PVH Corp (PVH) 2023 Q2 法說會逐字稿

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

大家早上好，歡迎參加今天的 PVH 2023 年第二季度收益電話會議。 （操作員說明）請注意，本次通話將被錄音，如果您需要任何幫助，我將隨時待命。

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

現在，我很高興將今天的電話轉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. Second 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. The information to be discussed includes forward-looking statements that reflect PVH's view as of August 30, 2023, of future events and financial performance.

謝謝你，接線員。大家早上好，歡迎參加 PVH Corp 2023 年第二季度收益電話會議。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。討論的信息包括反映 PVH 截至 2023 年 8 月 30 日對未來事件和財務業績的看法的前瞻性陳述。

These statements are subject to risks and uncertainties indicated in the company's SEC filings and the safe harbor statement included in the press release that is the subject of this call. These include PVH's right to change its strategies, objectives, expectations and intention 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 August 2022 and its 2021 sale of assets of, and exit from, its Heritage Brands business to focus on its Calvin Klein and Tommy Hilfiger businesses.

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。其中包括 PVH 改變其戰略、目標、期望和意圖的權利，以及公司通過剝離、重組和類似計劃實現預期收益和節省的能力，例如 2022 年 8 月宣布的計劃成本效率行動以及 2021 年出售資產並退出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 second 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。 PVH 2023 年第二季度收益報告中包含了按照GAAP 金額進行的調節，該報告可在www.pvh.com 上找到，也可在該公司向SEC 提供的與該報告相關的8-K 表格當前報告中找到。

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

此時，我很高興將電話轉給 Stefan Larsson。

Thank you, Sheryl, and good morning, everyone, and thank you for joining our call today. For the second quarter, we delivered another strong performance. We grew revenue by 4% on a reported basis and 2% in constant currency, and we beat the expectations on our bottom line on a non-GAAP basis, driven by our disciplined execution of the PVH+ Plan, our long-term brand building growth plan.

謝謝謝麗爾，大家早上好，感謝您今天加入我們的電話會議。第二季度，我們再次取得了強勁的業績。我們的報告收入增長了 4%，按固定匯率計算收入增長了 2%，在我們嚴格執行 PVH+ 計劃、長期品牌建設增長的推動下，我們在非 GAAP 基礎上的淨利潤超出了預期計劃。

In the quarter, we again drove double-digit growth in our direct-to-consumer businesses with double-digit increases in both our stores and in our owned and operated e-commerce, which are the channels where we are able to impact the shopping experience the fastest. Our D2C business will increasingly create a halo for our brands that benefit the entire marketplace, and we are excited about the accelerated momentum we are building there.

本季度，我們的直接面向消費者業務再次實現了兩位數的增長，我們的商店以及我們擁有和運營的電子商務都實現了兩位數的增長，這些都是我們能夠影響購物的渠道。體驗最快。我們的 D2C 業務將越來越多地為我們的品牌創造光環，使整個市場受益，我們對在那裡建立的加速勢頭感到興奮。

Looking ahead, we are increasing our full year outlook for our non-GAAP EPS guidance based on the confidence we have in our ability to execute the PVH+ Plan in the back half of the year. By focusing on what we can control for the full year 2023, we remain well positioned to deliver solid top line growth in addition to double-digit EPS growth. We have strong conviction in the long-term potential of our brands and business. And one of the ways we show it is through our share buybacks. In just the second quarter alone, we completed $200 million in buybacks, which was our initial plan for the full year. We are now planning to increase our buybacks for a total of up to $400 million for the full year.

展望未來，基於我們對下半年執行 PVH+ 計劃的能力的信心，我們將提高對非 GAAP 每股收益指引的全年展望。通過專注於 2023 年全年我們可以控制的事情，我們將保持良好的地位，除了兩位數的每股收益增長之外，還能實現穩健的營收增長。我們對我們的品牌和業務的長期潛力充滿信心。我們展示這一點的方式之一是通過股票回購。僅第二季度，我們就完成了 2 億美元的回購，這是我們全年的初步計劃。我們現在計劃將全年回購總額增加至 4 億美元。

Independent of the macro climate, the PVH+ Plan, combined with our strong ability to execute, will enable us to drive profitable, long-term brand accretive growth, and geared towards our vision to build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world and made PVH one of the highest-performing brand groups in our sector.

無論宏觀環境如何，PVH+ 計劃與我們強大的執行能力相結合，將使我們能夠推動盈利、長期的品牌增值增長，並實現我們將 Calvin Klein 和 Tommy Hilfiger 打造成最令人嚮往的生活方式品牌的願景使PVH 成為我們行業中表現最好的品牌集團之一。

Each of the 5 key growth drivers of our PVH+ Plan plays an important role on its own. And when we make them play altogether, which we increasingly do, we create something really powerful. Let me bring this to life across both brands with a few examples of how we are activating our consumer-facing growth drivers to win with product, win with consumer engagement and win in the digitally led marketplace.

我們的 PVH+ 計劃的 5 個關鍵增長驅動力中的每一個都發揮著重要作用。當我們讓他們一起玩時（我們越來越多地這樣做），我們創造了一些真正強大的東西。讓我通過幾個例子來闡述這兩個品牌的理念，說明我們如何激活面向消費者的增長動力，以產品取勝，以消費者參與取勝，並在數字主導的市場中取勝。

First, within Tommy, the team is doing a lot of exciting work around our talent amplification, which is starting to create a flywheel effect across product and consumer engagement, all the way through commercial impact. For Q2, the team connected our most iconic Tommy products like the Polo shirt, the Oxford shirt and the chinos with the network of the most influential talent [at some of the] spring and summer's biggest cultural events, ranging from New York Fashion Week to Formula 1 Grand Prix around the world to really cut through in the marketplace.

首先，在 Tommy 內部，團隊正在圍繞我們的人才放大開展許多令人興奮的工作，這開始在產品和消費者參與方面產生飛輪效應，一直到商業影響。在第二季度，該團隊將我們最具標誌性的Tommy 產品（例如Polo 衫、牛津衫和斜紋棉布褲）與春夏最大型文化活動中最有影響力的人才網絡聯繫起來，這些活動包括從紐約時裝周到世界各地的一級方程式大獎賽真正切入市場。

One example where the team executed this really well was with a focused activation with talent toward our iconic Oxford shirt, styled in their unique way at the Tommy New York Fashion Week dinner and Formula 1 Grand Prix in Miami, and they then engage their own audiences through personal and authentic social content, which in turn drove significant engagement on our channels and ultimately drove traffic into our stores and e-commerce.

團隊執行得非常好的一個例子是，在湯米紐約時裝週晚宴和邁阿密一級方程式大獎賽上，我們的標誌性牛津襯衫以他們獨特的方式進行了集中激活，然後吸引了自己的觀眾通過個人和真實的社交內容，這反過來又推動了我們渠道的大量參與，並最終推動了我們商店和電子商務的流量。

And through the network effect of this initiative, the brand drove triple-digit increases in sales of the Oxford shirt, which were up nearly 170% in the week following our campaign.

通過這一舉措的網絡效應，該品牌推動了牛津襯衫銷量的三位數增長，在我們開展活動後的一周內，銷量增長了近 170%。

In parallel to this, our talent partnerships continue to gain momentum in the quarter as part of the launch of our Mercedes-AMG Formula 1 and Awake collaboration, we rolled out dedicated activations across Europe and the U.S., including a launch event in Miami with super talent like Lewis Hamilton. In addition, retail activations were held across Europe with personal appearances by George Russell in Budapest and Lewis Hamilton in Milan.

與此同時，作為梅賽德斯-AMG 一級方程式賽車和Awake 合作推出的一部分，我們的人才合作夥伴關係在本季度繼續獲得動力，我們在歐洲和美國推出了專門的活動，包括在邁阿密舉行的由超級像劉易斯·漢密爾頓這樣的天才。此外，喬治·拉塞爾 (George Russell) 和劉易斯·漢密爾頓 (Lewis Hamilton) 親自亮相歐洲各地，在歐洲各地舉辦了零售活動。

Approximately 70% of Mercedes-AMG Formula 1 fans, named the Tommy Hilfiger Awake collaboration as the most exciting and memorable partner content of the weekend, with half of fans highlighting they are much more likely to consider purchasing Tommy Hilfiger as a result of seeing the collaboration.

大約 70% 的 Mercedes-AMG 一級方程式車迷將 Tommy Hilfiger Awake 合作稱為周末最令人興奮和難忘的合作夥伴內容，一半的車迷強調他們更有可能考慮購買 Tommy Hilfiger，因為看到合作。

And to cap it off, with super relevant timing, we are leveraging the sports rising popularity to connect on new levels with our customers, boosted by Netflix's Drive to Survive and our recently announced Formula 1 film sponsorship featuring Brad Pitt and Damson Idris.

最後，在Netflix 的《Drive to Survive》以及我們最近宣布的布拉德·皮特(Brad Pitt) 和達姆森·伊德里斯(Damson Idris) 主演的一級方程式電影贊助的推動下，我們正在利用體育運動日益流行的趨勢，與我們的客戶建立新的聯繫。

So what you can see here from these Tommy examples is how we leverage the unique strength of our iconic Tommy brand, combined with very engaged long-term ambassadors who love the brand, then we supercharged everything by connecting it all to culturally relevant global events to really cut through in the marketplace. This is a systematic and repeatable approach, but we are only just in the beginning to tap into.

因此，從這些Tommy 的例子中您可以看到，我們如何利用我們標誌性Tommy 品牌的獨特優勢，結合熱愛該品牌的長期積極參與的大使，然後我們通過將其與文化相關的全球活動聯繫起來，增強一切，真正在市場中脫穎而出。這是一種系統性且可重複的方法，但我們才剛剛開始探索。

So looking ahead, we will continue to build out this work, starting with Tommy's fall campaign, which is right now underway, featuring seasonally relevant key categories and iconic American families.

