PVH Corp (PVH) 2024 Q1 法說會逐字稿

Good morning, everyone, and welcome to today's PPH first-quarter 2024 earnings conference call. (Operator Instructions) Please note this call may be recorded and I'll be standing by should you need any assistance.

大家早安，歡迎參加今天的 PPH 2024 年第一季財報電話會議。 （操作員說明）請注意，此通話可能會被錄音，如果您需要任何協助，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 first-quarter 2024 earnings conference call. Leading the call today will be Stefan Larsson, Chief Executive Officer; and Zac Coughlin, Chief Financial Officer.

謝謝你，接線生。大家早安，歡迎參加 PVH Corp 2024 年第一季財報電話會議。今天的電話會議將由執行長 Stefan Larsson 主持。和財務長 Zac Coughlin。

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 in 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 June 5, 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.

討論的資訊包括反映 PVH 截至 2024 年 6 月 5 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。

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 and completed in 2023; 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.

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 月宣布並於 2023 年完成的計劃成本效益行動）實現預期收益和節省的能力; 2021 年出售其 Heritage Brands 男裝和零售業務的資產並退出； 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. Reconciliation to GAAP amounts are included in PVH's first-quarter 2024 earnings release, which can be found on www.PVH.com and in the company's current report on Form 8-K furnished to the SEC in connection with the release.

PVH 不承擔公開更新任何前瞻性聲明的義務，包括但不限於有關收入或收益的任何估計。一般來說，要討論的財務資訊和預測將基於 SEC 規則定義的非 GAAP 基礎。 PVH 的2024 年第一季財報中包含了與GAAP 金額的調節，您可以在www.PVH.com 上找到該報告，也可以在該公司向SEC 提供的與該報告相關的當前8-K 表格報告中找到該報告。

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. I would like to start by thanking all our associates around the world for delivering another quarter of strong performance. Your passion, your creativity, and hard work makes all the difference.

謝謝謝麗爾，大家早安，謝謝您今天加入我們的電話會議。首先，我要感謝我們世界各地的所有員工，感謝他們在另一個季度取得了強勁的業績。你的熱情、你的創造力和辛勤工作讓一切變得不同。

I feel very good about how we are delivering on our near-term commitments while steadily steering towards our long-term vision to build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world and make PVH one of the leading brand groups in our sector.

我對我們如何兌現近期承諾，同時穩步實現我們的長期願景感到非常滿意，即將 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 成為全球領先的品牌集團之一。我們的部門。

We delivered our first quarter in line with our revenue expectations and achieved a stronger-than-expected double-digit EPS growth year over year, driven by our disciplined execution of the PVH+ Plan. We drove 3% growth in our direct-to-consumer business on a constant currency basis, which was offset by declines from a cautious wholesale channel and our proactive strategic quality of sales initiative. Importantly, we drove 350 basis points of gross margin expansion and increased our EBIT margins by 80 basis points on a non-GAAP basis year over year, exceeding our guidance.

在我們嚴格執行 PVH+ 計劃的推動下，我們的第一季業績符合我們的收入預期，並實現了強於預期的兩位數每股收益同比增長。以固定匯率計算，我們的直接面向消費者業務實現了 3% 的成長，但謹慎的批發管道和積極主動的銷售策略品質舉措的下滑抵消了這一增長。重要的是，我們的毛利率年增了 350 個基點，以非 GAAP 計算，息稅前利潤率同比增長了 80 個基點，超出了我們的指導。

Looking ahead, we are reaffirming our revenue outlook for the full year and raising our EPS guidance, reflecting the confidence we have to continue to execute with impact while being prudent given the continued macro headwinds. For the year, this translates directly into growth in Asia and North America, while in Europe against a tough macro, our focus is on quality of sales to further strengthen our unique market position in the region for long-term brand accretive growth.

展望未來，我們重申全年收入前景並上調每股收益指引，反映出我們有信心在持續的宏觀阻力下保持謹慎態度，繼續有效執行。今年，這直接轉化為亞洲和北美的成長，而在歐洲，面對嚴峻的宏觀形勢，我們的重點是銷售質量，以進一步加強我們在該地區獨特的市場地位，實現長期品牌增值增長。

An all that we do, building brand desirability for both Calvin and Tommy is the most important, and it is the foundation to all five of our growth drivers. It's exciting to see how much traction our PVH+ Plan execution is already achieving in the consumer-facing parts of the plan. We now have multiple proof points showing how we consistently, in a systematic and repeatable way, drive some of the strongest engagements in the industry, all by going back to the unique brand DNA of each of our brands and connecting them to what's relevant today.

在我們所做的一切中，為 Calvin 和 Tommy 建立品牌吸引力是最重要的，它是我們所有五個成長動力的基礎。令人興奮的是，我們的 PVH+ 計劃執行已經在計劃中面向消費者的部分取得了巨大的進展。現在，我們有多個證據表明，我們如何始終如一地以系統性和可重複的方式推動行業中一些最強大的參與，所有這一切都是透過回歸每個品牌獨特的品牌DNA 並將它們與當今的相關內容連結起來。

Calvin is driving some of the highest consumer engagement in the history of the brand, fueled by cut-through campaigns with globally relevant mega talent. We saw the impact of this work earlier this year with the launch of our spring campaign featuring Jeremy Allen White, and we are excited to build on this strong momentum as Calvin's global product engine takes hold.

在與全球相關超級人才進行的直通式行銷活動的推動下，卡爾文正在推動該品牌歷史上最高的消費者參與度。今年早些時候，隨著由傑里米·艾倫·懷特(Jeremy Allen White) 主演的春季宣傳活動的推出，我們看到了這項工作的影響，並且我們很高興能夠在Calvin 的全球產品引擎佔據主導地位的情況下，在這強勁勢頭的基礎上再接再厲。

Tommy is also coming through on a new level and increasingly participates in the most relevant cultural moments in the world, connecting back to the brand's classic American cool DNA and making it hyper relevant for today. Tommy's return to New York Fashion Week was named one of the top 10 fashion shows of the season globally.

