both Tommy Hilfiger and Calvin Klein.

我們的全球品牌也繼續保持強勁的基礎增長，兩個品牌之間保持平衡，Tommy Hilfiger 收入按固定匯率計算增長 10%，Calvin Klein 收入按固定匯率計算增長 8%。 Tommy Hilfiger 和 Calvin Klein 的報告收入均增長了 3%。

In the fourth quarter, we delivered gross margin of 55.9%, up approximately 190 basis points compared to pre-pandemic levels but down approximately 240 basis points compared to last year. Gross margin reflected favorable region and channel mix compared to last year as well as planned price increases. Those benefits were more than offset by higher product costs, elevated ocean freight rates and increased promotional selling compared to last year as inventory levels are elevated across the industry.

第四季度，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 190 個基點，但與去年相比下降了約 240 個基點。毛利率反映了與去年相比有利的地區和渠道組合以及計劃的價格上漲。由於整個行業的庫存水平上升，與去年相比，這些收益被更高的產品成本、更高的海運費率和更多的促銷活動所抵消。

Later, I will discuss how some of these headwinds transition into tailwinds for 2023. SG&A expense as a percentage of revenue for the fourth quarter was 47.2%, down nearly 400 basis points from last year and better across all dimensions of the business.

稍後，我將討論其中一些不利因素如何轉變為 2023 年的有利因素。第四季度 SG&A 費用佔收入的百分比為 47.2%，比去年下降近 400 個基點，在業務的各個方面都有所改善。

We continue to take a disciplined approach to managing expenses, driving cost efficiencies while making targeted investments in strategic areas to fuel growth, in line with the fifth growth driver of the PVH+ Plan. In total, EBIT for the quarter was $215 million, exceeding our expectations due to strong revenue performance and lower expenses.

根據 PVH+ 計劃的第五個增長動力，我們繼續採取嚴格的方法來管理費用，提高成本效率，同時在戰略領域進行有針對性的投資以推動增長。總的來說，本季度的息稅前利潤為 2.15 億美元，由於強勁的收入表現和較低的支出，超出了我們的預期。

Operating margin was 8.6% as reported and 9% excluding the negative impact of approximately 40 basis points due to exchange. Earnings per share was $2.38 compared to $2.84 in last year's fourth quarter and exceeded our guidance by $0.73, almost entirely driven by the improvement in EBIT. Earnings per share for the quarter also included a $0.23 negative impact compared to the prior year related to exchange and a $0.13 negative impact due to the war in Ukraine. Excluding these 2 external factors, earnings per share was almost flat to prior year.

報告的營業利潤率為 8.6%，排除因匯率造成的約 40 個基點的負面影響後為 9%。每股收益為 2.38 美元，而去年第四季度為 2.84 美元，超出我們的指引 0.73 美元，這幾乎完全是由息稅前利潤的改善推動的。本季度的每股收益還包括與上一年相比與匯率相關的 0.23 美元的負面影響以及烏克蘭戰爭造成的 0.13 美元的負面影響。排除這兩個外部因素，每股收益與上年幾乎持平。

Our tax rate was approximately 22%. 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%.

我們的稅率約為 22%。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%。

Inventory was up 34% at the end of the quarter compared to the prior year period due to a combination of factors. As we've discussed, inventory levels were abnormally low in 2021 due to supply chain and logistics disruptions, which intensified in the second half of 2021.

由於多種因素，與去年同期相比，本季度末庫存增加了 34%。正如我們所討論的，由於供應鍊和物流中斷，2021 年的庫存水平異常低，這種情況在 2021 年下半年加劇。

We have seen steady progress over the course of 2022 towards pre-pandemic production capacity and significantly improved delivery times. And in the fourth quarter this year, we experienced much earlier receipts of inventory as these supply chain and logistics disruptions had eased. This enabled us to capitalize on incremental top line opportunities in wholesale for the quarter but also contributed to the higher ending inventory levels.

到 2022 年，我們在大流行前產能方面取得了穩步進展，交貨時間也顯著縮短。在今年第四季度，隨著這些供應鍊和物流中斷的緩解，我們更早地收到了庫存。這使我們能夠利用本季度批發的增量頂線機會，但也有助於提高期末庫存水平。

Absent the elevation due to timing of receipts, we have normalized back to inventory levels that support our planned growth. We also felt the full impact this quarter of higher product costs compared to last year.

如果沒有由於收貨時間而導致的提升，我們已經恢復到支持我們計劃增長的庫存水平。與去年相比，本季度我們還感受到了更高產品成本的全面影響。

Looking into 2023, we expect cost to improve as we move through the year, particularly in the second half. We ended the full year 2022 with revenue of $9 billion and underlying revenue growth of high single digits aligned to our long-term financial algorithm and driven by growth in all regions and in both our Tommy Hilfiger and Calvin Klein brands.

展望 2023 年，我們預計成本會隨著這一年的推移而改善，尤其是在下半年。截至 2022 年全年，我們的收入為 90 億美元，潛在的高個位數收入增長與我們的長期財務算法一致，並受到所有地區以及我們的 Tommy Hilfiger 和 Calvin Klein 品牌增長的推動。

Our full year reported revenue was down 1% versus prior year and reflected a negative impact of 7% from exchange and 3% from the exit of Heritage Brands and the war in Ukraine. Operating margin was 9.5% and our tax rate for the year was 23.3%. Overall, we delivered earnings per share of $8.97, delivering our initial start-of-year guidance of approximately $9 per share.

