PVH Corp (PVH) 2023 Q1 法說會逐字稿

Good morning, everyone, and welcome to today's PVH First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this call may be recorded, and then I will be standing by if you should need any assistance.

大家早上好，歡迎參加今天的 PVH 2023 年第一季度收益電話會議。 （操作員說明）請注意，此通話可能會被錄音，如果您需要任何幫助，我將隨時待命。

It is now my pleasure to turn today's program over to Sheryl Freeman, Senior Vice President of Investor Relations. Please go ahead.

現在我很高興將今天的節目交給投資者關係高級副總裁謝麗爾·弗里曼 (Sheryl Freeman)。請繼續。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. First Quarter 2023 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 to having anything you say appear on any transcript or replay of this call.

謝謝你，接線員。大家早上好，歡迎參加 PVH Corp 2023 年第一季度收益電話會議。今天的電話會議將由首席執行官 Stefan Larsson 主持。和首席財務官 Zac Coughlin。本網絡廣播和電話會議是代表 PVH 錄製的，包含受版權保護的材料。未經 PVH 書面許可，不得對其進行錄製、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記錄或重播中。

The information to be discussed includes forward-looking statements that reflect PVH's view as of June 1, 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 statement included in the press release that is the subject of this call.

討論的信息包括反映 PVH 截至 2023 年 6 月 1 日對未來事件和財務業績的看法的前瞻性陳述。這些聲明受到該公司向 SEC 提交的文件以及本次電話會議主題新聞稿中包含的安全港聲明中指出的風險和不確定性的影響。

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

其中包括 PVH 改變其戰略、目標、預期和意圖的權利，以及公司通過剝離、重組到類似計劃（例如在第二季度收益發布和 2021 年銷售中宣布的計劃成本效率行動）實現預期收益和節省的能力資產並退出 Heritage Brands 業務，專注於 Calvin Klein 和 Tommy Hilfiger 業務。

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. Reconciliations to GAAP amounts are included in PVH's first quarter 2023 earnings release, which can be found on www.pvh.com, and in the company's current report on Form 8-K furnished to the SEC in connection with the release.

PVH 不承擔公開更新任何前瞻性聲明的義務，包括但不限於有關收入或收益的任何估計。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。根據 GAAP 金額進行的調節包含在 PVH 2023 年第一季度收益發布中（可在 www.pvh.com 上找到），以及該公司向 SEC 提供的與該發布相關的 8-K 表格當前報告。

At this time, I am pleased to turn the conference over to Stefan Larsson

此時，我很高興將會議交給 Stefan Larsson

Thank you, Sheryl. Good morning, everyone, and thank you for joining our call today. We had a strong start to 2023, delivering performance ahead of expectations for both the top and bottom line, driven by our disciplined execution of the PVH+ plan. We grew first quarter revenue up 5% in constant currency and up 2% on a reported basis despite the challenging macroeconomic environment. Looking ahead, we are reaffirming our guidance for the full year, reflecting the confidence we have in our ability to continue to execute with Impact while being prudent given the choppy macro. We are well positioned to deliver solid top line growth in addition to double-digit EPS growth, at the same time, making strategic investments in areas such as marketing, the shopping experience and the supply chain to drive long-term brand accretive growth. I'm starting to see leaders all around the company, leveraging the clarity of direction from the PVH+ plan and drive progress in their areas, progress that is repeatable and scalable. And and some of it contributes to drive the performance here and now and some you will see the results come over time. But as a leader, having done this a few times, I know that when I see my leaders whether it's significant product and marketing improvements in Calvin, igniting the influencer marketing and D2C for Tommy in North America or a new global brand campaign for Tommy connecting back to the brand's DNA or supply chain improvements globally or a new level of cost efficiency work led by our finance team then I know that we're underway to transform this company.

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。在嚴格執行 PVH+ 計劃的推動下，我們 2023 年開局強勁，營收和利潤均超出預期。儘管宏觀經濟環境充滿挑戰，但按固定匯率計算，我們第一季度收入增長了 5%，按報告計算增長了 2%。展望未來，我們重申對全年的指導，反映出我們對繼續執行影響力的能力充滿信心，同時在宏觀波動的情況下保持謹慎。除了兩位數的每股收益增長之外，我們還能夠實現穩健的營收增長，同時在營銷、購物體驗和供應鍊等領域進行戰略投資，以推動長期的品牌增值增長。我開始看到公司各地的領導者利用 PVH+ 計劃中明確的方向，推動各自領域的進步，這些進步是可重複和可擴展的。其中一些有助於推動此時此地的績效，而另一些則隨著時間的推移您將看到結果。但作為領導者，做過幾次這樣的事情后，我知道，當我看到我的領導者時，無論是 Calvin 的重大產品和營銷改進、點燃 Tommy 在北美的影響力營銷和 D2C，還是 Tommy 連接的新的全球品牌活動回到品牌的 DNA 或全球供應鏈的改進，或者我們財務團隊領導的成本效率工作的新水平，那麼我知道我們正在對這家公司進行轉型。

I feel very good about how we deliver on our near-term commitments while maintaining a strong focus on our long-term vision to build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world and position PVH as 1 of the best-performing brand groups in our sector.

我對我們如何兌現近期承諾感到非常滿意，同時高度關注我們的長期願景，將 Calvin Klein 和 Tommy Hilfiger 打造成世界上最令人嚮往的生活方式品牌，並將 PVH 定位為最佳品牌之一——我們行業中的表演品牌集團。

Our PVH+ plan guides us on this journey and is centered around 5 key growth drivers. The first is winning with product. The second is winning with consumer engagement. The third is winning in the digitally led marketplace. The fourth is developing a demand and data-driven operating model, and the fifth is to drive efficiencies and invest in growth.

我們的 PVH+ 計劃指導我們踏上這一旅程，並圍繞 5 個關鍵增長驅動力。一是以產品取勝。第二是通過消費者參與取勝。第三是在數字主導的市場中獲勝。第四是開發需求和數據驅動的運營模式，第五是提高效率並投資於增長。

Let me start by sharing an update on how we deliver against each. Everything starts with winning with product. It's the most important part of the brand promise, driving brand desirability and building consumer loyalty over time. Having the best product in the market gives us pricing power and drives margin expansion. In the first quarter, we made significant strides here. We continue to advance our category offers and delivered double-digit growth in key hero products, such as the 1985 Polo program for Tommy and the modern cotton underwear program for Calvin. These bestsellers are examples of products that are essentials to the consumers' wardrobe. Even though we are already driving increasing strength in hero Products, we're just in the beginning of tapping into our full potential. We then win with consumer engagement by connecting our hero products with culturally relevant aspirational talent. This comes to life in 3 ways. First, we develop cut-through brand campaigns every season. Second, we ignite the power of our influencer engine; and third, we elevate the consumer experience at every touch point. In Q1, you saw this executed really well in both Calvin and Tommy, generating very strong consumer engagement with billions of impressions across both brands. I'll share more specific proof points in my brand update in a moment.

首先讓我分享一下我們如何應對每一個挑戰的最新情況。一切從產品致勝開始。這是品牌承諾中最重要的部分，隨著時間的推移，可以提高品牌吸引力並建立消費者忠誠度。擁有市場上最好的產品賦予我們定價權並推動利潤率擴張。第一季度，我們在這方面取得了重大進展。我們繼續推進我們的品類供應，並在關鍵英雄產品上實現了兩位數的增長，例如 Tommy 的 1985 年 Polo 計劃和 Calvin 的現代棉質內衣計劃。這些暢銷產品是消費者衣櫥必需品的例子。儘管我們已經在推動英雄產品的實力不斷增強，但我們才剛剛開始充分發揮我們的潛力。然後，我們通過將我們的英雄產品與文化相關的有抱負的人才聯繫起來，贏得消費者的參與。這通過三種方式實現。首先，我們每季都會開展貫穿式品牌活動。其次，我們點燃影響者引擎的力量；第三，我們在每個接觸點提升消費者體驗。在第一季度，您可以看到 Calvin 和 Tommy 都執行得非常好，在兩個品牌中產生了非常強烈的消費者參與度和數十億的印象。我稍後將在我的品牌更新中分享更多具體的證據。

What I want to emphasize here, though, is that these campaigns form a powerful brand halo and ignite our talent and influence ranging globally. As we shared with you last quarter, we are stepping up our investments here in a very targeted way. In addition to increasing our strategic investments in marketing, we are enhancing the brand experience across all consumer touch points to win in the digitally led marketplace.

不過，我在這裡想強調的是，這些活動形成了強大的品牌光環，並激發了我們在全球範圍內的才華和影響力。正如我們上個季度與您分享的那樣，我們正在以非常有針對性的方式加大在這裡的投資。除了增加營銷方面的戰略投資外，我們還增強所有消費者接觸點的品牌體驗，以贏得數字主導的市場。

For the quarter, on a constant currency basis, we drove double-digit growth in our D2C businesses, which included double-digit growth in our stores and high single-digit growth in our own and operated e-commerce.

