PVH Corp (PVH) 2023 Q3 法說會逐字稿

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

大家早安，歡迎參加今天的 PVH 2023 年第三季財報電話會議。 （操作員說明）請注意，此通話將被錄音，如果您需要任何協助，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 Sheryl Freeman。請繼續。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. Third 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 formation. Your participation constitutes your consent having anything you say appear on any transcript or replay of this call. The information to be discussed includes forward-looking statements that reflect PVH's view as of November 30, 2023, of future events and financial performance.

謝謝你，接線生。大家早上好，歡迎參加 PVH Corp. 2023 年第三季財報電話會議。今天的電話會議將由執行長 Stefan Larsson 主持。和財務長 Zac Coughlin。本網路廣播和電話會議是代表 PVH 錄製的，包含受版權保護的資料。未經 PVH 書面同意，不得錄製、轉播或以其他方式傳播。您的參與即表示您同意您所說的任何內容出現在本次通話的任何記錄或重播中。討論的資訊包括反映 PVH 截至 2023 年 11 月 30 日對未來事件和財務表現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 subject of this call. These include PVH's right to change its strategies, objectives, expectations and intentions and the company's ability to realize anticipated benefits and savings from divestitures, restructuring and similar plans such as the planned cost efficiency action announced in August 2022, the 2021 sale of assets of, and exit from, its Heritage Brands menswear and retail businesses and the November 2023 sale of the Heritage Brands women's intimate apparel 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 改變其策略、目標、期望和意圖的權利，以及公司透過剝離、重組和類似計劃（例如 2022 年 8 月宣布的計劃成本效率行動、2021 年出售資產、並退出其Heritage Brands 男裝和零售業務，並於2023 年11 月出售Heritage Brands 女士內衣業務，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 estimate 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 third quarter 2023 earnings release which can be found on www.pvh.com and in the company's current report on 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，要討論的財務資訊和預測將基於 SEC 規則定義的非 GAAP 基礎。 PVH 2023 年第三季財報中包含了與GAAP 金額的對賬，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當前8-K 報告中找到。

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

這次，我很高興將會議交給 Stefan Larsson。

Thank you, Sheryl, and good morning, everyone, and thank you for joining our call today. For the third quarter, we drove strong performance led by the strength of our 2 global iconic brands, Calvin Klein and Tommy Hilfiger. And our disciplined execution of brand building growth plan, the PVH+ Plan.

謝謝謝麗爾，大家早安，謝謝您今天加入我們的電話會議。第三季度，在 Calvin Klein 和 Tommy Hilfiger 兩個全球標誌性品牌的推動下，我們取得了強勁的業績。我們嚴格執行品牌建立成長計畫 PVH+ 計畫。

Despite an increasingly choppy macro backdrop, particularly in Europe, we grew overall revenue in line with guidance, up 4% on a reported basis and up 1% in constant currency, while expanding our gross margins, and we beat our guidance for the bottom line. We drove high single-digit growth in our direct-to-consumer business with growth across both brands in all regions. This included double-digit growth in our owned and operated e-commerce and mid-single-digit growth in our stores.

儘管宏觀背景日益波動，特別是在歐洲，我們的整體收入仍按照指引增長，按報告計算增長 4%，按固定匯率計算增長 1%，同時擴大毛利率，並且超出了我們的淨利潤指引。隨著兩個品牌在所有地區的成長，我們的直接面向消費者業務實現了高個位數成長。這包括我們擁有和經營的電子商務的兩位數成長以及我們商店的中個位數成長。

Partially offsetting the strength in B2C trends, we experienced incrementally more challenging trends in wholesale brought by the tougher macro environment. As a company, we are driving a much more profitable business. On a non-GAAP basis, in Q3, we grew EBIT by 13% versus last year with strong margin expansion. And in Q4, we project to grow EBIT by over 30% versus last year, with an approximate 12% EBIT margin. Looking ahead, we are reaffirming our EBIT margin, and we are increasing our EPS guidance by $0.10 for the full year on a non-GAAP basis.

我們經歷了更嚴峻的宏觀環境帶來的批發趨勢，這在一定程度上抵消了 B2C 趨勢的優勢。作為一家公司，我們正在推動一項利潤更高的業務。以非公認會計準則計算，第三季我們的息稅前利潤比去年增加了 13%，利潤率強勁成長。在第四季度，我們預計息稅前利潤將比去年增長 30% 以上，息稅前利潤率約為 12%。展望未來，我們重申了我們的息稅前利潤率，並且我們將按非 GAAP 基準計算的全年 EPS 指導上調 0.10 美元。

By focusing on what's within our control for the full year 2023, we remain well positioned to buy meaningful margin expansion and double-digit EPS growth. We just came out of the important Thanksgiving and Black Friday week, one of the key consumer moments during the holiday period. And I'm pleased to share that in both North America and in Europe, we beat our growth plans versus last year and delivered a strong start of the holiday season. We continue to make strong progress and gain increasing traction across all 5 growth drivers of the PVH+ Plan. And we relentlessly lean into the execution on winning with product, winning with consumer engagement, winning in the marketplace, as well as developing a data and demand-driven supply chain and investing in growth while driving efficiencies.

透過專注於 2023 年全年我們控制範圍內的事情，我們仍然處於有利地位，可以實現有意義的利潤率擴張和兩位數的每股收益成長。我們剛剛度過了重要的感恩節和黑色星期五一周，這是假期期間的關鍵消費時刻之一。我很高興地告訴大家，在北美和歐洲，我們都超越了去年的成長計劃，並在假期季節取得了良好的開局。我們繼續取得強勁進展，並在 PVH+ 計劃的所有 5 個成長動力方面獲得越來越大的吸引力。我們堅持不懈地依靠執行力來贏得產品、贏得消費者參與、贏得市場，以及開發數據和需求驅動的供應鏈，並在提高效率的同時投資成長。

And as I mentioned on our last call, each of our growth drivers plays an important role. And it's when we play them all together, that's something really powerful happens. And let me share some concrete examples on how we made that come to life this quarter. First, our strong D2C growth was fueled by increased product and supply chain strength that drove higher gross margins. The sales growth was supported by a nearly 20% increase in marketing investments with strong cut-through campaigns and global talent amplification. From a regional perspective, we drove constant currency revenue growth for our combined Calvin and Tommy businesses for all regions.

正如我在上次電話會議中提到的，我們的每一個成長動力都扮演著重要角色。當我們一起演奏它們時，就會發生真正強大的事情。讓我分享一些具體例子，說明我們如何在本季實現這一目標。首先，我們強勁的 D2C 成長得益於產品和供應鏈實力的增強，從而推動了毛利率的提高。行銷投資增加近 20%，加上強有力的直擊行銷活動和全球人才擴張，為銷售成長提供了支持。從區域角度來看，我們推動了所有地區 Calvin 和 Tommy 合併業務的貨幣收入持續成長。

Our outperformance in the quarter was driven by North America, which is a very important proof point for how we are already positioning both Calvin and Tommy for long-term sustainable growth in the region through strong execution of the PVH+ Plan. For the second consecutive quarter, our EBIT margin for our Calvin and Tommy businesses in North America together took a sizable step forward and expanded to 13.1% in the quarter, with significant gross margin expansion in both our direct-to-consumer and wholesale business.

我們本季的優異表現是由北美推動的，這是一個非常重要的證明點，說明我們已經為 Calvin 和 Tommy 做好了定位，透過強力執行 PVH+ 計劃來實現該地區的長期可持續增長。我們北美 Calvin 和 Tommy 業務的息稅前利潤率連續第二季向前邁出了一大步，本季擴大至 13.1%，直接面向消費者和批發業務的毛利率均大幅成長。

Inventory continues to be in great shape, both in composition and in levels, down 19% at the end of the quarter, as we made significant progress increasing overall inventory productivity as part of our actions to lower inventory in relation to sales by 25% by the end of fiscal 2024, all while improving availability. For the first half of 2024, we also see decreases in our AUC with more than 5%. This is partly driven by favorable macro but even more importantly, it's driven by an improved approach to our costing process, the first results of a better raw material strategy and early returns on a much sharper assortment productivity.

庫存在構成和水平方面繼續保持良好狀態，在本季度末下降了19%，因為我們在提高整體庫存生產率方面取得了重大進展，這是我們將庫存與銷售額相比降低25% 的行動的一部分。到 2024 財年末，同時提高可用性。 2024 年上半年，我們的 AUC 也下降了 5% 以上。這在一定程度上是由有利的宏觀因素推動的，但更重要的是，它是由我們的成本核算流程的改進方法、更好的原材料策略的初步成果以及更清晰的分類生產力的早期回報推動的。

We continue to invest in growth while driving cost efficiencies and are improving our cash flow, increasing share buybacks, showing our confidence in our ability to execute over the long term. During the quarter, we further sharpened our focus on our 2 core brands with the divestiture of Heritage Brands. The proceeds from the transaction will be used to repurchase stock and we now expect to repurchase approximately $550 million of our stock, up from $400 million previously.

我們繼續投資於成長，同時提高成本效率，並正在改善我們的現金流，增加股票回購，這表明我們對長期執行能力的信心。本季度，我們透過剝離 Heritage Brands 進一步加強了對 2 個核心品牌的關注。這筆交易的收益將用於回購股票，我們現在預計回購約 5.5 億美元的股票，高於先前的 4 億美元。

Finally, it will be the strength of our brands, our consistency in direction and our relentless execution of the PVH+ Plan that will set us apart over time. And this will, in turn, be driven by the quality of the management team, which we have strengthened significantly over the past year. I'm happy to share the addition of Lea Rytz Goldman, who will join us as Global Brand President of Tommy Hilfiger in spring 2024. Lea is a uniquely strong and experienced brand and business builder with an outstanding track record building brands globally. Under Lea's leadership, the Tommy Hilfiger brand will operate in the same way our global Calvin Klein business operates today under Eva Serrano, creating a consistent and unified global brand structure. Each of our 2 brands now has one leader who sets the vision, leads product creation, brand marketing and consumer experience globally, working closely with our regional teams who inform those strategies and lead the brand to win in the marketplace.