我們全年報告的收入比上一年下降了 1%，反映了 7% 的負面影響來自交易所，3% 的負面影響來自 Heritage Brands 的退出和烏克蘭戰爭。營業利潤率為 9.5%，我們當年的稅率為 23.3%。總體而言，我們實現了每股 8.97 美元的收益，實現了我們最初的年初每股約 9 美元的指導。

Additionally, we delivered on our commitment under the PVH+ Plan to return excess cash to shareholders, returning over $400 million to shareholders during the year through the repurchase of 6.2 million PVH shares and our dividend, including approximately $73 million for the repurchase of 1.1 million shares in the fourth quarter.

此外，我們兌現了 PVH+ 計劃下的承諾，即向股東返還超額現金，通過回購 620 萬股 PVH 股票和我們的股息，在這一年中向股東返還了超過 4 億美元，其中包括用於回購 110 萬股股票的約 7300 萬美元在第四季度。

Moving on to our outlook. In 2023, we expect to continue to execute our strategic priorities to unlock the full potential of our 2 global brands, Tommy Hilfiger and Calvin Klein and as a result, drive strong financial performance across all regions.

繼續我們的展望。 2023 年，我們預計將繼續執行我們的戰略重點，以釋放我們兩個全球品牌 Tommy Hilfiger 和 Calvin Klein 的全部潛力，從而推動所有地區的強勁財務業績。

We ended 2022 strongly and are entering 2023 with momentum behind the PVH+ Plan. With that said, we acknowledge that macroeconomic uncertainties still exist with consumer sentiment tempered by inflationary concerns, particularly in North America and to a lesser extent in Europe and retailers planning cautiously due to elevated inventory levels industry wide. As such, we've approached our plans for 2023 with a healthy balance of optimism and prudence.

我們以強勁的勢頭結束了 2022 年，並以 PVH+ 計劃的勢頭進入了 2023 年。話雖如此，我們承認宏觀經濟的不確定性仍然存在，消費者情緒因通脹擔憂而減弱，尤其是在北美，在較小程度上在歐洲，零售商由於全行業庫存水平升高而謹慎規劃。因此，我們以樂觀和審慎的健康平衡來製定 2023 年的計劃。

We are projecting revenue growth in all regions with operating margin expanding to approximately 10% and earnings growing 11% to approximately $10 per share. For the full year, our overall revenue is projected to grow approximately 3% to 4% as reported and approximately 2% to 3% on a constant currency basis compared to 2022. This reflects a benefit of less than 1% from the 53rd week of 2023.

我們預計所有地區的收入都將增長，營業利潤率將擴大至約 10%，收益將增長 11% 至每股約 10 美元。與 2022 年相比，我們全年的總收入預計將增長約 3% 至 4%，按固定匯率計算增長約 2% 至 3%。這反映了從第 53 週開始的不到 1% 的收益2023.

Europe and North America are planned to grow low single digits with strong growth in our direct-to-consumer channel, tempered by wholesale as retailers remain cautious on buys. In Asia Pacific, plan to grow by low double digits as China has eased COVID restrictions.

歐洲和北美計劃實現低個位數增長，我們的直接面向消費者的渠道增長強勁，但由於零售商對購買保持謹慎，批發業務有所緩和。在亞太地區，隨著中國放寬 COVID 限制，計劃實現低兩位數增長。

We expect our full year gross margin rate to increase over 100 basis points compared to 2022 despite approximately 100 basis points of higher cost due to exchange, which we have previously discussed. The improvement in our gross margin is supported by a favorable shift in channel and regional mix compared to 2022 as we accelerate growth in our higher-margin DTC business in line with our PVH+ strategies. And our DTC and international businesses make up a larger portion of total revenue.

我們預計與 2022 年相比，我們的全年毛利率將增加 100 個基點以上，儘管我們之前已經討論過由於兌換而導致的成本增加約 100 個基點。與 2022 年相比，我們毛利率的提高得益於渠道和區域組合的有利轉變，因為我們根據我們的 PVH+ 戰略加速了利潤率較高的 DTC 業務的增長。我們的 DTC 和國際業務佔總收入的很大一部分。

Additionally, we are seeing ocean freight rates coming down rapidly. We are using significantly less airfreight and abnormally high raw material costs will ease as we move through 2023, particularly in the second half of the year.

此外，我們看到海運費率迅速下降。隨著 2023 年的到來，尤其是在今年下半年，我們使用的空運明顯減少，而且異常高的原材料成本將會下降。

SG&A expense as a percentage of revenue for the full year is expected to increase approximately 70 basis points compared to 2022. We continue to drive cost efficiencies across the business while targeting our investment focus on key areas that drive growth, especially marketing.

與 2022 年相比，全年 SG&A 費用佔收入的百分比預計將增加約 70 個基點。我們將繼續提高整個企業的成本效率，同時將投資重點放在推動增長的關鍵領域，尤其是營銷領域。

We expect to generate increasing savings as we move through the year related to our plan to reduce people cost in our global offices by approximately 10% by the end of 2023. But these benefits are more than offset by the impact of regional and channel mix, which although favorable to our gross margin, carry higher expenses.

到 2023 年底，我們計劃將全球辦事處的人員成本降低約 10%，隨著這一年的推進，我們預計將產生更多的節省。但這些好處被區域和渠道組合的影響所抵消，這雖然有利於我們的毛利率，但帶來了更高的費用。

We expect our full year operating margin will increase to approximately 10%, reflecting high single-digit EBIT growth. Interest expense is projected to be approximately $100 million and our tax rate for the year is estimated at approximately 24%. For the full year 2023, we are projecting earnings per share to be approximately $10, up 11% versus 2022.

