PVH Corp (PVH) 2023 Q4 法說會逐字稿

Good morning, everyone and welcome to today's PVH Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this call may be recorded. It is now my pleasure to turn today's program over to Sheryl Freeman, Senior Vice President of Investor Relations. Please go ahead.

大家早安，歡迎參加今天的 PVH 2023 年第四季財報電話會議。 （操作員說明）請注意，此通話可能會被錄音。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. Fourth Quarter 2023 Earnings Conference Call.

謝謝你，接線生。大家早安，歡迎參加 PVH Corp 2023 年第四季財報電話會議。

Leading the call today will be Stefan Larsson, Chief Executive Officer; and Zac Coughlin , Chief Financial Officer.

今天的電話會議將由執行長 Stefan Larsson 主持。和財務長 Zac Coughlin。

This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material. It may not be recorded, rebroadcast or otherwise transmitted without PVH's written permission. Your participation constitutes your consent to having anything you say appear on any transcript or replay of this call.

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 書面許可，不得錄製、轉播或以其他方式傳播。您的參與即表示您同意您所說的任何內容出現在本次通話的任何記錄或重播中。

The information to be discussed includes forward-looking statements that reflect PVH's view as of April 2, 2024, of future events and financial performance. These statements are subject to risks and uncertainties indicated in the company's SEC filings and the safe harbor statement included in the press release that is the subject of this call. 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 asset 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.

討論的資訊包括反映 PVH 截至 2024 年 4 月 2 日對未來事件和財務表現的看法的前瞻性陳述。這些聲明受到該公司向 SEC 提交的文件以及本次電話會議主題新聞稿中包含的安全港聲明中指出的風險和不確定性的影響。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，以專注於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.

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。

Generally, the financial information and projections to be discussed will be on a non-GAAP basis as defined under SEC rules. Reconciliations to GAAP amounts are included in PVH's fourth quarter 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.

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 年第四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 am pleased to turn the conference over to Stefan Larsson.

此時，我很高興將會議交給 Stefan Larsson。

Thank you, Sheryl, and good morning, everyone, and thank you for joining our call today.

謝謝謝麗爾，大家早安，謝謝您今天加入我們的電話會議。

For the fourth quarter and full year, we drove strong performance that was ahead of our guidance for both top and bottom line, driven by the strength of our 2 iconic brands, Calvin Klein and Tommy Hilfiger and the disciplined execution of our PVH+ Plan. This included a very strong holiday season.

在我們的兩個標誌性品牌Calvin Klein 和Tommy Hilfiger 的實力以及我們PVH+ 計劃的嚴格執行的推動下，我們在第四季度和全年取得了強勁的業績，超出了我們對營收和利潤的指導。其中包括一個非常強勁的假期季節。

For the fourth quarter, we drove double-digit growth in our owned and operated e-commerce and high single-digit growth in our stores. This was offset by a challenging wholesale channel resulting in flat revenues overall for the quarter on a reported basis and down 1% in constant currency. We continue to drive quality of sales up with higher AURs and we expanded our gross margins by 440 basis points year-over-year. On a non-GAAP basis, we delivered 40% increase in EBIT dollars and 12.1% EBIT margin and an EPS growth of over 50%.

第四季度，我們自有和經營的電子商務實現了兩位數成長，商店實現了高個位數成長。這被具有挑戰性的批發管道所抵消，導致本季度報告的總體收入持平，按固定匯率計算下降 1%。我們繼續以更高的 AUR 來提高銷售質量，毛利率年增 440 個基點。以非 GAAP 計算，我們的息稅前利潤成長了 40%，息稅前利潤率成長了 12.1%，每股盈餘成長超過 50%。

For the full year, we grew revenue 2% on a reported basis and 1% in constant currency, including high single-digit D2C growth, while expanding our gross margins by 140 basis points, and we drove a 9% increase in EBIT dollars and a 60 basis point increase in EBIT margins to 10.1%. And we delivered EPS growth of nearly 20% and achieved a record high EPS. We ended the year with inventory in great shape, down 21% compared to last year and produced significant cash flow, which we used to buy back approximately $550 million of stock.

全年，我們的收入按報告計算增長了2%，按固定匯率計算增長了1%，其中D2C 實現高個位數增長，同時毛利率提高了140 個基點，息稅前利潤(EBIT) 增長了9%，息稅前利潤率增加 60 個基點至 10.1%。我們的每股盈餘成長近20%，創下每股盈餘歷史新高。年底，我們的庫存狀況良好，與去年相比下降了 21%，並產生了大量現金流，我們用這些現金流回購了約 5.5 億美元的庫存。

Looking back on the first 2 years of PVH+ Plan execution, you can see a clear trend in that where we lean in to execute, we deliver. We have put 100% of our focus on our globally beloved iconic brands, Calvin and Tommy, and divested all other regionally-focused brands. We are building a very strong leadership team with experience to move PVH from a legacy brand acquirer to leading brand builder. Today, I'm especially excited to share that Lea Rytz Goldman is starting this week as Tommy Hilfiger Global President. Lea most recently comes from successfully leading the cost brands impressive global growth.

回顧 PVH+ 計畫前兩年的執行情況，您可以看到一個明顯的趨勢：只要我們專注於執行，我們就會交付。我們將 100% 的注意力集中在深受全球喜愛的標誌性品牌 Calvin 和 Tommy 上，並剝離了所有其他以區域為重點的品牌。我們正在建立一支非常強大的領導團隊，他們擁有將 PVH 從傳統品牌收購者轉變為領先品牌建立者的經驗。今天，我特別高興地告訴大家，Lea Rytz Goldman 將於本週開始擔任 Tommy Hilfiger 全球總裁。 Lea 最近成功領導了廉價品牌在全球令人矚目的成長。

Through the PVH+ Plan, we have driven strong D2C growth for both 2022 and 2023 across all brands and all regions through strength in product, marketing and marketplace execution. We have developed strong product categories and see key categories and must-have Hero products, significantly increasing AURs and gross margin rate. We are executing breakthrough campaigns with very strong global talent amplification to really cut through with the consumer.

透過 PVH+ 計劃，我們透過產品、行銷和市場執行方面的實力，推動了 2022 年和 2023 年所有品牌和所有地區 D2C 的強勁成長。我們開發了強大的產品類別，看到了重點品類和必備英雄產品，顯著提高了 AUR 和毛利率。我們正在進行突破性的活動，透過非常強大的全球人才擴張來真正打動消費者。

During 2023, Calvin drove more consumer engagement than at any other time in the history of the brand with mega talent such as Jennie Kim, John Kook, Kendall Jenner, Michael B. Jordan and most recently, Jeremy Allen White. And Tommy went back to its roots of Classic American Cool. Most recently created cut through global attention with its return to New York Fashion Week. We have strengthened the brand experience across social, e-commerce and stores. And in an increasingly tough wholesale channel, we have deepened our relationships with our key partners and applied a strong quality of sales focus globally.

2023 年，卡爾文 (Calvin) 與 Jennie Kim、John Kook、Kendall Jenner、Michael B. Jordan 以及最近的 Jeremy Allen White 等巨星的合作，推動了消費者的參與度達到品牌歷史上最高水平。 Tommy 回歸了經典美式酷的根源。最近的作品重返紐約時裝週，引起了全球的關注。我們加強了社交、電子商務和商店的品牌體驗。在日益嚴峻的批發管道中，我們加深了與主要合作夥伴的關係，並在全球範圍內應用了強有力的銷售重點。

Regionally, we have grown our European business in a very tough macro environment, with our business today over $4 billion, over 20% larger than 2019 and driving higher profits. We have started to successfully unlock North America despite a choppy backdrop, driving significant margin expansion, including an 8.3% EBIT margin for 2023. And we are taking back our license of core product categories as part of a multiyear transition beginning in 2025, which will allow us to draw on the power and expertise of our global brand teams.

從地區來看，我們在非常艱難的宏觀環境中發展了歐洲業務，目前我們的業務規模超過 40 億美元，比 2019 年增長了 20% 以上，並帶來了更高的利潤。儘管情況動盪，我們已開始成功開拓北美市場，推動利潤率顯著擴張，包括2023 年息稅前利潤率達到8.3%。作為從2025 年開始的多年過渡的一部分，我們將收回核心產品類別的許可，這將讓我們能夠利用全球品牌團隊的力量和專業知識。

We have also turned Asia into a growth engine where we are now taking share on a consistent basis with double-digit constant currency revenue growth in both 2022 and 2023. As a company, we have successfully started to build out our data and demand-driven operating model. We are reducing inventory as a percentage of sales while driving higher availability and stock freshness. The quality of our product is up, the cost of goods is down and the pricing power is up, all leading to higher gross margins.

我們也將亞洲變成了一個成長引擎，目前我們在2022 年和2023 年將實現兩位數的恆定貨幣收入成長，從而持續佔據份額。作為一家公司，我們已成功開始建立我們的數據和需求驅動型營運模式。我們正在減少庫存佔銷售額的百分比，同時提高可用性和庫存新鮮度。我們的產品品質提高了，商品成本降低了，定價能力提高了，所有這些都帶來了更高的毛利率。

We continue to invest behind our growth initiatives including increasing marketing spend to approximately 6% of sales for 2023 to fuel cut-through campaigns and global talent amplification, all while driving cost efficiencies across the company. And we have significantly increased our cash flow, enabled us to invest in growth and increase our share buybacks to historically high levels. Over the last 2 years, we have repurchased nearly $1 billion of our stock, representing approximately 17% of our outstanding shares.

我們繼續投資支持我們的成長計劃，包括到 2023 年將行銷支出增加到銷售額的約 6%，以推動直通式行銷活動和全球人才擴張，同時提高整個公司的成本效率。我們顯著增加了現金流，使我們能夠投資於成長並將股票回購增加到歷史高水準。在過去的兩年裡，我們回購了近 10 億美元的股票，約占我們已發行股票的 17%。

Now, let me share a bit more of what drove our strong performance in the fourth quarter and full year, both from a global brand and regional perspective. Starting with Calvin Klein. The brand continued to cut through with record strong global campaigns. In the fourth quarter, our spring campaign with Jeremy Allen White captured global attention, generating over $12 million in media exposure in the first 48 hours and reaching more than $40 million on the brand's Instagram. Our Hero underwear styles were in the heart of culture conversation, followed by Jeremy style in Calvin's Menswear for a Golden Globe's win.