最後，隨著時間的推移，我們的品牌優勢、方向的一致性以及對 PVH+ 計劃的不懈執行將使我們脫穎而出。反過來，這將由管理團隊的素質驅動，我們在過去一年中顯著加強了管理團隊的品質。我很高興與大家分享Lea Rytz Goldman 的加入，她將於2024 年春季加入我們，擔任Tommy Hilfiger 全球品牌總裁。Lea 是一位實力獨特、經驗豐富的品牌和業務建立者，在全球品牌建立方面擁有出色的業績記錄。在 Lea 的領導下，Tommy Hilfiger 品牌的運作方式將與我們目前在 Eva Serrano 領導下的全球 Calvin Klein 業務的運作方式相同，從而創建一致且統一的全球品牌結構。我們的兩個品牌現在各有一名領導者，負責制定願景，在全球範圍內領導產品創造、品牌行銷和消費者體驗，並與我們的區域團隊密切合作，為這些策略提供資訊並帶領品牌在市場上獲勝。

Now let me share a bit more of what drove our performance in the quarter, both from a global brand and regional perspective. Starting with Calvin Klein. Throughout the third quarter, Calvin continued to focus on driving very strong consumer engagement globally through our most important hero products and driving a strong category offers with growth across our refined performance in underwear categories. It was another quarter where we delivered cut-through campaigns globally and continue to amplify our talent partnerships. When we last spoke, the brand has just launched its fall campaign, which included our long-term ambassadors, Jennie Kim, Jung Kook, Kendall Jenner, wearing our most essential underwear, denim and refined women's wear styles. Cut through with nearly 4 million average video views on TikTok and over 20% engagement rate on Instagram.

現在讓我從全球品牌和區域角度分享更多推動我們本季業績的因素。從卡爾文克萊恩開始。在整個第三季度，Calvin 繼續致力於透過我們最重要的英雄產品在全球範圍內推動非常強大的消費者參與度，並透過我們在內衣類別的精緻業績的增長來推動強大的類別供應。又一個季度，我們在全球範圍內開展了直通式行銷活動，並繼續擴大我們的人才合作夥伴關係。當我們上次談話時，品牌剛剛推出了秋季活動，包括我們的長期大使 Jennie Kim、Jung Kook、Kendall Jenner，他們穿著我們最基本的內衣、牛仔布和精緻的女裝風格。 TikTok 上的平均影片觀看次數接近 400 萬，Instagram 上的參與率超過 20%。

As part of the fall campaign, the brand also launched a surprise performance with Jung Kook in Times Square New York. The concept was announced only 30 minutes beforehand and tens of thousands of fans gathered within minutes. Jung Kook and his whole crew were dressed in iconic Calvin Klein, and their looks were immediately shoppable on our side. It was a perfect example on how we amplify global talent to win with consumer engagement.

作為秋季宣傳活動的一部分，該品牌還與柾國在紐約時代廣場推出了一場驚喜表演。這個概念僅提前 30 分鐘宣布，幾分鐘內就聚集了數萬名粉絲。 Jung Kook 和他的全體工作人員都穿著標誌性的 Calvin Klein 服裝，我們很快就可以購買他們的造型。這是我們如何擴大全球人才以贏得消費者參與的完美例子。

For holiday, the brand campaign features Hailey Bieber in iconic Calvin Klein stars, where our hero products are prominently featured on social through shoppable content to drive commercial impact.

在節日期間，品牌活動以海莉·比伯 (Hailey Bieber) 為標誌性 Calvin Klein 明星，其中我們的英雄產品透過可購物內容在社交媒體上突出展示，以提高商業影響力。

Finally, I'm excited about the progress we are making to align Calvin Klein to one global brand vision. Since joining, Eva has been focused on tapping into Calvin's core DNA to make the brand more current than ever. As part of this work, we are expanding the capabilities of our global product teams here in New York, to drive a more unified product vision across key categories to win serving all markets.

最後，我對我們在讓 Calvin Klein 與全球品牌願景保持一致方面所取得的進展感到興奮。自加入以來，Eva 一直專注於挖掘 Calvin 的核心 DNA，使該品牌比以往任何時候都更加流行。作為這項工作的一部分，我們正在擴展紐約全球產品團隊的能力，以推動跨關鍵類別的更統一的產品願景，從而贏得服務所有市場的勝利。

Let me now share a few examples from Tommy Hilfiger. This fall, the Tommy brand reinforced its core DNA. Going back to Classic American Cool and iconic Tommy Lifestyle through our family-focused seasonal campaign. As part of this campaign with a special focus on Asia, we celebrated the K-Pop band Stray Kids' VMA win with a warm welcome to the Tommy family, breaking our record of social media engagement in the first 30 minutes. When we connect the brand in authentic ways with global talent like this, our fans respond, and we expand our reach and influence.

現在讓我分享湯米希爾費格 (Tommy Hilfiger) 的幾個例子。今年秋天，Tommy 品牌強化了其核心 DNA。透過我們以家庭為中心的季節性活動，回歸經典美式酷感和標誌性的 Tommy 生活方式。作為這次特別關注亞洲的活動的一部分，我們慶祝韓國流行樂隊 Stray Kids 贏得 VMA，並熱烈歡迎 Tommy 一家，打破了我們在前 30 分鐘內社交媒體參與度的記錄。當我們以真實的方式將品牌與這樣的全球人才聯繫起來時，我們的粉絲會做出回應，我們也會擴大我們的影響力和影響力。

We combined another culturally relevant moment with aspirational talent when Tommy campaign star SZA, hosted a New York Fashion Week brunch with over 100 VIP guests and influencers generating over 800 million impressions on social. And just 2 weeks ago, at the Las Vegas Formula One Grand Prix, we expanded our partnership with Formula One by welcoming one of Hollywood's biggest rising stars, Damson Idris, to the Tommy Hilfiger brand family as our newest men's ambassador. Together with Damson, Tommy hosted a number of events with key influencers featuring day and night Tommy looks.

我們將另一個與文化相關的時刻與有抱負的人才結合在一起，當時Tommy 競選明星SZA 舉辦了紐約時裝週早午餐會，有100 多位VIP 嘉賓和影響力人物在社交媒體上產生了超過8億次展示。就在兩週前，在拉斯維加斯一級方程式大獎賽上，我們擴大了與一級方程式的合作夥伴關係，歡迎好萊塢最耀眼的新星之一達姆森·伊德里斯(Damson Idris)加入Tommy Hilfiger 品牌大家庭，擔任我們最新的男士大使。 Tommy 與 Damson 一起舉辦了許多活動，主要影響者以 Tommy 的日間和夜間造型為特色。

For the holiday, our Tommy campaign celebrates the happiness of returning home, families and friends are captured in Tommy's Classic American Prep with the twist as they unite to celebrate the season, all amplified by very strong talent.

在這個節日里，我們的湯米活動慶祝了回家的幸福，家人和朋友在湯米的經典美國預科中團結起來慶祝這個季節，這一切都被非常強大的才華所放大。

Now let me turn to our regional performance. I'd like to start with North America, which is a big proof point for us this quarter. As I mentioned earlier, we made significant progress building the foundation for sustainable, increasingly profitable brand accretive growth for the region, and I'm very encouraged by the major initial traction we are gaining. Our Tommy and Calvin businesses together delivered high-quality, low single-digit revenue growth and most importantly, a 13.1% EBIT margin in the quarter, including higher gross margins and higher AURs. We drove outperformance for both our direct-to-consumer businesses and our wholesale business, which showed meaningful sequential improvement, and this is with still a big part of the pre-pandemic tourism, not yet back.

現在讓我談談我們的區域表現。我想從北美開始，這對我們本季來說是一個重要的證明點。正如我之前提到的，我們在為該地區可持續、利潤不斷增長的品牌增值增長奠定基礎方面取得了重大進展，我們最初獲得的主要支持令我深受鼓舞。我們的 Tommy 和 Calvin 業務共同實現了高品質、低個位數的收入成長，最重要的是，本季的息稅前利潤率為 13.1%，包括更高的毛利率和更高的 AUR。我們的直接面向消費者業務和批發業務都取得了優異的業績，顯示出有意義的連續改善，而這仍然是大流行前旅遊業的很大一部分，尚未恢復。

Let me share a few highlights. For Tommy, our D2C growth continues to be driven by our best premium Style Essentials, which increased by over 50% compared to last year, supported by elevated in-store execution. For Calvin, leading with our category offense, we delivered our third consecutive quarter of double-digit growth in the refined category, the expanded Essentials focus was also once again a standout, supported by an integrated marketing campaign and elevated execution on ck.com.

讓我分享一些亮點。對於 Tommy 來說，我們的 D2C 成長繼續受到我們最優質的 Style Essentials 的推動，在店內執行力提升的支持下，與去年相比增長了 50% 以上。對於Calvin 來說，在我們的品類進攻方面處於領先地位，我們在精緻品類中連續第三個季度實現了兩位數的增長，在綜合營銷活動和ck.com 上提高執行力的支持下，擴大的必需品重點也再次脫穎而出。

Across both brands, we drove another quarter of double-digit growth in our owned and operated e-commerce businesses. This was driven by the elevation of our brands through stronger storytelling improved site merchandising and new conversion tools. Within wholesale, while our partners remain conservative we continue to see strong gains resulting from our efforts to build a much stronger business with our key partners such as Macy's. Let me share some examples.

在這兩個品牌中，我們自有和經營的電子商務業務又實現了兩位數成長。這是透過更強的說故事、改進的網站行銷和新的轉換工具來提升我們的品牌所推動的。在批發領域，雖然我們的合作夥伴仍然保守，但我們繼續看到我們與梅西百貨等主要合作夥伴建立更強大業務的努力所帶來的強勁收益。讓我分享一些例子。

We drove double-digit year-over-year growth in Tommy test stores, where we have invested together with Macy's in stronger field team coverage. And we are driving double-digit AUR growth at Macy's through the ongoing success with our improved product assortment, including our Polo offense and seasonal categories. For Calvin, our men's Essentials business increased over 50% at Macy's with investments in the right premium essential base assortment. We also saw strength in refined categories, which grew 25%. I'm very proud of our North American team's execution this past quarter, and we now have the team, the plan and the disciplined execution in place to unlock our full potential in the region.

我們與梅西百貨 (Macy's) 共同投資，加強了現場團隊的覆蓋範圍，推動 Tommy 測試店實現了兩位數的同比增長。透過改進產品種類（包括馬球進攻和季節性類別）的持續成功，我們正在推動梅西百貨的 AUR 實現兩位數成長。對於 Calvin 來說，透過投資合適的優質必需品基礎品種，我們在梅西百貨的男士必需品業務增長了 50% 以上。我們也看到了精緻品類的強勁表現，成長了 25%。我對我們北美團隊上個季度的執行力感到非常自豪，我們現在擁有適當的團隊、計劃和嚴格的執行力，可以充分發揮我們在該地區的潛力。

Turning to Europe. We continue to drive growth this quarter, building on our historically large business, market-leading awareness and overall brand strength in the region. In the third quarter, we delivered high single-digit revenue growth on a reported basis and low single-digit growth in euros against a record-breaking quarter last year. Our revenue exceeded EUR 1 billion, led by mid-single-digit growth in D2C for each brand. In wholesale, we confirmed our pre-spring Spring '24 order book at low single-digit growth on a constant currency basis with pre-spring already shipping in Q3, leading to timing differences versus Q4 last year.