本季度，按固定匯率計算，我們的 D2C 業務實現了兩位數增長，其中包括我們商店的兩位數增長以及我們自己和運營的電子商務的高單位數增長。

Overall, we are focused on driving our direct-to-consumer offers, while at the same time, deepening our relationships with key wholesale partners. We continue to make early progress towards building a demand and data-driven operating model that connects the planning, buying and selling of inventory much closer to demand. In the quarter, we executed excellent on-time delivery performance, shortening transit and production lead times and improving forecasting and buying. We are getting closer to the consumer with a more responsive replenishment model that ensures that we are never out of stock on core essentials and hero products already in Q1 driving significant comp increases in many of those products. As we're investing to fuel growth, we also remain focused on driving cost efficiencies and improving our overall cost competitiveness. We continue to make progress to align our organization to the PVH+ plan through the cost actions we have shared previously.

總體而言，我們專注於推動直接面向消費者的優惠，同時加深與主要批發合作夥伴的關係。我們繼續在建立需求和數據驅動的運營模型方面取得早期進展，該模型將庫存的規劃、購買和銷售與需求更緊密地聯繫起來。在本季度，我們執行了出色的準時交貨績效，縮短了運輸和生產提前期，並改善了預測和購買。我們通過響應速度更快的補貨模式更加貼近消費者，確保我們第一季度的核心必需品和英雄產品永遠不會缺貨，從而推動許多此類產品的競爭大幅增長。在我們投資推動增長的同時，我們還繼續致力於提高成本效率和提高整體成本競爭力。通過我們之前分享的成本行動，我們繼續取得進展，使我們的組織與 PVH+ 計劃保持一致。

Next, I'll share some highlights that demonstrate how we are connecting our brands with the consumer and driving brand desirability around the world. Starting with Calvin Klein. We generated some of the highest consumer engagement in the history of the brand, driven by the most impactful version of our Calvins or Nothing campaign to date. The campaign on its own had incredible impact. 1.7 billion impressions across PR and social media. The brand trended for multiple days on Twitter and expanded its social following with 1.6 million new followers, and we saw significant increases in traffic to our owned and operated e-commerce sites. This highly successful campaign was developed around our core principles of creating cut-through campaigns igniting our influencer engine and elevating the brand across every consumer touch point.

接下來，我將分享一些亮點，展示我們如何將我們的品牌與消費者聯繫起來並在世界各地提高品牌吸引力。從卡爾文克萊恩開始。在迄今為止最具影響力的 Calvins or Nothing 活動的推動下，我們創造了該品牌歷史上最高的消費者參與度。該活動本身就產生了令人難以置信的影響。公關和社交媒體上的展示次數達到 17 億次。該品牌在 Twitter 上連續多日成為熱門話題，並擴大了其社交關注範圍，新增關注者達 160 萬，我們還看到我們擁有和運營的電子商務網站的流量顯著增加。這項非常成功的活動是圍繞我們的核心原則開展的，即創建切入式活動，激發我們的影響者引擎，並在每個消費者接觸點提升品牌。

We expanded our already strong brand ambassador group for the spring campaign, which included Kendall Jenner, Michael B. Jordan, Jennie Kim and the introduction of Jungkook, who is a massive K-Pop star. When we last spoke, Calvin had just announced John Cook as brand ambassador. Consumer reaction has been incredibly strong globally with a plus 39% increase in site visits across all regions and a visible lift in sales, which were up 150% compared to the weeks prior to launch.

我們在春季宣傳活動中擴大了本已強大的品牌大使團隊，其中包括肯德爾·詹納 (Kendall Jenner)、邁克爾·B·喬丹 (Michael B. Jordan)、珍妮·金 (Jennie Kim)，並引入了韓國流行巨星田柾國 (Jungkook)。當我們上次交談時，卡爾文剛剛宣布約翰·庫克擔任品牌大使。全球消費者反應異常強烈，所有地區的網站訪問量增加了 39%，銷售額也明顯提升，與發布前幾週相比增長了 150%。

In China, the denim shirt he wore sold out on Tmall in just 30 minutes. We also had the highest reaching post of all times of social with our campaign video on Instagram generating 21 million in reach. The brand also recently launched Jenny for Calvin Klein. A unique limited edition capsule collection, designing partnership with Jennie Kim of Blackpink. The collection is focused on Jennie's personal take on hero products and Style Essentials in denim, underwear and other key categories. Together with the cut-through campaign that ran globally, it's generated nearly 700 million social media impressions, along with key products that sold out within 2 days of release, and we grew our consumer base with 65% of consumers being new to the brand.

在中國，他穿的牛仔襯衫在天貓上僅30分鐘就被搶購一空。我們的 Instagram 上的活動視頻也創造了有史以來影響力最高的帖子，達到了 2100 萬的影響力。該品牌最近還為 Calvin Klein 推出了 Jenny。與 Blackpink 的 Jennie Kim 合作設計的獨特限量版膠囊系列。該系列重點展示 Jennie 對牛仔布、內衣和其他關鍵類別的英雄產品和 Style Essentials 的個人看法。加上在全球範圍內開展的直通式營銷活動，它產生了近 7 億次社交媒體印象，關鍵產品在發布後 2 天內就銷售一空，我們擴大了我們的消費者基礎，其中 65% 的消費者是該品牌的新消費者。

For Tommy, with its unique DNA of classic American cool, the brand continues to drive strong visibility and relevance among target consumers, generating approximately $5.5 billion impressions and 56 million social engagements globally during the quarter. Our classics reborn Spring campaign celebrates the brand's style icons made relevant for today and it's really cutting through with consumers.

對於 Tommy 來說，憑藉其獨特的經典美式酷感 DNA，該品牌繼續在目標消費者中提升強大的知名度和相關性，本季度在全球產生了約 55 億美元的展示次數和 5,600 萬次社交活動。我們的經典重生春季活動頌揚了該品牌與當今時代相關的時尚偶像，它確實吸引了消費者。

Across APAC, for example, our collaboration with Pop culture sensation and Singer, Henry Lau, helped drive Polo shirt sales up 68% year-over-year during the campaign period. Our collaboration with Shawn Mendes continue to drive brand heat globally. Personal appearances by Tommy Hilfiger and Shawn Mendes in London, Berlin, Milan, Mexico City resulted in huge crowds, day long lines at the stores and an elevated consumer experience.

例如，在亞太地區，我們與流行文化明星、歌手劉憲華的合作幫助推動 Polo 衫銷量在活動期間同比增長 68%。我們與 Shawn Mendes 的合作繼續在全球範圍內推動品牌熱度。湯米·希爾費格 (Tommy Hilfiger) 和肖恩·門德斯 (Shawn Mendes) 在倫敦、柏林、米蘭、墨西哥城的個人亮相導致了大批人群、商店裡排起長隊，並提升了消費者體驗。

For summer, we are focused on high visibility collaborations to celebrate key consumer moments as part of our long-term partnership with the Mercedes-AMG Formula 1 team, the brand co-created a capsule collection ahead of the Formula 1, Miami Grand Prix in collaboration with Awake New York. The collection combined Awake Street style sensibility with Tommy's Signature prep aesthetic. The campaign featured talent like Lewis Hamilton, George Russell and Mick Schumacher and was amplified by multiple aspirational influencers. The capsule was 1 of the best performing of the year with a 62% sell-through in the first week.

夏季，我們專注於高知名度的合作，以慶祝重要的消費者時刻，作為我們與 Mercedes-AMG 一級方程式車隊長期合作關係的一部分，該品牌在邁阿密一級方程式大獎賽之前共同創建了一個膠囊系列。與喚醒紐約的合作。該系列將 Awake Street 風格的感性與 Tommy 標誌性的準備美學相結合。該活動以劉易斯·漢密爾頓、喬治·拉塞爾和米克·舒馬赫等才華橫溢的人物為主角，並得到了多位有抱負的影響力人士的大力支持。該膠囊系列是今年表現最好的膠囊系列之一，首周售出率為 62%。

We are also excited to share the news about our upcoming collaboration with Disney. Connecting Disney's iconic characters into the world of Tommy Prep. We are thrilled to be part of Disney's 100th year milestone anniversary and look forward to celebrating with consumers worldwide, with a special focus on Asia.

我們也很高興分享我們即將與迪士尼合作的消息。將迪士尼的標誌性角色與 Tommy Prep 的世界聯繫起來。我們很高興能夠參與迪士尼 100 週年里程碑週年紀念活動，並期待與世界各地的消費者（特別是亞洲消費者）一起慶祝。

Now turning to our regional performance and how we are connecting our brands and executing the PVH+ plan across each region, starting with Europe. We continue to fuel our strength and delivered mid-single-digit year-over-year growth for the first quarter in euros, adjusted for our Russia exit on a significantly bigger business than pre-pandemic, a testament to our team's execution in the face of a continued challenging macro backdrop. We are further strengthening brand desire and our leading brand positioning in Europe for both Tommy and Calvin through hero products and cut-through campaigns.

現在談談我們的區域績效，以及我們如何在每個區域（從歐洲開始）連接我們的品牌並執行 PVH+ 計劃。我們繼續增強實力，第一季度歐元實現了中個位數的同比增長，並根據我們退出俄羅斯的業務進行了調整，業務規模比大流行前大得多，這證明了我們團隊在面對困難時的執行力持續充滿挑戰的宏觀背景。我們通過英雄產品和直通車活動，進一步增強 Tommy 和 Calvin 在歐洲的品牌慾望和領先品牌定位。

For Tommy, our 1985 program now represents over 25% of the total Tommy men's apparel business, up 70% year-over-year. We're driving strong sell-throughs and higher AURs in key categories such as polos, shirts and sneakers, and remain focused on expanding our strength in outerwear. At the same time, we continue to grow Calvin through building out and commercializing our hero product franchises in underwear and other key lifestyle categories, which are delivering higher AURs and double-digit growth.