現在，讓我從全球品牌和區域角度分享更多推動我們第四季和全年強勁業績的因素。從卡爾文克萊恩開始。該品牌繼續透過創紀錄的強勁全球活動取得突破。第四季度，我們與 Jeremy Allen White 合作的春季宣傳活動吸引了全球關注，在前 48 小時內獲得了超過 1200 萬美元的媒體曝光，在該品牌的 Instagram 上達到了超過 4000 萬美元的收入。我們的 Hero 內衣款式成為文化話題的焦點，隨後 Calvin's 男裝中的 Jeremy 款式贏得了金球獎。

In the U.S. alone, week 1 of the campaign generated more than 30% growth in underwear versus last year. The campaign continued with Idris Elba in Menswear, Jennie Kim and Kendall Jenner in womenswear and Jung Kook in our most iconic denim, all to amplify our Calvin Klein lifestyle offering.

光是在美國，該活動的第一周內衣銷量就比去年增長了 30% 以上。活動繼續由 Idris Elba 演繹男裝，Jennie Kim 和 Kendall Jenner 演繹女裝，Jung Kook 演繹我們最具標誌性的牛仔裝，所有這些都是為了增強我們 Calvin Klein 的生活方式產品。

Turning to Tommy Hilfiger. In Tommy, we continue to drive relevance by leaning into the brand's unique DNA of Classic American Cool. We started off the year with Tommy's return to New York Fashion Week, creating a true New York moment and driving both high visibility and engagement. The runway show had massive talent reach, resulting in over 3,000 PR placements and a reach of over 6 billion. We were the most talked about brand at New York Fashion Week, dominating online conversation.

轉向湯米希爾費格。在 Tommy，我們繼續透過融入品牌獨特的經典美式酷感 DNA 來提高相關性。今年伊始，Tommy 重返紐約時裝週，創造了真正的紐約時刻，並提高了知名度和參與度。該時裝秀吸引了大量人才，促成了超過 3,000 次公關展示，影響力超過 60 億人。我們是紐約時裝週上最受關注的品牌，主導了線上對話。

In February, we announced Sofia Richie as the new partner for Tommy Womenswear. And last month, Tommy launched its Spring 2024 campaign featuring Kendall Jenner. And yesterday, we launched a global cut-through campaign featuring Stray Kids, 1 of the top 3 K-Pop bands worldwide.

二月份，我們宣布 Sofia Richie 成為 Tommy Womenswear 的新合作夥伴。上個月，Tommy 推出了由 Kendall Jenner 主演的 2024 年春季廣告大片。昨天，我們發起了一項全球直通活動，邀請全球三大韓國流行樂團之一的 Stray Kids 參與其中。

Now let me turn to our regional performance. Starting with North America. I'm very proud of how our team continued to lean into the PVH+ Plan drivers in the fourth quarter, achieving strong D2C growth, up high single digits for both brands and delivering a significant improvement in profitability. For the fourth quarter, we again delivered a double-digit EBIT margin for the region, including higher gross margins and AURs.

現在讓我談談我們的區域表現。從北美開始。我對我們的團隊在第四季度繼續依靠 PVH+ 計劃驅動因素、實現強勁的 D2C 增長、兩個品牌的高個位數增長以及盈利能力的顯著提高感到非常自豪。第四季度，我們再次為該地區實現了兩位數的息稅前利潤率，包括更高的毛利率和 AUR。

Overall revenue for Tommy and Calvin was stronger than we expected, driven by strong growth in direct-to-consumer, which was offset by declines in wholesale. For 2023, our Calvin and Tommy businesses together delivered an 8.3% EBIT margin, a big step-up of nearly 500 basis points year-over-year despite modestly lower revenues. This demonstrates the significant progress we are making in building the foundation for long-term brand accretive growth in the North America region.

Tommy 和 Calvin 的整體收入強於我們的預期，這得益於直接面向消費者的強勁增長，但批發業務的下降抵消了這一增長。 2023 年，我們的 Calvin 和 Tommy 業務合計實現了 8.3% 的息稅前利潤率，儘管收入略有下降，但同比增長了近 500 個基點。這表明我們在為北美地區的長期品牌增值成長奠定基礎方面正在取得重大進展。

Let me share a few North America highlights. For Tommy, the D2C growth was broad-based, led by seasonal premium essentials in key categories with strong AUR increases. We returned a number of stores back to 2019 profitability levels despite much lower international tourism. And for Calvin, leading with our category offense, we successfully reestablished our refined assortment. We continue to elevate the online shopping experience and have delivered 4 consecutive quarters of high-quality double-digit growth on ck.com.

讓我分享一些北美亮點。對於 Tommy 來說，D2C 成長基礎廣泛，主要類別的季節性優質必需品帶動了 AUR 的強勁成長。儘管國際旅遊業大幅下滑，但我們仍將許多商店的獲利能力恢復到了 2019 年水準。對於卡爾文來說，在我們的品類進攻中處於領先地位，我們成功地重建了我們精緻的產品組合。我們不斷提升線上購物體驗，並已連續 4 個季度在 ck.com 上實現高品質的兩位數成長。

For both brands, we continue to build strength with our key wholesale partners led by men's sportswear.

對於這兩個品牌，我們繼續與以男士運動服為首的主要批發合作夥伴增強實力。

Looking to 2024 for North America. We plan to deliver another year of strong D2C growth with further increases in quality of sales across the marketplace, to deliver another year of significant improvement in profitability.

展望 2024 年北美地區。我們計劃在新的一年實現 D2C 的強勁成長，進一步提高整個市場的銷售質量，從而在新的一年實現盈利能力的顯著提高。

Turning to our international business. In Europe, building on our historically large business, market-leading awareness and brand strength across both Tommy and Calvin, for 2023, the region delivered low single-digit revenue growth in euros.

轉向我們的國際業務。在歐洲，憑藉我們歷史上規模龐大的業務、市場領先的知名度以及 Tommy 和 Calvin 的品牌實力，到 2023 年，該地區的歐元收入將實現低個位數成長。

In the fourth quarter, revenue again exceeded EUR 1 billion and most importantly, delivered much stronger overall profitability. Revenue for the quarter declined low single digits in euros compared to last year and in an increasingly tough macro, we drove mid-single-digit growth in D2C, which was offset by declines in Wholesale.

第四季度，營收再次超過 10 億歐元，最重要的是，整體獲利能力大幅增強。與去年相比，本季的歐元收入下降了較低的個位數，並且在日益嚴峻的宏觀環境下，我們推動了 D2C 的中個位數成長，但批發業務的下降抵消了這一增長。

Since we spoke in December, we have seen consumer sentiment further slow across Europe, especially in our 2 biggest markets Germany and the U.K., and we have seen our wholesale partners there become even more cautious. Let me share a few examples of what this tougher European macro means for us and how we're choosing to sacrifice sales growth in the near term to strengthen our unique brand position in the market for the long term.

自從我們去年 12 月發表演說以來，我們發現整個歐洲的消費者信心進一步放緩，特別是在我們的兩個最大市場德國和英國，而且我們看到那裡的批發合作夥伴變得更加謹慎。讓我分享幾個例子，說明更嚴峻的歐洲宏觀情況對我們意味著什麼，以及我們如何選擇犧牲短期的銷售成長來長期加強我們在市場中獨特的品牌地位。

Our #1 focus here has been to avoid having too much inventory in the market, and we have succeeded very well with this, starting the year with much less old clearance inventory than the same time last year, driven by our supply chain improvements. As an example, in February, we were up against a greater proportion of discounted sales last year and this year, we made a proactive decision to come into the month with lower outgoing stock and higher share of the new spring season inventory. As an effect, we're starting the spring season with significantly improved stock freshness, which is driving double-digit comp increases for our spring product, while prior season clearance sales and inventory are down over 20%.

我們的首要重點是避免市場上有太多庫存，我們在這方面取得了巨大成功，在供應鏈改進的推動下，今年年初的舊清倉庫存比去年同期少得多。舉個例子，去年二月份，我們面臨更大比例的折扣銷售，而今年，我們做出了積極的決定，以較低的出貨庫存和較高的春季新庫存份額進入這個月。因此，我們以顯著提高的庫存新鮮度開始春季銷售季，這推動了我們春季產品的兩位數同比增長，而上一季的清倉銷售和庫存下降了 20% 以上。

In Wholesale, forward orders from our partners have become more cautious. This is reflected in our fall 2024 order books, which we expect will be down high single digits versus the prior year. It's important to remember that our wholesale partners are coming off a very tough fall season across the sector from last year, driven by the warmest fall start since the 1800s, which led to too much inventory and high promotionality in the market. In this tougher environment, we are making proactive decisions towards quality of sales, to build our brands for the long term and position us for sustainable, brand accretive growth.

在批發方面，我們合作夥伴的遠期訂單變得更加謹慎。這反映在我們 2024 年秋季的訂單簿中，我們預計訂單簿將比前一年大幅下降個位數。重要的是要記住，我們的批發合作夥伴正經歷著去年以來整個行業非常艱難的秋季，這是自 1800 年代以來最溫暖的秋季開局推動的，導致市場庫存過多和促銷活動過多。在這個更嚴峻的環境下，我們正在為銷售品質做出積極的決策，以長期打造我們的品牌，並為我們的可持續、品牌增值成長做好準備。

In Wholesale, this means in midyear 2024, we are stopping sales of our brands by third parties on digital platforms and significantly reducing the number of digital platforms that we sell to. This will increase the quality of sales with our most important wholesale partners across both bricks-and-mortar and online. And across all channels, we are buying inventory much closer to demand, significantly reducing our need to manage discounted prior season inventory. The collective impact of these quality of sales decisions is a reduction equivalent of approximately 5% of our total sales for our 2024 European business. It will drive gross margin expansion and more importantly, enable brand accretive growth over time.