因此，展望未來，我們將繼續開展這項工作，從目前正在進行的 Tommy 秋季廣告活動開始，以季節性相關的關鍵類別和標誌性的美國家庭為特色。

Let me now share a few Calvin Klein examples. The Calvin Klein brand is continuing to generate historically high levels of impact and engagement with our consumers in all key global markets, propelled by our strategy of launching cut-through campaigns and igniting the talent engine. And in May, the brand launched a highly successful collaboration with Jennie Kim, sold through globally within days. They also launched an exciting partnership with some of the world's most iconic female athletes ahead of the much viewed World Cup. Across the quarter, this strategy generated a significant PR and social reach.

現在讓我分享一些 Calvin Klein 的例子。在我們推出直通式營銷活動和激發人才引擎的戰略推動下，Calvin Klein 品牌在全球所有主要市場的消費者中繼續產生歷史性的高水平影響力和參與度。今年 5 月，該品牌與 Jennie Kim 推出了非常成功的合作，幾天之內就在全球銷售。在備受矚目的世界杯之前，他們還與一些世界上最具標誌性的女運動員建立了令人興奮的合作夥伴關係。在整個季度，這一策略產生了顯著的公關和社會影響力。

Specifically, in Q2, the Calvin Klein influencer engine was ignited by brand ambassadors, including Jennie Kim, Kendall Jenner, Jungkook, Kid Cudi and more. These digital first campaign initiatives drove a stunning 828 million social impressions and 770 million PR impressions, both up significantly versus last year. Calvin added 1.7 million new followers to Instagram and now has well over 1.5 million followers on TikTok.

具體來說，第二季度，Calvin Klein 影響力引擎由品牌大使點燃，包括 Jennie Kim、Kendall Jenner、Jungkook、Kid Cudi 等。這些數字化首創營銷活動帶來了驚人的 8.28 億次社交印象和 7.7 億次公關印象，均較去年大幅增長。 Calvin 在 Instagram 上新增了 170 萬粉絲，目前在 TikTok 上也擁有超過 150 萬粉絲。

The brand recently launched its fall 2023 campaign, highlighting iconic underwear, denim. And in the first time in many years, more refined sportswear products that we know our Calvin Klein consumers really love. When looking specifically at Calvin product progress, and we have a lot of progress coming there, as we focus on winning with the best product in the market, our teams have created the best global hero products for men's and women's that will be consistent across global assortments, which together with core essentials will account for 20% of SKUs and a much bigger share of the total sales from the fall '24 season and onwards.

該品牌最近推出了 2023 年秋季廣告活動，重點突出標誌性內衣牛仔布。多年來，我們第一次推出更精緻的運動服飾產品，我們知道 Calvin Klein 消費者真正喜歡這種產品。當特別關注卡爾文產品的進展時，我們在那裡取得了很多進展，因為我們專注於以市場上最好的產品取勝，我們的團隊為男士和女士創造了全球最好的英雄產品，這些產品將在全球範圍內保持一致品類，連同核心必需品將佔 SKU 的 20%，並且從 24 年秋季及以後的總銷售額中所佔的份額將更大。

We're also accelerating innovation within our core product categories. For example, in underwear, we're bringing new fabrication platforms and performance elements into established programs, such as the iconic modern cotton. Just like in the example from Tommy, Calvin is fueling a very strong product category focus, creating the best hero products in the market than engaging their long-term talent partnerships and combining both to cut through in the marketplace.

我們還在加速核心產品類別的創新。例如，在內衣領域，我們將新的製造平台和性能元素引入既定項目中，例如標誌性的現代棉。就像湯米的例子一樣，卡爾文正在推動非常強大的產品類別重點，創造市場上最好的英雄產品，而不是與他們的長期人才合作夥伴關係並將兩者結合起來以在市場中脫穎而出。

In parallel to improving the consumer-facing growth drivers, we're also committed to develop a demand and data-driven supply chain for both brands, and we are making a significant progress here. Our supply chain improvements continue to accelerate and will provide us with drastically improved inventory to sales ratio over the coming years. With much higher on-time and accuracy in deliveries, shorter transportation lead times, more responsive production models and more data-driven planning tools across our supply chain, we are now targeting a 25% decrease of our inventory levels as percent of sales. This decrease will be accomplished progressively as we move through the balance of this year and throughout 2024.

在改善面向消費者的增長動力的同時，我們還致力於為兩個品牌開發需求和數據驅動的供應鏈，並且我們正在這方面取得重大進展。我們的供應鏈改進繼續加速，並將在未來幾年大幅提高庫存與銷售比率。憑藉更高的準時率和準確性的交付、更短的運輸提前期、更靈敏的生產模型以及整個供應鏈中更多數據驅動的規劃工具，我們現在的目標是將庫存水平佔銷售額的百分比降低25%。隨著今年剩餘時間和 2024 年全年的推移，這一減少將逐步實現。

And the exciting part with this is that we will be able to do this while at the same time, improving product availability for our consumers across channels and geographies. Importantly, this will significantly improve our ability to match inventory to demand, one of the highest value drivers in our business. There are several additional positive outcomes of this, including improving our cash flow and capital employed ratio from a financial perspective and even more importantly, reduce the pressure on operational cost of our logistics infrastructure.

令人興奮的是，我們將能夠做到這一點，同時提高跨渠道和跨地區消費者的產品可用性。重要的是，這將顯著提高我們將庫存與需求相匹配的能力，這是我們業務中最高價值的驅動因素之一。這還有幾個額外的積極成果，包括從財務角度改善我們的現金流和資本利用率，更重要的是，減輕我們物流基礎設施運營成本的壓力。

Lastly, as we are investing to fuel growth, we remain focused on driving cost efficiencies, enabling us to reinvest in the key growth drivers I just took you all through. During the quarter, we took the concrete actions we have previously shared in rightsizing our organization to simplify how we work, allow us to get even closer to the consumer and increase speed in our decision-making. Now turning to our regional performance and how we are connecting our brands and executing the PVH+ Plan across each region.

最後，在我們投資推動增長的同時，我們仍然專注於提高成本效率，使我們能夠對我剛才向大家介紹的關鍵增長動力進行再投資。在本季度，我們採取了之前分享的具體行動來調整我們的組織規模，以簡化我們的工作方式，使我們能夠更加貼近消費者並提高決策速度。現在談談我們的區域績效以及我們如何在每個區域連接我們的品牌和執行 PVH+ 計劃。

Let me start with Europe. We continue to intensify our execution of the PVH+ Plan to further strengthen our market position in the region. For the second quarter, we delivered high single-digit year-over-year growth on a reported basis and low single-digit growth in euros. Our European business is now nearly 30% larger than pre-pandemic levels in euros. For the quarter, we drove strong performance in our direct-to-consumer business, where we continue to focus our efforts around elevating the consumer experience.

讓我從歐洲開始。我們繼續加強PVH+計劃的執行，以進一步鞏固我們在該地區的市場地位。第二季度，我們在報告基礎上實現了高個位數的同比增長，而以歐元計算的低個位數增長。目前，我們的歐洲業務以歐元計算，比疫情爆發前的水平增長了近 30%。本季度，我們在直接面向消費者的業務中取得了強勁的業績，我們繼續專注於提升消費者體驗。

For Tommy, through our hero product focus, we drove success in our key categories, like the shirt category, which was tied to impactful summer marketing programs around key essentials. We also continue to reinforce our key product categories by leaning into our top performers, such as the 1985 Program. And at the same time, continuously evolving our essential product programs across men's, women's and kid's.

對於湯米來說，通過我們對英雄產品的關注，我們推動了關鍵品類的成功，比如襯衫品類，它與圍繞關鍵必需品的有影響力的夏季營銷計劃緊密相關。我們還通過專注於表現最佳的產品（例如 1985 計劃）來繼續強化我們的關鍵產品類別。與此同時，不斷發展我們的男士、女士和兒童基本產品計劃。

And for Calvin in Europe, we are further sharpening our hero product focus and exciting with newness across categories. We are deepening our hero product offer and lifestyle expansion with cut-through marketing, while at the same time, creating brand heat for exclusive product activations in power cities like London, Paris, Milan.

對於歐洲的 Calvin 來說，我們正在進一步強化我們的英雄產品重點，並通過跨類別的新穎性令人興奮。我們正在通過切入式營銷深化我們的英雄產品供應和生活方式擴展，同時在倫敦、巴黎、米蘭等大城市的獨家產品激活創造品牌熱度。

A notable highlight for the region in Q2 was the grand opening of the Tommy Hilfiger store in Rome, Italy. It's our first ever owned and operated store in the city, situated on Via del Corso, Rome's prime and best shopping street at the heart of the Italian capital.

第二季度該地區的一個顯著亮點是 Tommy Hilfiger 商店在意大利羅馬的盛大開業。這是我們在羅馬擁有和經營的第一家商店，位於意大利首都中心羅馬最好的購物街 Via del Corso。

Looking ahead, our forward wholesale order book for the spring 2024 season on a constant currency basis is expected to increase low single digits on top of very strong high single-digit growth this past year as accounts remain conservative. And as we have mentioned before, we are well positioned to capitalize on stronger demand in season through our never-out-of-stock programs.

展望未來，由於賬戶保持保守，我們在固定貨幣基礎上的 2024 年春季遠期批發訂單預計將在去年非常強勁的高個位數增長的基礎上增加低個位數的增長。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旺季的強勁需求。

Moving on to Asia Pacific. The region continues to deliver very strong performance by engaging consumers with product campaign launches and driving brand heat with locally relevant talent, underpinned by our hero product strategy, which generated double-digit increases at higher gross margins.