轉向歐洲。憑藉我們歷史上規模龐大的業務、市場領先的意識和該地區的整體品牌實力，我們將繼續推動本季的成長。在第三季度，我們在報告基礎上實現了高個位數收入成長，與去年創紀錄的季度相比，歐元實現了低個位數成長。在每個品牌的 D2C 中個位數成長的帶動下，我們的收入超過了 10 億歐元。在批發方面，我們確認我們的 24 年春季前春季訂單以固定貨幣基礎上的低個位數增長，春季前已在第三季度發貨，導致與去年第四季度的時間差異。

Like others, we have seen a more challenging macroeconomic backdrop in Europe, and that is impacting consumer confidence and the wholesale channel. Additionally, this quarter, just as we were about to kick off the fall season, we saw the longest streak of record-setting warm weather in Europe since the 1800s. Both factors have driven an increasingly promotional environment in the marketplace. And for us, the heat wave in September was a double whammy, given our historical strength in outerwear, sweaters and heavyweight nets.

與其他國家一樣，我們看到歐洲面臨更具挑戰性的宏觀經濟背景，這正在影響消費者信心和批發管道。此外，本季度，正當我們即將開始秋季時，我們看到了歐洲自 1800 年代以來最長的創紀錄溫暖天氣。這兩個因素都推動了市場上日益激烈的促銷環境。對我們來說，考慮到我們在外套、毛衣和重量級網布方面的歷史優勢，九月的熱浪是雙重打擊。

Weather aside, going forward, we anticipate this challenging macro backdrop and an increasingly cautious wholesale channel to continue into 2024. In this environment, we are not sitting still. We are leveraging our market-leading strength and driving much increased profitability and proactively adjusting how we operate. We're taking our PVH+ Plan execution to the next level, and we are doing this in 2 main ways.

拋開天氣不談，展望未來，我們預計這種充滿挑戰的宏觀背景和日益謹慎的批發管道將持續到 2024 年。在這種環境下，我們不會坐以待斃。我們正在利用市場領先的優勢，大幅提高獲利能力，並積極調整我們的營運方式。我們正在將 PVH+ 計劃的執行提升到一個新的水平，我們主要透過兩種方式來實現這一目標。

First, against the current macro backdrop in the wholesale channel, we feel that it's critically important to avoid having too much inventory in the market. Even if that means less selling in to secure strong sellout with high margin and less discounting. Our main priority independent of macro for both brands will always be to strengthen our position for long-term sustainable brand accretive growth.

首先，在目前批發通路的宏觀背景下，我們認為避免市場庫存過多至關重要。即使這意味著減少銷售量，以確保高利潤和更少折扣的強勁銷售。對於這兩個品牌來說，獨立於宏觀因素的主要優先事項始終是加強我們的地位，以實現長期可持續的品牌增值成長。

Second, we will lean into the next level of PVH+ execution through DTC and with our key wholesale partners, leveraging our key strengths in product, consumer engagement and marketplace management. I'll highlight a few examples of how you will see this in action. Across both brands, we have product innovation coming for 2024. In technical fabrics, dress casual, more choice of our best premium essentials, more transitional products to become less weather dependent and all while we continue to cut the unproductive assortment tail.

其次，我們將透過 DTC 並與我們的主要批發合作夥伴一起，利用我們在產品、消費者參與和市場管理方面的主要優勢，將 PVH+ 執行提升到新的水平。我將重點介紹幾個範例，說明您將如何看待這一點。在這兩個品牌中，我們都將在2024 年進行產品創新。在技術面料、休閒裝、我們最好的優質必需品的更多選擇、更多過渡產品以減少對天氣的依賴，同時我們繼續削減非生產性的品種尾部。

In consumer engagement, we just shot very strong cut-through campaigns for both Tommy and Calvin that we'll launch for Spring 2024. And in the marketplace, you will see us continue to invest in our stores, shop-in-shops and digital experiences to keep elevating the consumer experience.

在消費者參與方面，我們剛剛為Tommy 和Calvin 拍攝了非常強大的直通式行銷活動，我們將於2024 年春季推出這些活動。在市場上，您將看到我們繼續投資於我們的商店、商店中店鋪和數位化不斷提升消費者體驗。

You can already see the positive effects of our next level PVH+ execution in our D2C channels, where we have more control between product and consumer and can execute with impact more quickly. And in wholesale, thanks to the much improved inventory management this season, despite the tougher conditions, you will already in Q4 be able to see a significantly improved profitability versus the same quarter last year.

您已經可以在我們的 D2C 管道中看到我們下一級 PVH+ 執行的正面影響，我們在產品和消費者之間擁有更多控制權，並且可以更快地執行並產生影響。在批發方面，由於本季庫存管理的大幅改善，儘管情況更加嚴峻，您在第四季度就已經能夠看到與去年同期相比，盈利能力顯著提高。

I have personally spent more time in Europe over the past few months. I visited over 50 stores in 6 countries to work with our teams as we adjust to market conditions and put the next level of PVH+ execution into action. Standing out the most from this work is the foundational strength we have in both brands with consumers across the region and the opportunity to continue leveraging this as we navigate the current environment.

過去幾個月，我個人在歐洲度過了更多時間。我走訪了 6 個國家的 50 多家商店，與我們的團隊合作，根據市場情況進行調整，並將下一階段的 PVH+ 執行付諸實踐。這項工作最突出的是我們在兩個品牌中與整個地區的消費者所擁有的基礎實力，以及在我們應對當前環境時繼續利用這一優勢的機會。

Moving on to Asia Pacific. We continue to drive strong performance, which included double-digit constant currency growth in our direct-to-consumer businesses across the region, including China. We continue to win in key consumer moments such as Chinese Valentine's Day and Tmall membership day, fueled by strong hero products and successful capsule launches. And both Calvin and Tommy continue to move up to rankers on Tmall.

轉向亞太地區。我們繼續推動強勁的業績，其中包括我們在包括中國在內的整個地區的直接面向消費者的業務實現兩位數的恆定貨幣增長。憑藉強大的英雄產品和成功的膠囊推出，我們繼續在七夕和天貓會員日等關鍵消費時刻獲勝。 Calvin 和 Tommy 在天貓上的排名繼續上升。

Most recently, we delivered double-digit growth in GMV during China's important 11-11 activation. Leading with a product category offers, we focused on growing live stream sales and leveraging talent in innovative and engaging ways. We also captured market share on Douyin as consumers increase spending on these newer formats of shopping. We leveraged our global mega talent to expand brand awareness in the region. In October, Calvin celebrated fall 2023 collection in Tokyo, featuring brand ambassador Jung Kook, the ventral strong brand awareness across the region and globally. And Tommy's fall campaign reached a total fan base of over 130 million with regionally relevant ambassadors, including K-pop group Stray Kids, in addition to new ambassadors, Li Qin and Greg Hsu, who drove over 430 million impressions in China alone during the campaign period.

最近，我們在中國重要的「11-11」活動期間實現了 GMV 兩位數的成長。我們以產品類別為主導，專注於增加直播銷售並以創新和吸引人的方式利用人才。隨著消費者在這些新型購物方式上的支出增加，我們也在抖音上佔領了市場份額。我們利用全球頂尖人才來擴大該地區的品牌知名度。 10 月，Calvin 在東京慶祝 2023 年秋季系列，由品牌大使 Jung Kook 擔綱，在該地區和全球範圍內具有強大的品牌知名度。 Tommy 的秋季宣傳活動吸引了超過1.3 億粉絲，其中包括韓國流行樂隊Stray Kids 等地區相關大使，此外還有新任大使李沁和Greg Hsu，他們在宣傳活動期間僅在中國就獲得了超過4.3 億的展示量時期。

Overall, we are doing a great job executing the PVH+ Plan in the region, and we are very optimistic of the long-term growth opportunity for both of our brands.

總體而言，我們在該地區執行 PVH+ 計劃方面做得很好，我們對我們兩個品牌的長期成長機會非常樂觀。

In closing, I feel very good about the strong performance we delivered in the quarter and how we keep gaining traction through our brand-building PVH+ execution.

最後，我對我們在本季度取得的強勁業績以及我們如何透過品牌建立 PVH+ 執行不斷獲得吸引力感到非常滿意。

Before I turn the call over to Zac, I would like to thank all of our associates around the world for their hard work and important contributions this year. And I wish everyone a happy and healthy holiday season.

在我把電話轉給扎克之前，我要感謝我們世界各地的所有員工今年的辛勤工作和重要貢獻。祝大家節日快樂、身體健康。

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 results for the quarter, driven by our iconic brands and disciplined execution of the PVH+ Plan. We continue to build on our track record of performance, delivering 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，早安。我的評論是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，我們對本季的業績感到滿意。我們繼續鞏固我們的業績記錄，提供我們的頂線指導，同時超越底線指導，因為我們在這個高度動態的全球環境中競爭獲勝。

We delivered revenue growth of 4% on a reported basis and 1% on a constant currency basis, in line with our guidance with significant strength in DTC and in spite of an increasingly challenging macroeconomic environment, especially in Europe. On the bottom line, we once again exceeded our earnings guidance with earnings per share of $2.90, driven by strong expense management. We delivered operating margin of 10.5% for the quarter, up 90 basis points versus last year, delivering on our commitment of sequential second half improvement.

儘管宏觀經濟環境（尤其是歐洲）日益充滿挑戰，但我們在報告基礎上實現了4% 的收入增長，在固定匯率基礎上實現了1% 的收入增長，這符合我們在DTC 方面的巨大實力的指引。歸根結底，在強有力的費用管理的推動下，我們再次超越了我們的獲利指引，每股收益為 2.90 美元。本季我們的營業利潤率為 10.5%，比去年增長 90 個基點，兌現了我們下半年連續改善的承諾。

Also, importantly, our inventory at quarter end is down 19% compared to last year as we continue to proactively manage our inventory levels. As I mentioned last quarter, we expect to end the year with inventory significantly lower than last year, with improvement to continue through 2024 as we make progress on our previously announced goal of a 25% reduction in inventory as a percentage of sales.