在批發方面，這意味著到 2024 年年中，我們將停止第三方在數位平台上銷售我們的品牌，並大幅減少我們銷售的數位平台數量。這將提高我們與實體和網路上最重要的批發合作夥伴的銷售品質。在所有通路中，我們購買的庫存都更接近需求，這大大減少了我們管理上季折扣庫存的需要。這些銷售品質決策的集體影響相當於我們 2024 年歐洲業務總銷售額的約 5% 的減少。它將推動毛利率擴張，更重要的是，隨著時間的推移，使品牌增值成長。

In parallel to these quality of sales improvements, we're also stepping up our product category offense, driving innovation in key categories and must-have essentials for fall 2024, where we will have more transitional products, more technical fabrics, more dress casual and this has been very well received by our key wholesale partners. It will also further strengthen our D2C execution, where we have the most control over the brand experience, and we continue to drive increased pricing power and margin expansion.

在提高銷售品質的同時，我們也正在加強產品類別攻勢，推動關鍵類別和 2024 年秋季必備必需品的創新，屆時我們將推出更多過渡產品、更多技術面料、更多休閒正裝和這受到我們主要批發合作夥伴的好評。它還將進一步加強我們的 D2C 執行力，我們對品牌體驗擁有最大的控制權，並且我們將繼續推動定價能力的提高和利潤率的擴大。

Moving to Asia Pacific, our Asia team's disciplined PVH+ Plan execution across both Calvin and Tommy drove strong growth for both the quarter and the year. For the year, the region delivered revenue growth of 15% in constant currency, including growth of 17% in the fourth quarter led by D2C. China is an important growth engine, which grows over 20% in local currency for both the fiscal year and fourth quarter as we successfully captured key consumer moments. Outside of China, fourth quarter performance was also strong, with over 30% growth in Korea and double-digit growth in Japan in constant currency.

轉向亞太地區，我們的亞洲團隊在 Calvin 和 Tommy 中嚴格執行 PVH+ 計劃，推動了本季和全年的強勁成長。以固定匯率計算，該地區今年的營收成長了 15%，其中第四季在 D2C 的帶動下實現了 17% 的成長。中國是重要的成長引擎，由於我們成功抓住了關鍵的消費時刻，以當地貨幣計算，中國在本財年和第四季的成長均超過 20%。在中國以外，第四季的表現也很強勁，以固定匯率計算，韓國成長了 30% 以上，日本成長了兩位數。

We delivered strong e-commerce growth with both brands achieving double-digit growth during Double 11 and ranked among the top international brands on Tmall. Revenue and market share set new records on Douyin as we continue to engage consumers in new ways. We continue to win in the important Lunar New Year holiday, fueled by successful Capsule launches and consumer activations for both brands.

我們的電商成長強勁，兩個品牌在雙11期間均達到兩位數成長，並躋身天貓國際品牌前列。隨著我們不斷以新的方式吸引消費者，抖音的收入和市場份額創下了新紀錄。在兩個品牌的膠囊系列的成功推出和消費者活化的推動下，我們在重要的農曆新年假期中繼續取得勝利。

Our brands and products have a clear premium positioning with opportunity to grow further in all markets. We continue to focus on driving overall brand awareness, especially in China, where both Calvin and Tommy are underpenetrated.

我們的品牌和產品具有明確的高端定位，並有機會在所有市場進一步發展。我們持續致力於提高整體品牌知名度，尤其是在 Calvin 和 Tommy 的滲透率較低的中國。

Now let's switch gears and turn to our overall company outlook. Following the strong 2023, where we gained traction on each of the underlying growth drivers of the PVH+ Plan, we will build on this momentum in 2024. Across the company, we are leaning into the next level of PVH+ Plan execution. This will directly translate into growth in Asia and North America, while in Europe, where the macro has become more challenging, our focus is on quality of sales to further strengthen our market-leading position.

現在讓我們換個話題，談談我們公司的整體前景。繼2023 年強勁成長之後，我們在PVH+ 計畫的每個潛在成長驅動力上都獲得了牽引力，我們將在2024 年繼續保持這一勢頭。在整個公司範圍內，我們正致力於將PVH+ 計劃執行提升到新的水平。這將直接轉化為亞洲和北美的成長，而在宏觀經濟變得更具挑戰性的歐洲，我們的重點是銷售質量，以進一步鞏固我們的市場領先地位。

From a numbers perspective, this translates into our guidance for 2024 of revenue down 6% to 7% or down approximately 3% to 4% on a comparable basis, excluding the sale of our Heritage Brands intimates business, at 53rd Week in 2023. We're driving further gross margin expansion and despite the deleverage from our European business, we will maintain our EBIT margins versus 2023. At the same time, Zac will take you through how we are leaning into unlock significant cost efficiencies in a way that we will even better align our cost structure to the PVH+ Plan growth drivers, leading to another year of EPS growth in 2024.

從數位角度來看，這意味著我們對2024 年收入的指導將在2023 年第53 週下降6% 至7%，或在可比基礎上下降約3% 至4%（不包括出售Heritage Brands 內衣業務）。正在推動毛利率進一步擴張，儘管我們的歐洲業務去槓桿化，但我們仍將維持2023 年的息稅前利潤率。同時，扎克將帶您了解我們如何傾向於以我們將要實現的方式實現顯著的成本效率。更好地使我們的成本結構與 PVH+ 計劃的成長驅動因素保持一致，從而在 2024 年實現每股收益的另一個增長。

As we go forward, we will further strengthen Calvin and Tommy brands desirability by building out our global product, marketing, experience engines under the strong global brand leadership that we now have in place. We will continue to amplify our category offense and key Hero product strategies globally. We will further win with consumer engagement by executing strong cut-through campaigns, amplified by the best global mega talent. And in the marketplace, we are relentlessly focused on driving higher quality of sales across all regions and channels, which will continue to drive pricing power and margin expansion across the company.

隨著我們的前進，我們將在我們現有的強大的全球品牌領導力下建立我們的全球產品、行銷和體驗引擎，進一步增強 Calvin 和 Tommy 品牌的吸引力。我們將繼續在全球擴大我們的品類進攻和關鍵英雄產品策略。我們將透過執行強而有力的直通式活動，並由全球最優秀的超級人才放大，進一步贏得消費者的參與。在市場上，我們堅持不懈地致力於提高所有地區和通路的銷售質量，這將繼續推動整個公司的定價能力和利潤率擴張。

Everywhere the consumer and macro will allow, we will drive high-quality revenue growth and where the consumer and macro are tougher, we are willing to sacrifice short-term, low-quality revenues in order to strengthen our brand position and pricing power. This is the right way to build our brands and business for the long term.

在消費者和宏觀經濟允許的地方，我們將推動高品質的收入成長，在消費者和宏觀經濟情況更加嚴峻的地方，我們願意犧牲短期、低品質的收入，以加強我們的品牌地位和定價能力。這是長期建立我們的品牌和業務的正確方法。

In D2C, where we have the most direct control of the shopping experience, you will see us drive high-quality growth across both brands and all regions. We will continue to elevate the consumer experience online and off-line in our owned and operated channels as well as with key wholesale partners. You will see us continue to build out our demand-driven supply chain, maximizing inventory productivity. And across the company, you will see us investing in long-term growth in areas including marketing, as well as CapEx for technology, store renovations, new store expansion and supply chain initiatives.

在D2C，我們對購物體驗有最直接的控制，你會看到我們推動品牌和所有地區的高品質成長。我們將繼續提升我們自有和經營的管道以及主要批發合作夥伴的線上和線下消費者體驗。您將看到我們繼續建立需求驅動的供應鏈，最大限度地提高庫存效率。在整個公司中，您將看到我們在行銷等領域進行長期成長投資，以及技術、商店翻新、新店擴張和供應鏈計劃的資本支出。

At the same time, we're getting in even better shape from a cost efficiency perspective, which Zac will share more details on. And lastly, we will continue to significantly improve our cash flow, which will enable us to make further stock repurchases.

同時，從成本效率的角度來看，我們正在變得更好，扎克將分享更多細節。最後，我們將繼續大幅改善現金流，這將使我們能夠進一步回購股票。

In closing, in 2023, we fully focused on and strengthen the desirability of our 2 globally-iconic brands, Calvin Klein and Tommy Hilfiger and we drove very strong financial performance across both brands and all regions.

最後，到 2023 年，我們完全專注於並增強了 Calvin Klein 和 Tommy Hilfiger 這兩個全球標誌性品牌的吸引力，並在兩個品牌和所有地區實現了非常強勁的財務業績。

For 2024, we will continue to build on the PVH+ Plan execution momentum across the company that will translate directly to growth in Asia and North America, while we sacrificed near-term sales growth in Europe to further strengthen our unique market position there for long-term brand accretive growth. Our PVH+ momentum is building in both the consumer-facing parts, driving the brand desirability up in product, marketing and marketplace and in how we build out the data and demand-driven business engine.

2024 年，我們將繼續在整個公司範圍內鞏固PVH+ 計劃的執行勢頭，這將直接轉化為亞洲和北美的增長，同時我們犧牲了歐洲的近期銷售增長，以進一步鞏固我們在歐洲的獨特市場地位，以實現長期的成長。術語品牌增值成長。我們的 PVH+ 勢頭正在面向消費者的部分建立起來，推動品牌在產品、行銷和市場以及我們如何建立數據和需求驅動的業務引擎方面的吸引力。

Step-by-step, guided by our PVH+ Plan, we're building Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world and making PVH one of the highest performing brand groups in our sector.

在我們的 PVH+ 計劃的指導下，我們正在將 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 PVH 成為我們行業中表現最好的品牌集團之一。

And I want to thank my entire team for all your great work in making our vision come to life. And now I'll turn the call over to Zac.

我要感謝我的整個團隊為實現我們的願景所做的一切出色工作。現在我將把電話轉給扎克。

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 results for the fourth quarter and full year 2023 driven by our iconic brands and disciplined execution of the PVH+ Plan. For the fourth quarter, we delivered revenue flat to the prior year and more importantly, we delivered significant earnings growth in the quarter versus last year, led by the sizable step-up in our gross margin we had planned for all year.