轉向亞太地區。在我們的英雄產品戰略的支持下，通過產品活動的發布吸引消費者並通過當地相關人才推動品牌熱度，該地區繼續取得非常強勁的業績，該戰略在更高的毛利率下實現了兩位數的增長。

Our strong execution drove revenue growth of 16% in the second quarter on a constant currency basis, including over 20% growth in China in local currency and continued strong double-digit growth in Japan and Korea. We drove very strong e-commerce performance of nearly 25% growth in constant currency as we successfully captured key consumer moments, including 618. During the holiday, both brands moved up the rankings on digital platforms and achieved live streaming records of over 10 million.

我們強大的執行力推動第二季度按固定匯率計算的收入增長 16%，其中中國（以當地貨幣計算）增長超過 20%，以及日本和韓國持續強勁的兩位數增長。我們成功抓住了包括618 在內的關鍵消費時刻，帶動了電商業績非常強勁，按固定匯率計算增長了近25%。假期期間，兩個品牌在數字平台上的排名均上升，直播記錄突破1000 萬。

Newer digital platforms, such as Douyin continue to drive engagement. Looking ahead, we will continue to supercharge e-commerce and are gearing up for major consumer moments such as Double 11 and the Year of the Dragon with exclusive product capsules. We are driving consumer excitement with product-led campaigns featuring regionally relevant and [globally impactful] talent such as Jennie and Jungkook for Calvin to expand brand awareness in the region. In China alone, we are leveraging more than 100 talent catalysts to amplify Calvin Klein hero product storytelling. And for Tommy for fall, we are looking forward to introducing new brand ambassadors as part of the global campaign.

抖音等較新的數字平台繼續推動參與度。展望未來，我們將繼續發力電商，並以專屬產品膠囊迎接雙11、龍年等重要消費時刻。我們通過以產品為主導的活動來激發消費者的熱情，活動以區域相關且具有[全球影響力]的人才為主角，例如 Calvin 的 Jennie 和 Jungkook，以擴大該地區的品牌知名度。僅在中國，我們就利用 100 多個人才催化劑來放大 Calvin Klein 英雄產品的故事。對於 Tommy 秋季系列，我們期待引入新的品牌大使作為全球活動的一部分。

We're also seeing proof points in Japan as international tourists are starting to rebound. We recently refit our Tommy Omotesando flagship store in best location in Tokyo, which has generated strong improvements in sales with our central business growing plus 70% versus last year. By leaning into the core growth drivers of the PVH+ Plan in Asia, we continue to have major untapped growth potential for both our brands by tapping into the underpenetrated brand awareness in China and across the region.

隨著國際遊客開始反彈，我們在日本也看到了證據。我們最近對位於東京最佳位置的 Tommy 表參道旗艦店進行了翻新，銷售額大幅提升，中心業務比去年增長了 70%。通過利用PVH+計劃在亞洲的核心增長動力，我們通過利用中國及整個地區尚未滲透的品牌知名度，繼續為我們的兩個品牌帶來巨大的未開發的增長潛力。

Turning to our business in North America. We continue to strengthen our North America PVH+ Plan execution across both brands, led by our direct-to-consumer businesses, which increased mid-single digits across Tommy and Calvin, driven by much stronger execution across all key elements of the PVH+ Plan.

轉向我們在北美的業務。在我們的直接面向消費者業務的帶動下，我們繼續加强两個品牌的北美PVH+ 計劃執行力，在PVH+ 計劃所有關鍵要素的執行力大幅增強的推動下，Tommy 和Calvin 的業績實現了中個位數增長。

We have also enhanced experience and performance of our owned and operated e-commerce businesses, and we drove double-digit growth there. All this drove significantly improved profitability across the North America businesses in the quarter. And we are gaining very good traction in building a sustainable foundation for profitable brand accretive growth for the region. We're driving increased product strength with pricing power and improving the overall consumer experience and marketplace execution.

我們還增強了自有和運營的電子商務業務的經驗和業績，並推動了兩位數的增長。所有這些都顯著提高了本季度北美業務的盈利能力。我們在為該地區品牌盈利性增長奠定可持續基礎方面取得了巨大的進展。我們通過定價能力來推動產品實力的增強，並改善整體消費者體驗和市場執行力。

Beyond D2C, we continue to drive progress with key wholesale partners, working very closely with them to improve our brand's presentation in top doors and drive consumer demand by sharpening our category offense and leaning into our hero products and securing the inventory we need to fuel that demand.

除了D2C 之外，我們繼續推動與主要批發合作夥伴的進步，與他們密切合作，通過加強我們的品類攻勢、專注於我們的英雄產品並確保我們所需的庫存來改善我們的品牌在頂級品牌的展示，並推動消費者需求。要求。

Let me share some important proof points, which highlights how our efforts to build our brands and businesses in North America are driving positive results. First, we are advancing our category offense with a reestablished base of key essentials and hero products that resonate strongly with our domestic consumer and driving growth across Tommy and Calvin stores as well as e-commerce sites.

讓我分享一些重要的證據，這些證據強調了我們在北美打造品牌和業務的努​​力如何帶來積極的成果。首先，我們正在通過重新建立關鍵必需品和英雄產品的基礎來推進我們的品類進攻，這些產品與我們的國內消費者產生強烈共鳴，並推動 Tommy 和 Calvin 商店以及電子商務網站的增長。

At wholesale, while our partners are more conservatively managing their business in a choppy macro, we are building a much stronger business with key partners such as Macy's. In fact, for Tommy Indoors where we have strategically increased investments behind the brand to improve the consumer experience and inventory availability on the floor, we generated high single-digit growth versus the prior year.

在批發方面，雖然我們的合作夥伴在動蕩的宏觀環境中更加保守地管理他們的業務，但我們正在與梅西百貨等主要合作夥伴建立更強大的業務。事實上，對於 Tommy Indoors，我們戰略性地增加了品牌背後的投資，以改善消費者體驗和店內庫存可用性，與上一年相比，我們實現了高個位數增長。

Also for Tommy, we drove over 20% year-over-year increases in key categories such as tees, woven shirts, underscoring the success of our global best seller initiative that we have scaled over the last year in D2C and now scaling in wholesale. Polos were once again the #1 category, up over 30% year-over-year with higher AURs as we are elevating these key essentials. For Calvin, core premium essentials in D2C were the standout, up nearly 30%. And as we have done with Tommy, we have expanded this initiative to wholesale where the performance has also been strong.

同樣對於Tommy，我們在T 卹、梭織襯衫等關鍵品類上實現了超過20% 的同比增長，突顯了我們的全球暢銷計劃的成功，我們去年在D2C 領域擴大了規模，現在又在批發領域擴大了規模。 Polo 衫再次成為排名第一的品類，隨著我們提升這些關鍵必需品的品質，其 AUR 也更高，同比增長超過 30%。對於 Calvin 來說，D2C 中的核心優質必需品表現最為突出，上漲了近 30%。正如我們對 Tommy 所做的那樣，我們已將這一舉措擴展到批發市場，批發市場的業績也很強勁。

Similarly, we also drove double-digit growth in refined product in D2C as well as continue to strengthen our offering in performance, very well received by the consumer, and we will further expand both these areas as we move forward. Operationally across the regions, we have made significant progress with our delivery times, now shorter than pre-pandemic levels.

同樣，我們還推動了 D2C 精煉產品的兩位數增長，並繼續加強我們的產品性能，受到消費者的好評，我們將在前進的過程中進一步擴展這兩個領域。在各個地區的運營中，我們在交貨時間方面取得了重大進展，現在比大流行前的水平要短。

Lastly, with respect to bringing our North America women's business back from G-III, we have made very strong progress, and we're in a great place with a multiyear integration work, both related to product development and the sourcing aspects needed, and we are working very closely with our wholesale partners on co-creating the take-back plan.

最後，關於將我們的北美女裝業務從G-III 中帶回來，我們已經取得了非常強勁的進展，並且我們在多年的整合工作中處於一個很好的位置，既涉及產品開發，也涉及所需的採購方面，以及我們正在與批發合作夥伴密切合作，共同製定回收計劃。

Looking ahead in North America, we continue to focus our efforts around the domestic consumer to drive the business forward and see significant opportunity to unlock our full potential in the region.

展望北美的未來，我們將繼續將精力集中在國內消費者周圍，以推動業務發展，並看到釋放我們在該地區全部潛力的重大機會。

And before I close the Americas section, I would like to take a moment to address the recent wildfires in Maui, where we operated a Calvin Klein store that was completely destroyed in the fire. All our team members are safe, luckily, our hearts go out to our Lahaina team and the entire Maui community. We are doing everything we can to make sure our associates, their families and the broader community have the support they need during this incredibly difficult time.

在結束美洲部分之前，我想花點時間談談毛伊島最近發生的野火，我們在那裡經營一家 Calvin Klein 商店，該商店在火災中完全被毀。幸運的是，我們所有的團隊成員都很安全，我們的心與我們的拉海納團隊和整個毛伊島社區同在。我們正在盡一切努力確保我們的員工、他們的家人和更廣泛的社區在這個極其困難的時期獲得他們所需的支持。

In closing, we executed another strong quarter. I feel very good about how well our teams continue to deliver on our long-term PVH+ growth plan with a relentless focus on driving brand desirability for both Calvin and Tommy, where we connect a very strong product (inaudible), highly engaging marketing with a winning marketplace execution. We are encouraged by our results, particularly our continued strong growth in D2C. And we are looking forward to tapping into the more than 90% of potential that still lies ahead of us.