此外，重要的是，隨著我們繼續積極管理庫存水平，我們季度末的庫存比去年下降了 19%。正如我上季度提到的，我們預計年底庫存將顯著低於去年，隨著我們在先前宣布的庫存佔銷售額百分比減少 25% 的目標上取得進展，這種改善將持續到 2024 年。

We also completed the sale of our Heritage Brands intimate apparel business earlier this week for $160 million in cash, which was yet another important step as we accelerate our focus on our core global brands, Calvin Klein and Tommy Hilfiger. We plan to utilize approximately $150 million of net proceeds from the sale for share repurchases in 2023. This increases our planned share buybacks for the year to approximately $550 million compared to up to $400 million previously. We expect the sale to be slightly accretive to our operating margin in 2024.

本週早些時候，我們還以 1.6 億美元現金完成了 Heritage Brands 內衣業務的出售，這是我們加速專注於全球核心品牌 Calvin Klein 和 Tommy Hilfiger 的另一個重要步驟。我們計劃在 2023 年將約 1.5 億美元的出售淨收益用於股票回購。這將我們今年計劃的股票回購增加至約 5.5 億美元，而先前的上限為 4 億美元。我們預計此次出售將略微增加我們 2024 年的營業利潤率。

As we head into the fourth quarter, we see continued strength in our DTC business and also expect pressure in the wholesale business to continue. This is especially true in Europe as the macro environment continues to be challenging, exacerbated by record high temperatures in September, as Stefan discussed, causing retailers to take a cautious approach. This as well as the impact from the sale of our Heritage Brands intimate apparel business is reflected in our revised revenue outlook of 1% growth for the year on both a reported and constant currency basis. Our prior guidance was an increase of 3% to 4% as reported and 2% to 3% on a constant currency basis.

進入第四季度，我們看到 DTC 業務持續強勁，並且預計批發業務的壓力將持續。正如斯特凡所討論的，歐洲尤其如此，因為宏觀環境仍然充滿挑戰，9 月創紀錄的高溫加劇了這一挑戰，導致零售商採取謹慎態度。這以及我們出售 Heritage Brands 內衣業務的影響都反映在我們修訂後的今年收入預期中，即按報告和固定匯率計算的收入增長 1%。我們先前的指導意見是按報告增加 3% 至 4%，以固定匯率計算成長 2% 至 3%。

On the bottom line, we are reaffirming our approximately 10% operating margin outlook and raising our non-GAAP EPS outlook for the year to a record high $10.45 compared to $10.35 previously, despite our lower revenue outlook, as we further strengthen our focus on driving profitable sales and disciplined cost management.

總而言之，儘管我們的收入前景較低，但隨著我們進一步加強對驅動的關注，我們重申了約10% 的營業利潤率預期，並將今年的非GAAP 每股收益預期從之前的10.35 美元上調至歷史新高10.45 美元。有利可圖的銷售和嚴格的成本管理。

I will now discuss third quarter results in more detail and then move on to our outlook. Revenue was up 4% for the quarter, which reflected a 3% positive impact from exchange. Third quarter revenue for our international businesses was up 1% on a constant currency basis. Revenue in our European business was up 1% in euros despite the increasingly challenging macroeconomic environment with mid-single-digit growth in the DTC business, partially offset by pressures in wholesale and an unseasonably warm start to the fall season. Revenues for Asia Pacific were up 1% on a constant currency and down 2% on a reported basis. Strong demand across the region drove low double-digit constant currency growth in the DTC business, which was largely offset by timing of wholesale shipments compared to last year.

我現在將更詳細地討論第三季的業績，然後繼續展望我們的前景。本季營收成長 4%，反映出交易所帶來 3% 的正面影響。我們國際業務第三季的營收以固定匯率計算成長了 1%。儘管宏觀經濟環境日益嚴峻，DTC 業務實現中個位數成長，但我們歐洲業務的收入以歐元計算增長了 1%，但部分被批發壓力和秋季異常溫暖的開局所抵消。以固定匯率計算，亞太地區的收入成長了 1%，以報告數據計算，收入下降了 2%。該地區的強勁需求推動 DTC 業務實現兩位數的固定匯率低成長，但與去年相比，這在很大程度上被批發發貨時間所抵消。

In North America, revenue for our Tommy Hilfiger and Calvin Klein brand businesses combined grew 2% as we delivered another quarter of growth in both our retail stores and owned and operated e-commerce business with total DTC up low single digits. Our owned and operated e-commerce sales were up double digits for both brands again this quarter as the investments we have made in the platform and overall site experience continue to resonate with consumers.

在北美，我們的Tommy Hilfiger 和Calvin Klein 品牌業務的收入合計增長了2%，因為我們的零售店以及擁有和經營的電子商務業務又實現了四分之一的增長，總DTC 增長了低個位數。由於我們在平台和整體網站體驗方面的投資繼續引起消費者的共鳴，我們擁有和經營的電子商務銷售額本季再次實現兩位數成長。

Wholesale sales for our Tommy Hilfiger and Calvin Klein brand businesses combined in North America were also up low single digits. Although retailers continue to take a cautious approach, retail sales trends improved sequentially compared to the second quarter, particularly at Macy's as we focus on driving sell-through and healthy inventory across the channel. Importantly, our quality of sales is improving significantly in North America as we grow that business. Gross margins were up over 500 basis points with increases across both brands and all channels.

我們的 Tommy Hilfiger 和 Calvin Klein 品牌業務在北美的批發銷售額也出現了較低的個位數成長。儘管零售商繼續採取謹慎態度，但零售銷售趨勢與第二季度相比有所改善，尤其是梅西百貨，因為我們專注於推動整個通路的銷售和健康庫存。重要的是，隨著我們業務的發展，我們在北美的銷售品質正在顯著提高。兩個品牌和所有通路的毛利率均增加了 500 個基點以上。

Looking at our overall third quarter revenue from a channel perspective, we continue to drive strong performance across all regions in our direct-to-consumer business. Our total DTC revenue was up 6% on a constant currency basis and up 8% on a reported basis in the quarter and up approximately 150 basis points as a percentage of our total revenue compared to last year. We delivered another quarter of strong growth in both our stores and our owned and operated e-commerce business with constant currency revenues up 4% and 12%, respectively, compared to last year.

從通路角度來看我們第三季的整體收入，我們繼續在所有地區的直接面向消費者業務中推動強勁的業績。以固定匯率計算，我們的 DTC 總收入在本季度增長了 6%，在報告基礎上增長了 8%，占我們總收入的百分比比去年增長了約 150 個基點。我們的商店以及自有和經營的電子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 4% 和 12%。

Total wholesale revenue was down 3% on a constant currency basis for the reasons I previously outlined. On a reported basis, wholesale revenue was up 1%. Our Global Brands delivered another solid quarter with Calvin Klein revenues up 6% and Tommy Hilfiger revenues up 4% as reported. On a constant currency basis, revenue for Calvin Klein was up 3%, and Tommy Hilfiger was flat as macroeconomic challenges impacting Europe weigh more heavily on the Tommy business. Importantly, our DTC business was up in both brands and in all regions.

由於我之前概述的原因，以固定匯率計算，批發總收入下降了 3%。據報道，批發收入成長了 1%。據報道，我們的全球品牌再次實現了穩健的季度業績，Calvin Klein 營收成長了 6%，Tommy Hilfiger 營收成長了 4%。以固定匯率計算，Calvin Klein 的營收成長了 3%，而 Tommy Hilfiger 則持平，因為影響歐洲的宏觀經濟挑戰對 Tommy 業務的影響更大。重要的是，我們的 DTC 業務在兩個品牌和所有地區都有所成長。

In the third quarter, we delivered gross margin of 56.7%, an increase of 80 basis points compared to last year despite a 100 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 lower ocean freight rates compared to last year.

第三季度，儘管匯率對產品成本產生了100個基點的負面影響，但我們的毛利率仍達到56.7%，比去年增長了80個基點。毛利率反映了我們毛利率較高的 DTC 和國際業務在總收入中所佔比例的顯著有利變化，以及與去年相比較低的海運費的有利影響。

SG&A expense as a percentage of revenue for the third quarter was better than planned at 46.2% and flat versus the prior year. We continue to take a disciplined approach to managing expenses while making targeted investments to drive the PVH+ Plan, including a nearly 20% increase in marketing compared to last year to fund cut through brand campaigns. These investments and the impact of the shift in mix to our DTC and international businesses were offset by an approximately 150 basis point improvement in expenses versus last year due to savings realized from the actions we have taken to reduce people costs and prudent management of expenses.

第三季 SG&A 費用佔營收的百分比優於計劃，為 46.2%，與前一年持平。我們繼續採取嚴格的方法來管理費用，同時進行有針對性的投資來推動 PVH+ 計劃，包括與去年相比增加近 20% 的營銷費用，以資助削減品牌活動。這些投資以及 DTC 和國際業務組合轉變的影響被我們為降低人員成本和審慎管理費用而採取的行動所節省的費用與去年相比約 150 個基點的改善所抵消。

In total, EBIT for the quarter was $249 million, exceeding our expectations. Operating margin was 10.5% and expanded 90 basis points compared to last year despite the 100 basis point negative impact of exchange on our gross margin. And importantly, our operating margin for the quarter reflects a significant improvement in our North America business to 13.1% for Tommy Hilfiger and Calvin Klein combined.

總的來說，本季的息稅前利潤為 2.49 億美元，超出了我們的預期。儘管匯率對我們的毛利率產生了 100 個基點的負面影響，但營業利潤率為 10.5%，比去年增長了 90 個基點。重要的是，我們本季的營業利潤率反映出我們北美業務的顯著改善，Tommy Hilfiger 和 Calvin Klein 的合計利潤率達到 13.1%。

Earnings per share increased 12% to $2.90 compared to $2.60 in last year's third quarter and exceeded our guidance by $0.20, driven by the improvement in EBIT. Our tax rate for the quarter was approximately 22%.

每股盈餘成長 12%，達到 2.90 美元，而去年第三季的每股盈餘為 2.60 美元，在息稅前利潤改善的推動下，超出我們的指引 0.20 美元。我們本季的稅率約為 22%。

And now moving on to our outlook. Starting with the fourth quarter. We are projecting fourth quarter revenue to decline 3% to 4% compared to last year on both a reported and constant currency basis with projected strong high single-digit growth in our direct-to-consumer businesses more than offset by a decline in wholesale revenue, including the revenue reduction from the sale of the Heritage Brands intimate apparel business. Excluding the sale, the decline in wholesale revenue is mostly in Europe, where the wholesale revenues are projected to be down approximately 15% versus last year. Approximately 2/3 of that decrease is due to onetime shipment timing differences compared to last year when supply chains were still normalizing and about 1/3 is due to a decrease in sales to lower-margin accounts as we remain focused on quality of sales. Looking forward, as Stefan mentioned, we do expect the tough macros to continue into 2024.