對於 Tommy 來說，我們 1985 年的計劃目前佔 Tommy 男裝業務總量的 25% 以上，同比增長 70%。我們正在推動 Polo 衫、襯衫和運動鞋等關鍵品類的強勁銷量和更高的 AUR，並繼續專注於擴大我們在外套領域的實力。與此同時，我們通過在內衣和其他關鍵生活方式類別中建立和商業化我們的英雄產品特許經營權，繼續發展 Calvin，這些產品帶來了更高的 AUR 和兩位數的增長。

When we look at our forward wholesale order book, adjusting for Russia, and improved delivery performance compared to last year's supply chain disruptions, we continue to expect our shipped order book for fall to be up low single digits. And as we have mentioned before, we are well positioned to capitalize on stronger demand through our never out-of-stock programs.

當我們審視我們的遠期批發訂單簿時，根據俄羅斯的情況進行調整，並且與去年的供應鏈中斷相比，交付績效有所改善，我們仍然預計秋季的發貨訂單簿將出現較低的個位數增長。正如我們之前提到的，我們處於有利地位，可以通過我們永不缺貨的計劃來利用更強勁的需求。

Looking ahead, we will intensify our execution of the PVH+ plan to continue to further strengthen our market position in the region.

展望未來，我們將加大PVH+計劃的執行力度，繼續進一步鞏固我們在該地區的市場地位。

Moving on to Asia Pacific. We delivered a very strong start of the year by leaning into our hero product strategy and connecting our brands to impactful and regionally relevant talent. Our execution drove more than 25% revenue growth on a constant currency basis with strong growth across all countries, including China, which was up more than 40% in local currency as COVID restrictions lifted and our consumers came back strong.

轉向亞太地區。通過專注於我們的英雄產品戰略並將我們的品牌與有影響力和區域相關的人才聯繫起來，我們在今年取得了非常強勁的開局。我們的執行推動了按固定匯率計算超過 25% 的收入增長，包括中國在內的所有國家/地區的收入增長強勁，隨著新冠疫情限制的解除和消費者的強勢回歸，中國的收入按當地貨幣計算增長了 40% 以上。

We also saw continued strength in Japan, Korea and Australia. We continue to amplify hero products and excite with newness to drive key category growth. In the first quarter, our hero product again outperformed with higher AURs and expanding gross margins.

我們還看到日本、韓國和澳大利亞的持續強勢。我們繼續擴大英雄產品，並以新穎的方式推動關鍵類別的增長。第一季度，我們的英雄產品再次表現出色，AUR 更高，毛利率擴大。

We continue to strengthen our brand awareness and build desire through cultural icons such as Jennie Kim and Jungkook, as I mentioned earlier. Our brands have premium product positioning in the region, and we see a clear opportunity to grow further across all markets. We continue to make strategic investments to increase overall brand awareness, especially in China, where both Calvin and Tommy are underpenetrated. We are creating a consistent and seamless experience no matter where the consumer shops in the marketplace with the largest growth opportunity being in digital.

正如我之前提到的，我們繼續通過 Jennie Kim 和 Jungkook 等文化偶像來增強我們的品牌意識並激發人們的渴望。我們的品牌在該地區擁有優質產品定位，我們看到了在所有市場進一步發展的明顯機會。我們繼續進行戰略投資，以提高整體品牌知名度，特別是在 Calvin 和 Tommy 滲透率較低的中國。無論消費者在市場的哪個位置購物，我們都在創造一致、無縫的體驗，數字化領域是最大的增長機會。

We launched on Douyin last year to cover even wider audiences across China, and we are now continuing to expand our digital footprint by launching on the rapidly growing DouYu platform, targeting Gen Z consumers in top tier cities. Looking ahead, following a successful Labor Day and International Women's Day in the first quarter, we are now gearing up for a strong 6/18 and Chinese Valentines Day, with each of these events supported by unique product capsules.

我們去年推出了抖音，以覆蓋中國更廣泛的受眾，現在我們通過在快速發展的鬥魚平台上推出，繼續擴大我們的數字足跡，瞄準一線城市的 Z 世代消費者。展望未來，繼第一季度成功度過了勞動節和國際婦女節之後，我們現在正在為強勁的 6/18 節和中國情人節做準備，每一個活動都將得到獨特的產品膠囊的支持。

Turning to our business in North America. We continue to make great progress in building the foundation for sustainable, increasingly profitable and brand accretive growth. We are winning more with the domestic consumer and getting good traction from our execution, leading to outsized growth in our direct-to-consumer business. We drove double-digit comps in D2C stores and e-commerce, and we improved our ability to match inventory to demand.

轉向我們在北美的業務。我們在為可持續、利潤不斷增長和品牌增值的增長奠定基礎方面繼續取得巨大進展。我們正在贏得更多國內消費者的青睞，並從我們的執行中獲得良好的牽引力，從而導致我們的直接面向消費者業務的大幅增長。我們在 D2C 商店和電子商務領域實現了兩位數的業績增長，並且提高了庫存與需求匹配的能力。

Let me share some exciting proof points. For Tommy in Q1, we drove 25% year-over-year increases in key categories such as knits, sweaters and wovens. Global best sellers now represent approximately 85% of our assortment, up from 35% last year. Polos were once again the #1 category with higher AURs as we are elevating these key essentials.

讓我分享一些令人興奮的證據。對於 Tommy，第一季度我們在針織、毛衣和梭織等關鍵品類上實現了 25% 的同比增長。全球暢銷產品目前約占我們產品種類的 85%，高於去年的 35%。隨著我們不斷提升這些關鍵必需品，Polo 衫再次成為具有更高 AUR 的第一類別。

Similarly for Calvin, across channels, we are better matching key hero products with elevated marketing content, and we had stronger-than-expected performance in D2C e-commerce. For both Tommy and Calvin in North America, we're starting to significantly improve how we plan and allocate our inventory. Leveraging advanced analytics to ensure that the right product goes to the right stores at the right time to drive better availability and margin expansion. Beyond D2C, we also drove progress with key wholesale partners in the quarter, working very closely to improve Calvin and Tommy's presentation in top stores and drive consumer demand by sharpening our category offense and leaning into our hero products. Looking ahead, we continue to see significant opportunity to unlock our full potential in the North America region.

對於Calvin來說，在各個渠道中，我們更好地將關鍵英雄產品與提升的營銷內容相匹配，並且我們在D2C電子商務方面的表現強於預期。對於北美的 Tommy 和 Calvin，我們開始顯著改進我們的庫存計劃和分配方式。利用先進的分析確保正確的產品在正確的時間到達正確的商店，以提高可用性和利潤率擴張。除了 D2C 之外，本季度我們還與主要批發合作夥伴取得了進展，密切合作，改善 Calvin 和 Tommy 在頂級商店的展示，並通過加強我們的品類攻勢和專注於我們的英雄產品來推動消費者需求。展望未來，我們繼續看到在北美地區釋放我們全部潛力的重大機會。

In closing, across the company, we continue to take big steps in our disciplined execution of the PVH+ plan. With a strong focus on all that is within our control, I feel very confident that we will continue to deliver further building on the traction we have across both brands and all regions while successfully navigating the choppy macro. Last quarter, I highlighted the strength we are building in the leadership team and how I see talent as the key driver of the PVH+ plan. And just last month, we brought together our top 160 global leaders in New York to share progress, proof points and learnings from the first year of our PVH+ execution under the theme of Dream and Deliver. It was so powerful to see our top leaders together, not only being fully united and committed to our vision, but also being clear on how to achieve it, and seeing so many of them sharing on stage many examples of what successful execution looks like. As I continue to travel extensively with our teams in the markets globally, what's crystal clear to me is that no matter where in the world I go, there is incredible strength and untapped growth potential for both Calvin and Tommy.

最後，在整個公司範圍內，我們繼續在嚴格執行 PVH+ 計劃方面邁出重大步伐。通過高度關注我們控制範圍內的所有事情，我非常有信心，我們將繼續進一步增強我們在兩個品牌和所有地區的吸引力，同時成功應對波濤洶湧的宏觀環境。上個季度，我強調了我們在領導團隊中建立的實力，以及我如何將人才視為 PVH+ 計劃的關鍵驅動力。就在上個月，我們在紐約召集了 160 位全球頂尖領導者，以“夢想與交付”為主題，分享了 PVH+ 執行第一年的進展、證據和經驗教訓。看到我們的最高領導人在一起真是太震撼了，他們不僅完全團結起來並致力於我們的願景，而且還清楚如何實現它，並看到他們中的許多人在台上分享了許多成功執行的例子。當我繼續與我們的團隊在全球市場廣泛旅行時，我清楚地知道，無論我走到世界的哪個地方，Calvin 和 Tommy 都擁有令人難以置信的力量和未開發的增長潛力。

I often start my meetings with our team sharing my perspective that over 90% of our potential is still ahead of us. And I want to thank all our teams globally for being so engaged and so committed to go after it, executing another strong quarter together where we keep building on the momentum. And with that, I'll turn the call over to Zac to discuss the financials in more detail.