我們預計全年營業利潤率將增加至約 10%，反映出高個位數的息稅前利潤增長。利息支出預計約為 1 億美元，我們今年的稅率估計約為 24%。對於 2023 年全年，我們預計每股收益約為 10 美元，比 2022 年增長 11%。

Looking at the balance sheet, we expect to build cash with a significant increase in cash from operations, reflecting an improvement in working capital due to lower inventories compared to 2022 as receipt flow normalizes. We are projecting capital spending of $350 million, which is approximately 4% of sales as we invest in our stores, supply chain and technology and in line with our PVH+ Plan priorities. We are also currently planning at least $200 million of share repurchases and will continue to review opportunities for capital deployment as we move through 2023.

從資產負債表來看，我們預計將通過運營現金的大幅增加來積累現金，這反映出隨著收款流量正常化，與 2022 年相比庫存減少導致營運資金有所改善。我們預計資本支出為 3.5 億美元，約佔銷售額的 4%，因為我們投資於門店、供應鍊和技術，並符合我們的 PVH+ 計劃優先事項。我們目前還計劃進行至少 2 億美元的股票回購，並將在 2023 年之前繼續審查資本部署的機會。

To zero in on the first quarter specifically, we expect to continue to be challenged by residual inflationary pressures and lingering macroeconomic uncertainties. Our overall revenue is projected to be relatively flat as reported and to increase by approximately 3% on a constant currency basis compared to the prior year.

具體到第一季度為零，我們預計將繼續受到殘餘通脹壓力和揮之不去的宏觀經濟不確定性的挑戰。我們的總收入預計將與報告的情況相對持平，並按固定匯率計算與上一年相比增長約 3%。

First quarter earnings per share are projected to be approximately $1.90, which reflects a negative impact of approximately $0.10 due to exchange translation. Our tax rate for the first quarter is estimated at approximately 24% and interest expense is projected to be approximately $23 million.

第一季度每股收益預計約為 1.90 美元，這反映了匯率換算帶來的約 0.10 美元的負面影響。我們第一季度的稅率估計約為 24%，利息支出預計約為 2300 萬美元。

Before I open up for questions, I just want to reiterate that we remain confident in our ability to win in a tough environment as evidenced by our performance in 2022. And while we expect the macro environment will continue to be volatile in 2023, we are continuing to focus on executing our strategies to drive top line growth, improve profitability and strong double-digit EPS growth in 2023.

在我開始提問之前，我只想重申，我們對在艱難環境中取勝的能力充滿信心，正如我們在 2022 年的表現所證明的那樣。雖然我們預計宏觀環境將在 2023 年繼續動盪，但我們繼續專注於執行我們的戰略，以推動營收增長、提高盈利能力並在 2023 年實現強勁的兩位數每股收益增長。

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。

A couple of questions that I have actually. On the first one, can you just talk about what surprised you the most in the fourth quarter? And I mean, the results were just well ahead of what we expected. And then the second piece of it is when you think about the PVH+ Plan, what elements do you think you got the most traction on that gives you the confidence that you portrayed for FY '23?

我實際上有幾個問題。關於第一個，能不能簡單說說第四節最讓你驚喜的事情？我的意思是，結果遠遠超出了我們的預期。然後第二部分是當您考慮 PVH+ 計劃時，您認為哪些元素最吸引您，讓您對 FY '23 充滿信心？

Well, thank you. Let me -- so first of all, from the surprises in Q4, I would say what -- it's the lack of surprises because we set out the PVH+ Plan almost a year ago. And we started leaning into our iconic brands and said those are absolutely unique. Perhaps there are a handful of those brands globally and we have 2 of them, Calvin and Tommy.

嗯，謝謝。讓我——首先，從第四季度的驚喜來看，我想說的是——缺乏驚喜，因為我們在將近一年前製定了 PVH+ 計劃。我們開始關注我們的標誌性品牌，並表示這些品牌絕對獨一無二。也許全球有少數這樣的品牌，我們有兩個，Calvin 和 Tommy。

And the PVH+ Plan is about leaning into each of these iconic brands' main product categories. And we were able to get traction on that. There are lead times. So we set out to do that a year ago. And what you can see in the fourth quarter was that we were starting to get traction. So starting to get early traction on the product category focus, starting to get traction in Q4 on developing some of the best hero products in the market, the most important products in the consumers' wardrobe.

PVH+ 計劃旨在深入了解這些標誌性品牌的每個主要產品類別。我們能夠在這方面獲得牽引力。有交貨時間。所以我們一年前就開始這樣做了。你在第四季度可以看到，我們開始獲得牽引力。因此，開始在產品類別重點上獲得早期牽引力，在第四季度開始獲得牽引力，開發市場上一些最好的英雄產品，消費者衣櫥中最重要的產品。

And then we were able to really deliver cut-through campaigns with world-class talent. So we were able to tap into the iconic strength of the brand. We were able to increase the product strength and then bring that to market and compete to win in, as Zac mentioned, a much tougher macro with a cut-through campaign in Calvin and a cut-through campaign in Tommy, that's -- look at it as a campaign umbrella that will continue to go because it's really combining the category, the hero products, the world-class talent. And that's what we could see in Q4, consumer facing.

然後我們能夠真正與世界一流的人才一起開展切入點營銷活動。因此，我們能夠利用該品牌的標誌性優勢。我們能夠提高產品強度，然後將其推向市場並通過競爭贏得勝利，正如 Zac 提到的那樣，一個更加艱難的宏觀策略，包括 Calvin 的切入式活動和 Tommy 的切入式活動，那就是 - 看看它作為宣傳傘將繼續發揮作用，因為它真正結合了類別、英雄產品和世界級人才。這就是我們在第四季度可以看到的面向消費者的情況。

Then on the underlying business engine side, we were able to drive better, much better supply chain execution. So we were 60% on-time delivery last year, heavily affected by the COVID disruptions. Today, we're at 95%, close to 100% on time. And then we were able to drive cost efficiencies while investing more in growth.