最後，我們又執行了一個強勁的季度。我對我們的團隊繼續出色地實現我們的長期 PVH+ 增長計劃感到非常滿意，他們不懈地致力於提高 Calvin 和 Tommy 的品牌吸引力，我們將非常強大的產品（聽不清）、高度參與的營銷與贏得市場執行力。我們對我們的業績感到鼓舞，特別是我們在 D2C 領域的持續強勁增長。我們期待著挖掘我們面前 90% 以上的潛力。

With half of the year behind us, the other half still to go, we will continue our disciplined execution and successfully navigate this choppy macro environment as we have done so far, all while keeping our eyes locked on the long-term opportunity ahead of us to build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world and make us one of the highest performing brand groups in our sector.

半年過去了，另一半還沒有過去，我們將繼續嚴格執行，並像迄今為止所做的那樣，成功駕馭這個動蕩的宏觀環境，同時密切關注面前的長期機遇將Calvin Klein 和Tommy Hilfiger 打造成世界上最令人嚮往的生活方式品牌，並使我們成為該行業表現最好的品牌集團之一。

And with that, I'll turn the call over to Zac.

然後，我會將電話轉給扎克。

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 second quarter, driven by our iconic brands and disciplined execution of the PVH+ Plan. We continue to build on our track record of strong performance, delivering on our top line guidance while exceeding bottom line guidance as we compete to win in this highly dynamic global environment.

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，在我們的標誌性品牌和嚴格執行 PVH+ 計劃的推動下，我們對第二季度的強勁業績感到滿意。我們將繼續鞏固我們的強勁業績記錄，在實現營收指引的同時超越營收指引，在這個高度動態的全球環境中競爭取勝。

We delivered reported revenue growth of 4% for the quarter, with constant currency revenue growth of 2%, in line with our guidance, and we exceeded our earnings guidance with earnings per share of $1.98, driven by lower expenses and a lower tax rate. Additionally, we returned $200 million to shareholders during the second quarter through the repurchase of 2.4 million shares of common stock, which was earlier than planned and enabled by our strong balance sheet.

我們報告的本季度收入增長4%，貨幣收入恆定增長2%，與我們的指導一致，並且在較低的費用和較低的稅率的推動下，我們超出了我們的盈利指導，每股收益為1.98 美元。此外，我們在第二季度通過回購 240 萬股普通股向股東返還了 2 億美元，回購時間早於計劃，並且得益於我們強勁的資產負債表。

Importantly, our inventory levels at quarter end are well positioned, up 6% compared to last year and fully aligned with our projected sales growth. And as Stefan mentioned, with the significant progress we are making to deliver a demand and data-driven supply chain, we now expect our inventory levels to be significantly lower than 2022 in the second half of 2023, and that improvement will continue through 2024 with our announced 25% reduction in inventory as a percentage of sales.

重要的是，我們季度末的庫存水平處於有利位置，與去年相比增長了 6%，與我們預計的銷售增長完全一致。正如Stefan 提到的，隨著我們在提供需求和數據驅動的供應鏈方面取得的重大進展，我們現在預計2023 年下半年我們的庫存水平將顯著低於2022 年，並且這種改善將持續到2024 年我們宣布將庫存佔銷售額的百分比減少 25%。

As we look forward to the rest of the year, we expect our strong first half performance to continue into the second half. And as a result, our full year business outlook remains largely unchanged. We are reaffirming our full year revenue guidance and operating margin outlook and raising our non-GAAP EPS outlook to a record $10.35.

當我們展望今年剩餘時間時，我們預計上半年的強勁表現將持續到下半年。因此，我們的全年業務前景基本保持不變。我們重申全年收入指引和營業利潤率預期，並將非 GAAP 每股收益預期上調至創紀錄的 10.35 美元。

In addition to the continued strong delivery of our plan, the improvement in EPS is driven by 2 main factors: an increase in share buybacks and a decreased tax rate. On the share buybacks, we are increasing our planned buybacks from $200 million previously up to $400 million. This supports our conviction in the execution of the PVH+ Plan and its long-term value creation as well as our priority to deliver shareholder value. For the tax rate, our outlook for our full year rate is decreasing from approximately 24% to approximately 22%. This is another step towards our multiyear commitment to deliver a sustainable rate in the low 20s.

除了我們計劃的持續強勁交付之外，每股收益的改善還受到兩個主要因素的推動：股票回購的增加和稅率的降低。在股票回購方面，我們將計劃回購金額從之前的 2 億美元增加到 4 億美元。這支持了我們執行 PVH+ 計劃及其長期價值創造的信念，以及我們優先提供股東價值的信念。對於稅率，我們對全年稅率的預期從約 24% 降至約 22%。這是我們向實現 20 多歲以下可持續增長率的多年承諾邁出的又一步。

While our revised outlook reflects our growing confidence in our second half plan, we are also continuing to plan for 2023 with a healthy balance of optimism and prudence. I will now discuss our second quarter results in more detail and then move on to our outlook. Revenue was up 4% for the quarter, which reflected a 2% positive impact from exchange.

雖然我們修訂後的展望反映了我們對下半年計劃的信心不斷增強，但我們也將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二季度的業績，然後繼續我們的展望。本季度收入增長 4%，反映出交易所帶來的 2% 積極影響。

Second quarter revenue for our international business was up a strong 6% on a constant currency basis, with growth in both Asia Pacific and Europe. Revenues for Asia Pacific were up 12% on a reported basis, including a 4% negative impact from exchange, led by China, where revenues in local currency were up over 20% compared to last year. Revenue in our European business was up low single digits in euros, in line with our expectations, driven by strong growth in the direct-to-consumer business.

我們的國際業務第二季度收入按固定匯率計算強勁增長 6%，亞太地區和歐洲均實現增長。據報導，亞太地區的收入增長了 12%，其中包括 4% 的匯率負面影響，其中以中國為首，以當地貨幣計算的收入與去年相比增長了 20% 以上。在直接面向消費者業務強勁增長的推動下，我們歐洲業務的收入以歐元計算，實現低個位數增長，符合我們的預期。

In North America, our focus remains on driving strength in the direct-to-consumer business. We delivered another quarter of growth in both our retail stores and owned and operated digital commerce business with total DTC up mid-single digits and importantly, another quarter of improvement in sales to domestic consumers compared to the prior year. We were especially pleased with the double-digit growth we drove in our digital commerce business in both brands as the investments we have made in the platform and overall site experience have begun to resonate with consumers. Wholesale sales in North America were down as planned, primarily in our Calvin Klein business as retailers continue to take a cautious approach and we focus on driving sell-through and healthy inventory across the channel.

在北美，我們的重點仍然是增強直接面向消費者業務的實力。我們的零售店以及擁有和運營的數字商務業務均實現了又一個季度的增長，總DTC 增長了中個位數，重要的是，與上一年相比，對國內消費者的銷售額又實現了一個季度的增長。我們對兩個品牌的數字商務業務實現兩位數增長感到特別高興，因為我們在平台和整體網站體驗方面的投資已經開始引起消費者的共鳴。北美的批發銷售額按計劃下降，主要是我們的 Calvin Klein 業務，因為零售商繼續採取謹慎態度，而我們專注於推動整個渠道的銷售和健康庫存。

From a channel perspective, we continue to drive strong performance across all regions in our direct-to-consumer businesses, where we have the closest connection to our consumer and can deliver the PVH+ Plan with greatest impact. We delivered another quarter of strong growth in both our stores and our owned and operated digital commerce business with constant currency revenues up 10% and 11%, respectively, compared to last year. Our total DTC revenue was up 10% on a constant currency basis in the quarter and up approximately 350 basis points as a percentage of our total revenue compared to last year.

從渠道角度來看，我們繼續在直接面向消費者的業務中推動所有地區的強勁業績，在這些業務中，我們與消費者的聯繫最密切，可以提供影響最大的 PVH+ 計劃。我們的商店以及我們擁有和運營的數字商務業務又實現了一個季度的強勁增長，與去年相比，固定貨幣收入分別增長了 10% 和 11%。按固定匯率計算，本季度我們的 DTC 總收入增長了 10%，佔總收入的百分比比去年增長了約 350 個基點。

Wholesale revenue was down 6% on a constant currency basis as retailers continue to take a cautious approach, specifically in the U.S. On a reported basis, DTC revenue was up 11% and wholesale revenue was down 3%.

由於零售商繼續採取謹慎態度，特別是在美國，按固定匯率計算，批發收入下降了 6%。據報導，DTC 收入增長了 11%，批發收入下降了 3%。

Our global brands also continued to deliver solid growth, with Tommy Hilfiger revenues up 6% and Calvin Klein revenues up 3% as reported, driven by our hyper focus on investing to drive consumer engagement. As Stefan described in depth earlier, across both brands, we work with culturally relevant global talent and influencers like Jennie Kim and Lewis Hamilton to authentically connect consumers to our iconic hero products and through some of the biggest events like New York Fashion Week, F1 Grand Prix and the World Cup and drove significant engagement and demand for the brands. On a constant currency basis, revenue for both brands was up low single digits.

我們的全球品牌也繼續實現穩健增長，據報導，在我們高度重視投資以推動消費者參與的推動下，Tommy Hilfiger 收入增長了 6%，Calvin Klein 收入增長了 3%。正如Stefan 之前深入描述的那樣，在這兩個品牌中，我們與Jennie Kim 和Lewis Hamilton 等文化相關的全球人才和影響者合作，通過紐約時裝週、F1 Grand 等一些最大的活動，將消費者與我們的標誌性英雄產品真正聯繫起來。大獎賽和世界杯推動了品牌的大量參與和需求。按固定匯率計算，兩個品牌的收入均實現低個位數增長。

In the second quarter, we delivered gross margin of 57.6%, an increase of 40 basis points compared to last year despite a 120 basis point negative impact to product costs due to exchange. Gross margin reflects a significant favorable shift in mix with our higher gross margin DTC and international businesses making up a larger portion of total revenue and a favorable impact from freight compared to the prior year, consistent with the first quarter as we used virtually no airfreight this quarter.