現在談談我們的展望。從第四季開始。我們預計，以報告和固定匯率計算，第四季度營收將比去年下降3% 至4%，而我們的直接面向消費者業務預計將出現強勁的個位數高成長，這將被批發收入的下降所抵銷。 ，包括出售 Heritage Brands 內衣業務而導致的收入減少。不包括銷售在內，批發收入的下降主要發生在歐洲，預計該地區的批發收入將比去年下降約 15%。其中約2/3 的下降是由於與去年供應鏈仍在正常化時的一次性發貨時間差異所致，約1/3 的下降是由於我們仍然關注銷售質量，因此對低利潤客戶的銷售減少。展望未來，正如 Stefan 所提到的，我們確實預期艱難的宏觀形勢將持續到 2024 年。

As a result, and combined with our continued focus on quality of sales, we now expect lower sell-in for wholesale next year with a higher quality sell-through. The benefit to the fourth quarter from the 53rd week in 2023 to our overall revenue is mostly offset by the revenue reduction from the sale of the Heritage Brands' intimate apparel business.

因此，結合我們對銷售品質的持續關注，我們現在預計明年的批發銷售量會下降，而銷售品質會更高。 2023 年第 53 週以來第四季對我們整體營收的好處大部分被出售 Heritage Brands 內衣業務帶來的收入減少所抵消。

While fourth quarter revenue is projected to be lower than last year, importantly, profitability is expected to be significantly higher. EBIT is expected to increase over 30% compared to last year, and operating margin is expected to expand to approximately 12%, up nearly 350 basis points compared to last year. And importantly, Europe profit has planned up significantly as well with regional margin up over 500 basis points versus last year and close to all-time highs.

儘管第四季度收入預計低於去年，但重要的是，盈利能力預計將大幅提高。息稅前利潤預計將比去年增長30%以上，營業利潤率預計將擴大至12%左右，比去年增長近350個基點。重要的是，歐洲利潤也大幅成長，地區利潤率比去年增長了 500 個基點以上，接近歷史新高。

The overall increase in operating margin is almost entirely due to an approximately 400 basis point improvement in gross margin. The improvement is comprised of an approximately 150 basis point benefit due to a favorable shift in channel and regional mix, approximately 125 basis point improvement in freight expense and approximately 125 basis point improvement due to the raw material costs for spring '24 product being significantly lower. We expect all of these impacts to carry forward beyond the end of 2023.

營業利潤率的整體成長幾乎完全歸功於毛利率約 400 個基點的提高。這項改善包括由於通路和區域組合的有利轉變而帶來的約150 個基點的收益、由於24 年春季產品的原材料成本顯著降低而導致的貨運費用約125 個基點的改善以及約125 個基點的改善。我們預計所有這些影響將持續到 2023 年底之後。

We also expect a modest increase in SG&A expense as a percentage of revenue in the fourth quarter compared to last year, with the higher expenses of DTC, mostly offset by the significant efficiencies we're driving in spending. Our fourth quarter earnings per share is projected to be approximately $3.45, up approximately 45% compared to $2.38 in the prior year, driven almost entirely by higher EBIT due to the significant profitability improvement. Our tax rate for the fourth quarter is estimated at approximately 22% and interest expense is projected to be approximately $25 million.

我們也預計，與去年相比，第四季度的 SG&A 費用佔收入的百分比將略有增加，DTC 費用較高，但大部分將被我們在支出方面所推動的顯著效率所抵消。我們第四季的每股盈餘預計約為 3.45 美元，比上一年的 2.38 美元增長約 45%，這幾乎完全是由於盈利能力顯著改善而導致息稅前利潤增加。我們第四季的稅率預計約為 22%，利息支出預計約為 2,500 萬美元。

And now bringing that all together for the full year 2023. As I mentioned, we are updating our full year revenue outlook and now project revenue to increase by approximately 1% on both a reported and constant currency basis. We are reaffirming our operating margin guidance for the year of approximately 10% and raising our non-GAAP EPS guidance by $0.10 to approximately $10.45, up 16% compared to 2022 and a record high for PVH. Regionally, our full year revenue outlook for North America for Tommy Hilfiger and Calvin Klein combined is unchanged. But our overall outlook for the region is now planned down mid-single digits compared to down low single digits previously, due entirely to the impact from the sale of the Heritage Brands' intimate apparel business.

現在將 2023 年全年的所有數據匯總起來。正如我所提到的，我們正在更新全年收入展望，現在預計按報告和固定匯率計算的收入將增長約 1%。我們重申今年約 10% 的營業利潤率指導，並將非 GAAP 每股收益指引提高 0.10 美元，至約 10.45 美元，較 2022 年增長 16%，創 PVH 歷史新高。從地區來看，我們對 Tommy Hilfiger 和 Calvin Klein 北美地區的全年收入預期保持不變。但與先前的低個位數相比，我們目前對該地區的整體前景計劃下調至中個位數，這完全是由於出售 Heritage Brands 內衣業務的影響。

Our outlook for Asia Pacific on a constant currency basis is also unchanged, planned up mid-teens. While on a reported basis, our revenue outlook for Asia Pacific has been negatively impacted by exchange, with growth on a reported basis now planned up high single digits compared to up low teens previously.

我們對亞太地區以固定匯率計算的前景也沒有改變，計畫調高十多歲左右。雖然從報告的基礎來看，我們對亞太地區的收入前景受到了交易所的負面影響，與之前的低兩位數相比，現在報告的成長計劃是高個位數。

In Europe, we are now planning full year revenue approximately flat in euros compared last year. This compares to our prior guidance of up low single digits in euros. Our DTC business in Europe continued to be planned up mid-single digits, but is mostly offset by a decrease in wholesale versus last year given the macroeconomic challenges I mentioned earlier. On a reported basis, Europe was planned up low single digits compared to up mid-single digits previously.

在歐洲，我們目前計劃全年歐元收入與去年持平。相比之下，我們先前的指引是歐元上漲了低個位數。我們在歐洲的 DTC 業務繼續按中個位數成長，但考慮到我之前提到的宏觀經濟挑戰，批發業務與去年相比有所下降，這基本上抵消了這一影響。據報道，與先前的中個位數成長相比，歐洲計劃成長低個位數。

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. As we've indicated previously, the improvement in our gross margin reflects an approximately 100 basis point benefit from a favorable shift in mix and approximately 100 basis points of improvement due to lower freight costs.

儘管由於兌換導致成本增加約 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。正如我們先前所指出的，我們的毛利率的改善反映了由於組合的有利轉變而帶來的約 100 個基點的收益，以及由於貨運成本降低而帶來的約 100 個基點的改善。

We also 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 I've discussed in prior quarters, we continue to invest in key areas that drive growth, including increased marketing with our full year target continuing to be approximately 6% of revenue. These impacts are partially offset by cost efficiencies, primarily due to the people cost actions we have taken. As a reminder, in the third quarter, we completed our targeted 10% people cost reduction with annual savings ahead of our targeted $100 million of savings.

我們也繼續預計，由於我們對 DTC 的投資和國際業務組合推動了更高的支出，與 2022 年相比，SG&A 支出佔全年收入的百分比將增加約 70 個基點。此外，正如我在前幾個季度所討論的那樣，我們繼續在推動成長的關鍵領域進行投資，包括增加行銷，我們的全年目標仍然是收入的 6% 左右。這些影響部分被成本效率所抵消，這主要是由於我們採取的人員成本行動。提醒一下，在第三季度，我們完成了將人員成本削減 10% 的目標，每年節省的成本超過了 1 億美元的目標。

Our full year operating margin projection continues to be approximately 10% and continues to reflect high single-digit EBIT growth. Interest expense is projected to be approximately $93 million versus approximately $100 million previously, and we continue to expect our tax rate will be approximately 22%.

我們的全年營業利潤率預計將繼續保持在 10% 左右，並繼續反映出較高的個位數 EBIT 成長。利息支出預計約為 9,300 萬美元，而之前約為 1 億美元，我們仍然預計稅率約為 22%。

Before we open up for questions, I want to reiterate that we are pleased with our third quarter results. We continue to work relentlessly to drive results. And 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 our underlying operating engines to deliver consistent results in a systematic and repeatable way.

在我們開始提問之前，我想重申我們對第三季的業績感到滿意。我們將繼續不懈地努力以取得成果。正如Stefan 之前談到的，我們透過執行PVH+ 計畫的5 個關鍵成長驅動因素，專注於兌現我們的承諾，將產品、消費者參與和市場等面向消費者的價值驅動因素與我們的底層營運引擎結合起來，以實現以系統化且可重複的方式獲得一致的結果。

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漢的鮑伯‧德布爾（Bob Drbul）。

Great progress in North America this quarter, especially around the profitability. Can you just walk us through how we should think about the trajectory of North America going forward?

本季北美取得了巨大進步，尤其是在獲利能力方面。您能否向我們介紹一下我們該如何思考北美未來的發展軌跡？

Thank you, Bob. Yes, North America was really the standout this quarter. And it's really the results coming from the PVH+ focus we put forward over a year ago and the team coming into place and really building the brands and driving the business to win more with the domestic consumer. So you see the strength in products. So the category offense and the hero products is working. And you see it in gross margin rate going up, pricing power going up. Tommy, as an example, the best essentials, the premium essentials is up 50% versus last year. Calvin, fall essentials, much more, much better essentials in the line, much better sell-through much higher AUR. So you see product strength continue to cut through and really resonate well with the consumer. And you will continue to see sequential improvements on that.

謝謝你，鮑伯。是的，本季北美確實表現出色。這確實是我們一年多前提出的 PVH+ 重點的結果，團隊的到位並真正建立了品牌並推動業務贏得更多國內消費者的青睞。所以你看到了產品的實力。因此，品類進攻和英雄產品正在發揮作用。你會看到毛利率上升，定價能力上升。以 Tommy 為例，最好的必需品、優質必需品比去年上漲了 50%。 Calvin，秋季必需品，更多，更好的必需品，更好的銷售，更高的 AUR。所以你會看到產品實力不斷突破並真正引起消費者的共鳴。您將繼續看到這方面的持續改進。

Consumer engagement when it comes to both Calvin and Tommy, the cut-through campaigns with the relevant talent amplification is really working. So you see the improved product amplified by strong talent and the strong cut-through campaigns, whether it's Jung Kook, Hailey Bieber, Kendall Jenner, Lewis Hamilton, George Russell, SZA, Damson Idris. We're starting to consistently execute on the PVH+ growth driver in terms of strengthening products, strengthening consumer engagement.