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，我們對第四季度和 2023 年全年的業績感到滿意。第四季度，我們的營收與上年持平，更重要的是，在我們全年計劃的毛利率大幅提高的帶動下，我們本季的獲利較去年大幅成長。

Our EBIT was $301 million, 40% higher than prior year, and our operating margin for the quarter was 12.1%, up 350 basis points versus last year. On the bottom line, we once again exceeded our guidance with a record-setting fourth quarter non-GAAP earnings per share of $3.72, which was over 50% higher than last year.

我們的息稅前利潤為 3.01 億美元，比去年同期成長 40%，本季營業利益率為 12.1%，比去年同期成長 350 個基點。總體而言，我們第四季度非公認會計準則每股收益創紀錄，達到 3.72 美元，再次超出了我們的預期，比去年增長了 50% 以上。

Our ability to drive significant operating margin expansion and earnings growth, in spite of the challenging macroeconomic environment, is a testament to our disciplined execution. We also delivered strong cash flow this year with free cash flow of over $700 million. This includes inventory being down 21% compared to last year as we continue to position inventory to focus on quality of sales. We also completed the sale of our Heritage Intimates business in the fourth quarter for $160 million. The result of our work on cash allowed us to repurchase $280 million of shares in the fourth quarter and an all-time high of $550 million share repurchases for the full year.

儘管宏觀經濟環境充滿挑戰，我們仍有能力推動營業利潤率大幅擴張和獲利成長，這證明了我們嚴格的執行力。今年我們也實現了強勁的現金流，自由現金流超過 7 億美元。這包括庫存比去年下降 21%，因為我們繼續將庫存定位於銷售品質。我們還在第四季以 1.6 億美元完成了 Heritage Intimates 業務的出售。我們的現金工作成果使我們能夠在第四季度回購 2.8 億美元的股票，並在全年回購 5.5 億美元的股票，創下歷史新高。

I will now discuss our 2023 results in more detail and then move on to our outlook for 2024. As I mentioned earlier, revenue for the fourth quarter was flat compared to last year and reflected a 1% positive impact from exchange. The benefit from the 53rd Week was largely offset by the revenue reduction from the sale of the Heritage Intimates business.

我現在將更詳細地討論我們 2023 年的業績，然後轉向我們對 2024 年的展望。正如我之前提到的，第四季度的收入與去年持平，反映出匯率帶來 1% 的正面影響。第 53 週的收益在很大程度上被出售 Heritage 內衣業務帶來的收入減少所抵消。

Starting from a regional perspective, fourth quarter revenue for our international business was up 3% on a constant currency basis. Sales in our Asia Pacific business were up 17% on a constant currency basis and up 13% on a reported basis as strong consumer demand drove growth in all markets, led by China, with the lifting of COVID restrictions negatively impacted the fourth quarter last year. Sales in Europe were down 2% in euros as mid-single-digit growth in the DTC business was more than offset by high single-digit decline in wholesale sales.

從地區角度來看，第四季度我們國際業務的營收以固定匯率計算成長了 3%。我們亞太區業務的銷售額按固定匯率計算增長了17%，按報告計算增長了13%，原因是強勁的消費者需求推動了以中國為首的所有市場的增長，而取消新冠疫情限制對去年第第四季產生了負面影響。歐洲的銷售額以歐元計算下降了 2%，因為 DTC 業務的中個位數成長被批發銷售額的高個位數下降所抵消。

In North America, revenue for the Tommy Hilfiger and Calvin Klein businesses combined was down 2% as high single-digit growth in DTC was more than offset by a decline in wholesale sales. Within DTC, our retail stores were up high single digits, and our owned and operated e-commerce business was up mid-teens.

在北美，Tommy Hilfiger 和 Calvin Klein 業務的總收入下降了 2%，因為 DTC 的高個位數成長被批發銷售的下降所抵消。在 DTC 內，我們的零售店實現了高個位數成長，我們擁有和經營的電子商務業務實現了十幾歲左右的成長。

Looking at overall fourth quarter revenue from a channel perspective, we continue to drive strong performance across all regions in our DTC businesses. Our total DTC revenue was up 9% on both a reported and constant currency basis in the quarter and also up 9% on a constant currency basis in both our stores and our owned and operated e-commerce, with approximately half of the increase due to the benefit from the 53rd Week. Total wholesale revenue for the quarter was down 10% on a reported basis and down 12% on a constant currency basis as retailers around the world continue to take a cautious approach to orders and shipments. This includes a 3% reduction from the sale of the Heritage Intimates business and a benefit from the 53rd Week.

從通路角度來看第四季整體收入，我們持續推動 DTC 業務在所有地區的強勁表現。本季我們的 DTC 總收入按報告和固定匯率計算增長了 9%，我們的商店以及我們擁有和經營的電子商務的按固定匯率計算也增長了 9%，其中大約一半的增長歸因於第53週的好處。由於世界各地的零售商繼續對訂單和發貨採取謹慎態度，按報告數據計算，本季度批發總收入下降 10%，按固定匯率計算下降 12%。這包括 Heritage Intimates 業務銷售額減少 3% 以及第 53 週的收益。

Turning to our global brands. Calvin Klein revenues were up 4%, and Tommy Hilfiger revenues were up 1% on a reported basis. On a constant currency basis, revenue for Calvin Klein was up 3% and Tommy Hilfiger was down 1%, as the macroeconomic challenges impacting Europe weigh more heavily on the Tommy business. Importantly, our DTC business was up in both brands and in all regions.

轉向我們的全球品牌。據報道，Calvin Klein 營收成長了 4%，Tommy Hilfiger 營收成長了 1%。以固定匯率計算，Calvin Klein 的營收成長了 3%，Tommy Hilfiger 的營收下降了 1%，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 fourth quarter, we delivered record high gross margin of 60.3%, an increase of 440 basis points compared to last year, with approximately half of the improvement due to a favorable shift in channel and region mix and approximately half due to lower raw material costs and ocean freight rates.

第四季度，我們的毛利率創歷史新高，達到 60.3%，比去年增長 440 個基點，其中約一半的改善歸因於通路和區域組合的有利轉變，約一半的改善歸因於原材料的下降成本和海運費率。

SG&A expense as a percent of revenue for the fourth quarter was 48.2%, an increase of approximately 100 basis points versus the prior year. The increase is more than explained by higher expenses due to DTC mix, partially offset by an approximately 125-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.

第四季 SG&A 費用佔營收的百分比為 48.2%，比前一年增加約 100 個基點。這一增長的主要原因是DTC 組合導致的費用增加，但由於我們採取了降低人員成本和審慎管理費用的行動而實現的節省，與去年相比，費用增加了約125 個基點，部分抵消了這一增長。

In total, EBIT for the quarter was $301 million, 40% higher than the prior year and exceeding expectations. Operating margin was 12.1% and expanded 350 basis points compared to last year, with improvements in all regions including a 550-basis-point expansion for North America for Calvin Klein and Tommy Hilfiger combined.

整體而言，本季息稅前利潤為 3.01 億美元，比上年同期成長 40%，超出預期。營業利益率為 12.1%，與去年相比擴大了 350 個基點，所有地區均有所改善，其中 Calvin Klein 和 Tommy Hilfiger 在北美地區的營業利潤率合計擴大了 550 個基點。

Earnings per share increased over 50% to $3.72 compared to $2.38 in last year's fourth quarter and exceeded our guidance by $0.27, largely driven by the EBIT improvement. Our tax rate for the quarter was approximately 21%.

每股收益成長超過 50%，達到 3.72 美元，而去年第四季為 2.38 美元，超出我們的指導價值 0.27 美元，這主要是由於息稅前利潤的改善。我們本季的稅率約為 21%。

For the full year 2023, we drove significant profitability and earnings growth versus last year in spite of the challenging macro environment. Revenue was up 2% versus last year including a positive impact of 1% from exchange and EBIT was up 9% driven by operating margin expansion. Our operating margin of 10.1% reflected a 60 basis points improvement versus last year. And on the bottom line, we delivered record high non-GAAP EPS of $10.68 for the year, which reflects a growth of 19%.

2023 年全年，儘管宏觀環境充滿挑戰，但與去年相比，我們實現了顯著的獲利能力和獲利成長。收入比去年增長了 2%，其中包括來自交易所的 1% 的正面影響，而在營業利潤率擴張的推動下，息稅前利潤增長了 9%。我們的營業利益率為 10.1%，比去年提高了 60 個基點。就利潤而言，我們今年的非 GAAP 每股收益達到創紀錄的 10.68 美元，成長了 19%。

Now moving on to our outlook. In 2024, we are committed to building on the momentum coming out of 2023, leaning into the PVH+ Plan to drive profitability improvements in North America, strong growth in Asia Pacific, a focus on quality of sales in Europe, further matching inventory to demand and delivering efficiencies to fund future growth. That said, we have taken a cautious approach to planning 2024 due to the softening consumer backdrop we saw in January and February and a conservative wholesale environment.

現在繼續我們的展望。 2024年，我們致力於在2023年的勢頭基礎上，依靠PVH+計劃來推動北美盈利能力的提高、亞太地區的強勁增長、關注歐洲的銷售質量、進一步匹配庫存與需求以及提高效率，為未來的增長提供資金。儘管如此，由於 1 月和 2 月消費者背景疲軟以及批發環境保守，我們對 2024 年規劃採取了謹慎的態度。

For the full year, overall revenue is projected to decline between 6% and 7% on both a reported and constant currency basis compared to 2023 including a 2% decline due to the sale of the Heritage intimates business and a 1% decline due to the 53rd Week in 2023. We expect full year operating margin will be approximately flat compared to 10.1% in 2023 and are projecting earnings per share in a range of $10.75 to $11, up low single digits versus 2023 despite the top line pressures.