第二季度，儘管匯率對產品成本產生了120個基點的負面影響，但我們的毛利率仍達到57.6%，比去年增長了40個基點。 Gross margin reflects a significant favorable shift in mix with our higher gross margin DTC and international businesses making up a larger portion of total revenue and a favorable impact from freight compared to the prior year, consistent with the first quarter as we used virtually no airfreight this四分之一.

While we did experience a benefit from planned price increases, this was more than offset by higher product costs, including the negative impact of exchange previously mentioned and the full impact of abnormally high raw material costs in effect when orders were placed in the latter half of 2022 as that inventory sold through during this quarter.

雖然我們確實從計劃的價格上漲中受益，但這被更高的產品成本所抵消，包括前面提到的匯率的負面影響以及下半年下訂單時異常高的原材料成本的全面影響。 2022 年，因為該季度庫存已售完。

Raw material costs have improved in 2023 and will benefit our gross margins as we move through the second half of the year and especially in 2024. SG&A expense as a percentage of revenue for the second quarter was better than planned at 49.4%, largely due to timing of expenses between the second and third quarter. We continue to make targeted investments to fuel growth throughout the quarter to drive the PVH+ Plan, including an increase in marketing compared to the prior year. SG&A expense as a percentage of revenue was approximately 210 basis points higher than last year, reflecting the impact of the shift in mix to our DTC and international businesses, along with a planned increase in the investments mentioned earlier.

原材料成本在2023 年有所改善，這將有利於我們下半年的毛利率，尤其是2024 年。第二季度的銷售、管理及行政費用佔收入的百分比好於計劃，為49.4%，這主要是由於第二季度和第三季度之間的支出時間安排。我們繼續進行有針對性的投資，以推動整個季度的增長，以推動 PVH+ 計劃，包括與上一年相比增加營銷。 SG&A 費用佔收入的百分比比去年高出約 210 個基點，反映了我們的 DTC 和國際業務組合轉變以及前面提到的投資計劃增加的影響。

In total, EBIT for the quarter was $182 million, exceeding our expectations. Operating margin was 8.3%, which included the 120 basis point negative impact of exchange on our gross margin. Earnings per share was $1.98 compared to $2.08 in last year's second quarter and exceeded our guidance by $0.28 with approximately half of that beat driven by the improvement in [EBIT I] discussed earlier and the other half driven by a lower tax rate. Our tax rate for the quarter was approximately 22%.

總的來說，本季度的息稅前利潤為 1.82 億美元，超出了我們的預期。營業利潤率為 8.3%，其中包括匯率對毛利率造成 120 個基點的負面影響。每股收益為1.98 美元，去年第二季度為2.08 美元，超出我們的指導值0.28 美元，其中大約一半是由於前面討論的[息稅前利潤I] 的改善推動的，另一半是由於稅率降低推動的。我們本季度的稅率約為 22%。

We continue to work relentlessly to drive results. Our strong second quarter performance is a testament to the power of our 2 iconic global brands, Calvin Klein and Tommy Hilfiger, our systematic progress toward developing a demand and data-driven operating model and driving cost efficiencies to enable us to invest in brand-building growth.

我們將繼續不懈地努力以取得成果。我們第二季度的強勁業績證明了我們兩個標誌性全球品牌Calvin Klein 和Tommy Hilfiger 的力量，證明了我們在開發需求和數據驅動的運營模式以及提高成本效率方面取得的系統性進展，使我們能夠投資於品牌建設生長。

And now moving on to our outlook. For the full year, we are reaffirming our revenue and operating margin guidance and raising our EPS guidance by $0.35 from approximately $10 to approximately $10.35. We continue to project revenue to increase by 3% to 4% as reported and 2% to 3% on a constant currency basis and operating margin for the year to be approximately 10%.

現在談談我們的展望。對於全年，我們重申我們的收入和營業利潤率指引，並將每股收益指引從約 10 美元上調 0.35 美元至約 10.35 美元。我們繼續預計收入將按報告增長 3% 至 4%，按固定匯率計算增長 2% 至 3%，全年營業利潤率約為 10%。

Regionally, our outlook for Europe is unchanged, planned up low single digits in euros. Asia Pacific is now planned up low teens compared to previously up low double digits with broad-based growth in the region, led by China, where easing of COVID restrictions has led to a strong rebound in demand for both brands.

從地區來看，我們對歐洲的展望保持不變，計劃將歐元上漲至低個位數。與之前的低兩位數增長相比，亞太地區目前的計劃增長了低兩位數，該地區以中國為首，實現了廣泛的增長，中國放鬆了新冠病毒限制，導致對這兩個品牌的需求強勁反彈。

In North America, we are now planning full year revenue down low single digits compared to previously up low single digits, which reflects a more tempered outlook on the improvement in the international tourist traffic in our U.S. stores for the balance of the year based on continued trends. Our second half outlook for our North America business is otherwise unchanged as we continue to expect strong growth in our owned and operated digital commerce business and the current wholesale trends to continue for the remainder of 2023.

在北美，與之前的低個位數增長相比，我們現在計劃將全年收入下調低個位數，這反映出我們對美國商店今年剩餘時間的國際遊客流量改善的前景更加溫和。趨勢。我們對北美業務的下半年前景保持不變，因為我們繼續預計我們擁有和運營的數字商務業務將強勁增長，並且當前的批發趨勢將在 2023 年剩餘時間內持續下去。

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+ Plan 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 和國際業務的組成，繼續推動利潤率較高的 DTC 業務的增長佔總收入的較大部分。

And as we've indicated previously, we can say with confidence that we will deliver approximately 100 basis points of improvement due to lower freight costs, a combination of both significantly lower airfreight spend and a decrease of over 50% in ocean freight rates, both of which are an outcome of the significant improvements we've driven in stabilizing our supply chain. We expect gross margin improvement to grow an impact in each of the third and fourth quarters.

正如我們之前所指出的，我們可以充滿信心地說，由於貨運成本降低，加上空運支出顯著降低和海運運費下降超過 50%，我們將實現約 100 個基點的改進。這是我們在穩定供應鏈方面做出重大改進的結果。我們預計毛利率的改善將在第三和第四季度產生更大的影響。

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, as we discussed last quarter, we continue to invest in key areas that drive growth, including increased levels of marketing with our full year target at approximately 6% of revenue for the year compared to approximately 5.5% last year.

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，正如我們上季度討論的那樣，我們繼續投資於推動增長的關鍵領域，包括提高營銷水平，我們的全年目標是佔當年收入的約 6%，而去年約為 5.5%。

We've also made significant progress in our plans to implement the people cost actions we have shared previously. With the actions taken in July and additional actions planned in the third quarter, we will have completed our target 10% people cost reduction in our global offices by the end of the third quarter, earlier than initially planned with an initial cost savings ahead of our targeted $100 million of savings net of strategic people investments.

我們在實施之前分享的人員成本行動的計劃方面也取得了重大進展。通過7 月份採取的行動以及第三季度計劃採取的其他行動，我們將在第三季度末之前完成全球辦事處人員成本削減10% 的目標，這比最初計劃的要早，並在我們的目標實現之前實現了初步成本節省。目標是扣除戰略人才投資後節省 1 億美元。

Our full year operating margin projection continues to be approximately 10% and reflects high single-digit percentage EBIT growth. Interest expense is projected to be approximately $100 million, and our tax rate for the year is projected to be approximately 22% versus approximately 24% previously.

我們的全年營業利潤率預測繼續保持在 10% 左右，反映出息稅前利潤的高個位數百分比增長。利息支出預計約為 1 億美元，我們今年的稅率預計約為 22%，而之前約為 24%。

We are confident in the strength of the PVH+ Plan and our ability to execute in the back half of the year. And as such, for the full year 2023, we are now increasing our non-GAAP earnings per share projection to approximately $10.35, up 15% compared to 2022 and a record high for PVH. Turning to the third quarter. Our overall revenue is in line with original plans and is projected to increase mid-single digits as reported and low single digits on a constant currency basis compared to last year.

我們對 PVH+ 計劃的力度以及下半年的執行能力充滿信心。因此，對於 2023 年全年，我們現將非 GAAP 每股收益預測提高至約 10.35 美元，比 2022 年增長 15%，創下 PVH 的歷史新高。轉向第三季度。我們的整體收入符合最初的計劃，預計與去年相比將按報告增長中個位數，按固定匯率計算將增長低個位數。

Third quarter earnings per share is projected to be approximately $2.70 compared to $2.60 in the prior year. As I mentioned, gross margin improvement in the third quarter is expected to grow an impact as the benefits we realized in the second quarter continue, including an even greater benefit from freight as we realize the full impact of lower ocean rates and the impact of abnormally high raw material costs begin to ease.

第三季度每股收益預計約為 2.70 美元，而去年同期為 2.60 美元。正如我所提到的，隨著我們在第二季度實現的收益持續下去，第三季度毛利率的改善預計將產生更大的影響，包括貨運帶來的更大收益，因為我們意識到海運費率下降的全面影響以及異常的影響原材料成本居高不下開始緩解。

We are also planning higher SG&A investments in the third quarter with a particular focus again on marketing, where our spend is planned to increase approximately 20% versus last year as we invest in cut-through brand campaigns that ignite our talent and influencer engine globally and elevate the brands across consumer touch points, driving our continued momentum for the rest of the year. Our tax rate for the third quarter is estimated at approximately 22% and interest expense is projected to be approximately $25 million.