然後在底層業務引擎方面，我們能夠推動更好、更好的供應鏈執行。因此，我們去年的準時交貨率為 60%，受到 COVID 中斷的嚴重影響。今天，我們的進度為 95%，接近 100% 的準時率。然後我們能夠提高成本效率，同時加大對增長的投資。

So you will hear Zac take you through how we invest more in marketing. And then as the final part is the leadership team and getting the capabilities on the leadership team we needed to execute this. So this is some of the highlights of what I see drove fourth quarter and also how it will continue, that this is just the beginning and that drives the confidence for the outlook this year.

因此，您會聽到 Zac 帶您了解我們如何加大營銷投入。然後作為最後一部分是領導團隊和獲得領導團隊的能力，我們需要執行它。因此，這是我所看到的推動第四季度發展的一些亮點，以及它將如何繼續，這只是一個開始，它推動了人們對今年前景的信心。

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。

Let me add some congrats on a great quarter here. I guess I have 2 for the -- on the finance side, Zac. Can you give a little more color on sizing the buckets you listed to drive the 200 basis points of underlying gross margin expansion? It would help us to get a little bit of an idea of the magnitude of the different buckets there to see how you're seeing it.

讓我在這裡祝賀一個偉大的季度。我想我有 2 個代表——在財務方面，Zac。您能否詳細說明列出的桶的大小以推動基礎毛利率增長 200 個基點？這將幫助我們對那裡不同桶的大小有一點了解，看看你是如何看待它的。

And then you mentioned North America direct-to-consumer sales to domestic consumers are now, I think, you said mid-single digits above 2019. I know you talked previously about almost 30% of sales in those doors are from tourists before COVID.

然後你提到北美現在對國內消費者的直接面向消費者的銷售額，我想，你說的是 2019 年以上的中個位數。我知道你之前談到這些門中近 30% 的銷售額來自 COVID 之前的遊客。

Can you offer any specific quantitative examples of where in North America do you see stores are in terms of total productivity levels and profitability levels compared to pre-COVID? And what you think is the right pace investors can think about to recapture some of that opportunity?

您能否提供任何具體的定量示例，說明與 COVID 之前相比，您認為北美哪些地區的商店在總生產力水平和盈利水平方面處於領先地位？您認為投資者可以考慮重新抓住一些機會的正確步伐是什麼？

Well, thank you, Michael. It's Stefan. So let me just start from the business side in terms of the gross margin strengthening in the outlook because I'm encouraged by a lot of what I see on the gross margin side.

嗯，謝謝你，邁克爾。是斯特凡。因此，讓我從業務方面開始，就展望中的毛利率加強而言，因為我在毛利率方面看到的很多東西都讓我感到鼓舞。

First, cost of goods are coming down. Freight is coming down and also the supply chain strengthening, so that we are getting better at leveraging our scale with vendors. So that's all favorable versus last year.

首先，商品成本正在下降。運費正在下降，供應鏈也在加強，因此我們越來越善於利用我們與供應商的規模。因此，與去年相比，這一切都是有利的。

And then on the gross margin side, we also have a shift in the business, a regional and channel mix shift. So international grows faster, D2C grows faster. So that's on the highest level from a business perspective. Zac, if you don't mind going through more in detail.

然後在毛利率方面，我們也有業務轉變，區域和渠道組合轉變。所以國際增長更快，D2C增長更快。因此，從業務角度來看，這是最高級別的。扎克，如果你不介意詳細了解一下。

Let me put some numbers around that for you, Michael. I think that, first of all, as we've said gross margin, we expect to grow by over 100 basis points this year versus last year. And keeping in mind that includes approximately 100 basis points of transactional exchange headwind that we've talked about previously.

讓我為你列出一些數字，邁克爾。我認為，首先，正如我們所說的毛利率，我們預計今年將比去年增長 100 多個基點。請記住，這包括我們之前討論過的大約 100 個交易逆風基點。

So to your question, the 200 basis points of underlying improvement, as Stefan mentioned, first, we are planning for a significant increase in DTC penetration aligned to the PVH+ Plan and that drives almost 100 basis points of gross margin improvement.

因此，對於你的問題，正如 Stefan 提到的那樣，基礎改進的 200 個基點，首先，我們計劃根據 PVH+ 計劃顯著增加 DTC 滲透率，這將推動毛利率提高近 100 個基點。

And then second, we expect that several of the macro headwinds that we experienced will increasingly transition to tailwinds that as we work through 2023. So included in that are significant reductions in ocean freight rates and a decrease in utilization of air freight as the supply chains have normalized. Those 2 changes alone are worth approximately 100 basis points of gross margin improvement. So I think those are the 2 main drivers that we expect to see moving in our favor.

其次，我們預計到 2023 年，我們所經歷的一些宏觀逆風將越來越多地轉變為順風。其中包括海運費率的大幅下降和空運作為供應鏈的利用率下降已經正常化。僅這兩項變化就相當於提高了大約 100 個基點的毛利率。所以我認為這些是我們希望看到對我們有利的兩個主要驅動因素。

And again, starting with both the exchange, (inaudible) story and then increasingly, these other measures taking a more powerful impact in the second half of the year.

再一次，從交流開始，（聽不清）故事，然後越來越多地，這些其他措施在今年下半年產生了更強大的影響。

And then you talked -- you asked a little bit, I think, about in terms of the international stores. At this point in time, our outlook does not count on a return to 2019 levels of international tourists. We're still assuming a significant decrease versus 2019.