我經常在會議開始時與我們的團隊分享我的觀點，即我們 90% 以上的潛力仍然存在。我要感謝我們全球所有的團隊如此投入並致力於追求這一目標，共同執行另一個強勁的季度，我們繼續保持這一勢頭。接下來，我會將電話轉給扎克，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 with our strong results for the first quarter, which exceeded our top line guidance by 2% and delivering constant currency revenue growth of 5% versus last year and significantly exceeding our earnings guidance with earnings per share of $2.14. We are building a track record of strong performance delivering yet another quarter with top and bottom line results above guidance as we fought hard to win in the challenging macro environment. Looking forward, following our strong first quarter, we are reaffirming our full year revenue and EPS outlook. We are continuing to build momentum in the execution of the PVH+ plan with our first half outlook in line with plan. And at the same time, we acknowledge that macroeconomic uncertainties still exist with the consumer sentiment tempered by inflationary concerns. As such, we continue to plan for 2023 with a healthy balance of optimism and prudence. I will now discuss our first quarter results in more detail and then move on to our outlook. Our constant currency revenue growth of 5% in the first quarter was driven by both our Tommy Hilfiger and Calvin Klein brands.

謝謝，斯特凡，早上好。我的評論基於非公認會計準則結果，並在我們的新聞稿中進行了調整。正如 Stefan 所討論的，我們對第一季度的強勁業績感到滿意，該業績超出了我們的營收指導 2%，與去年相比，固定貨幣收入增長了 5%，並且大幅超出了我們的盈利指導，每股收益為 2.14 美元。我們正在創造強勁業績記錄，在充滿挑戰的宏觀環境中奮力爭取勝利，又一個季度的頂線和底線業績高於指引。展望未來，繼第一季度表現強勁後，我們重申全年收入和每股收益預期。我們正在繼續推動 PVH+ 計劃的執行，上半年前景與計劃相符。與此同時，我們承認宏觀經濟的不確定性仍然存在，消費者信心受到通脹擔憂的影響。因此，我們繼續以樂觀和審慎的健康平衡來規劃 2023 年。我現在將更詳細地討論我們第一季度的業績，然後繼續展望我們的前景。第一季度我們的貨幣收入持續增長 5%，這得益於我們的 Tommy Hilfiger 和 Calvin Klein 品牌。

On a reported basis, revenue was up 2% for the quarter, which reflected a 3% negative impact from exchange. Starting from a regional perspective, first quarter revenue for our international businesses was up a strong 9% on a constant currency basis.

根據報告，該季度收入增長了 2%，反映出匯率帶來的 3% 的負面影響。從區域角度來看，我們國際業務第一季度的收入按固定匯率計算強勁增長 9%。

Within our International business, strong consumer demand and cut through marketing campaigns drove outstanding results across the Asia Pacific region. Revenues for Asia Pacific were up 18% on a reported basis including an 8% negative impact of exchange. And China was a particular bright spot with 44% growth in local currency, following the lifting of COVID restrictions in the fourth quarter.

在我們的國際業務中，強勁的消費者需求和深入的營銷活動推動了整個亞太地區的出色業績。據報導，亞太地區的收入增長了 18%，其中包括 8% 的匯率負面影響。在第四季度取消新冠疫情限制後，中國成為一個特別亮點，以當地貨幣計算增長了 44%。

Revenue in our European business was up mid-single digits in euros, excluding the negative impact from the Russia exit in 2022. This was in line with expectations and building on top of a very strong first quarter in 2022. Overall, excluding Russia, our European business in the first quarter was 35% larger than in the same period in 2019 in euros.

排除 2022 年俄羅斯退出帶來的負面影響，我們歐洲業務的收入以歐元計算增長了中個位數。這符合預期，並且建立在 2022 年第一季度非常強勁的基礎之上。總體而言，排除俄羅斯，我們的歐洲業務收入增長了中個位數。第一季度歐洲業務以歐元計算比 2019 年同期增長 35%。

In North America, our focus has been on driving growth in the direct-to-consumer business and we delivered 14% growth in DTC for the quarter, with strong performance in both our retail stores and our owned and operated digital commerce business. And importantly, driven by improvement in sales to domestic consumers compared to the prior year. Wholesale sales in the region were down as planned, primarily in our Calvin Klein business, as retailers continue to take a cautious approach due to the elevated levels of inventory industry-wide.

在北美，我們的重點是推動直接面向消費者的業務增長，本季度 DTC 增長了 14%，我們的零售店以及我們擁有和運營的數字商務業務均表現強勁。重要的是，與上一年相比，受到國內消費者銷售額改善的推動。該地區的批發銷售額按計劃下降，主要是我們的 Calvin Klein 業務，因為零售商因全行業庫存水平升高而繼續採取謹慎態度。

From a channel perspective, we continue to focus on driving performance in our direct-to-consumer business where we have the closest connection to our consumer and can deliver the PVH+ plan with greatest impact, and we delivered strong growth in both our stores and our owned and operated digital commerce business for the quarter.

從渠道角度來看，我們繼續專注於提高直接面向消費者業務的業績，在該業務中，我們與消費者有最密切的聯繫，可以提供影響最大的 PVH+ 計劃，我們的商店和我們的門店均實現了強勁增長。本季度擁有並運營數字商務業務。

Our DTC revenue was up 12% on a constant currency basis, reflecting double-digit growth in both Asia Pacific and North America at up approximately 250 basis points as a percentage of our total revenue compared to last year as we accelerate our DTC growth in line with our PVH+ plan strategies.

按固定匯率計算，我們的 DTC 收入增長了 12%，反映出亞太地區和北美地區的兩位數增長，占我們總收入的百分比比去年提高了約 250 個基點，因為我們加快了 DTC 的增長與我們的 PVH+ 計劃策略。

On a reported basis, DTC revenue was up 8%, which reflected a 4% negative impact from exchange. Our global brands also continued to deliver solid growth. Tommy Hilfiger revenues were up 8% on a constant currency basis, and Calvin Klein revenues were up 3% on a constant currency basis. with Calvin Klein more reliant on wholesale in the U.S.

根據報告，DTC 收入增長了 8%，反映出匯率帶來的 4% 的負面影響。我們的全球品牌也繼續實現穩健增長。 Tommy Hilfiger 收入按固定匯率計算增長 8%，Calvin Klein 收入按固定匯率計算增長 3%。 Calvin Klein 更依賴美國的批發

As Stefan described in depth earlier, our successful cut-through marketing campaigns and collaborations fueled growth in both brands this quarter. With the Shawn Mendes collaboration driving strong demand for Tommy Hilfiger. And in Calvin Klein, the highly successful Calvin's or Nothing campaign together with Jennie Kim, Jungkook and other strong ambassadors driving incredible brand engagement and demand. Reported revenues were up 5% for Tommy Hilfiger and flat for Calvin Klein.

正如 Stefan 之前深入描述的那樣，我們成功的直通式營銷活動和合作推動了兩個品牌本季度的增長。與 Shawn Mendes 的合作推動了對 Tommy Hilfiger 的強勁需求。在 Calvin Klein 中，Calvin's or Nothing 活動與 Jennie Kim、Jungkook 和其他強有力的大使一起推動了令人難以置信的品牌參與度和需求。 Tommy Hilfiger 的報告收入增長了 5%，而 Calvin Klein 的收入則持平。

In the first quarter, we delivered gross margin of 57.9%, a decrease of 50 basis points compared to last year despite a 150 basis point negative impact on product costs due to exchange. Gross margin reflects a significant favorable shift in mix with our higher-margin DTC and international businesses making up a larger portion of total revenue. Additionally, freight costs were down, as we use less air freight due to our supply chain having fully recovered back to pre-pandemic on-time delivery rates and transit times. Price increases were more than offset by higher product costs, including the negative impact exchange previously mentioned and the full impact of abnormally high raw material costs.

一季度，儘管匯率對產品成本產生了150個基點的負面影響，但我們的毛利率為57.9%，較去年下降了50個基點。毛利率反映了我們利潤率較高的 DTC 和國際業務在總收入中所佔比例的顯著有利轉變。此外，貨運成本也有所下降，因為我們的供應鏈已完全恢復到大流行前的準時交貨率和運輸時間，因此我們使用的空運減少了。價格上漲被更高的產品成本所抵消，包括前面提到的交換的負面影響以及異常高的原材料成本的全面影響。

SG&A expense as a percentage of revenue for the first quarter was 48.7%, and lower than expected largely due to timing of expenses shifting from first to second quarter. The slight 30 basis points increase versus last year is more than explained by the shift in mix towards our DTC and international businesses. We continue to take a disciplined approach to managing expenses, driving cost efficiencies while making targeted investments in strategic areas to fuel growth.

第一季度的 SG&A 費用佔收入的百分比為 48.7%，低於預期主要是由於費用時間從第一季度轉移到第二季度。與去年相比，略有增長 30 個基點，這充分解釋了我們的 DTC 和國際業務組合的轉變。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。

In total, EBIT for the quarter was $199 million, exceeding our expectations due to strong revenue performance and lower expenses. Operating margin was 9.2%, which included the 150 basis point negative impact of exchange on our gross margin. Earnings per share increased 10% to $2.14 compared to $1.94 in last year's first quarter and exceeding our guidance by $0.24, largely driven by improvement in EBIT with about half of that beat due to timing differences between the first and second quarters.