我們還計劃在第三季度增加 SG&A 投資，並再次特別關注營銷，我們的支出計劃比去年增加約 20%，因為我們投資於貫穿式品牌活動，在全球範圍內激發我們的人才和影響力引擎，提升品牌在消費者接觸點上的地位，推動我們在今年剩餘時間裡繼續保持增長勢頭。我們第三季度的稅率預計約為 22%，利息支出預計約為 2500 萬美元。

Before we open it up for questions, I want to reiterate that we are pleased with another strong quarter. As Stefan talked about earlier, we are laser-focused on delivering our commitments by executing the 5 key growth drivers of the PVH+ Plan, bringing together the consumer-facing value drivers of product, consumer engagement and marketplace with the underlying operating engines and delivering consistent results in a systemic and repeatable way.

在我們開始提問之前，我想重申，我們對又一個強勁的季度感到高興。正如Stefan 之前談到的，我們通過執行PVH+ 計劃的5 個關鍵增長驅動力，將產品、消費者參與和市場等面向消費者的價值驅動力與底層運營引擎結合起來，專注於兌現我們的承諾，並提供一致的以系統且可重複的方式產生結果。

And with that, operator, we would like to open it up to questions.

就此而言，操作員，我們願意接受提問。

(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）。

Just a couple of questions for you. On North America, can you just elaborate a bit more just on the traction that you are gaining in North America, especially an update on the profitability? And then I guess the second question around North America is just some of the commentary you made around U.S. wholesale. Can you just expand a little bit more in terms of what you're seeing in your assumptions into the back half of the year on the U.S. wholesale business?

只是想問你幾個問題。關於北美，您能否詳細說明一下您在北美獲得的吸引力，特別是盈利能力的最新情況？然後我想關於北美的第二個問題只是您對美國批發市場所做的一些評論。您能否進一步擴展一下您對今年下半年美國批發業務的假設？

Well, thanks, Bob. What's really exciting for us to see and to share this quarter is that the critically important work that we started a year ago to build this sustainable, strong foundation for brand accretive growth in our home market, both Calvin and Tommy be loved in America. We haven't put enough focus on the domestic consumer.

嗯，謝謝，鮑勃。本季度我們看到並分享的真正令人興奮的是，我們一年前開始的至關重要的工作是為我們國內市場的品牌增值增長奠定可持續、堅實的基礎，Calvin 和Tommy 在美國都受到喜愛。我們對國內消費者的關注不夠。

So as part of PVH+, we put laser focus on building this sustainable foundation. And as we have mentioned through the quarters, we have seen under-the-surface improvement, but this is a pivotal quarter because you can all see it. And starting with Calvin and Tommy, both driving mid-single-digit growth in D2C in a very choppy macro. And we're driving this growth, both in stores and in e-commerce. And it's directly driven by the PVH+ execution in product, marketing and the marketplace execution.

因此，作為 PVH+ 的一部分，我們將重點放在建立這個可持續的基礎上。正如我們在各個季度中提到的，我們已經看到了表面下的改善，但這是一個關鍵的季度，因為你們都可以看到它。從 Calvin 和 Tommy 開始，他們在非常波動的宏觀環境中推動了 D2C 的中個位數增長。我們正在推動商店和電子商務領域的增長。它直接由 PVH+ 在產品、營銷和市場執行方面的執行驅動。

So what do we see? We see that AURs are up. We see that the gross margin rate is up. We see that through the simplification of how we work and get things done, we see that [the] flow through in EBIT rate improvements, and Zac will be able to take you through a little bit more details on that. But it's really a pivotal moment where you now see the proof points that we have been working on over the past year. And mentioning a little bit more about how we do this from a PVH+ perspective.

那麼我們看到了什麼？我們看到 AUR 上升了。我們看到毛利率上升了。我們看到，通過簡化我們的工作和完成工作的方式，我們看到息稅前利潤率得到改善，扎克將能夠向您介紹更多有關這方面的細節。但這確實是一個關鍵時刻，您現在可以看到我們在過去一年中一直在努力的證據。並進一步提及我們如何從 PVH+ 的角度做到這一點。

Because across both Calvin and Tommy, we start with leveraging the strength and the brand love for the brands. Then we build out category offense and best hero products. And you can see in Tommy, this quarter, the global bestsellers drove 20% growth. And this is -- again, in these market conditions, 20% growth. And in Calvin, the premium essentials drove 20% growth as well.

因為在 Calvin 和 Tommy 中，我們都是從利用品牌的實力和品牌熱愛開始的。然後我們建立類別進攻和最佳英雄產品。你可以在《湯米》中看到，本季度全球暢銷書推動了 20% 的增長。在這樣的市場條件下，這又是 20% 的增長。在 Calvin，優質必需品也推動了 20% 的增長。

So we see that the category offense and the hero products are paying off, resonating really well with the consumer. And then we have gotten better and better on connecting the brand and the products with the talent partnerships that we are building out. So we are building out long-term talent partnerships where we have talent amplifying our products, amplifying our brands, and then we connect the product -- the brand, the products, the talent with big events that are culturally relevant, whether it's New York Fashion Week or its Formula 1 in Miami.

因此，我們看到品類進攻和英雄產品正在取得回報，與消費者產生了很好的共鳴。然後，我們在將品牌和產品與我們正在建立的人才合作夥伴關係聯繫起來方面做得越來越好。因此，我們正在建立長期的人才合作夥伴關係，讓人才擴大我們的產品、擴大我們的品牌，然後我們將產品——品牌、產品、人才與文化相關的大型活動聯繫起來，無論是在紐約邁阿密時裝週或其一級方程式賽車。

So we are starting to create a flywheel with bringing the brands to life closer to their full potential. And then -- so that's the consumer-facing brand desirability improvements. But then we combine that with the underlying business engine. So as I shared in my prepared remarks, what's really exciting is that this quarter, we're also able to take a big next step towards a demand-driven supply chain.

因此，我們開始創建一個飛輪，讓品牌更接近充分發揮其潛力。然後——這就是面向消費者的品牌滿意度的提高。但隨後我們將其與底層業務引擎結合起來。因此，正如我在準備好的發言中所分享的那樣，真正令人興奮的是，本季度我們還能夠朝著需求驅動的供應鏈邁出一大步。

So think about it, we're setting out to drive higher growth with 25% lower inventory. And then you might ask, how is that possible? Well, it comes back to 3 things. It comes back to the category focus, the hero product focus, the increased discipline in how we build the assortment and then how we plan that closer to demand, we're cutting our lead times and then how we improve the allocations.

所以想一想，我們正著手以降低 25% 的庫存來推動更高的增長。然後你可能會問，這怎麼可能？好吧，這又回到了三件事。這又回到了對品類的關注，對英雄產品的關注，對我們如何構建品種的嚴格紀律，以及我們如何計劃更接近需求的問題，我們正在縮短交貨時間，然後我們如何改進分配。

So you have the consumer-facing improvements and then you have this underlying business engine. And then on top of that, you have the efficiencies and the simplification of how we do the work. And that is what you start to see now in the P&L. So Zac, if you want to complement that?

所以你有了面向消費者的改進，然後你就有了這個底層的業務引擎。最重要的是，您可以提高工作效率並簡化工作方式。這就是您現在開始在損益表中看到的內容。那麼扎克，你想補充一下嗎？

Yes. I mean a significant step-up in profitability for both Tommy and Calvin (inaudible) in North Americas, greater than 6% in Tommy, greater than 8% in Calvin. I think what we love about that result is how widespread that improvement was, improvement across both brands, improvement across all channels, across both brands and higher gross margin percent and stronger SG&A management. So really a widespread step forward. So mid- to high single digits is really only the first step in our commitment towards low teens, but it's an important one and a sizable one this quarter.

是的。我的意思是 Tommy 和 Calvin（聽不清）在北美的盈利能力顯著提高，Tommy 超過 6%，Calvin 超過 8%。我認為我們喜歡這個結果的原因在於這種改善的廣泛性，兩個品牌的改善，所有渠道的改善，兩個品牌的改善，以及更高的毛利率和更強大的銷售管理費用管理。這確實是一個廣泛的進步。因此，中高個位數實際上只是我們對低青少年承諾的第一步，但這是本季度的一個重要步驟，而且是一個相當大的步驟。

Yes. Thanks, Zac. And Bob, when it comes to U.S. wholesale, we know that the channel is choppy and challenged. But what's exciting under the surface here, again, is that when we lean in with our most important partners like Macy's, and we focus on bringing PVH+ to life for Calvin and Tommy together, we see some really encouraging results. So this past quarter, as we mentioned, we were able to drive significant growth in the pilot doors in the doors where the top doors where we execute the category offense secure products, we have the inventory.

是的。謝謝，扎克。鮑勃，當談到美國批發時，我們知道該渠道動盪且充滿挑戰。但表面之下令人興奮的是，當我們與像梅西百貨這樣最重要的合作夥伴合作，並且我們專注於為 Calvin 和 Tommy 一起實現 PVH+ 時，我們看到了一些非常令人鼓舞的結果。因此，正如我們提到的，上個季度，我們能夠推動試點門的顯著增長，在這些門中，我們執行類別進攻的頂部門確保了產品的安全，我們擁有庫存。

We have the vendor. We work with Macy's to have more staffing on the floor. So we treat it more as the best expression of our stores. And then we see immediately the performance driving. So it's another proof point that over the next few quarters, we will build out together with our best wholesale partner.