然後你談到了——我想你問了一點關於國際商店的問題。目前，我們的前景並不指望國際遊客恢復到 2019 年的水平。我們仍然假設與 2019 年相比會有顯著下降。

We are seeing the beginnings of some of that start to come back this year. And as they're coming back in, they're buying strongly. But I think we've learned in the last couple of years to not count on that. The focus will remain on the -- on really satisfying the domestic consumer and that will be varied from there. And if international tourists come in, that will be a source of growth later in the year that's not currently planned for.

我們看到其中一些開始在今年開始回歸。當他們回來時，他們的購買力很強。但我認為我們在過去幾年中已經學會了不要指望這一點。重點仍將放在——真正滿足國內消費者，而且會有所不同。如果國際遊客進來，那將成為今年晚些時候目前未計劃的增長來源。

And Michael, one part that was exciting in Q4 was to see the domestic consumer. The focus we have had over the last year on winning more with the domestic consumer in North America to really see that we started to get traction there. And that's something that we will continue to lean into.

邁克爾，第四季度令人興奮的部分是看到國內消費者。過去一年，我們的重點是贏得更多北美國內消費者，以真正看到我們開始在那裡受到關注。這是我們將繼續關注的事情。

Yes. We haven't heard many other North America outlets improving. So it was nice to hear.

是的。我們還沒有聽到許多其他北美分店有所改善。所以很高興聽到。

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。

Great. I think you mentioned for the full year guidance, you expect revenue growth in all regions. Maybe just elaborate a little bit and maybe give us an idea of how you're thinking about growth in North America versus Europe versus Asia?

偉大的。我想你提到了全年指導，你預計所有地區的收入都會增長。也許只是詳細說明一下，也許讓我們了解您如何看待北美、歐洲和亞洲的增長？

Yes, absolutely. Thank you, Jay. So in Europe, let me just take a step back to Q4 that we were able to drive a very strong holiday performance in a very tough macro in Europe and we see the momentum continue.

是的，一點沒錯。謝謝你，傑伊。因此，在歐洲，讓我回到第四季度，我們能夠在歐洲非常艱難的宏觀環境中取得非常強勁的假期表現，我們看到這種勢頭仍在繼續。

And we see D2C, to Zac's point, as he mentioned, we see D2C being the main driver. We see that being true for both Europe and North America and Asia. When we look at North America, it's continuing to build strength with that domestic consumer in a brand accretive way. And then when it highlights on Asia is to come back of China and the Chinese consumer. And we are very encouraged by what we are seeing, early days there coming out of COVID.

我們看到 D2C，正如 Zac 所說，我們看到 D2C 是主要驅動力。我們看到歐洲、北美和亞洲都是如此。當我們看北美時，它正在以品牌增值的方式繼續與國內消費者建立實力。然後當它強調亞洲是中國和中國消費者的回歸時。我們對所看到的情況感到非常鼓舞，這是 COVID 早期出現的情況。

Yes. And I think just to put some numbers behind that, we've talked about sort of that mid-single-digit range growth for the overall business. And that's comprised of low single-digit expectations in both North America and Europe and then low double digits in Asia.

是的。我認為只是為了說明一些數字，我們已經討論了整體業務的中等個位數範圍內的增長。這包括北美和歐洲的低個位數預期，然後是亞洲的低兩位數預期。

I think both in North America and Europe, we wanted to make sure with the uncertain consumer backdrop that we're planning prudently for the year. And I think we see some of that in terms of the work we have with our accounts, a bit more of a cautious approach.

我認為無論是在北美還是歐洲，我們都希望在不確定的消費者背景下確保我們今年的計劃是謹慎的。而且我認為我們在我們的賬戶工作方面看到了其中的一些，更謹慎的做法。

And I think considering the volatility we're experiencing, we think that, that is a prudent way to plan for the year, focus on those things in our control. And then depending on how the year evolves, if there's stronger consumer demand on that, we're ready to address that, both in the U.S. and Europe as that comes.

而且我認為考慮到我們正在經歷的波動，我們認為，這是一種謹慎的年度計劃方式，專注於我們控制的事情。然後根據這一年的發展情況，如果消費者對此有更強烈的需求，我們準備好在美國和歐洲解決這個問題。

Our next question will come from Dana Telsey with TAG Advisors.

我們的下一個問題將來自 TAG Advisors 的 Dana Telsey。

Congratulations on the nice progress. As you think about Europe and the order book going forward and what you're seeing in wholesale globally, what trends are you seeing? How are you seeing order books moving forward and the full expression of your new collection being distributed, balancing that, Stefan, with certainly DTC, how you're thinking about the growth both for e-commerce and your own stores as we move through '23?

祝賀你取得了不錯的進步。當您考慮歐洲和未來的訂單簿以及您在全球批發市場看到的情況時，您看到了什麼趨勢？你如何看待訂單向前發展以及你的新系列的完整表達正在分發，平衡，Stefan，當然還有 DTC，你如何考慮電子商務和你自己的商店的增長，因為我們通過' 23？

Well, thank you, Dana. So when we look out for 2023 in Europe, we see strong consumer demand. So if we look at Q1, we see strong consumer demand continuing from Q4 last year. So start of the year, strong consumer demand in both D2C channels and in wholesale sell-throughs.

好吧，謝謝你，丹娜。因此，當我們展望 2023 年的歐洲時，我們會看到強勁的消費者需求。因此，如果我們看一下第一季度，我們會看到強勁的消費者需求從去年第四季度開始持續。因此，今年年初，D2C 渠道和批發銷售渠道的消費者需求強勁。

So consumers' response to our spring product is strong. For the back half of the year, our whole partners are taking a more cautious approach and it comes back to the volatile macro. What really makes us have a uniquely strong position in this situation is that in Europe, in particular, we have a very, very strong ability to react into and fulfill in-season demand, both in D2C and in wholesale. So continuing to see the consumer strength that we see now for the rest of the year, we will be able to react and fulfill into that beyond the preplanned order books.