總體而言，由於強勁的收入表現和較低的費用，本季度的息稅前利潤為 1.99 億美元，超出了我們的預期。營業利潤率為 9.2%，其中包括匯率對毛利率造成的 150 個基點的負面影響。與去年第一季度的 1.94 美元相比，每股收益增長了 10%，達到 2.14 美元，超出了我們的指導 0.24 美元，這主要是由於息稅前利潤的改善，其中約一半是由於第一季度和第二季度之間的時間差異所致。

Earnings per share for the quarter also included an $0.11 negative impact compared to the prior year related to exchange translation. Our tax rate was approximately 23%. In line with previous discussions, our inventory levels continue to sequentially improve, and we now expect to have inventory and sales fully aligned by the end of the second quarter. Overall inventory was up 24% at the end of the quarter compared to the prior year period with sequential improvements in all regions.

與上一年相比，本季度每股收益還包括與匯率換算相關的 0.11 美元的負面影響。我們的稅率約為23%。根據之前的討論，我們的庫存水平繼續持續改善，我們現在預計到第二季度末庫存和銷售額將完全一致。與去年同期相比，本季度末的總體庫存增加了 24%，所有地區均出現環比改善。

As we've discussed previously, inventory levels were abnormally low in the first quarter last year due to supply chain and logistic disruptions. The supply chain is now fully recovered to pre-pandemic levels with on-time deliveries back over 98% in all regions. Our inventory at quarter end reflects those earlier receipts of inventory along with the full impact of higher product costs compared to last year.

正如我們之前討論的，由於供應鍊和物流中斷，去年第一季度的庫存水平異常低。目前，供應鏈已完全恢復至疫情前的水平，所有地區的準時交貨率均恢復到 98% 以上。我們季度末的庫存反映了較早收到的庫存以及與去年相比更高的產品成本的全面影響。

We continue to work relentlessly to drive results. Our strong first quarter performance is a testament to the power of our 2 global brands, Calvin Klein and Tommy Hilfiger and our ability to navigate this volatile macro environment.

我們將繼續不懈地努力以取得成果。我們第一季度的強勁表現證明了我們兩個全球品牌 Calvin Klein 和 Tommy Hilfiger 的實力以及我們應對這一動蕩的宏觀環境的能力。

And now moving on to our outlook. For the full year, we are confidently reaffirming our guidance on all dimensions. Revenue is projected to increase 3% to 4% as reported and 2% to 3% on a constant currency basis, along with our operating margin outlook of 10% and our EPS projection of approximately $10 per share.

現在談談我們的展望。對於全年，我們充滿信心地重申我們在各個方面的指導。據報告，收入預計將增長 3% 至 4%，按固定匯率計算將增長 2% 至 3%，營業利潤率預期為 10%，每股收益預計約為 10 美元。

Regionally, our outlook remains unchanged as well, as our overall first half plan is in line with our initial projections. Europe in euros and North America are both planned to grow low single digits, with strong growth in our direct-to-consumer channel, tempered by wholesale revenue as retailers remain cautious on orders especially in the U.S.

從地區來看，我們的前景也保持不變，因為我們上半年的總體計劃與我們的初步預測一致。歐洲（以歐元計算）和北美都計劃實現低個位數增長，我們的直接面向消費者渠道將強勁增長，但批發收入受到批發收入的影響，因為零售商對訂單（尤其是在美國）保持謹慎態度。

We expect our strong performance in Asia Pacific to continue with growth in the region planned up low double digits. This reflects broad-based growth across the region led by China, where easing of COVID restrictions has led to a strong rebound in demand for both brands. Additionally, we expect strong growth in other key markets as our product strategy and cut through marketing campaigns are driving demand across the region.

我們預計我們在亞太地區的強勁表現將繼續，該地區計劃實現低兩位數的增長。這反映出以中國為首的整個地區的廣泛增長，新冠疫情限制的放鬆導致對這兩個品牌的需求強勁反彈。此外，我們預計其他主要市場將出現強勁增長，因為我們的產品戰略和營銷活動正在推動整個地區的需求。

We continue to 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. The improvement in our gross margin reflects an approximately 100 basis point benefit from a favorable shift in channel and regional mix as we continue to drive growth in our higher-margin DTC business, in line with our PVH+ planned strategies, and our DTC and international businesses make up a larger portion of total revenue.

儘管由於交換而導致成本增加約 100 個基點，但我們仍然預計全年毛利率將比 2022 年增加 100 個基點以上。我們的毛利率改善反映了渠道和區域組合的有利轉變帶來約 100 個基點的收益，因為我們根據 PVH+ 計劃戰略以及 DTC 和國際業務繼續推動利潤率較高的 DTC 業務的增長佔總收入的較大比例。

And we expect to deliver approximately 100 basis points of improvement due to lower freight costs, a combination of both significantly lower air freight spend and a material decrease in ocean freight rates, both of which are an outcome of the significant improvements we've driven in stabilizing our supply chain, which is now performing back at pre-pandemic levels. We expect gross margin improvement to grow and impact each quarter through this year.

由於貨運成本降低、空運支出顯著降低和海運費率大幅下降，我們預計將實現約 100 個基點的改進，這兩者都是我們推動的重大改進的結果。穩定我們的供應鏈，目前供應鏈的表現已恢復到大流行前的水平。我們預計今年每個季度的毛利率都會有所改善並產生影響。

We continue to expect that SG&A expense as a percentage of revenue for the full year will increase approximately 70 basis points compared to 2022, with our investments in DTC and mix of international business driving higher expenses. Additionally, we are investing in key areas that drive growth with a focus on increased levels of marketing beginning in the second quarter with our full year targeted at approximately 6% of revenue for the year compared to approximately 5.5% last year. We continue to drive cost efficiencies across the business and evolve our ways of working.

我們仍然預計，SG&A 費用佔全年收入的百分比將比 2022 年增加約 70 個基點，因為我們對 DTC 的投資和國際業務組合推動了更高的費用。此外，我們正在對推動增長的關鍵領域進行投資，重點是從第二季度開始提高營銷水平，全年目標是佔當年收入的約 6%，而去年約為 5.5%。我們繼續提高整個企業的成本效率並改進我們的工作方式。

We are making progress in our plans to implement the people cost actions we have shared previously and aim to achieve our targeted 10% people cost reduction in our global offices by the end of the third quarter. Our full year operating margin projection continues to be approximately 10% and reflects high single-digit EBITDA 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 continue to project earnings per share to be approximately $10, up 11% compared to 2022.

我們在實施之前分享的人員成本行動的計劃方面正在取得進展，目標是到第三季度末實現全球辦事處人員成本削減 10% 的目標。我們的全年營業利潤率預計繼續保持在 10% 左右，反映出 EBITDA 的高個位數增長。利息支出預計約為 1 億美元，我們今年的稅率預計約為 24%。對於 2023 年全年，我們繼續預計每股收益約為 10 美元，較 2022 年增長 11%。

Turning to the second quarter. Our overall revenue is in line with original plans and is projected to increase low single digits on both a reported and constant currency basis compared to the prior year. The PVH+ plan is driving growth by delivering the best-selling hero products that drive brand desirability, cut through marketing campaigns that drive strong consumer engagement and elevate the consumer experience and strong performance in our DTC businesses.

轉向第二季度。我們的整體收入符合最初的計劃，預計與上一年相比，按報告和固定貨幣計算的收入將實現較低的個位數增長。 PVH+ 計劃通過提供最暢銷的英雄產品來推動增長，這些產品可提高品牌吸引力，通過營銷活動來推動消費者的強烈參與，並提升消費者體驗和 DTC 業務的強勁業績。

Second quarter earnings per share is projected to be approximately $1.70. As our PVH+ plan execution builds momentum, we are planning higher second quarter SG&A investments with a particular focus on marketing, where our spend is planned to increase by over 20% versus last year as we invest in cut through brand campaigns that ignite our talented influencer engine globally and elevate the brands across consumer touch points, building momentum heading into the second half of the year.

第二季度每股收益預計約為 1.70 美元。隨著我們的 PVH+ 計劃執行勢頭增強，我們計劃在第二季度增加 SG&A 投資，特別關注營銷，我們的支出計劃比去年增加 20% 以上，因為我們投資於切入品牌活動，激發我們才華橫溢的影響者推動全球發展，提升品牌在消費者接觸點的影響力，為下半年註入動力。

Our tax rate for the second quarter is estimated at approximately 26% and interest expense is projected to be approximately $25 million. Before we open up for questions, I want to reiterate that we are pleased with another strong quarter to start the year. We are confident in the business and our ability to win in a challenging environment and committed to driving top line growth improved profitability and strong double-digit EPS growth in 2023.

我們第二季度的稅率預計約為 26%，利息支出預計約為 2500 萬美元。在我們開始提問之前，我想重申，我們對新年伊始又一個強勁的季度感到高興。我們對業務以及在充滿挑戰的環境中獲勝的能力充滿信心，並致力於推動營收增長，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 for questions.

那麼，操作員，我們願意開放提問。

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

（操作員說明）我們的第一個問題來自古根海姆的鮑勃·德布爾（Bob Drbul）。

I guess just trying to keep at a high level today with you guys, but you had a really solid first quarter, making a lot of progress against the PVH+ plan. but you're not raising your guidance for the year. I'm just wondering if you could just maybe walk us through the dynamics on really where you think the business is? And when you look at the expectations that you had going into the year, any of the dynamics that you see, how you think about the numbers from this perspective, that would be helpful.