當談到卡爾文和湯米時，消費者的參與度以及相關人才放大的直通式行銷活動確實有效。所以你會看到，無論是 Jung Kook、Hailey Bieber、Kendall Jenner、Lewis Hamilton、George Russell、SZA、Damson Idris，強大的人才和強大的切入式行銷活動都放大了產品的改進。我們開始在強化產品、加強消費者參與方面持續執行 PVH+ 成長動力。

And then it's the marketplace and execution. So really well done by the team indeed to see both stores and e-commerce, much stronger executed. You will see the consumer experience elevated. And then as I mentioned in my prepared remarks, our focus on getting closer to our best wholesale partners is really yielding strong results. So Macy's is a great example, where we are working very closely in -- to start with test stores where we execute a stronger products, the better essentials, the better newness, better presentation. We co-fund more staffing and see the results is very, very strong and very encouraging. So looking at the results in North America and then how it trickles down to 13.1% operating margin, it just reinforces what we knew when we set out a PVH+ Plan is that when we lean into the iconic strength of these 2 beloved brands, Calvin and Tommy, and we execute in what Zac was just mentioning, systematic and repeatable way, then it really pays off. So you will see this continuously -- growth in North America, both in D2C and in wholesale.

然後是市場和執行。團隊確實做得很好，看到商店和電子商務的執行力都更強。您將看到消費者體驗得到提升。正如我在準備好的演講中提到的那樣，我們致力於更接近我們最好的批發合作夥伴，這確實產生了強勁的成果。因此，梅西百貨就是一個很好的例子，我們正在密切合作——從測試商店開始，我們在那裡推出更強大的產品、更好的必需品、更好的新穎性、更好的展示。我們共同資助更多的人員配置，看到結果非常非常強勁，非常令人鼓舞。因此，看看北美的業績，然後看看它是如何下降到13.1% 的營業利潤率，這只是強化了我們在製定PVH+ 計劃時所知道的一點：當我們依靠這兩個深受喜愛的品牌（ Calvin 和湯米，我們以扎克剛才提到的系統性和可重複的方式執行，然後它真的得到了回報。因此，您將看到北美的 D2C 和批發業務不斷成長。

Yes. And I think -- Bob, it's a great question. We're really proud of North America. North America EBIT margin of 13%. That's up 800 basis points versus last year. And what's exciting is it's really all elements of the business. Revenue was up with significant improvement in DTC. Gross margin was a big driver, up 600 basis points with better inventory, improved assortments and the beginnings of some of those macros turning to tailwinds. And SG&A percent also down as the work on head count efficiency is taking shape. So a great quarter.

是的。我認為——鮑勃，這是一個很好的問題。我們真的為北美感到自豪。北美息稅前利潤率為 13%。與去年相比上升了 800 個基點。令人興奮的是，這實際上是業務的所有要素。收入隨著 DTC 的顯著改善而增長。毛利率是一個很大的推動因素，由於庫存改善、品種改善以及其中一些宏觀政策開始轉向順風，毛利率增加了 600 個基點。隨著人員效率工作的逐步形成，SG&A 百分比也有所下降。這是一個很棒的季度。

Looking forward, we'll work through the normal quarter-to-quarter profit fluctuations, but we do expect full year profitability this year for North America to land into the high single-digit operating margin range with a much better second half than first half. And so we think we -- this shows a clear path to the low teens for a full year that we committed by 2025 in the PVH+ Plan.

展望未來，我們將克服正常的季度與季度利潤波動，但我們確實預計今年北美地區的全年盈利能力將進入高個位數營業利潤率範圍，下半年比上半年好得多。因此，我們認為，這表明了我們在 PVH+ 計劃中承諾的到 2025 年全年實現低青少年目標的明確道路。

And this -- just to build on what Zac was saying here, this is on top of quite a tough macro in North America as well. So we see that we're able to tap into the strength of the brands and the consumer love for the brands by the better product engagement and marketplace execution despite the tough macro. So very encouraged by that, most recently by the strength in the start of the holiday. So Black Friday, which has now become Black Friday week, Thanksgiving week -- weeks we delivered stronger start than planned for both Calvin and Tommy in North America.

這只是札克在這裡所說的基礎上，這也是在北美相當艱難的宏觀環境之上的。因此，我們看到，儘管宏觀情況嚴峻，但我們仍能夠透過更好的產品參與度和市場執行力來挖掘品牌的實力和消費者對品牌的喜愛。對此非常鼓舞，尤其是最近假期開始時的強勁表現。因此，黑色星期五，現在已經成為黑色星期五週、感恩節週——我們為北美的卡爾文和湯米提供了比計劃更強勁的開局。

Our next question will come from Michael Binetti with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Michael Binetti。

Congrats on the next quarter and a really tough macro. Stefan, I want to ask you a little bit more specifically about some of the initiatives David Savman is putting in on the ground as he's working on supply chain and inventory maybe within the context of the 25% reduction in the inventory to sales ratio that you talked about that's going to keep going for the next 5 quarters, I think. What are some of the examples of work that he's doing that's really starting to land already? And then Zac, the 12% operating margin in fourth quarter, that's very, very different. I think the margins in the fourth quarter have been high single digits in the past. So you're way above that. It seems like a new level. How should we think about margins after '23 through the lens of what looks like a step change in the business in the fourth quarter?

恭喜下一季和一個非常艱難的宏觀環境。 Stefan，我想更具體地向您詢問 David Savman 在供應鏈和庫存方面所採取的一些舉措，可能是在庫存與銷售比率降低 25% 的背景下進行的。我認為這將在接下來的5 個季度繼續下去。他正在做的工作有哪些已經真正開始落地的例子？然後扎克，第四季度營業利潤率為 12%，這是非常非常不同的。我認為第四季的利潤率過去一直處於高個位數。所以你遠高於這個水平。這似乎是一個新的水平。我們應該如何透過第四季度業務的逐步變化來看待 23 年後的利潤率？

And maybe you could frame the 15% margin target you spoke about for 2025 at the Analyst Day. I know you joined the company maybe 20 minutes before that target went out. So now you had some time to think about it, maybe we can get some perspective on it.

也許您可以製定您在分析師日談到的 2025 年 15% 的利潤率目標。我知道你可能是在目標達成前 20 分鐘加入公司的。所以現在你有時間考慮一下，也許我們可以對此有一些看法。

All right. Thanks, Michael. Let's start with the first question on the progress of the demand-driven supply chain. And seeing what David has been able to do with his team in a very short period of time is really encouraging. So what's happening?

好的。謝謝，麥可。我們先來說第一個問題，關於需求驅動的供應鏈的進展。看到大衛在很短的時間內與他的團隊取得的成就確實令人鼓舞。那麼發生了什麼事？

So you know that last quarter, we set out the long-term target by end of 2024 to drive down inventory in relation to sales with 25%. While improving availability, that's a key part. And what we see already now is inventory in great shape, probably the best shape we have ever had it, minus 18% versus last year with improved availability. So if we start on how that is possible. Much better, much more focused planning upfront, the assortment planning. So I keep speaking about the demand-driven supply chain based on my experience, always starts with supply chain coming in upfront with the product teams, better assortment planning upfront. And there, we are just starting to leverage that.

所以你知道，上個季度，我們制定了到 2024 年底將庫存相對於銷售額降低 25% 的長期目標。在提高可用性的同時，這是一個關鍵部分。我們現在已經看到庫存狀況良好，可能是我們擁有過的最好的庫存，與去年相比減少了 18%，而且可用性有所提高。因此，如果我們開始研究如何做到這一點。更好、更集中的預先規劃，即分類規劃。因此，根據我的經驗，我一直在談論需求驅動的供應鏈，總是從供應鏈與產品團隊一起開始，預先進行更好的分類規劃。在那裡，我們才剛開始利用這一點。

But that is part of why we can run minus 18% in inventory with better availability. What you also see is that AUC is coming down. So if we look at the first half of 2024, AUC will come down with more than 5%. And this is not just sitting there writing the macros. The macros are favorable. On top of that, we're driving significant improvement, with improved raw material management. So we get better fabric, more competitive fabric, higher quality for the consumer at a lower cost.

但這就是為什麼我們可以將庫存降低至負 18%，同時提高可用性。您還可以看到 AUC 正在下降。因此，如果我們看看 2024 年上半年，AUC 將下降超過 5%。這不僅僅是坐在那裡編寫巨集。宏觀調控是有利的。最重要的是，我們正在透過改進原材料管理來推動重大改進。因此，我們以更低的成本為消費者提供更好的布料、更具競爭力的布料、更高的品質。

Better costing process, better discipline in the costing process, more data-driven. We have a better and more sharp assortment productivity. So we -- given that we build the assortment now with a very strong intent of starting with the best must-have essentials, we should always have Calvin and Tommy through to their DNAs. Each of their DNAs, the best must-have essentials in the market. That's what we are working. So we've build assortment from that, then we make sure we have the appropriate newness and then we can continue to cut the unproductive assortment tail.

更好的成本會計流程，更好的成本會計流程紀律，更多的數據驅動。我們擁有更好、更敏銳的品類生產力。因此，鑑於我們現在建立該產品系列的強烈意圖是從最好的必備必需品開始，我們應該始終讓 Calvin 和 Tommy 融入他們的 DNA。他們的每一個 DNA，都是市場上最好的必備必需品。這就是我們正在做的事情。因此，我們以此為基礎構建了品種，然後確保我們擁有適當的新穎性，然後我們可以繼續削減無用的品種尾部。

So what you see is really a multitude of efforts that are starting to gain traction. But it's been faster than what we expected. And you will see us just continue to deliver sequential improvements.

所以你所看到的確實是大量的努力開始獲得關注。但它比我們預期的要快。您將看到我們繼續提供連續的改進。

Yes. And Michael, on the 4Q operating margin, we're expecting around 12% operating margin for the quarter compared to 8.6% last year, like you said, sort of high single digits. That's up, let's just say, 350 basis points, just to give us some composition of that. 125 basis points of that is really the full realization of the freight improvements, both rate and because of great availability, lower reliance on air freight. So that sort of booked. 125 basis points is tied to improvements in product costs. And I think as Stefan said, one, yes, macros are moving from negative to positive as raw materials are coming down. But also David Savman and the team are consistently now beating macros, and that will be trends that carry forward into '24 as well.