所以消費者對我們的春季產品反響強烈。今年下半年，我們的所有合作夥伴都採取了更加謹慎的態度，這又回到了動蕩的宏觀經濟。真正讓我們在這種情況下擁有獨特優勢的是，尤其是在歐洲，我們有非常非常強大的能力來應對和滿足 D2C 和批發的季節性需求。因此，在今年餘下的時間裡繼續看到我們現在看到的消費者實力，我們將能夠做出反應並實現超出預先計劃的訂單。

Yes. And I think just to sort of talk a bit more -- to put some numbers around that, Dana, around the European order books. Just as a reminder, for spring '23, we had order books in at high single digits. And we're happy to say that, that is actualized fully as product -- supply chains normalize and products that are showing up earlier than expected.

是的。而且我想只是多談一點 - 在歐洲訂單簿周圍放一些數字，Dana。提醒一下，對於 23 年春季，我們的訂單數量很高。我們很高興地說，這完全是作為產品實現的——供應鏈正常化，產品比預期更早出現。

Now keeping in mind that's about in line with where pre-pandemic was but earlier than us or the accounts were planning, the accounts have been very eager to take that product. So we're able to ship and partially in -- for the rest, early here in the first quarter. And we're seeing from those floor sets as they're setting is strong consumer response. I think we feel great about the spring order book.

現在請記住，這與大流行前的情況大致一致，但早於我們或客戶的計劃，客戶一直非常渴望採用該產品。因此，我們能夠在第一季度早些時候發貨並部分發貨 - 其餘部分。我們從這些樓層設置中看到消費者反應強烈。我認為我們對春季訂單簿感覺很好。

As Stefan mentioned, the fall order books have come in and the numbers are low single digits from a growth perspective, which is not aligned with what we're seeing from consumer response today. So we believe they're taking a cautious outlook and we're aligning our overall expectations for the year to that.

正如 Stefan 所提到的，秋季訂單已經出現，從增長的角度來看，這些數字是低個位數，這與我們今天從消費者反應中看到的情況不一致。因此，我們認為他們持謹慎態度，我們正在調整我們對今年的總體預期。

But I do think it's important to highlight what Stefan had mentioned that. And we saw specifically through the COVID period and all that volatility, our European operating model the team has built, the never-out-of-stock fulfillment model, best-in-class, we're able to chase quickly into demand that showed itself then. And I think as consumer trends stay where they are, we believe we'll be well positioned to do that as well heading into the year.

但我確實認為強調 Stefan 提到的內容很重要。我們特別看到了 COVID 時期和所有的波動性，我們團隊建立的歐洲運營模式，永不缺貨的履行模式，一流的，我們能夠快速追逐需求顯示然後自己。而且我認為，隨著消費者趨勢保持不變，我們相信我們將有能力做到這一點，並進入今年。

Got it. And then just lastly, just on marketing. How do you see marketing progress through the year? And what percentage of sales do you see marketing be coming?

知道了。最後，就營銷而言。您如何看待這一年的營銷進展？您認為市場營銷佔銷售額的百分比是多少？

Yes. Thanks, Dana. So on the marketing side, as I mentioned in my prepared remarks, Calvin -- Jonathan and the Calvin team has done a fantastic job to start with Calvin and Calvins or nothing is the campaign umbrella. So it's very much connecting back to the iconic beloved DNA and making it super relevant for today, whether it's Michael B. Jordan, Kendall Jenner and most recently, Jungkook from BTS, the BTS star, who is now becoming a Calvin global ambassador.

是的。謝謝，達娜。因此，在營銷方面，正如我在準備好的發言中提到的那樣，卡爾文 - 喬納森和卡爾文團隊在從卡爾文和卡爾文開始時做得非常出色，否則什麼都不是競選傘。因此，它與標誌性的深受喜愛的 DNA 有著密切的聯繫，並使其與今天超級相關，無論是 Michael B. Jordan、Kendall Jenner 還是最近來自 BTS 的 Jungkook，BTS 明星，現在成為 Calvin 全球大使。

And it was remarkable. Yesterday, we teased it on Instagram. Zac and I were following the reaction hour by hour. In a few hours, we got 1.5 million likes. We got 157,000 comments, likes from our customers, our consumers saying things like, "Our dream has come true." "I'm dying." "My life is complete." "I'm ready to die." "I'm crying right now."

這很了不起。昨天，我們在 Instagram 上取笑了它。扎克和我一個小時一個小時地跟踪反應。幾個小時後，我們獲得了 150 萬個贊。我們收到了 157,000 條評論，來自我們客戶的點贊，我們的消費者說“我們的夢想成真了”。 “我要死了。” “我的人生圓滿了。” “我準備好死了。” “我現在在哭。”

So it's -- that -- you can only do that if you have an iconic beloved brand like Calvin and Tommy and then connect that with incredible products and incredible talent. And then something I'll -- late last night, a team member sent through Tommy and Shawn Mendes are doing the Classics Reborn campaign, also focusing on the DNA, the classic American cool, the style icons and making them relevant for today. And fantastic response to that.

所以它 - 那 - 只有當你擁有像 Calvin 和 Tommy 這樣深受喜愛的標誌性品牌，然後將其與令人難以置信的產品和令人難以置信的人才聯繫起來時，你才能做到這一點。然後我會——昨晚深夜，通過湯米和肖恩門德斯派出的一名團隊成員正在做經典重生活動，同樣關注 DNA，經典的美國酷，風格圖標並使它們與今天相關。對此做出了很好的回應。

And what I received last night was a video clip from one of the -- it's called The Artz, one of the premier shopping centers in Mexico City. Shawn Mendes was there and did an immersive appearance and thousands of people, screaming, going wild.