我想今天只是想與你們保持高水平，但你們第一季度的表現非常出色，在 PVH+ 計劃方面取得了很大進展。但你並沒有提高今年的指引。我只是想知道您是否可以向我們介紹一下您認為業務的真正動態？當你審視今年的預期、你看到的任何動態、你如何從這個角度思考這些數字時，這都會有所幫助。

Bob. Let me start answering your question by sharing why I feel so good about our beat in the first quarter. So if you look at both Tommy and Calvin, we are winning with product. We are winning with the consumer engagement, and we are winning in the marketplace execution, and we do that across our 3 regions. And we do it in an increasingly systematic and repeatable way through the PVH+ execution. So the best way to describe this, what this really means is starting with the cut-through campaign.

鮑勃.讓我開始回答你的問題，分享為什麼我對第一季度的表現如此滿意。因此，如果你看看湯米和卡爾文，就會發現我們正在以產品取勝。我們贏得了消費者參與，贏得了市場執行，我們在 3 個地區做到了這一點。我們通過 PVH+ 執行以越來越系統化和可重複的方式做到這一點。因此，描述這一點的最佳方式，其真正含義是從直通式營銷活動開始。

For both Calvin and Tommy, we are in a very systematic way, driving consumer engagement through cut-through campaigns that are amplified by our influence ranges. So for Calvin, it's within the cut-through campaign under the Calvins or Nothing umbrella generated -- this quarter generated some of the strongest consumer engagement in the history of the brand. So I mentioned Jennie Kim, Jungkook, Michael B Jordan, Kendall Jenner. So just this campaign alone during the quarter drove 1.7 billion impressions globally and 1.6 million new followers on the brand's social media platforms.

對於卡爾文和湯米來說，我們以一種非常系統的方式，通過我們的影響力範圍擴大的直通式活動來推動消費者參與。因此，對於 Calvin 來說，這是在 Calvins or Nothing 保護傘下開展的直通式營銷活動中產生的——本季度產生了該品牌歷史上最強勁的消費者參與度。所以我提到了 Jennie Kim、Jungkook、Michael B Jordan、Kendall Jenner。因此，僅本季度的這項活動就在全球範圍內帶來了 17 億次展示，並在該品牌的社交媒體平台上吸引了 160 萬新粉絲。

And then we look at Tommy. Tommy come to market through and drive engagement through Tommy's Classics reborn campaign. And during the quarter, the brand generated -- Tommy generated 5.5 billion impressions at 56 million in social engagement during the whole quarter, amplified by talent like Shawn Mendes. But also through long-term collaborations, the brand has had for many years, but we amplify those differently now through the talent and the influencers.

然後我們看看湯米。 Tommy 通過 Tommy 的經典重生活動進入市場並提高參與度。在本季度，Tommy 品牌產生了 55 億次印象，整個季度的社交參與度達到 5600 萬次，而肖恩·門德斯 (Shawn Mendes) 等人才的貢獻更是放大了這一點。而且通過長期合作，該品牌已經進行了很多年，但我們現在通過人才和影響者以不同的方式放大這些合作。

So the Mercedes Benz Formula 1 collaboration in the most recent race in Miami, we really amplified it with talent, with a collaboration. So you start to look at why we drive this strong performance despite the choppy macro the strength of the brands come to life through these strong campaigns. Then these campaigns, they play into a very strong product category offers. So in Calvin, that means underwear, shirts, denim, pants, outerwear. In Tommy, it means polos, shirts, khakis, sneakers, also outerwear.

因此，最近在邁阿密舉行的梅賽德斯奔馳一級方程式比賽中的合作，我們確實通過人才和合作來放大它。因此，您開始思考為什麼我們在宏觀環境波動的情況下仍能實現如此強勁的業績，但通過這些強有力的營銷活動，品牌的實力得以體現。然後這些活動，他們發揮出非常強大的產品類別優惠。所以在 Calvin 中，這意味著內衣、襯衫、牛仔布、褲子、外套。在 Tommy 中，它意味著 Polo 衫、襯衫、卡其褲、運動鞋以及外套。

So we have the campaigns play into the biggest and most important product categories for the consumer. And that's where we focus and that's where we play to win. Within those categories, we build hero products. So one example in Tommy, is the 1985 program, double-digit growth, Calvin's modern cotton program, double-digit growth.

因此，我們的活動針對的是消費者最大、最重要的產品類別。這就是我們關注的焦點，也是我們贏得勝利的地方。在這些類別中，我們打造了英雄產品。湯米的一個例子是 1985 年的計劃，兩位數的增長，卡爾文的現代棉花計劃，兩位數的增長。

So you start to see the campaign connects to the category offense connects to the hero products. And then it connects to most importantly -- it connects to how we execute in the marketplace. So where you see that we have the most control of the execution is direct-to-consumer. We drove double-digit direct-to-consumer growth for both brands, both stores and e-commerce.

因此，您開始看到營銷活動與類別進攻相關，與英雄產品相關。然後它連接到最重要的 - 它連接到我們如何在市場上執行。因此，您會發現我們對執行的最大控制權是直接面向消費者。我們推動兩個品牌、商店和電子商務的直接面向消費者的兩位數增長。

So this is how it all ties together, and this is why we have the confidence in looking for the rest of the year, we will just continue to gain traction. Then in addition to this, we are building the strength in the underlying business engine. So the demand-driven supply chain, we are really starting to get traction. We are back on better than pre-pandemic supply chain operations 101. We start to be able to shorten our lead times. We start to buy closer to demand. We replenish our key essentials in a much faster way. And then to Zac's point on the investment, we start to target investing in these growth drivers that I just went through. So marketing increasing from 5% to 6% of sales and then we drive our efficiency.

這就是這一切聯繫在一起的方式，這就是為什麼我們有信心在今年剩下的時間裡尋找，我們將繼續獲得牽引力。除此之外，我們還在增強底層業務引擎的實力。因此，需求驅動的供應鏈，我們確實開始受到關注。我們恢復了比大流行前更好的供應鏈運營 101。我們開始能夠縮短交貨時間。我們開始購買更接近需求的產品。我們以更快的方式補充我們的關鍵必需品。然後到扎克關於投資的觀點，我們開始瞄準投資我剛剛經歷過的這些增長動力。因此，營銷佔銷售額的比例從 5% 增加到 6%，然後我們提高效率。

So look at it as the PVH+ plan comes to life consumer-facing and the underlying business engines and in a very systematic, repeatable way. So coming back to the specifics of your question, in a normal year, Bob, with all this traction, we would have most likely flown this through, because we keep gaining this traction all across the company.

因此，將其視為 PVH+ 計劃以一種非常系統、可重複的方式面向消費者和底層業務引擎實現的過程。因此，回到你問題的具體細節，鮑勃，在正常的一年裡，憑藉所有這些牽引力，我們很可能會順利完成這一任務，因為我們在整個公司不斷獲得這種牽引力。

And I just having done this a few times, as I mentioned, I know when that inflection point happens when you start to see traction just building. But at the same time, we are prudent. We are in it for the long-term value creation for shareholders, and we recognize we're in a choppy macro. So that's why we decided to -- even though we beat and why we beat its systematic and repeatable and we see it continue, we recognize the choppy macro, and we decide to reaffirm the guidance.

正如我所提到的，我剛剛這樣做了幾次，我知道當你開始看到牽引力正在建立時，拐點就會發生。但同時，我們也持謹慎態度。我們致力於為股東創造長期價值，我們認識到我們正處於一個動蕩的宏觀環境中。因此，這就是為什麼我們決定——即使我們擊敗了它，為什麼我們擊敗了它的系統性和可重複性，我們看到它繼續存在，我們認識到宏觀的波動，我們決定重申這一指導。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

Stefan, I want to follow up on your comments on supply chain. It sounds like the supply chain is really starting to operate back to pre-pandemic levels and some of the changes that you've been implementing are starting to happen. What kind of visibility do you have into seeing the company supply chain really evolved to the point where it can be fully delivering the kind of results that you want to really maximize the PVH+ plan and to get it to where you want to be it? And how long do you think it will take to get there now that the supply chains are sort of back to normal?

Stefan，我想跟進您對供應鏈的評論。聽起來供應鏈確實開始恢復到大流行前的水平，並且您一直在實施的一些變化正在開始發生。您對公司供應鏈真正發展到可以完全交付您想要的結果的程度有什麼看法，從而真正最大化 PVH+ 計劃並使其達到您想要的目標？既然供應鏈已經恢復正常，您認為需要多長時間才能達到這一目標？

Thank you, Jay. It's a really important question around a really important value driver that I would say right now, we're in the early innings of unlocking a demand-driven -- building a demand-driven supply chain. So having David Sävman with his H&M experience come in and help spearhead this with our leaders across our brands, across our regions, within supply chain. We're seeing right now much better visibility to what this could look like. So let me give you a few examples.

謝謝你，傑伊。這是圍繞一個非常重要的價值驅動因素的一個非常重要的問題，我現在想說的是，我們正處於解鎖需求驅動的早期階段——建立需求驅動的供應鏈。因此，擁有 H&M 經驗的 David Sävman 加入進來，幫助我們的品牌、地區和供應鏈內的領導者共同推動這一工作。我們現在可以更好地了解這可能是什麼樣子。讓我舉幾個例子。

So on-time delivery, we had supply chain-related issues coming out of COVID, we are now in a better place than what we were before COVID. So we are able to start to cut production lead times and cut delivery lead times, and we are doing that right now. And that also in parallel to that, we're able to better improve our forecasting and buying closer to demand.