我們有供應商。我們與梅西百貨合作，增加員工數量。所以我們更多地將其視為我們商店的最佳表達。然後我們立即看到性能驅動。因此，這是另一個證據，表明在接下來的幾個季度中，我們將與我們最好的批發合作夥伴一起發展。

We'll take our next question from Jay Sole with UBS.

我們將回答瑞銀集團的 Jay Sole 提出的下一個問題。

Great. Stefan, I'm interested in your comments on delivery times improving, the inventory reduction you're talking about, you just mentioned simplification. Can you maybe just talk about the developments in the supply chain side of the PVH+ Plan over the last 90 days and give us such an idea about how that part of the plan is trending and what you're seeing there and how you're getting some of these improvements that you're talking about?

偉大的。 Stefan，我對您關於交貨時間改善、庫存減少以及您剛才提到的簡化的評論感興趣。您能否簡單談談過去 90 天內 PVH+ 計劃供應鏈方面的發展情況，並向我們介紹一下該計劃的這一部分的趨勢以及您在那裡看到的內容以及獲得的情況您正在談論的其中一些改進？

Yes, absolutely. Thanks, Jay. So let's just start with -- we really strengthened our supply chain leadership when David joined us with his H&M Group experience. And he was able to work with our strong team to just get them more focused on -- get us more focused on getting the basics right to start with on-time delivery, shorter transportation lead times, more responsive production solutions and models, more data-driven planning tools.

是的，一點沒錯。謝謝，傑伊。那麼，讓我們首先——當 David 以其 H&M 集團經驗加入我們時，我們真正加強了我們的供應鏈領導力。他能夠與我們強大的團隊合作，讓他們更加專注於準時交付、更短的運輸交付週期、更靈敏的生產解決方案和模型、更多數據等基礎知識。 -驅動的規劃工具。

And in doing that work, like -- and this is my experience, having deep experience in the supply chain side is you have to get the foundational pieces right, then you have to work super closely upstream with the product creation teams. And once you have that done, which we got done sooner than expected, then we started looking at what could be a next breakthrough step. And then we realized that, that breakthrough is much closer than what we expected. So that's what enabled us to set the target of 25% less inventory in relation to sales by the end of 2024. And we are already internally driving to [our staff].

在做這項工作時，就像——這是我的經驗，在供應鏈方面擁有豐富的經驗，你必須把基礎部分做好，然後你必須與上游的產品創建團隊密切合作。一旦完成了這一點（我們完成得比預期要早），我們就開始考慮下一個突破性的步驟。然後我們意識到，這一突破比我們的預期要近得多。因此，我們能夠設定到 2024 年底將庫存相對於銷售額減少 25% 的目標。而且我們已經在內部推動[我們的員工]。

And that comes back to what I mentioned earlier. It's just -- it starts with how we plan the assortment, how we build the assortment and having an intention behind every single product and then connecting that to better demand planning and then connecting that to better allocation. And we see some part of the D2C growth in North America right now is fueled by that better planning and that better allocation.

這又回到了我之前提到的。只是——它從我們如何規劃品種、如何構建品種以及每個產品背後的意圖開始，然後將其與更好的需求計劃聯繫起來，然後將其與更好的分配聯繫起來。我們看到，目前北美 D2C 增長的部分原因是更好的規劃和更好的分配。

But we're just in the beginning, but the 25% is significant. And if you look at the value creation potential is that it's real. And then you look at even the sustainability component of -- instead of running the business with too much inventory at any given time that most do in our sector, we're able to get much better match between what we create, plan and produce is actually much closer to what the consumer wants. So yes, very exciting.

但我們才剛剛開始，但這 25% 已經很重要了。如果你看看價值創造潛力，就會發現它是真實的。然後你甚至會看到可持續發展的組成部分——而不是像我們行業中大多數人那樣在任何特定時間都以過多的庫存來運營業務，我們能夠在我們創造、計劃和生產的產品之間獲得更好的匹配實際上更接近消費者想要的。所以是的，非常令人興奮。

We'll take our next question from [Ike Boruchow] with Wells Fargo.

我們將接受富國銀行 [Ike Boruchow] 的下一個問題。

This is Robert on behalf of Ike. Just had a quick question on -- do you have [any reads] on your fall product by brand?

這是羅伯特代表艾克。剛剛有一個簡單的問題——你對你的秋季產品（按品牌）有[任何讀物]嗎？

Yes. Thanks, Rob. So early days for fall, but positive response. So both Zac and I mentioned that we are in great shape inventory-wise. And there are 2 perspectives -- 2 dimensions of inventory. One is the level. So we're in great shape across the brands and across regions when it comes to the levels. We're also in great shape when it comes to the composition.

是的。謝謝，羅布。秋天還早，但反應積極。因此，扎克和我都提到我們的庫存狀況良好。有兩種觀點——庫存的兩個維度。一是水平。因此，就級別而言，我們在各個品牌和各個地區都處於良好狀態。在構圖方面，我們的狀態也很好。

So we all know that it's so important in our sector to have fresh inventory too, when you start the fall season to have more full see some product, more fresh products this year than what we had last year, and that's exactly where we are. And then we look at the initial sell-through [reads of] fall and positive across both brands, all regions, early, but very positive.

因此，我們都知道，在我們的行業中，擁有新鮮庫存也非常重要，當你開始秋季時，可以看到更全面的產品，今年的新鮮產品比去年更多，而這正是我們的處境。然後我們看看兩個品牌、所有地區的初始銷售量[讀數]下降和積極，雖然很早，但非常積極。

We'll take our next question from Chris Nardone with Bank of America.

我們將回答美國銀行克里斯·納多內 (Chris Nardone) 提出的下一個問題。

I wanted to talk a little bit more about some of the moving pieces in SG&A. First, if you could talk about the cadence and when we should start recognizing the $100 million in net savings. I think you actually said it might be greater than that. And then secondly, in terms of marketing, is the 6% target this year a level where you feel comfortable over the medium term to drive towards your PVH+ targets? Or is there a need to continue to drift that percentage higher?

我想多談談 SG&A 中的一些動態部分。首先，您能否談談節奏以及我們何時應該開始認識到 1 億美元的淨節省。我想你實際上說過它可能比這更大。其次，在營銷方面，今年 6% 的目標是否是您在中期內願意推動實現 PVH+ 目標的水平？或者是否有必要繼續提高這一比例？

Yes. Thanks, Chris. So let me start, and then I'll hand it over to Zac. But from a cost efficiency perspective, what's most -- what's always been most important for us is to find the most simple, close to consumer way of working that gives us speed in decision-making. And that's what made us set out the initiative this year to rightsize the organization to the PVH+ Plan. And Zac will take you through more in detail how we executed on this.

是的。謝謝，克里斯。那麼讓我開始吧，然後我會把它交給扎克。但從成本效率的角度來看，對我們來說最重要的是找到最簡單、最貼近消費者的工作方式，讓我們能夠加快決策速度。這就是我們今年提出調整組織規模以適應 PVH+ 計劃的舉措的原因。扎克將帶您更詳細地了解我們如何執行此操作。

And that's going to be a continuous work for us to get closer to the consumer, to get faster because at the end of the day, we have the brands, we have the vision, we have the plan to win and outcompete our competition on medium, long term is our ability to execute. And most big companies get slow, gets bureaucratic. And that's -- I'm out a lot working with our teams to say, how can we work like a small company? How can we get the speed of when we are out seeing in stores what we need from the consumer? How can we cut the time in half to take action? So that's the beginning on the efficiency part.

對於我們來說，這將是一項持續的工作，以便更貼近消費者、更快地發展，因為歸根結底，我們擁有品牌、我們有願景、我們有計劃在媒介上贏得併超越我們的競爭對手，長期就是我們的執行能力。大多數大公司都變得緩慢、官僚。那就是——我經常與我們的團隊一起工作，問我們如何才能像小公司一樣工作？當我們在商店裡看到我們需要的消費者商品時，我們怎樣才能獲得最快的速度呢？我們如何才能將採取行動的時間縮短一半？這就是效率部分的開始。

The second part is then connected to the marketing piece, which is investing into growth. So part of the efficiencies we free up is to invest in the growth. And marketing, the 20% increase in marketing, as Zac mentioned, it's -- we feel really good about that on the near term and medium term to your perspective because there is also a lot of effectiveness work we have to do in terms of how are we spending those investments.

第二部分與營銷部分相關，即投資於增長。因此，我們釋放的部分效率是投資於增長。營銷方面，正如扎克提到的，營銷方面增加了 20%，從你的角度來看，我們對近期和中期的情況感到非常滿意，因為我們還必須在如何提高效率方面開展大量工作。我們是否花費了這些投資？

So are we spending them to cut through? Are we spending them in consumer-facing initiatives? Are we spending them in the talent? Are we spending them in the big events that we have to cut through? So it's both the investment levels that we are increasing, which I feel really good about. And then it's the effectiveness. And then we just continuously monitor to see that we are investing enough to cut through.

那麼我們是否要花費它們來突破？我們是否將它們用於面向消費者的舉措？我們是否將它們花在人才上？我們是否將它們花在我們必須取消的重大事件上？因此，我們正在增加投資水平，我對此感到非常滿意。然後就是效率。然後我們不斷地監控，看看我們是否有足夠的投資來突破。

Yes. Thanks, Chris. I think we're really proud of the work we started last year on redefining how we spend SG&A. So we've seen already in the first half of the year, significant investments in DTC, which comes with margin expansion and the marketing spend we've talked about, which we know comes to the benefits there.