我昨晚收到的是來自其中一個的視頻剪輯——它叫做 The Artz，墨西哥城主要的購物中心之一。肖恩·門德斯 (Shawn Mendes) 在那裡，身臨其境地出現，成千上萬的人尖叫著，變得瘋狂。

So it's this fantastic balance between the iconic, timeless DNA of the brand and then making it current. So these campaign umbrellas will just continue. And it's for us, it's about systematically, repeatedly executing better and better and better. So that's from a marketing perspective. And then we -- then as I mentioned, we are investing more in marketing. So Zac, will you be able to share more of the details of what that means in numbers?

因此，這是品牌標誌性、永恆的 DNA 與流行之間的奇妙平衡。因此，這些競選保護傘將繼續存在。對我們來說，這是關於系統地、反复地執行得越來越好。所以這是從營銷的角度來看。然後我們——然後正如我提到的，我們在營銷方面投入更多。那麼扎克，你能分享更多關於數字含義的細節嗎？

Yes, we're making a commitment this year to increase marketing spend, both in dollars and I think employee as well in percentage of revenue. So the percentage of revenue will increase 30 to 40 basis points this year to almost 6%. And that's just the first step on the journey, the key investment priority for us as we work on delivering the PVH+ Plan. So a big step forward to almost 6% this year.

是的，我們今年承諾增加營銷支出，無論是美元還是員工收入佔收入的百分比。因此，今年收入的百分比將增加 30 到 40 個基點，達到近 6%。這只是旅程的第一步，是我們致力於交付 PVH+ 計劃時的關鍵投資優先事項。因此，今年向前邁出了近 6% 的一大步。

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 discuss the underlying assumptions around your North America wholesale business? It'd be very helpful if you could discuss how sellout trends are faring for both brands, given your healthier inventory position. And then whether you think you're in a position to chase if retailers begin to turn more positive as we move through the year?

您能談談您的北美批發業務的基本假設嗎？鑑於您的庫存狀況更健康，如果您能討論這兩個品牌的售罄趨勢如何，那將非常有幫助。然後，隨著我們度過這一年，零售商是否開始變得更加積極，您是否認為自己有能力追逐？

Yes. Thanks, Chris. So in North America, as we mentioned, the outperformance in North America was driven by, first of all, our D2C business. But there is an underlying driver of improvement in North America that I really want to mention, which is -- and it connects to wholesale, which is how we strengthen our performance in the full price wholesale channel with Macy's.

是的。謝謝，克里斯。因此，正如我們所提到的，在北美，北美的出色表現首先是由我們的 D2C 業務推動的。但我真的想提一下北美改善的一個潛在驅動因素，那就是 - 它與批發有關，這就是我們如何通過梅西百貨加強我們在全價批發渠道中的表現。

So we are seeing improved sell-through trends for both Calvin and Tommy. And we see tremendous potential here in working with Macy's and expressing our full-price presence in North America stronger.

因此，我們看到 Calvin 和 Tommy 的銷售趨勢有所改善。我們在這裡看到了與梅西百貨合作的巨大潛力，並表達了我們在北美更強大的全價業務。

For both Calvin and Tommy, we are seeing so much potential there. And the exciting part in Q4 and start of this year is that we're seeing it translate to high growth and improved sell-throughs. With that said, there is a cautious outlook in North America as well from all our wholesale partners coming back to the macroeconomic volatility.

對於 Calvin 和 Tommy，我們在那裡看到了巨大的潛力。第四季度和今年年初令人興奮的部分是，我們看到它轉化為高增長和改進的銷售率。話雖如此，北美以及我們所有的批發合作夥伴都對宏觀經濟波動持謹慎態度。

Yes. I think we expect, as we'd said, DTC to be our (inaudible) in North America. And then closely behind that, as Stefan mentioned, sort of our full price execution with our key partners like Macy's.

是的。正如我們所說，我認為我們希望 DTC 成為我們在北美的（聽不清）。然後緊隨其後，正如斯特凡提到的，我們與梅西百貨等主要合作夥伴的全價執行。

Beyond that, we do expect the broader wholesale environment to remain, sort of, I would say, the accounts are cautious. And with our focus increasingly on those global bestsellers and that core set of product, I think when we see the improved sellout, we're able to work closely with those partners. And they're eager to follow back in with inventory as we're building something closer towards a never-out-of-stock model with them as we go through. So I think we're optimistic that should those trends continue and what we've seen earlier in the year that we'll be able to continue to fulfill that demand regardless of where the consumer demand goes.

除此之外，我們確實預計更廣泛的批發環境將保持不變，我想說，賬戶是謹慎的。隨著我們越來越關注那些全球暢銷書和核心產品集，我認為當我們看到銷售情況有所改善時，我們能夠與這些合作夥伴密切合作。他們渴望跟進庫存，因為我們正在與他們建立更接近永不缺貨模型的東西。因此，我認為我們樂觀地認為，如果這些趨勢繼續下去，以及我們在今年早些時候看到的情況，無論消費者需求走向何方，我們都將能夠繼續滿足這一需求。

Okay. Great. And then just if I could squeeze one more in, just on China. Can you just talk about how that reopening is going? And then what level of recovery are you assuming in the back half to get to your total sales guide?