因此，按時交貨，我們遇到了因新冠疫情而出現的供應鏈相關問題，我們現在的處境比新冠疫情之前更好。因此，我們能夠開始縮短生產提前期和交貨期，而且我們現在正在這樣做。與此同時，我們能夠更好地改進我們的預測並更接近需求地進行購買。

So over time, you will hear us lay out how we see that we will be able to run with much lower inventory levels in relation to sales than a traditional company in our sector. So -- but early days still, but this is going to be a multiyear unlock, but it's big.

因此，隨著時間的推移，您將聽到我們闡述我們如何能夠以比我們行業中的傳統公司低得多的與銷售相關的庫存水平來運營。所以——但仍處於早期階段，但這將是一個多年的解鎖過程，但它的規模很大。

Yes. And I think from a financial perspective, we're already beginning to see some of that payoff. Airfreight has now gone to practically 0 because of that level of certainty. We just finished negotiations on second half ocean freight rates, and they're down greater than 50%. And I think what we're really excited about and lastly and probably most impactfully over time is the beginnings of that impact on product cost.

是的。我認為從財務角度來看，我們已經開始看到一些回報。由於這種確定性，空運現在幾乎為零。我們剛剛完成下半年海運費的談判，下降了50%以上。我認為我們真正感到興奮的是，隨著時間的推移，最後也可能是最具影響力的是對產品成本的影響的開始。

So finally, in holiday '23, we're starting to see both the combination of a raw materials market that's moving in our favor as well as some of the supply chain initiatives that Stefan was talking about starting to move product costs down. And that becomes increasingly impactful as you move into '24 as we're working on spring '24 product costs right now. So again, it's not -- it's been to show up tangibly in the financial performance as well.

因此，最後，在 23 年假期，我們開始看到原材料市場的發展對我們有利，以及 Stefan 談到的一些供應鏈舉措開始降低產品成本。隨著進入 24 年，這一點的影響力會越來越大，因為我們現在正在研究 24 年春季產品成本。再說一次，它也沒有在財務業績中得到切實體現。

And is a mindset shift, Jay, that we are driving across the company. When we have now set out our vision to build cabinet Tommy into the most desirable lifestyle brands in the world that make PVH one of the highest performing branders in the sector, we are changing the mindset. So historically, if we were to see that to Zach's point the macro cost in affecting our cost of goods is going down with X percent, that would be what we would do.

傑伊，我們正在整個公司推動一種思維方式的轉變。當我們現在製定了將 Tommy 櫥櫃打造成世界上最令人嚮往的生活方式品牌，使 PVH 成為該行業表現最好的品牌商之一的願景時，我們正在改變觀念。因此，從歷史上看，如果我們看到扎克的觀點，影響我們商品成本的宏觀成本下降了 X%，我們就會這麼做。

Now we say it's going to go down with X percent plus the improvements we are driving given that we are going to execute better than the macro. So you will see, over time, you will increasingly see how we do something plus them stepping up because that's the power of the vision now and the power of the PVH+ plan that we have set out to become 1 of the highest performing branders in the sector. And we have a leadership team and leaders across the company that very much shares that mindset now.

現在我們說它會下降 X%，再加上我們正在推動的改進，因為我們將比宏執行得更好。因此，您會看到，隨著時間的推移，您將越來越多地看到我們如何做某事以及他們的進步，因為這就是現在願景的力量，也是我們制定的 PVH+ 計劃的力量，該計劃旨在成為世界上表現最好的品牌商之一。部門。我們的領導團隊和整個公司的領導者現在都非常認同這種心態。

Our next question comes from Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

Zach, maybe just some commentary a little bit more on the underlying success that's driving the cost efficiencies in the business model. And then if I got a little bit more specific based on the SG&A, that's a little lumpy in Q2. If the brand investment that you guys are making is driving engagement and future sales and customer growth, do you guys think that you would potentially add more advertising in the back half if it makes sense to you? Just trying to think about how you're weighing the pros and cons of investment in ad spend right now.

扎克，也許只是對推動商業模式成本效率的潛在成功進行更多評論。然後，如果我根據 SG&A 獲得更具體的信息，那麼第二季度的情況就有點不穩定。如果你們正在進行的品牌投​​資正在推動參與度以及未來的銷售和客戶增長，那麼你們是否認為如果對你們有意義的話，你們可能會在後半部分添加更多廣告？只是想一下您現在如何權衡廣告支出投資的利弊。

So Ike this is Stefan, and then I'll hand over to Zac, but just on the highest level, the way we drive cost efficiency is that I see from leading the whole company is the power of the vision and the power of the focus on PVH+ makes it a very clear filter to make decisions around cost and investment. Is it driving 1 of the 5 value drivers or not?

艾克，這是斯特凡，然後我將交給扎克，但就最高層面而言，我們推動成本效率的方式是，我從領導整個公司看到的是願景的力量和專注的力量PVH+ 使其成為圍繞成本和投資做出決策的非常清晰的過濾器。它是否推動了 5 個價值驅動因素中的 1 個？

And again, being a big company, having been in business for a long time, there is a lot of cost that doesn't necessarily connect into driving towards the vision of driving PVH+. And that's where Zac and the finance team is doing a really good job, again, shifting mindset and asking those questions. And one of the key ways we drive efficiencies is to, first, to connect all investment and cost decisions to the PVH+, but also aligning how we work aligning our organization with the execution of the PVH+.

再說一次，作為一家大公司，已經經營了很長時間，有很多成本並不一定能推動實現 PVH+ 的願景。這就是紮克和財務團隊做得非常好的地方，再次轉變思維方式並提出這些問題。我們提高效率的關鍵方法之一是，首先將所有投資和成本決策與 PVH+ 聯繫起來，同時調整我們的工作方式，使我們的組織與 PVH+ 的執行保持一致。

Yes, absolutely. I think in the first quarter, SG&A looked up 30 basis points. But if you take out the increased DTC penetration and the outsized growth in our international markets, especially Asia, which we know come with heavier SG&A. We continue to deliver SG&A efficiency of over 100 basis points again. So that work we've started in the back end of the year, that continues.

是的，一點沒錯。我認為第一季度的 SG&A 上漲了 30 個基點。但如果你考慮到 DTC 滲透率的提高以及我們國際市場（尤其是亞洲）的大幅增長，我們知道亞洲市場的 SG&A 負擔較重。我們繼續將 SG&A 效率再次提高超過 100 個基點。因此，我們在今年年底開始的工作仍在繼續。

As Stefan mentioned, the core element thus far has really been aligning all spending to the PVH+ plan drivers, which on a surface sounds simple. But in reality, we are a company that's been built together over the years of the acquisition and the opportunity to rewire ways of working to operate under a single strategy and a single vision of working itself is driving efficiencies out from there and then we come in with the more structural things that we know that we're talking about.

正如 Stefan 提到的，迄今為止的核心要素實際上是將所有支出與 PVH+ 計劃驅動因素保持一致，這表面上聽起來很簡單。但實際上，我們是一家經過多年收購而建立起來的公司，有機會重新調整工作方式，在單一戰略和單一工作願景下運營，從而提高效率，然後我們就進來了以及我們所知道的更具結構性的事物。

But we're really excited, though, to your point on investment in marketing in the second quarter, and I think is a sign of our confidence in how the year is shaping up. We are going to be spending more on marketing, 20% more in the second quarter than last year. Stefan talked already a lot about this is coming through in ways that are -- it's not just spending for spending.

但我們對您在第二季度營銷投資方面的觀點感到非常興奮，我認為這表明我們對今年的發展充滿信心。我們將在營銷上投入更多資金，第二季度比去年增加 20%。斯特凡已經多次談到，這一切的實現方式是——這不僅僅是為了花錢而花錢。

These are increasingly visible impactful campaigns that the consumers are seeing and feeling. And we do expect to maintain those increasing level of investments through the rest of the year. And I think that is -- if anything, a sign of our confidence as we're looking forward to the businesses, we know that's going to drive the outcomes that we're looking for.

這些是消費者看到和感受到的越來越明顯、有影響力的活動。我們確實希望在今年剩餘時間內保持不斷增加的投資水平。我認為，如果有的話，那就是我們對業務充滿信心的標誌，我們知道這將推動我們所尋求的結果。

And then we will see underpinning that for the next middle part of the year, those investments are going to be coming in. And that's where we see a little bit of deleverage in the second quarter. By the end of the year, though, in the fourth quarter, we'll really start to see some of the impacts of some of the broader structural changes that we've talked about previously coming through. And sort of the rebalancing of that. But for right now, we are happy to be continuing that investment in the marketing, and we'll do so. So we've seen the results so far throughout this year.

然後我們將看到，在今年的下一個中期，這些投資將會進入。這就是我們在第二季度看到的一點去槓桿化的地方。不過，到今年年底，在第四季度，我們將真正開始看到我們之前討論過的一些更廣泛的結構性變化所產生的一些影響。以及某種程度的重新平衡。但就目前而言，我們很高興繼續在營銷方面進行投資，我們也會這樣做。所以我們已經看到了今年到目前為止的結果。

Your next question comes from Dana Telsey with Telsey Group.

您的下一個問題來自 Telsey Group 的 Dana Telsey。

As you think about North America, where you've brought customers back for each brand, what do you see as the path forward and the opportunity, where you are now versus where it was in the peak and where you can go? How do you see both on the top line and margin opportunity for the brand?