與 2023 年相比，全年總收入預計將下降 6% 至 7%，其中包括因出售 Heritage 內衣業務而下降 2%，以及因2023 年是第53 週。與2023 年的10.1% 相比，我們預計全年營業利潤率將大致持平，並預計每股收益將在10.75 美元至11 美元之間，儘管面臨營收壓力，但與2023 年相比仍將出現低個位數成長。

Our sales outlook for the North America Calvin Klein and Tommy Hilfiger businesses combined is planned up low-single digits versus 2023 with mid-single-digit growth in the DTC business tempered by wholesale. Within wholesale, we are focused on strong quality of sales and winning with our key wholesale partners. But we do see retailers continue to take a cautious approach. This wholesale environment is also impacting our licensing partners in the region, and our overall licensing revenue is planned down high-single digits.

我們對北美 Calvin Klein 和 Tommy Hilfiger 業務的合併銷售前景預計將比 2023 年低個位數成長，而 DTC 業務的中個位數成長受到批發的影響。在批發領域，我們專注於強大的銷售品質並贏得主要批發合作夥伴的青睞。但我們確實看到零售商繼續採取謹慎態度。這種批發環境也影響了我們在該地區的授權合作夥伴，我們的整體授權收入計畫下降高個位數。

Asia Pacific is planned to grow high-single digits on a constant currency basis with growth again projected in all markets and led by DTC.

亞太地區計劃在固定匯率基礎上實現高個位數成長，所有市場預計將再次實現成長，並由 DTC 引領。

Now turning to Europe. As Stefan mentioned, we saw consumer sentiment further slow in January and February and our fall 2024 order books are increasingly cautious. In this tougher environment, we are making strategic choices to focus on higher quality sales across all channels. As a result, we have planned Europe sales down high-single digits in euros. Wholesale is planned down low-double digits for the reasons I just mentioned, and DTC is planned down low-single digits with modest comp door growth, offset by reductions in our own sales through third-party platforms.

現在轉向歐洲。正如 Stefan 所提到的，我們看到 1 月和 2 月消費者信心進一步放緩，我們的 2024 年秋季訂單也越來越謹慎。在這個更嚴峻的環境下，我們正在做出策略選擇，專注於所有管道的更高品質的銷售。因此，我們計劃歐洲銷售額以歐元計算大幅下降個位數。出於我剛才提到的原因，批發計劃將下降到低兩位數，而DTC 計劃將下降到低個位數，同時公司門數適度增長，但被我們自己通過第三方平台銷售的減少所抵消。

While overall revenue is projected to be lower than 2023, our gross margin is expected to increase approximately 200 basis points, reaching an all-time high with approximately half of the increase due to channel and customer mix as we grow our higher-margin DTC business, and decrease sales to lower-margin wholesale accounts and approximately half due to lower raw material costs, which were elevated during the first half of 2023, but began to ease in the second half.

雖然整體收入預計低於 2023 年，但我們的毛利率預計將增加約 200 個基點，達到歷史最高水平，其中約一半的增長歸因於我們發展利潤率較高的 DTC 業務的渠道和客戶組合由於原物料成本下降，利潤率較低的批發客戶的銷售額減少了約一半，原材料成本在2023 年上半年有所上升，但在下半年開始放緩。

SG&A dollars are planned down for the full year 2024 as compared to 2023, but are expected to increase approximately 200 basis points as a percentage of revenue. Approximately 150 basis points of the increase is due to the deleveraging of expenses on our lower European revenues in 2024 and approximately 150 basis points is due to higher DTC mix.

與 2023 年相比，計劃 2024 年全年的 SG&A 費用有所下降，但預計佔收入的百分比將增加約 200 個基點。成長約 150 個基點是由於我們在 2024 年歐洲收入較低的情況下進行了費用去槓桿化，約 150 個基點是由於 DTC 組合增加。

Beyond those 2 impacts, we continue to drive approximately 100 basis points of cost efficiencies across the business, while at the same time, maintaining strategic investments in our global brands, including marketing in order to drive long-term growth. As a result, we expect our full year operating margin will be approximately flat compared to 10.1% in 2023. Excluding the significant impact of deleverage due to sales, operating margin would have been approximately 150 basis points higher.

除了這兩個影響之外，我們繼續推動整個業務的成本效率提高約 100 個基點，同時保持對全球品牌的策略性投資，包括行銷，以推動長期成長。因此，我們預計全年營業利潤率將與 2023 年的 10.1% 大致持平。排除銷售帶來的去槓桿化的重大影響，營業利潤率將高出約 150 個基點。

Interest expense is projected to be relatively flat compared to $88 million in 2023 and our tax rate for the year is estimated at approximately 21%.

與 2023 年的 8,800 萬美元相比，利息支出預計將相對持平，我們今年的稅率預計約為 21%。

Looking at the balance sheet, we are heading into 2024 in a very strong financial position. Working capital is in great shape, and our leverage is low. We are projecting capital spending of approximately $300 million as we invest in our stores, supply chain and technology in line with our PVH+ priorities. And with the $2 billion increase to our share repurchase program that we announced yesterday, we are currently planning $400 million of share repurchases in 2024.

從資產負債表來看，進入 2024 年我們的財務狀況非常強勁。營運資金狀況良好，我們的槓桿率較低。我們預計資本支出約為 3 億美元，因為我們根據 PVH+ 優先事項投資於我們的商店、供應鏈和技術。隨著我們昨天宣布的股票回購計畫增加 20 億美元，我們目前計劃在 2024 年回購 4 億美元的股票。

Turning to the first quarter, we are projecting revenue to decline approximately 11% as reported and approximately 10% on a constant currency basis compared to the prior year including a 3% decline due to the sale of the Heritage Intimates business and a 1% decline due to the impact on wholesale sales from the 53rd week in 2023. While we are projecting low single-digit growth in our DTC businesses, we expect this will be more than offset by a decline in wholesale revenue, primarily in Europe for the reasons I mentioned earlier.

談到第一季度，我們預計與上年相比，報告收入將下降約 11%，按固定匯率計算將下降約 10%，其中包括因出售 Heritage Intimates 業務而下降 3% 和下降 1%由於從2023第53 週起​​對批發銷售的影響。雖然我們預計DTC 業務將實現低個位數成長，但我們預計這將被批發收入的下降所抵消，主要是在歐洲，原因如下：之前提到。

We expect our first quarter operating margin to be approximately flat to first quarter last year, with higher gross margins fully offsetting the loss of leverage due to the decline in revenue. Our first quarter earnings per share is projected to be approximately $2.15 compared to $2.14 in the prior year. Our tax rate for the first quarter is estimated at approximately 21% and interest expense is projected to be approximately $20 million.

我們預計第一季營業利潤率將與去年第一季大致持平，較高的毛利率完全抵消了因收入下降而造成的槓桿損失。我們第一季的每股收益預計約為 2.15 美元，而去年同期為 2.14 美元。我們第一季的稅率預計約為 21%，利息支出預計約為 2,000 萬美元。

Looking ahead beyond 2024, we remain confident in our path to achieve the 15% operating margin target we committed in the PVH+ Plan. We will do that through improvements in both gross margin and SG&A. As discussed earlier, we will take a significant step up in 2024 in gross margin through a focus on quality of sales and significant supply chain improvements. We expect to see the improvements continue beyond 2024.

展望 2024 年後，我們對實現 PVH+ 計畫中承諾的 15% 營業利潤率目標仍然充滿信心。我們將透過提高毛利率和銷售管理費用來實現這一目標。如前所述，我們將透過專注於銷售品質和顯著改善供應鏈，在 2024 年大幅提高毛利率。我們預計這些改進將持續到 2024 年之後。

And while we have made significant progress in SG&A expenses, we are not close to done there either. We are embarking on the next phase of growth driver 5 of the PVH+ Plan to drive efficiencies in a couple of meaningful ways. First, on technology, we have completed a global study of our IT spending and the result is a road map to decrease global technology spending by over 1/3. We will do that by delivering a single global tech stack that all business units will leverage. And in January, we onboarded a new global Chief Technology and Information Officer, the experience driving global transformational change at other best-in-class consumer companies.

雖然我們在銷售、管理及行政費用方面取得了重大進展，但我們在這方面還沒有接近完成。我們正在著手實施 PVH+ 計畫的下一階段成長動力 5，以多種有意義的方式提高效率。首先，在技術方面，我們已經完成了對 IT 支出的全球研究，其結果是製定了將全球技術支出減少 1/3 以上的路線圖。我們將透過提供所有業務部門都將利用的單一全球技術堆疊來實現這一目標。一月份，我們任命了一位新的全球首席技術和資訊官，他在推動其他一流消費品公司的全球轉型變革方面擁有豐富的經驗。

Next is a focus on global logistics costs. We have already delivered a significant reduction in inventory. This lighter supply chain allows us to redesign our global logistics network to be more efficient. We expect this to deliver over 50 basis points in operating margin improvement. There is also ongoing work that continues within our support functions globally. We see opportunities to centralize processes and improve systems and automation to drive more efficient and cost-effective ways of working, again, led by a focus on consistent execution of the PVH+ Plan around the world. We believe this will generate at least 50 basis points of operating margin improvement.

接下來是全球物流成本的關注。我們已經大幅減少了庫存。這種更輕的供應鏈使我們能夠重新設計我們的全球物流網絡，以提高效率。我們預計這將使營業利潤率提高 50 個基點以上。我們的全球支援職能部門也持續進行工作。我們看到了集中流程、改進系統和自動化的機會，以推動更有效率、更具成本效益的工作方式，同樣，重點是在全球範圍內一致執行 PVH+ 計劃。我們相信這將帶來至少 50 個基點的營業利潤率改善。

And finally, in Europe, historically, our global Tommy Hilfiger global brand and Europe commercial organizations have been highly intertwined, leading to complex ways of working. With the appointment of Lea Rytz Goldman as the leader for the global Tommy brand, this allows us the opportunity to reengineer the European operating model and unlock significant efficiencies. The work on these initiatives has already begun and will continue over the next couple of years. We expect this work to result in an incremental 200 to 300 basis points of operating margin improvement on top of the SG&A leverage we expect to recapture as we grow our global brands in the future.