是的。邁克爾，關於第四季度的營業利潤率，我們預計該季度的營業利潤率為 12% 左右，而去年為 8.6%，正如您所說，有點高個位數。這麼說吧，350 個基點，只是為了給我們一些組成。這125個基點確實是完全實現了貨運的改進，無論是費率還是由於可用性良好，對空運的依賴程度降低。所以就這樣預訂了。 125 個基點與產品成本的改善密切相關。我認為正如斯特凡所說，第一，是的，隨著原材料價格下降，宏觀經濟正在從負面轉向正面。而 David Savman 和他的團隊現在一直在擊敗宏，這也將是延續到 24 年的趨勢。

And the last major driver of that is really the full impact, about 125 basis points of the headcount reductions we've taken on SG&A. So as we look forward into 2024, obviously, we're not providing guidance there. But I think you can look at the composition of that gross margin improvement, those are all factors that are now in place, either structurally or from an external marketplace perspective. And so we do expect to see those to carry forward fully into 2024.

最後一個主要驅動因素實際上是全面的影響，我們對 SG&A 進行了約 125 個基點的裁員。因此，當我們展望 2024 年時，顯然我們不會提供指導。但我認為你可以看看毛利率改善的組成，這些都是現在已經存在的因素，無論是結構性的還是從外部市場的角度來看。因此，我們確實希望看到這些成果能夠全面延續到 2024 年。

And to your question on the targets, as I stood on the stage shorter to Stefan on the leadership team, those are my commitments as well as anyone else. And I think that we've talked about the 15% being that bar that we're going to set for ourselves regardless of what's happening in the macro environment. I think this 12% for the third -- for the fourth quarter is a clear view of that because as Stefan to talk about, there's some choppy macros now and still driving to that. And we expect to continue to drive that through to 2024 as well as that next step towards the 2025 targets.

至於你關於目標的問題，因為我站在領導團隊中比斯特凡矮的舞台上，這些是我以及其他人的承諾。我認為我們已經討論過 15% 是我們將為自己設定的標準，無論宏觀環境發生什麼。我認為第三季（第四季）的 12% 是一個明確的觀點，因為正如 Stefan 所說，現在有一些不穩定的宏觀因素，並且仍在推動這一趨勢。我們預計將繼續推動這一目標直至 2024 年，並朝著 2025 年目標邁出下一步。

Yes. And coming back, Michael, one more thing when it comes to the inventory, better inventory, demand-driven supply chain, what I see happening that I want to share as well is that having Eva Serrano come in and build the strength in the global product engine in Calvin, and now Lea Rytz Goldman coming in for Tommy, both highly experienced brand builders and very strong in product, you have that David Savman and his team's work upfront with them on leveraging that strength in products. So it's the connection between the increased strength we are driving in our 2 global brands, with the supply chain expertise that David brings in, plus the regional execution.

是的。回來吧，邁克爾，當談到庫存、更好的庫存、需求驅動的供應鏈時，我看到正在發生的事情我也想分享的是，讓伊娃·塞拉諾加入並在全球範圍內建立實力Calvin 的產品引擎，現在 Lea Rytz Goldman 接任 Tommy，他們都是經驗豐富的品牌建立者，產品實力也非常強大，David Savman 和他的團隊與他們一起前期工作，利用產品方面的優勢。因此，這是我們在兩個全球品牌中不斷增強的實力與大衛帶來的供應鏈專業知識以及區域執行力之間的聯繫。

So we are putting -- the supply chain is at the core, working with the global brands and the regions. And that's -- when you see -- again, it feels like Eva has been here for a long time, but she has only been here since the first half of this year. And you can see the spring assortment 2024 slightly improved by -- slightly affected by you will see improvements coming in by Eva fall much more improvement and then it just keeps going from there. So I'm very pleased by seeing how the team is coming together and breaking this old-school sequential handover way of working and breaking it down and starting up front working together cross-functionally. And that's whether it's the early days of building H&M or the Old Navy turnaround or the repositioning of RAP, that's always when I've seen that happening, that's where the value over time will increase.

因此，我們以供應鏈為核心，與全球品牌和地區合作。那就是——當你再次看到——感覺伊娃已經在這裡很久了，但她是從今年上半年才來這裡的。你可以看到 2024 年春季系列略有改進 - 受到輕微影響，你會看到 Eva 秋季帶來的改進更多改進，然後就從那裡繼續下去。因此，我很高興看到團隊如何團結起來，打破這種老式的順序移交工作方式，並打破它並開始跨職能地共同工作。無論是 H&M 的早期建設，還是 Old Navy 的轉型，還是 RAP 的重新定位，當我看到這種情況發生時，價值就會隨著時間的推移而增加。

Our next question will come from Matthew Boss with JPMorgan.

我們的下一個問題將來自摩根大通的馬修·博斯。

So tow-part question. Stefan, could you just elaborate on underlying demand trends for Tommy and Calvin in Europe? Maybe if we parse through some of this near-term noise, which sounds like it was weather related? And then for Zac, just maybe on sensitivity, could you just help lay out given all of the self-help drivers and the uncertain backdrop from a revenue perspective? Could you see operating margin expansion next year in a scenario of maybe flat revenues? Or just what would that picture look like?

所以分為兩個部分的問題。 Stefan，您能否詳細說明一下歐洲對 Tommy 和 Calvin 的潛在需求趨勢？也許我們可以分析一些近期的噪音，這聽起來像是與天氣有關？然後，對於扎克來說，也許出於敏感性，考慮到所有自助驅動因素以及從收入角度來看的不確定背景，您能否幫助佈局？在收入可能持平的情況下，您認為明年的營業利潤率會擴大嗎？或者那張照片會是什麼樣子？

Yes. Thanks, Matt. Let me start. So if we look at Europe and the underlying demand trends for Calvin and Tommy is still being strong. Look at Q3 -- so when we look at Q3, we continue to grow on a record quarter in Europe last year, low single-digit growth on a record quarter last year. And that growth was on a very strong base. So 25% up versus pre-pandemic. And then you see another to the demand growth in Europe is the strong D2C growth despite a tough macro. And then what happened in the macro was in September, we had the warmest start of the fall since the -- no, 1800 -- 1880 or something like that. So of course, impacting September. We came back and the market came back in October from a demand trend perspective, but driving -- given the importance of September, an increasingly promotional environment in the market. And we see over the Q3, we see an increasingly cautious macro backdrop in Europe and with the biggest impact on the wholesale channel.

是的。謝謝，馬特。讓我開始吧。因此，如果我們看看歐洲，卡爾文和湯米的潛在需求趨勢仍然強勁。看看第三季度——所以當我們看第三季度時，我們在歐洲繼續在去年創紀錄的季度中成長，比去年創紀錄的季度低個位數增長。這種成長是建立在非常堅實的基礎上的。與大流行前相比，增加了 25%。然後你會看到歐洲需求成長的另一個原因是儘管宏觀經濟形勢嚴峻，但 D2C 的強勁成長。然後宏觀上發生的事情是在 9 月份，我們迎來了自——不，1800 年——1880 年或類似年份以來最溫暖的秋季開始。當然，影響九月。我們回來了，從需求趨勢的角度來看，市場在 10 月有所回升，但考慮到 9 月的重要性，以及市場上日益促銷的環境，推動市場回升。我們看到第三季度，歐洲的宏觀背景變得越來越謹慎，對批發通路的影響最大。

So what we are doing there, we're not sitting still. We are leaning into the PVH+ execution in 2 ways -- 2 main ways. First, with a macro, my experience is when the macro gets tougher, it's really important to focus on quality of sales. So we are increasing the focus on quality of sales, even to Zac's point, if that means selling less in to the wholesale channel, but securing a strong sell-out margin, and avoiding too much inventory in the market. So that's the first action we take.

所以我們在那裡所做的事情，我們並沒有坐以待斃。我們正在透過兩種方式傾向於 PVH+ 執行——兩種主要方式。首先，就宏觀而言，我的經驗是，當宏觀變得更加嚴峻時，專注於銷售品質非常重要。因此，我們正在加強對銷售品質的關注，即使這意味著減少批發管道的銷售，但要確保強勁的銷售利潤，並避免市場上出現過多庫存，甚至在扎克看來也是如此。這是我們採取的第一個行動。

The second is really leaning into the next level of PVH+ execution. PVH+ execution makes a big difference, independently on macro, but especially in tough macro. So a few examples I gave in terms of the product strength that we are driving in 2024, product innovation, whether it's technical components, fabrics, whether it's more choice of our premium essentials, more transitional products. We see that. It seems like every season now seems to start with an unusual weather situation. We can -- we can sit back and say, okay, or we lean in the way we do, which is say, okay, clear. We have to do more transitional products. And that you will see already in 2024.

第二個是真正傾向於 PVH+ 執行的下一個等級。 PVH+ 執行會產生很大的差異，獨立於宏觀，但尤其是在困難的宏觀中。因此，我舉了幾個例子，涉及我們在 2024 年推動的產品實力、產品創新，無論是技術組件、布料，還是我們優質必需品的更多選擇、更多過渡產品。我們看到了這一點。現在似乎每個季節都以不尋常的天氣情況開始。我們可以——我們可以坐下來說，好吧，或者我們按照我們的方式行事，也就是說，好吧，清楚。我們要做更多的過渡產品。到 2024 年你就會看到這一點。

Then in consumer engagement, having in a tough macro having market-leading brands, is a huge advantage. And the way we take advantage of that consumer engagement wise is twofold, just shot 2 very strong marketing campaigns for spring 2024, with mega talent amplifying the improved product strength. So -- and then in the marketplace, what's also going to be important is to continue to invest in the consumer experience. So you will see that in investment in our stores, investments in shop-in-shop in the digital experience. So overall, we are in a tough macro in Europe leveraging better the strength, the market-leading strength we have for Tommy in particularly in Europe, and then we have the strength of having one of the biggest growth brands in Europe in Calvin.