是的。謝謝，克里斯。我認為我們對去年開始的重新定義銷售管理及行政費用支出方式的工作感到非常自豪。因此，我們在今年上半年就已經看到了對 DTC 的大量投資，這伴隨著利潤率擴張和我們已經討論過的營銷支出，我們知道這會帶來好處。

So as we look forward into the second half, we absolutely expect to continue on those investments of driving DTC growth and marketing (inaudible) investments. But to your point, on the other side of things, what starts to become an increasingly powerful impact is the work we've done on our previously committed 10% people cost reduction. So the program, we took some significant steps in the second quarter. We will finish the program in the third quarter. So a quarter early from what we had planned previously, and the impact is slightly ahead of the $100 million we've committed.

因此，當我們展望下半年時，我們絕對希望繼續進行推動 DTC 增長和營銷（聽不清）投資的投資。但就你的觀點而言，另一方面，我們在之前承諾的 10% 人力成本削減方面所做的工作開始產生越來越強大的影響。因此，我們在第二季度採取了一些重要步驟。我們將在第三季度完成該計劃。因此，比我們之前的計劃提前了一個季度，其影響略高於我們承諾的 1 億美元。

So I think we'll see some impact of that in the third quarter. But in reality, we start to see that pick up most impactfully into fourth quarter, and then that will carry forward into how that annualizes for next year.

所以我認為我們將在第三季度看到一些影響。但實際上，我們開始看到第四季度的影響力最大，然後這將延續到明年的年化情況。

We'll take our next question from Paul Kearney with Barclays.

我們將接受巴克萊銀行的保羅·科爾尼提出的下一個問題。

Great to see the progress in North America. A question on guidance. I think it was mentioned that the change in guidance was mostly driven from the lower tax and share repurchases. Given the supply chain improvements and finishing the SG&A improvements a quarter early, just wondering whether you're seeing anything incremental offset this benefit in the back half? Or if it's just some conservatism on the demand side?

很高興看到北美的進步。關於指導的問題。我認為有人提到指導意見的變化主要是由於稅收降低和股票回購所致。考慮到供應鏈的改進以及提前一個季度完成的 SG&A 改進，只是想知道您是否在後半段看到任何增量抵消了這一收益？或者這只是需求方面的一些保守主義？

Thanks, Paul. So this is Stefan. Let me just start by saying we're able to take our guidance up because we continue to deliver what we said we were going to do from an operational standpoint of how we drive desirability in the brands and how we execute those in the marketplace.

謝謝，保羅。這就是斯特凡。首先我要說的是，我們能夠採納我們的指導，因為我們繼續從運營的角度實現我們所說的要做的事情，即我們如何提高品牌的吸引力以及我們如何在市場上執行這些品牌。

And then that leaves us to be able to invest back in the business and invest in growth. And that leads to -- that's the foundational strength that leads to us taking up the guidance. And then Zac, if you want to mention what it means in terms of our ability to -- because when that works really well, we are first investing back into growth. And then secondly, as we shared this quarter, we're able to invest back more into ourselves through the increased doubling of the share buyback.

然後我們就能夠對業務進行投資並投資於增長。這就是導致我們接受指導的基本力量。然後扎克，如果你想提一下這對我們的能力意味著什麼——因為當這確實有效時，我們首先會投資於增長。其次，正如我們本季度分享的那樣，我們能夠通過股票回購增加一倍來對自己進行更多投資。

Yes. I think the year continues to shape up nearly exactly as we had planned (inaudible) across all dimensions from there. So the small sort of puts and takes on the business. But -- so that's leading us with significant confidence. And I think if we take a look at the second half, really gaining confidence in our ability to drive the continued profitability improvements that we've got committed.

是的。我認為這一年的發展幾乎完全按照我們在所有方面的計劃（聽不清）。因此，小型的投入和承擔業務。但是——這讓我們充滿信心。我認為，如果我們看看下半年，我們就會真正對我們推動持續盈利能力提高的能力充滿信心。

On the increase side of things, 2 important impacts. One is on the share buybacks. And I think it's really important to comment on the value of that inventory improvement we're seeing that frees up working capital to turn around and invest in either other elements of the PVH+ Plan to drive growth or as we saw with the announcement we made on the share buybacks, a significant increase from $200 million to $400 million full year, including $200 million of share buybacks in the second quarter alone.

在增長方面，有兩個重要影響。一是關於股票回購。我認為對我們所看到的庫存改善的價值進行評論非常重要，這可以釋放營運資金，以扭轉局面並投資於PVH+ 計劃的其他要素以推動增長，或者正如我們在2017 年發布的公告中看到的那樣股票回購，全年從 2 億美元大幅增加至 4 億美元，其中僅第二季度就回購了 2 億美元。

And so as you mentioned, some of that work around inventory (inaudible) the plans, what that does is it frees up capital there to return back to shareholders. And the other half of that is the tax improvement from 24% to 22%. That increasing as well, representing the rest of the increase as we continue to work a tax rate down as we've committed to over the prior year.

正如您所提到的，其中一些工作圍繞庫存（聽不清）計劃，其作用是釋放資本以返還給股東。另一半是稅收從 24% 提高到 22%。隨著我們按照上一年的承諾繼續降低稅率，這一數字也在增加，代表了其餘的增長。

So I think overall, we feel great about where the operating business is coming in and what that sort of certainty is allowing us is to free up the capacity to return cash back to shareholders via the share buyback, and that's what's leading to the increase.

因此，我認為總體而言，我們對經營業務的發展方向感到滿意，這種確定性使我們能夠釋放通過股票回購向股東返還現金的能力，這就是導致增長的原因。

Operator, we have time for one more question.

接線員，我們還有時間再問一個問題。

That question will come from Brooke Roach with Goldman Sachs.

這個問題將由高盛的布魯克·羅奇提出。

Stefan, I was hoping that you could elaborate a bit more on the outlook that you see for AUR and pricing opportunity as you balance the brand and product investments you're making as you develop a PVH+ Plan? And then secondly, Zac, can you remind us the opportunities that you see ahead to recapture some of the outsized promotions that you saw last holiday as you move into this holiday season?

Stefan，我希望您能詳細說明您在製定 PVH+ 計劃時平衡品牌和產品投資時對 AUR 和定價機會的看法？其次，扎克，您能否提醒我們，當您進入這個假日季節時，您認為未來有哪些機會可以重新獲得上個假期看到的一些超大規模促銷活動？

Thanks, Brooke. So on the AUR side, it's exciting to see because I spend a lot of my time in product category, work and product category reviews and looking at product development and the pricing opportunity. So we have a significant AUR opportunity [all the] time, leaning into the category offense.

謝謝，布魯克。因此，在 AUR 方面，這是令人興奮的，因為我花了很多時間在產品類別、工作和產品類別審查上，並關注產品開發和定價機會。因此，我們一直都有重要的 AUR 機會，傾向於進攻類別。

And every time we lean into a category, every time we develop the best hero products in the market, better than our competition, we see an opportunity to sell through at a higher AUR. So very encouraged early days still. And that is something that, [all the time], we just continue to create better product value for the consumer.

每當我們專注於一個類別，每次我們開發出市場上最好的英雄產品，比我們的競爭對手更好時，我們都會看到以更高的 AUR 進行銷售的機會。所以早期仍然非常受鼓舞。這就是，[一直]，我們只是繼續為消費者創造更好的產品價值。

Yes. And I think on the promotion side, Brooke, we, of course, will continue to participate actively in competing to win in the marketplace (inaudible) this is. But one of the reasons why we're so excited about where the inventory levels are today and will continue to improve throughout the back half of the year is that, that's going to allow us to make sure that we're able to ourselves practically make those choices. And I think we can think about annualizing what last year holiday season was. There was a lot of things in the industry on the other side of this. We will have the chance to choose whether to participate or not. And so we would expect to see gross margin improvement versus last year because of that strength of getting our inventories into the spot. We feel great about them heading into the back half of the year.

是的。我認為在促銷方面，布魯克，我們當然將繼續積極參與競爭，以贏得市場（聽不清）。但我們對今天的庫存水平如此興奮並將在今年下半年繼續改善的原因之一是，這將使我們能夠確保我們自己能夠實際生產那些選擇。我認為我們可以考慮將去年假期的情況按年計算。另一方面，行業中還有很多事情。我們將有機會選擇是否參加。因此，由於庫存充足，我們預計毛利率將比去年有所改善。我們對他們進入今年下半年感到非常高興。

Thanks, Zac. And just to wrap up. So what we have is Tommy and Calvin, 2 unique -- absolutely unique and globally iconic brands. And what the PVH+ Plan is all about is us leaning into the DNA of each of these brands and drive brand desirability in product, marketing, marketplace and then at the same time, build out that underlying growth engine, business engine that enable us to build the brand and drive growth in an increasingly systematic repeatable way.

謝謝，扎克。總結一下。所以我們擁有的是 Tommy 和 Calvin，這兩個獨特的——絕對獨特的全球標誌性品牌。 PVH+ 計劃的全部內容是我們深入了解每個品牌的 DNA，並提高產品、營銷、市場方面的品牌吸引力，然後同時構建潛在的增長引擎和業務引擎，使我們能夠建立品牌並以日益系統化、可重複的方式推動增長。

So the real strength and the real value will come from the compounded effect of us doing this quarter after quarter, month after month, week after week, like consistent in direction, consistent in focus and just relentless in step by step by step. So thank you for being on this journey with us, and have a great week, everyone.

因此，真正的力量和真正的價值將來自於我們一個季度又一個季度、一月又一月、一周又一周所做的複合效應，就像方向一致、焦點一致、一步一步堅持不懈。感謝您與我們一起踏上這段旅程，祝大家度過愉快的一周。

This concludes the PVH Second Quarter 2023 Earnings Conference Call. You may disconnect your line at this time, and have a wonderful day.

PVH 2023 年第二季度收益電話會議至此結束。此時您可以斷開線路，度過美好的一天。