最後，在歐洲，從歷史上看，我們的全球 Tommy Hilfiger 全球品牌和歐洲商業組織一直高度交織，導致了複雜的工作方式。隨著 Lea Rytz Goldman 被任命為全球 Tommy 品牌的領導者，這使我們有機會重新設計歐洲營運模式並顯著提高效率。這些舉措的工作已經開始，並將在未來幾年繼續進行。我們預計這項工作將使營業利潤率提高 200 至 300 個基點，隨著我們未來發展全球品牌，我們預計將重新獲得 SG&A 槓桿。

Before we open up for questions, I want to reiterate that we remain confident in our ability to win in a tough environment as evidenced by our performance in 2023. We continue to work relentlessly to drive results, and as Stefan talked about earlier, we are laser-focused on executing the 5 key growth drivers of the PVH+ Plan, bringing together the consumer-facing growth drivers of product, consumer engagement and marketplace with our underlying operating engines to deliver sustainable, long-term profitable growth.

在我們開始提問之前，我想重申，我們對在艱難的環境中獲勝的能力仍然充滿信心，我們2023 年的表現就證明了這一點。我們將繼續不懈地努力以取得成果，正如Stefan 之前所說，我們正在專注於執行PVH+ 計劃的5 個關鍵成長驅動力，將面向消費者的產品、消費者參與和市場的成長驅動力與我們的底層營運引擎結合起來，以實現可持續、長期的盈利增長。

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 Matthew Boss with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

Thanks for all the additional color. So 2-part question. Maybe Stefan first. Could you speak to underlying health of the Tommy and Calvin brands today or maybe just help elaborate on current direct-to-consumer demand trends that you're seeing across geographies, if we could parse through the sales that you mentioned that you're proactively sacrificing at both direct and wholesale? And then for Zac, what gives you confidence in mid-teens as the right margin structure multiyear and how does the 2024 forecast alter the past?

感謝所有額外的顏色。所以分為兩部分的問題。也許斯特凡先。您能否談談 Tommy 和 Calvin 品牌目前的基本健康狀況，或者只是幫助詳細說明您在各個地區看到的當前直接面向消費者的需求趨勢，如果我們可以解析您提到的您主動的銷售情況直接和批發方面都做出犧牲嗎？那麼對於 Zac 來說，是什麼讓您對十幾歲左右的利潤結構充滿信心，作為多年的正確利潤結構以及 2024 年的預測將如何改變過去？

Well, thank you, Matt, and good morning. Okay. Let us take the 3 different parts of this question. I'll start with the 2 first. So if it comes to -- let's start with brand strength. So as I mentioned, we see an all-time high consumer engagement across both Calvin and Tommy. And if we look at the start of the Spring Campaign with Calvin, with their campaign with Jeremy Allen White, we had the biggest cut-through campaign in all of the fashion industry. So some data to back up that. So we had an earned media value of over 74 million so far with that campaign. We have 134 million engaged brand fans on Instagram, which was 60% up versus same time last year. And then the engagement of those 134 million were 13%, which was up 85% year-over-year.

嗯，謝謝你，馬特，早安。好的。讓我們來看看這個問題的三個不同部分。我先從2開始。因此，如果談到——讓我們從品牌實力開始。正如我所提到的，我們看到 Calvin 和 Tommy 的消費者參與度達到歷史最高點。如果我們看看卡爾文 (Calvin) 與傑里米·艾倫·懷特 (Jeremy Allen White) 合作的春季廣告大片的開始，我們就看到了整個時尚界規模最大的突破性廣告大片。所以需要一些數據來支持這一點。到目前為止，我們透過該活動獲得的媒體價值已超過 7,400 萬美元。我們在 Instagram 上擁有 1.34 億活躍品牌粉絲，比去年同期成長了 60%。這 1.34 億人的參與度為 13%，較去年同期成長 85%。

So what you're seeing from Calvin is demonstrated consistency in delivering cut-through campaigns with Jennie Kim, Kendall Jenner, Jung Kook, and you will increasingly see new talent coming into the brand on a consistent basis. So that's Calvin.

因此，您從Calvin 身上看到的是，與Jennie Kim、Kendall Jenner、Jung Kook 一起開展直通式廣告活動時表現出了一致性，並且您將越來越多地看到新人才不斷地加入該品牌。這就是加爾文。

On Tommy, we have developed a consistent -- you'll see a consistent way of driving high relevance through going back to the unique DNA of the brand, Classic American Cool. So a few examples from this spring. Tommy went back to New York Fashion Week. We had a reach of over 6 billion. So when we do the fashion show with Tommy, we also work with maximizing the talent reach on the front row and 6 billion took us to the most cut-through show in New York Fashion Week, plus it took us as the only non-luxury brand into the top 10 of all brands, luxury included across all fashion weeks globally.

在 Tommy 身上，我們開發了一種一致的方式——您將看到一種一致的方式，透過回歸品牌的獨特 DNA，即經典美國酷來推動高相關性。這是今年春天的一些例子。湯米回到紐約時裝週。我們的覆蓋範圍超過 60 億。所以當我們和Tommy 一起做時裝秀的時候，我們也盡量擴大前排的人才影響力，60 億美元把我們帶到了紐約時裝週上最直接的秀場，而且它讓我們成為了唯一的非奢侈品牌。品牌躋身所有品牌前十名，奢侈品牌遍佈全球所有時裝週。

So you look at New York, London, Milan, Paris, so top 10. And yesterday, as I mentioned, we launched another cut-through campaign with Tommy featuring Stray Kids and Stray Kids is now 1 of the top 3 K-Pop bands globally. So that's one way of looking at brand strength and brand relevance. But another way that I like to look at it is, I spent -- as you know, I'm spending a lot of time being out in stores, traveling out in the markets. I spend roughly 50%, 60% of my time.

所以你看看紐約、倫敦、米蘭、巴黎，所以排名前十。昨天，正如我所提到的，我們與Tommy 一起發起了另一項由Stray Kids 主演的直通廣告活動，Stray Kids 現在已成為排名前3 的韓國流行樂團之一全球。這是看待品牌強度和品牌相關性的一種方法。但我喜歡看待它的另一種方式是，正如你所知，我花了很多時間在商店裡，在市場上旅行。我大約花了50%、60%的時間。

And what I keep seeing when I come to big shopping malls is, let's say that the shopping mall has 140 -- over 140 brands. And then I meet the owners of the shopping centers saying that 30% of all or over 30% of all the traffic coming to the shopping mall comes to one of our brands. And that, to me, is just a really impressive figure to tap into because think about the consumer today. They have all the choice in the world. They have only so much time and over 30%. And this is something I hear across Europe. I hear it in North America, and I hear it in Asia Pacific, but most importantly, translating that into growth.

當我來到大型購物中心時，我經常看到的是，假設購物中心有 140 個品牌，超過 140 個品牌。然後我遇到購物中心的業主說，購物中心 30% 或超過 30% 的流量都來自我們的某個品牌。對我來說，這是一個非常令人印象深刻的數字，因為想想當今的消費者。他們擁有世界上所有的選擇。他們的時間只有這麼多，超過30%。這是我在整個歐洲聽到的。我在北美聽到了這種說法，在亞太地區也聽到了這種說法，但最重要的是，將其轉化為成長。

So D2C growth, your second part of your question. So last year, we drove 9% growth in D2C as a company. North America drove 7%. Asia drove 17%. And in Europe, we drove 5%. And the PVH+ execution, the momentum we translate that into 2024, and it directly connects to growth in North America and Asia. So if you look at D2C growth expected for Q1 and the full year for '24, North America continues mid-single digit, Asia continues double-digit growth. And in Europe, to your question about quality of sales, we see low single-digit decline. And this is a decline that's proactive sacrifice that we make in this tougher environment.

D2C 成長是問題的第二部分。去年，我們公司的 D2C 業務成長了 9%。北美地區的成長率為 7%。亞洲佔 17%。在歐洲，我們的成長率為 5%。 PVH+ 的執行，我們將其轉化為 2024 年的動力，它與北美和亞洲的成長直接相關。因此，如果你看看第一季和 24 年全年的 D2C 成長預期，北美將繼續保持中個位數成長，亞洲將繼續保持兩位數成長。在歐洲，對於你關於銷售品質的問題，我們看到較低的個位數下降。這是我們在這個更嚴峻的環境中所做的主動犧牲的結果。

So the D2C related part of that is making sure that we have less inventory in the market and less inventory to demand, and at the same time, have higher availability. So you can see that already now in our European business that we have much less outgoing stock, old inventory, less discounted old inventory, much more of the new stock driving double-digit comp increases. So spring season alone drive double-digit comp increases. So what you will see from us on the D2C side is sacrificing some of the top line growth in the near term to position us for long-term growth, brand accretive increasingly profitable in the long term.

因此，與 D2C 相關的部分是確保我們的市場庫存更少，需求庫存更少，同時具有更高的可用性。所以你可以看到，現在在我們的歐洲業務中，我們的外發庫存、舊庫存、折扣舊庫存都減少了，更多的新庫存推動了兩位數的複合增長。因此，光是春季就推動了兩位數的薪酬成長。因此，您會從我們在 D2C 方面看到的是，我們犧牲了一些短期的營收成長，以實現長期成長，品牌增值，從長遠來看，獲利能力越來越強。

And this is a good connection. Zac to if you can lay out the path we see to the 15% operating margin.

這是一個很好的聯繫。扎克（Zac）能否列出我們看到的 15% 營業利潤率的路徑。

Yes. Thanks for the question, Matt. I mean we remain just as confident in our ability to deliver the 15% operating margin commitments. As we mentioned earlier, excluding the loss of top line leverage this year, driven by quality of sales choices, operating margin would have been around 11.5%. So a significant step forward on gross margin due to gross margin and SG&A work.

是的。謝謝你的提問，馬特。我的意思是，我們對實現 15% 營業利潤率承諾的能力仍然充滿信心。正如我們之前提到的，排除今年因銷售選擇品質導致的營收槓桿損失，營業利潤率約為 11.5%。由於毛利率和銷售、一般行政費用工作，毛利率向前邁出了重要一步。

And we've mentioned earlier on the call, we've identified the next round of opportunities in SG&A efficiencies worth 200 to 300 basis points. So if you put that together, you're almost there. Before we even talk about more opportunities to leverage our scale and supply cost, our growth in Asia, which is our most profitable market and further unlocks in North America beyond the 500-basis-point improvement we've delivered in 2023. I think though with respect to timing of achieving the 15%, our expectations for 2024 obviously makes our 2025 target timing exceedingly difficult.