然後，在消費者參與度方面，在嚴峻的宏觀形勢下擁有市場領先的品牌是一個巨大的優勢。我們利用消費者參與的方式是雙重的，剛剛在 2024 年春季開展了 2 場非常強大的行銷活動，透過巨額人才增強了產品實力的提升。因此，在市場上，繼續投資消費者體驗也很重要。因此，您將看到對我們商店的投資，對數位體驗中店中店的投資。因此，總體而言，我們在歐洲面臨嚴峻的宏觀形勢，更好地利用了 Tommy 的市場領先優勢，特別是在歐洲，然後我們擁有歐洲最大成長品牌之一 Calvin 的優勢。

Yes. And I think just to add some color to Stefan's comments about just how disruptive the September heat wave was in Europe, we can look at our own DTC sales. We don't typically provide intra-quarter numbers, but I think it's really important context. Coming out of summer, our August DTC revenue was up 10% in Europe. Then the heat wave hit in September, right as us and all of our competitors were setting fall season and sales were down 7% in September. Then in October, things have recovered to being up 10%, but in a significantly more promotional environment. So in our DTC channels, we can move more quickly. The economics of our wholesalers more difficult. And so we see that coming through with regard to a more cautious sell-in outlook that they're putting into place, and we're preparing for that potential to carry forward in 2024. But I think what's important is that readiness shows up in profitability.

是的。我認為，為了給 Stefan 關於 9 月熱浪對歐洲造成多大破壞的評論增添一些色彩，我們可以看看我們自己的 DTC 銷售情況。我們通常不提供季度內的數據，但我認為這是非常重要的背景。夏季結束後，我們 8 月在歐洲的 DTC 收入成長了 10%。然後，熱浪在 9 月襲來，正當我們和所有競爭對手都進入秋季時，9 月的銷售額下降了 7%。然後到了 10 月份，情況又恢復到了 10% 的成長，但促銷環境明顯加強。因此，在我們的 DTC 管道中，我們可以更快地採取行動。我們批發商的經濟更加困難。因此，我們看到他們正在實施更謹慎的銷售前景，我們正在為在 2024 年發揮這一潛力做好準備。但我認為重要的是，準備工作表現在盈利能力。

Even with a lower European revenue outlook for 4Q, we expect European profit to be up over 30% versus last year in the fourth quarter. So I think that ability to manage profitability moving into 2024 remains full. I think to answer your question on 2024 around managing operating margin in a potential flat environment, absolutely. Our commitment is to deliver on our operating margin commitments regardless of where the top line is. And I think we can look no further than 4Q for our success in doing that right now, and we'd expect for that success to carry forward into the to 2024 as well.

即使第四季歐洲營收前景較低，我們預計第四季歐洲利潤將比去年同期成長 30% 以上。因此，我認為進入 2024 年管理獲利能力的能力仍然充足。我想絕對可以回答您關於 2024 年在潛在平坦環境中管理營業利潤率的問題。我們的承諾是無論營收水準如何，都會兌現我們的營業利潤率承諾。我認為我們現在可以在第四季度取得成功，我們預計這種成功也將延續到 2024 年。

And just building on what Zac was saying here because across the world in all our regions in a tough macro, we have the strength of having in Calvin and Tommy, two of the most iconic beloved brands in the marketplace. And we have the brand building plan in PVH+ and we gain increased traction when we lean into the PVH+ execution. So from that, you will see continuously that what's within our control, we will continue to improve step by step by step. And the margin is the most in our control. That's why you hear the confidence from Zac.

就以扎克在這裡所說的話為基礎，因為在全球所有地區，在嚴峻的宏觀形勢下，我們都擁有 Calvin 和 Tommy 這兩個市場上最受歡迎的標誌性品牌的實力。我們在 PVH+ 中有品牌建立計劃，當我們傾向於 PVH+ 執行時，我們會獲得更大的吸引力。所以從中你會不斷地看到，在我們的控制範圍內，我們會一步步不斷地改進。而保證金是我們最能控制的。這就是為什麼你會聽到扎克的自信。

Our next question will come from Jay Sole with UBS.

我們的下一個問題將由瑞銀集團的 Jay Sole 提出。

Stefan, I wanted to follow up on your comments about the success you're seeing at Macy's. If you can connect that to the transition that's ongoing with G-III, does it -- the success you're seeing makes you -- give you the confidence that you're building the teams and the capabilities to be able to replace those revenues that G-III currently has within PVH as the transition continues and continue to build a big business and really capture all that opportunity that's out there financially as that transition takes place?

史蒂芬，我想跟進您對梅西百貨所取得的成功的評論。如果你能將其與 G-III 正在進行的轉型聯繫起來，你所看到的成功是否會讓你有信心，相信你正在建立能夠替代這些收入的團隊和能力隨著過渡的繼續，G-III目前在PVH 中擁有哪些人，並繼續建立一個大業務，並真正抓住過渡發生時的所有財務機會？

Thank you, Jay. Great question. Yes, very encouraged by the progress we are seeing with Macy's. And this is also building on my experience being part of repositioning Ralph for sustainable growth. A number of years back, we did exactly the same thing. We partnered with Macy's and made sure that Macy's became our best full price expression, and that's what we are doing. And we are doing it in our own-controlled men's and underwear today and both Calvin and Tommy, and it's really working out. And it's the same confidence we have when it comes to taking back the licenses over the multiyear period with G-III. We are already working on making sure that the product strength -- the category offense is there, the product strength is there and the pricing is there. So yes, equally confident when it comes to men's and women's and the strength of Calvin and Tommy with the Macy's consumer. We are early on in doing a very deep consumer and brand study globally. But when we start to break that down into North America and in Macy's, we see the incredible strength that both Calvin and have -- Calvin and Tommy has with the Macy's consumer.

謝謝你，傑伊。很好的問題。是的，我們對梅西百貨所取得的進展感到非常鼓舞。這也是建立在我為拉爾夫重新定位以實現可持續成長的經驗的基礎上的。幾年前，我們做了完全相同的事。我們與梅西百貨合作，確保梅西百貨成為我們最好的全價表達，而這就是我們正在做的事情。今天，我們在 Calvin 和 Tommy 的男士和內衣上都這樣做，而且確實很有效。當我們收回 G-III 多年的許可證時，我們也有同樣的信心。我們已經在努力確保產品實力——品類進攻、產品實力和定價。所以，是的，對於男裝和女裝以及 Calvin 和 Tommy 與梅西百貨消費者的實力同樣充滿信心。我們很早就在全球範圍內進行了非常深入的消費者和品牌研究。但當我們開始將其分解到北美和梅西百貨時，我們看到卡爾文和湯米在梅西百貨消費者中擁有令人難以置信的力量。

So an incredible awareness in very strong consideration and very strong brand love. So we have all the pieces in place from the consumer love for our brands and putting all the pieces in place for successfully taking back the licenses. So very encouraged.

因此，在非常強烈的考慮和非常強烈的品牌熱愛中產生了令人難以置信的意識。因此，我們已經做好了消費者對我們品牌的喜愛的所有準備工作，並準備好所有準備工作，以成功收回許可證。所以非常受鼓舞。

And that question will come from Dana Telsey with Telsey Advisory Group.

這個問題將由特爾西諮詢小組的達納·特爾西提出。

Nice to see the progress. Just continuing on the thought of the wholesale business, which is so important in the progress that you've made in America, as you mentioned with Macy's, during this time period in Europe where the macro is more a little bit more challenging. Are there relationship enhancements or business enhancements that are being done on the wholesale side in Europe that can mirror North America? And are there partners like Macy's that you see as dominant in Europe is what you see here in North America? Just can put some color on the wholesale in Europe and that potential.

很高興看到進展。繼續思考批發業務，正如您在梅西百貨中提到的那樣，批發業務對於您在美國的進步非常重要，而在歐洲這個時期，宏觀經濟更具挑戰性。歐洲批發方面是否有類似北美的關係增強或業務增強？是否有像梅西百貨這樣的合作夥伴，您認為在歐洲佔據主導地位，而在北美卻是如此？只是可以為歐洲的批發和潛力增添一些色彩。

Thank you, Dana. It's also an important question. So we have market-leading strength in Europe and very strong partnership with the strongest wholesale retailers. And when I look back at the past few months, when I referenced seeing 50 -- over 50 stores and doors in 5, 6 countries also met with key partners like Peak & Cloppenburg, Zalando. So very much focused on the same thing, next-level PVH+ execution.

謝謝你，達納。這也是一個重要的問題。因此，我們在歐洲擁有市場領先的實力，並與最強大的批發零售商建立了非常牢固的合作夥伴關係。當我回顧過去幾個月時，當我提到看到 5、6 個國家的 50 多家商店和門市時，我也與 Peak & Cloppenburg、Zalando 等主要合作夥伴會面。因此，我們非常關注同一件事，即下一級 PVH+ 執行。

So to your point, there is the strength in the brands and the consumer love is unprecedented for us in Europe. And then the strength when we lean into essentials and we build out choices of our best essentials must-haves in the market when we have the right newness when we have the right cut-through campaigns, when we partner with our wholesalers to amplify that with the strength in products, strength and talent and strength that the retailers have, it's very encouraging.

因此，就您而言，品牌實力雄厚，消費者對我們歐洲的喜愛程度是前所未有的。然後，當我們專注於必需品並在市場上選擇我們最好的必需品必備品時，當我們擁有正確的新鮮感時，當我們進行正確的切入式營銷活動時，當我們與批發商合作以擴大這一點時，我們就會產生力量。零售商擁有的產品實力、實力、人才和實力，非常令人鼓舞。

So overall -- thank you, Dana. So overall, thank you very much for joining our call today. As you can hear from us, we feel very strong about the increased traction we get on the PVH+ Plan. We recognize the tough macro we are navigating. We also recognize the strength that we have in our hands with these 2 very strong brands. The plan and the execution strength that comes out of that plan that we are just in the beginning of tapping into. So looking forward to catching up next quarter on the progress that we will be relentless in driving. And then ahead of that, I just wish everybody a really happy holiday. Thank you.

總的來說，謝謝你，達納。總的來說，非常感謝您今天加入我們的電話會議。正如您從我們這裡聽到的那樣，我們對 PVH+ 計劃的吸引力不斷增強感到非常強烈。我們認識到我們正在應對的宏觀情況十分嚴峻。我們也認識到我們擁有這兩個非常強大的品牌的實力。我們剛開始利用該計劃以及該計劃所產生的執行力。因此，期待下個季度我們將不懈努力，趕上進度。在此之前，我祝大家假期愉快。謝謝。

This does conclude today's PVH Third Quarter 2023 Earnings Conference Call. You may disconnect your line at this time, and have a wonderful day.

今天的 PVH 2023 年第三季財報電話會議到此結束。此時您可以斷開線路，度過美好的一天。