好的。偉大的。然後，如果我能再擠進一個，就在中國。你能談談重新開放的進展情況嗎？然後你假設後半段的恢復水平是多少才能達到你的總銷售指南？

Yes, absolutely. So China, as I mentioned before as well, China as a market is a very important growth market for us and seeing the reopening and seeing the consumers come back has been really strong positive trends. So that's why we are planning Asia for 2023 as the highest growth region. So what we see is very encouraging.

是的，一點沒錯。所以中國，正如我之前提到的，中國作為一個市場對我們來說是一個非常重要的增長市場，看到重新開放和看到消費者回來一直是非常強勁的積極趨勢。這就是為什麼我們計劃在 2023 年將亞洲作為增長最快的地區。所以我們看到的是非常令人鼓舞的。

Our last question will come from Ike Boruchow with Wells Fargo.

我們的最後一個問題將來自富國銀行的 Ike Boruchow。

Let me add my congrats. Maybe just looking out the next couple of years, Zac, it's only -- it's been about a year since the Analyst Day and the PVH+ Plan targets were given. Your 15% margin goal for '25 was laid out. You're looking for 10% this year. How are you feeling a year later in your progress towards that 15%?

讓我表示祝賀。也許只是展望未來幾年，Zac，它只是 - 自分析師日和 PVH+ 計劃目標給出以來已經過去了大約一年。 25 年 15% 的利潤率目標已經確定。你今年想要 10%。一年後，您對這 15% 的進展感覺如何？

And then I guess to that point, beyond '25 when these licensing dynamics start to play in, I assume that's dilutive to the margin. Is there some way we should think about margins past '25 as the business model changes a bit more from owned -- away from license?

然後我想到那個時候，當這些許可動態開始發揮作用時，超過 25 年，我認為這會稀釋利潤。有沒有什麼方法我們應該考慮 25 年後的利潤率，因為商業模式從擁有 - 遠離許可發生了更多變化？

Thanks, Ike. It's Stefan here. So if I start from just an overall business perspective and value-creating perspective, first year in now into the PVH+ Plan. There is significant growth opportunities, both from a revenue and a margin expansion perspective in each of -- through each of these 5 growth drivers: the product, the increased marketing, consumer engagement, the marketplace execution, the demand-driven supply chain that we are moving towards, the cost efficiencies and then investing behind these growth drivers.

謝謝，艾克。我是斯特凡。因此，如果我只是從整體業務角度和價值創造角度出發，現在進入 PVH+ 計劃的第一年。通過這 5 個增長驅動因素中的每一個，從收入和利潤擴張的角度來看，都有重大的增長機會：產品、增加營銷、消費者參與、市場執行、需求驅動的供應鏈，我們正在朝著成本效益的方向發展，然後投資於這些增長動力。

So 1 year in, when I look at this, I see that we are just in the beginning of unlocking this value. And it's independently of macro because so much we have in our own hands. And what excites me the most is to see how we, as a team, has come together during this year and really locked into the direction we set out. And now it's just about consistently delivering improvements. Zac?

所以一年後，當我看到這個時，我發現我們才剛剛開始釋放這個價值。而且它獨立於宏觀，因為我們掌握著太多的東西。最讓我興奮的是，看到我們作為一個團隊如何在這一年裡走到一起，並真正鎖定了我們設定的方向。而現在，它只是不斷地提供改進。扎克？

Now we built our PVH+ the financial model with flexibility. Over any multiyear period, we would be safe to assume that we'd experience the full range of macroeconomic cycles and we've seen that. So obviously, we're going to drive growth when those opportunities are there, just like we saw in 2022 with high single-digit underlying growth in all dimensions.

現在，我們靈活地構建了 PVH+ 財務模型。在任何多年期間，我們都可以安全地假設我們將經歷全方位的宏觀經濟周期，而且我們已經看到了這一點。很明顯，當這些機會出現時，我們將推動增長，就像我們在 2022 年看到的那樣，在各個方面都實現了高個位數的潛在增長。

And we will also continue to manage the remainder of the P&L to drive profit efficiency. So the DTC channel mix and pricing power to drive gross margin improvement and all elements of cost, product cost, supply chain costs, we've talked about that already today and all elements of SG&A that we knew and we talked about, we had efficiencies to work our way through.

我們還將繼續管理剩餘的損益表以提高利潤效率。因此，DTC 渠道組合和定價能力推動毛利率的提高以及成本、產品成本、供應鏈成本的所有要素，我們今天已經討論過，我們知道和討論過的 SG&A 的所有要素，我們都有效率努力度過難關。

So we knew the journey would not be linear. And obviously, it hasn't been in that first year. But as Stefan said, we're just as committed to delivering the targets as we laid out a year ago.

所以我們知道旅程不會是線性的。顯然，第一年還沒有。但正如 Stefan 所說，我們與一年前製定的目標一樣致力於實現目標。

And the more -- just to build on what Zac is saying, the more we lean in as a team on these 5 growth drivers, we also see the specific opportunities and then we unlock them step by step.

而且——只是為了建立在扎克所說的基礎上，作為一個團隊，我們越依賴於這 5 個增長動力，我們也看到了具體的機會，然後我們逐步釋放它們。

Okay. Congrats.

好的。恭喜。

Thank you very much.

非常感謝。

Thank you very much. Appreciate it.

非常感謝。欣賞它。

So with that, we are ending our call and looking forward to reconnecting next quarter. Thank you.

因此，我們將結束通話並期待下個季度重新連接。謝謝。

Thank you, ladies and gentlemen. This does conclude today's PVH's Fourth Quarter and Full Year 2022 Earnings Conference Call. We appreciate your participation and you may disconnect at any time.

謝謝你們，女士們，先生們。今天的 PVH 第四季度和 2022 年全年收益電話會議到此結束。感謝您的參與，您可以隨時斷開連接。