我們之前在電話會議中提到過，我們已經確定了下一輪 SG&A 效率提升 200 到 300 個基點的機會。所以如果你把它們放在一起，你就差不多完成了。在我們談論更多利用我們的規模和供應成本的機會之前，我們在亞洲的成長，這是我們最賺錢的市場，並在北美進一步釋放，超越我們在2023 年實現的500 個基點的改進。我認為至於實現 15% 的時間，我們對 2024 年的預期顯然使我們的 2025 年目標時間變得異常困難。

And the PVH+ Plan and the 5 growth drivers are absolutely the right strategy for us to drive sustainable, long-term profitable growth. And importantly, given our progress across the P&L, our path to 15% remains fully intact, even if it may take a year or two longer.

PVH+計畫和5大成長動力絕對是我們推動永續、長期獲利成長的正確策略。重要的是，考慮到我們在損益表方面取得的進展，即使可能需要一兩年的時間，我們通往 15% 的道路仍然完好無損。

Our next question comes from Jay Sole with UBS.

我們的下一個問題來自瑞銀集團的 Jay Sole。

So Stefan, I wonder if you can elaborate a little bit on the quality of sales initiatives in Europe. I think you mentioned some third party and you mentioned online channels that you want to reduce exposure to. Can you just tell us a little bit about more of those channels, what they're like, why it's important to not distribute through those channels? And what gives you confidence that the quality of sale initiatives that you're undertaking are going to have the desired effect as we look out into fiscal '25 and beyond?

Stefan，我想知道您是否可以詳細說明一下歐洲銷售計劃的品質。我認為您提到了一些第三方，並且提到了您希望減少接觸的線上管道。您能否告訴我們更多有關這些管道的信息，它們是什麼樣的，為什麼不透過這些管道分發很重要？當我們展望 25 財年及以後的情況時，是什麼讓您相信您所採取的銷售計劃的品質將達到預期效果？

Thank you, Jay. Yes. So Matt's question was related more to D2C. So when we look at the full market, there are 3 big actions we are taking to increase quality of sales in Europe this year. The first one is mid-year we are stopping sales of our brands by third parties on digital platforms. So we are enabled by a change in European regulations that makes it possible to do this, which is very important to keep the distribution quality high and keep the pricing power up.

謝謝你，傑伊。是的。所以 Matt 的問題更與 D2C 有關。因此，當我們審視整個市場時，我們今年將採取三項重大行動來提高歐洲的銷售品質。第一個是年中，我們將停止第三方在數位平台上銷售我們的品牌。因此，歐洲法規的變化使我們能夠做到這一點，這對於維持高分銷品質和維持定價能力非常重要。

The second initiative we take is to reduce the number of digital platforms we sell to. So we will reduce approximately 30% of the platforms we historically have sold to, again, to focus on the key platforms, our key wholesale partners to increase the quality of sales with them. And the third part is what I mentioned when I answered Matt's question, which was across all channels, we are buying inventory much closer to demand. So again, you see it already now that spring season is up, gross margin is up and all the inventories down and that's what you will continue to see from us.

我們採取的第二項措施是減少我們銷售的數位平台的數量。因此，我們將再次減少約 30% 的歷史銷售平台，以專注於關鍵平台、我們的主要批發合作夥伴，以提高與他們的銷售品質。第三部分是我在回答馬特的問題時提到的，在所有管道中，我們正在購買更接近需求的庫存。再說一次，你現在已經看到春季已經到來，毛利率上升，所有庫存下降，這就是你將繼續從我們身上看到的。

We're down -- overall, we are down 20% in inventory. And you will see us continue to drive the business with higher quality of sales and less inventory. And that's how we will continue to position ourselves for long-term sustainable growth. And the PVH+ Plan is a plan to tap into the unique potential of having 2 of the most iconic beloved brands globally in the fashion industry and tapping into the DNA of those brands. And in a very systematic way, drive product strength, consumer engagement strength, marketplace strength and then connecting that to the underlying demand and data-driven engine.

我們的庫存下降了——總體而言，我們的庫存下降了 20%。您將看到我們繼續以更高的銷售品質和更少的庫存來推動業務。這就是我們將繼續為長期可持續成長定位的方式。 PVH+ 計劃是一項旨在挖掘全球時尚界最具代表性的兩個品牌的獨特潛力並挖掘這些品牌 DNA 的計劃。以非常系統化的方式提升產品實力、消費者參與度、市場實力，然後將其與潛在需求和數據驅動引擎連結。

And we have talked about that since we kicked off the plan 2 years ago, and now you really see that we're able to drive much higher quality sales. And for 2024 outlook as well, gross margin and pricing power is up across all regions.

自從我們兩年前啟動該計劃以來，我們就一直在討論這個問題，現在您確實看到我們能夠推動更高品質的銷售。展望 2024 年，所有地區的毛利率和定價能力均上升。

Our next question comes from Michael Binetti with Evercore.

我們的下一個問題來自 Evercore 的 Michael Binetti。

Thanks for all the detail here, helps us take this through. I guess, first, just tactically, can you help talk us through the bridge through the year from first quarter sales? I think the core is down 7%, excluding Heritage and then improving the rest of the year to get to the down 3% to 4% at the core. Could you maybe help us break that down between direct-to-consumer and wholesale, where we would expect to see those improvements embedded and what's driving that? And then I guess, if D2C is -- I think, Stefan or maybe Zac you said, D2C is planned to be down low single digits in Europe.

感謝這裡提供的所有細節，幫助我們解決這個問題。我想，首先，從戰術上來說，你能幫助我們從第一季的銷售到全年的過渡嗎？我認為核心下降了 7%（不包括 Heritage），然後在今年剩餘時間進行改善，使核心下降 3% 到 4%。您能否幫助我們將其分為直接面向消費者和批發，我們希望看到這些改進的嵌入以及驅動因素是什麼？然後我想，如果 D2C 是——我想，Stefan 或者你說的紮克，D2C 計劃在歐洲下降低個位數。

What -- why does that have to stay negative? I know you cited trends in wholesale channel in January and February were tough, but it sounds like you're pretty encouraged with the spring numbers. And maybe that's being weighed down so far in the first quarter by a lot less clearance. But as you get away from that clearance period, if the current season inventory is working, some of the industry data and some of the big markets in Europe has picked up around Easter. Why couldn't that number improve through the year?

什麼－為什麼必須保持負面？我知道您提到一月和二月批發管道的趨勢很艱難，但聽起來您對春季的數據感到非常鼓舞。也許第一季到目前為止，清關率大大減少，拖累了這一情況。但當清倉期結束後，如果當前季節的庫存正常，一些行業數據和歐洲的一些大市場在復活節前後就會回升。為什麼這數字在這一年裡沒有改善？

So let me start with your question, Michael, about the D2C expectations for Europe for the rest of the year. It doesn't have to stay this way. What we are doing is we are guiding based on what we see. We see a consumer slowdown in Europe, especially on our 2 biggest markets Germany and the U.K. in January and February. So what we're doing is we are making sure that the focus is on quality of sales, and we are pulling the inventory down to the trends we see right now.

邁克爾，讓我先回答你關於今年剩餘時間歐洲 D2C 預期的問題。它不必保持這種狀態。我們正在做的是根據我們所看到的進行指導。我們看到歐洲的消費放緩，尤其是一月和二月的兩個最大市場德國和英國。因此，我們正在做的是確保重點放在銷售品質上，並且我們正在將庫存降低到我們現在看到的趨勢。

And then of course, if these changes we are able to react into that and to follow the demand. But our strategy will always remain the same, which is to follow the demand that we see from the consumer and to do it in an increasingly profitable way.

當然，如果這些變化我們能夠做出反應並遵循需求。但我們的策略始終保持不變，那就是遵循消費者的需求，並以越來越有利可圖的方式做到這一點。

Yes. And then, Michael, I think your question around sequential improvement throughout the back end of the year, I would say, consistent with what Stefan just said, the year, we've actually planned quite consistently. We stay away from trying to forecast the macros. We're building the outlook based on what we see today. The reason why first quarter looks a little more -- a little weaker than where our full year guide is for minus 6% to 7% is really tied to some wholesale shipment timing issues. With the 53rd Week, there were some shipments pulled into 2023 in Europe because January is a big spring shipment season and some timing shipments out of first quarter into second quarter as we match shipment timing to Europe to when sellout season is focused from there.

是的。然後，邁克爾，我認為你關於整個年底連續改進的問題，我想說，與斯特凡剛才所說的一致，今年我們實際上已經制定了相當一致的計劃。我們遠離嘗試預測宏觀。我們正在根據今天所看到的情況建立前景。第一季看起來比我們的全年指引值負 6% 到 7% 稍弱一些的原因實際上與一些批發出貨時間問題有關。在第53 週，歐洲的一些發貨被推遲到了2023 年，因為1 月份是一個重要的春季發貨季節，並且一些發貨時間從第一季到第二季度，因為我們將歐洲的發貨時間與從那裡開始的銷售季節集中在一起。

If you adjust for those 2 issues, the outlook for the full year is actually quite consistent. And if we looked at retail specifically where those don't affect, our retail outlook has actually shows that level of consistency throughout the year for our total business.

如果對這兩個問題進行調整，全年的前景實際上是相當一致的。如果我們專門關注那些不受影響的零售業，我們的零售前景實際上表明我們整個業務全年的一致性水平。

Our next question comes from Bob Drbul with Guggenheim.

我們的下一個問題來自古根漢的鮑勃·德布爾。

I was wondering if you could spend a little more time on North America, just the progress that you're seeing in North America, expand on your comments a bit, specifically just the assumptions for the sales by partner, specifically Macy's assumptions in your -- in North America Wholesale outlook. Just would love for you to sort of unpack that a bit more just in terms of the broader picture as well.