當你想到北美時，你已經為每個品牌吸引了回頭客，你認為前進的道路和機會是什麼，你現在的處境與巔峰時期的處境以及你可以走向何方？您如何看待該品牌的營收和利潤機會？

Well, Dana, and this quarter was a great proof point -- not a great proof point for how we are winning more with the domestic consumer in North America because, as you all have heard us sharing is pre-pandemic, we were over-reliant on the international traveler, and we are really leaning into tapping into the full potential of driving brand accretive growth in North America.

嗯，達納，這個季度是一個很好的證據——但並不是我們如何贏得北美國內消費者更多支持的一個很好的證據，因為正如你們都聽到的那樣，我們在大流行前分享的信息，我們過度了——依賴國際旅行者，我們確實傾向於充分挖掘推動北美品牌增值增長的潛力。

So starting with Tommy -- and -- or I can take both Tommy and Calvin, you see it already now in double-digit growth in D2C in a very tough, choppy market. And so we are executing the PVH+ plan. We are executing better category offense, better hero products, better consumer engagement and better marketplace execution across the channels. So what you will see step by step is how we continue to build on that strength in both Calvin and Tommy. And it's really just the beginning. And then it's going to be increasingly profitable and it's going to be brand accretive.

因此，從 Tommy 開始——或者我可以選擇 Tommy 和 Calvin，你會發現在一個非常艱難、動蕩的市場中，D2C 已經實現了兩位數的增長。所以我們正在執行 PVH+ 計劃。我們正在跨渠道執行更好的品類進攻、更好的英雄產品、更好的消費者參與度和更好的市場執行力。因此，您將逐步看到我們如何繼續增強 Calvin 和 Tommy 的優勢。這真的只是一個開始。然後它的利潤將會越來越多，並且品牌也會增值。

Yes. And I think if you think about it from a numbers perspective, focusing specifically as Stefan said, on DTC, where we can control our story and that connection with the consumer best, and we saw significant increases in revenue across both brands and across both channels for the year -- for the quarter, so landing mid-teens growth in what Stefan had said is by no means an easy environment out there in that regard. So I think it's showing up as well in the numbers that we're generating in the places that we get the chance to touch our consumers most closely.

是的。我認為，如果你從數字的角度來考慮，特別是像 Stefan 所說的那樣，在 DTC 上，我們可以控制我們的故事以及與消費者的最佳聯繫，我們看到兩個品牌和兩個渠道的收入都顯著增加對於今年——對於本季度來說，因此，在斯特凡所說的情況下實現十幾歲左右的增長，在這方面絕不是一個容易的環境。因此，我認為這也體現在我們有機會最密切接觸消費者的地方所產生的數字中。

And Dana, just also connecting it back to I'm going to be very consistent in coming back to the biggest value driver to make the PVH+ come to life is talent. So if you look at talent for Calvin in globally and North America. So globally, we have Eva in seat now with her tremendous Inditex experience really starting to drive strength in products, strength in marketing, very strong marketing, Jonathan, our CMO, in Calvin, together with Eva under her leadership.

Dana，我也將始終如一地回到使 PVH+ 實現的最大價值驅動因素是人才。因此，如果你看看卡爾文在全球和北美的人才。因此，在全球範圍內，我們現在有伊娃（Eva），她在 Inditex 的豐富經驗真正開始推動產品實力、營銷實力、非常強大的營銷，喬納森（Jonathan），我們的首席營銷官，在卡爾文，與伊娃一起在她的領導下。

We have Donald Kohler, president for Calvin Klein in North America with extensive Burberry turnaround experience that are very similar to what we are doing in terms of like unlocking brand accretive growth in the North American market. So Eva, Donald, Jonathan and the whole team under them really coming together around building brand accretive growth with the domestic consumer.

我們有 Calvin Klein 北美區總裁 Donald Kohler，他擁有豐富的 Burberry 扭虧為盈經驗，這與我們在北美市場釋放品牌增值增長方面所做的非常相似。因此，伊娃、唐納德、喬納森和他們領導下的整個團隊真正齊心協力，與國內消費者一起打造品牌增值增長。

So early days, but also in Tommy, very excited to see Emma, who's leading our D2C business in Tommy North America, Oregon leading our wholesale business. Just very across both Calvin and Tommy and both teams, we see how we are very consistent in finding ways to strengthen product quarter-by-quarter, strengthen consumer engagement and then strengthen the D2C offers and strengthen our key wholesale partnerships, being very mindful of looking at our wholesale partnership as our best full price expression of the brand as well. We have now time for 1 more question.

很早以前，但在 Tommy，很高興看到 Emma 負責我們在俄勒岡州 Tommy 北美的 D2C 業務，負責我們的批發業務。在 Calvin 和 Tommy 以及兩個團隊中，我們看到我們在尋找逐季度加強產品、加強消費者參與、然後加強 D2C 優惠和加強我們主要批發合作夥伴關係的方法方面非常一致，非常注意將我們的批發合作夥伴關係視為我們品牌的最佳全價表達。我們現在還有時間再問 1 個問題。

Our next question comes from Paul Kearney with Barclays

我們的下一個問題來自巴克萊銀行的保羅·科爾尼

Just with some of the kind of weakness that we're seeing with North America wholesale, do you kind of view the current market as an opportunity to maybe accelerate parts of your PVH+ plan, whether it's further pull -- or change your mix towards EPC? Or conversely, are there parts of the PVH+ plan that maybe need to be pushed off a little bit.

鑑於我們在北美批發領域看到的一些弱點，您是否認為當前市場是一個機會，可以加速部分 PVH+ 計劃的實施，無論是進一步拉動，還是將您的組合轉向 EPC ？或者相反，PVH+ 計劃的某些部分是否可能需要稍微推遲一些。

Paul. So what we are really pleased with, as we're shared earlier on the call as well is that the PVH+ execution is gaining traction all across the company. And where we have most of the control of execution is in D2C. So that's where you see both Calvin and Tommy really stepping up. And on the wholesale side, we see that our partners take more of a cautious outlook and we are adjusting to that as well. But we are really leading into D2C.

保羅.因此，我們真正感到高興的是，正如我們之前在電話會議中所分享的那樣，PVH+ 的執行正在整個公司範圍內獲得關注。我們擁有大部分執行控制權的地方是 D2C。所以這就是卡爾文和湯米真正加強的地方。在批發方面，我們看到我們的合作夥伴對前景更加謹慎，我們也在對此進行調整。但我們確實正在走向 D2C。

And then in parallel, we are leaning in with our key wholesale partners, as I mentioned, because it's -- we see big upside in further improving our category offense, further improving our hero products, further improving our presentation, further improving our inventory behind those and do that together with our key partners.

與此同時，正如我所提到的，我們正在與主要批發合作夥伴合作，因為我們看到了進一步改善我們的品類進攻、進一步改善我們的英雄產品、進一步改善我們的展示、進一步改善我們背後的庫存的巨大優勢。這些並與我們的主要合作夥伴一起做到這一點。

So it's -- overall, our distribution strategy remains the same, which is to follow the consumer. And in this past quarter and right now, the consumer is resonating with the strength in the D2C execution and also in wholesale, but again, in wholesale, more of a cautious outlook.

所以總的來說，我們的分銷策略保持不變，那就是跟隨消費者。在過去的這個季度和現在，消費者對 D2C 執行和批發的實力產生了共鳴，但同樣，在批發方面，消費者的前景更加謹慎。

Yes. I think from an investment perspective, we're full steam ahead, right? You take a look at focusing on those channels that we can have the most close connection to consumers. So investing in owned stores renovation, which we've talked about.

是的。我認為從投資的角度來看，我們正在全速前進，對嗎？你看看重點關注那些我們能和消費者有最密切聯繫的渠道。因此，我們已經討論過投資自有商店翻新。

So no slowing down on that, investing in elevating e-commerce across all of the small and larger things that make that the best expression of the brand, investing in those marketing campaigns that allow us to connect directly with the consumers. Again, the year is, for us, is shaping up exactly as we were expecting it to. And so no slowdown from an investment perspective as we push into the rest of the year.

因此，我們不能放慢腳步，投資於提升電子商務的各個方面，使其成為品牌的最佳表達，投資於那些讓我們能夠直接與消費者聯繫的營銷活動。再說一次，對我們來說，這一年的發展完全符合我們的預期。因此，從投資的角度來看，隨著我們進入今年剩餘時間，投資不會放緩。

And just as we close, I want to just reiterate that it's how we beat Q1 that excites us the most, that we are continuing to gain traction on the PVH+ plan. We are early on a multiyear journey to drive Calvin and Tommy towards the most desirable lifestyle brands in the world and make PVH one of the highest performing brand groups. And we are having heads down working on that, and we look forward to continuing to share updates next quarter.

就在我們結束之際，我想重申，最讓我們興奮的是我們如何擊敗第一季度，我們將繼續獲得 PVH+ 計劃的支持。我們正踏上多年旅程，推動 Calvin 和 Tommy 成為全球最令人嚮往的生活方式品牌，並使 PVH 成為業績最高的品牌集團之一。我們正在努力解決這個問題，我們期待著下季度繼續分享最新情況。

Absolutely.

絕對地。

Thank you very much.

非常感謝。

This concludes today's call. Thank you for your participation. You may disconnect at any time.

今天的電話會議到此結束。感謝您的參與。您可以隨時斷開連接。