我想知道您是否可以在北美多花一點時間，談談您在北美看到的進展，稍微擴展一下您的評論，特別是合作夥伴銷售的假設，特別是梅西百貨在您的 - - 北美批發前景。我只是希望您能夠從更廣闊的前景中更深入地了解這一點。

Yes. Thank you, Bob. As I shared in my prepared remarks, really proud of the team, how they are building an increasingly sustainable profitable base to continue to grow the business. So if you look at the outlook for '24, we see that continue. I mentioned mid-single-digit growth in D2C. We're actually in comp doors in wholesale with our key partners. We're also for 2024 driving comp sales growth.

是的。謝謝你，鮑伯。正如我在準備好的演講中分享的那樣，我為這個團隊感到非常自豪，他們如何建立一個日益可持續的盈利基礎以繼續發展業務。因此，如果你看看 24 年的前景，我們會發現這種情況仍在繼續。我提到了 D2C 的中個位數成長。實際上，我們正​​在與我們的主要合作夥伴進行批發合作。我們也計劃在 2024 年推動公司銷售成長。

So what is driving this? It's the disciplined PVH+ execution. So product focus on driving product category offense that works for both Calvin and Tommy, innovation in the best must-have essentials to Hero products that works across both brands as well. We see, as a result, the pricing power and margin expansion, we see that the experience is improved. The improved brand experience for both Calvin and Tommy, if you go on to our website, you see that our experience is significantly improved versus last year.

那麼是什麼推動了這一點呢？這就是紀律嚴明的 PVH+ 執行力。因此，產品重點是推動適用於 Calvin 和 Tommy 的產品類別進攻，以及適用於兩個品牌的 Hero 產品的最佳必備要素的創新。結果，我們看到定價能力和利潤率擴大，我們看到體驗得到改善。 Calvin 和 Tommy 的品牌體驗得到了改善，如果您造訪我們的網站，您會發現我們的體驗比去年有了顯著改善。

And we see all of this leading to growth in both D2C and Wholesale looking into 2024. And when it comes to Macy's, we see -- continue to see very encouraging performance where we lean in with them into their most important doors. We look at staffing together and we see a great effect of the top door focus, the staffing focus and the product category offense and the key essential focus.

展望 2024 年，我們看到所有這些都將推動 D2C 和批發業的成長。說到梅西百貨，我們看到——繼續看到非常令人鼓舞的業績，我們將幫助他們進入最重要的大門。我們一起審視人員配置，發現頂級重點、人員配置重點、產品類別進攻和關鍵要素重點的巨大影響。

Our next question comes from Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

Two questions from me. Maybe first for Zac. Just the gross margin for the Europe 200, that's helpful. Any way you could shape -- shape the progress through the year in terms of Q1 and just kind of the drivers and how those kind of flow through the year. And then maybe for Stefan or Zac, when we think about -- I know we're still a couple of years away, but when we think about that licensing business coming in-house, it looks like the revenue base of that business has changed a lot over the past couple of years. I believe a couple of years ago, it was around $1.5 billion at retail. I believe that your partner is now talking about it being closer to $1 billion planned for this year. When we think about the ultimate potential for you guys once you take that in-house, what kind of number should we be keeping in mind because it seems to be kind of changing as they kind of like have begun their wind down, it looks like of that business? That would be really helpful.

我有兩個問題。也許首先是紮克。光是歐洲 200 強企業的毛利率就很有幫助。任何你可以塑造的方式——塑造今年第一季的進展，以及驅動因素以及這些因素如何在這一年中流動。然後，也許對於斯特凡或扎克來說，當我們想到——我知道我們還需要幾年的時間，但是當我們想到內部許可業務時，看起來該業務的收入基礎已經發生了變化過去幾年發生了很多。我相信幾年前，零售額約 15 億美元。我相信您的合作夥伴現在正在談論今年計劃的資金已接近 10 億美元。當我們考慮你們內部的最終潛力時，我們應該記住什麼樣的數字，因為隨著他們開始逐漸結束，它似乎正在發生變化，看起來像那個業務的？這真的很有幫助。

Thanks, Mike. Let me start on the take back of our North America women's product categories for Wholesale. So we're taking that back over a multiyear period. We are on plan. We have really good partnership with our key wholesale accounts. We have the product engines built, the sourcing built, so everything is lined up to seamlessly connect the women's products that we are bringing in for North America into the PVH+ framework, which is about brand accreted long-term growth with pricing power. So all on plan.

謝謝，麥克。讓我先談談收回我們的北美女裝產品類別的批發。因此，我們將在多年的時間內收回這一點。我們正在按計劃進行。我們與我們的主要批發客戶有著非常良好的合作關係。我們已經建立了產品引擎、建造了採購，因此一切都已準備就緒，可以將我們為北美引入的女裝產品無縫連接到 PVH+ 框架中，該框架關係到品牌通過定價能力積累的長期增長。所以一切都在計劃之中。

Yes. And Mike, to your question around gross margin for the year. So if you think about how gross margin is improving, 2 main drivers, it's really the work around macros and supply chain. That started in the fourth quarter, really showing up last year and carries through and then the work on quality of sales, which we've begun some of that and talked about it last quarter and fourth quarter as well. So we'd expect to see significant improvements in Q1, 2 and 3. And then ultimately, Q4 being about flat to last year because a lot of the work has begun and showing up. So that's sort of -- but relatively equally weighted with regard to improvement in the first 3 quarters of the year.

是的。麥克，關於你關於今年毛利率的問題。因此，如果你考慮毛利率如何改善，兩個主要驅動因素，這實際上是圍繞宏觀和供應鏈的工作。這是從第四季度開始的，去年才真正顯現出來，然後繼續進行銷售品質方面的工作，我們已經開始了其中的一些工作，並在上個季度和第四季度也談到了這一點。因此，我們預計第一季、第二季和第三季會出現顯著改善。最終，第四季與去年持平，因為許多工作已經開始並顯現出來。所以，這在某種程度上是——但相對於今年前三個季度的改善而言，權重相對相等。

Our next question comes from Dana Telsey with Telsey Advisory Group.

我們的下一個問題來自特爾西諮詢小組的達納·特爾西。

Just on as you think about the Wholesale business and the enhancements for the quality of sales, you've mentioned North America and what you expect it to look like. How do you think of the percentage of sales coming from wholesale in Europe? And how do you think of it for the brands, both Tommy and Calvin, and as you enhance that quality of sales, is there a distribution in Asia also that needs to be adjusted?

就在您考慮批發業務和銷售品質的提高時，您提到了北美以及您對它的期望。您如何看待歐洲批發銷售額的百分比？您如何看待 Tommy 和 Calvin 兩個品牌？隨著您提高銷售質量，亞洲的分銷是否也需要調整？

Thank you, Dana. When it comes to quality of sales, as I mentioned, the quality of sales actions we take impacts positively, both the wholesale channel and the D2C channel. So our focus on wholesale is to continue to get closer to our biggest and most important partners. And they will benefit from the proactive actions we are taking in terms of cutting third-party sales of our brands to platforms, reducing the number of digital platforms we sell to, have less inventory overall.

謝謝你，達納。在銷售品質方面，正如我所提到的，我們採取的銷售行動品質對批發管道和 D2C 管道都產生正面影響。因此，我們對批發的關注點是繼續拉近與我們最大、最重要的合作夥伴的距離。他們將受益於我們正在採取的積極行動，包括減少我們品牌向平台的第三方銷售、減少我們銷售的數位平台數量、減少整體庫存。

So the quality of sales will be seen by our partners in Europe and across all regions and in D2C. And you will see us -- you will -- you will see us in -- what was your last question, Dana, part of the question. Was that in Asia?

因此，我們在歐洲和所有地區以及 D2C 的合作夥伴將看到銷售品質。你會看到我們——你會——你會在——你的最後一個問題是什麼，達納，問題的一部分。那是在亞洲嗎？

Yes.

是的。

In Asia, okay. So in Asia, we have high quality of sales. We are predominantly D2C. So no changes there.

在亞洲，好。所以在亞洲，我們有高品質的銷售。我們主要是D2C。所以那裡沒有變化。

We have time for one last question.

我們還有時間回答最後一個問題。

Our last question comes from Chris Nardone with Bank of America.

我們的最後一個問題來自美國銀行的 Chris Nardone。

How are you thinking about the impact from this Red Sea disruption to both your European and U.S. businesses? And just trying to find out if you're incorporating any freight headwind in the back half of the year? And then as a related follow-up here, you talked about a slowdown in January and February throughout Europe, particularly in your 2 largest markets. Do you have any other color on how March is doing outside of your comments on the spring business picking up?

您如何看待紅海事件對您歐洲和美國業務的影響？只是想知道今年下半年是否會出現貨運逆風？然後，作為相關的後續行動，您談到了整個歐洲 1 月和 2 月的經濟放緩，特別是在你們兩個最大的市場。除了對春季業務回升的評論之外，您對 3 月份的情況還有其他看法嗎？

Yes. So let's start on the -- let's start on the spring business. So we are in the middle of the Easter selling period, and Easter this year is earlier than last year, and so far, we are on plan. When it comes to Red Sea, it takes us 10 days longer to ship around and avoid the Red Sea. So it takes us 10 days longer. We don't see it having a significant impact on our overall supply chain.

是的。那麼，讓我們從春季業務開始。所以我們正處於復活節銷售期的中期，今年的復活節比去年早，到目前為止，我們都在按計劃進行。說到紅海，我們需要多花10天的時間來繞行並避開紅海。所以我們需要多花10天的時間。我們認為它不會對我們的整體供應鏈產生重大影響。

All right. With that, thank you for taking the time today. We are relentless in consistency and focus of the PVH+ Plan execution of driving long-term sustainable growth from our 2 iconic beloved brands, Calvin Klein and Tommy Hilfiger. And looking forward to catching up on this journey next quarter again. Thank you.

好的。至此，感謝您今天抽出時間。我們堅持不懈地堅持 PVH+ 計劃執行的一致性和重點，推動我們兩個深受喜愛的標誌性品牌 Calvin Klein 和 Tommy Hilfiger 的長期永續成長。並期待下個季度再次踏上這段旅程。謝謝。

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

謝謝。今天的 PVH 2023 年第四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。