Tommy 也邁上了新的台階，越來越多地參與世界上最相關的文化時刻，回歸到該品牌經典的美國酷 DNA，並使其與當今高度相關。 Tommy 重返紐約時裝週被評為本季全球十大時裝秀之一。

And at the Met Gala, Tommy dressed all eight members of K-pop band Stray Kids for their first apperance on the Met steps and generated more conversational line than any other brand at the event. The strong brand and consumer engagement across both Calvin and Tommy is a result of our disciplined PVH+ execution, where the lead times for consumer engagement impact are shorter than our product lead times.

在 Met Gala 上，Tommy 為韓國流行樂隊 Stray Kids 的八位成員首次亮相大都會藝術博物館台階時設計了服裝，並在活動中引發了比任何其他品牌更多的話題。 Calvin 和 Tommy 強大的品牌和消費者參與度是我們嚴格的 PVH+ 執行的結果，其中消費者參與影響的交付時間比我們的產品交付時間短。

Even though we are already seeing early product traction leading to double-digit growth in key categories with pricing power and gross margin improvement, most of our product improvements will come over time, starting with fall 2024 and then continue to strengthen season by season.

儘管我們已經看到早期產品的吸引力導致關鍵類別實現兩位數增長，定價能力和毛利率提高，但我們的大部分產品改進將隨著時間的推移而實現，從2024 年秋季開始，然後繼續逐季加強。

A critical enabler to our product strength is the development of our data and demand-driven operating model, where we continue to optimize inventory to better match demand with inventory currently down 22% versus the same time last year. We are constantly improving how we plan, buy, and allocate our inventory and taking concrete actions to move the needle here.

我們產品實力的一個關鍵推動因素是我們的數據和需求驅動的營運模式的發展，我們繼續優化庫存以更好地滿足需求，目前庫存比去年同期下降了 22%。我們不斷改進我們的計劃、購買和分配庫存的方式，並採取具體行動來實現這一目標。

One such action is during this year and next, we are rolling out source-tagged RFID in both brands across all of our channels globally, which will drive incremental revenues. Another area we are improving its allocation, where we have already reduced initial allocations from 90% to 70%, which means that 30% of our inventory is now directly allocated based on consumer demand signals in season. As I mentioned before, each of our five growth drivers is important on its own, and it's when we increasingly play them all together that the real power of PVH+ comes through.

其中一項行動是，今年和明年，我們將在全球所有管道的兩個品牌中推出來源標籤 RFID，這將推動收入增量。我們正在改進其分配的另一個領域，我們已經將初始分配從 90% 減少到 70%，這意味著我們現在有 30% 的庫存是根據當季消費者需求訊號直接分配的。正如我之前提到的，我們的五個成長動力中的每一個本身都很重要，只有當我們越來越多地共同發揮它們時，PVH+ 的真正力量才會顯現出來。

Now let me share some highlights from the first quarter on how we executed across our two iconic brands and three regions. Starting with Calvin Klein, the global brand continues to gain strength across all consumer-facing parts of the PVH+ Plan from product and marketing to how we show up in the marketplace.

現在讓我分享第一季的一些亮點，了解我們在兩個標誌性品牌和三個地區的執行情況。從 Calvin Klein 開始，這個全球品牌在 PVH+ 計畫的所有面向消費者的部分（從產品和行銷到我們在市場上的表現）不斷增強實力。

Calvin entered the quarter with unprecedented momentum following the highly successful launch of our spring campaign. We build on that momentum through the quarter with global talent like Kendall Jenner, Jung Kook, and Jennie Kim. Calvin also teamed up with actress Zendaya to tease the launch of its spring collection, creating a custom look for her Challengers movie premiere in Rome.

在我們的春季活動非常成功地推出之後，卡爾文以前所未有的勢頭進入了本季。我們在本季與 Kendall Jenner、Jung Kook 和 Jennie Kim 等全球人才一起繼續保持這一勢頭。 Calvin 也與女演員 Zendaya 合作，預告推出春季系列，為她在羅馬的《挑戰者》電影首映式打造定製造型。

We continue to elevate our direct-to-consumer experience with a new global store concept, which recently launched in Dusseldorf and Rome. Next week, we launch a global flagship store on the iconic Champs-Élysées in Paris.

我們最近在杜塞爾多夫和羅馬推出了新的全球商店概念，繼續提升我們的直接面向消費者的體驗。下週，我們將在巴黎標誌性的香榭麗舍大道開設全球旗艦店。

And on the product and brand side, I'm thrilled to welcome Veronica Leoni as Creative Director for Calvin Klein collection, and equally delighted to share that Calvin Klein plans to return to the runway in 2025. Calvin Klein has always had a unique positioning in the market with a strong consumer following from underwear, fragrance, jeans, to more refined dressing all the way to the runway. The collection and the runway will create the aspirational halo for the brand, adding new dimensions of desirability to the already strong foundation in product and marketing.

在產品和品牌方面，我很高興歡迎 Veronica Leoni 擔任 Calvin Klein 系列創意總監，同樣很高興地告訴大家 Calvin Klein 計劃於 2025 年重返秀場。內衣、香水、牛仔褲到更精緻的著裝，一直到T台。該系列和時裝秀將為該品牌打造令人嚮往的光環，為已經堅實的產品和行銷基礎增添新的吸引力。

Turning to Tommy Hilfiger, after having kicked off the spring season, we had a historic return to the runway. Tommy followed up with the spring campaign featuring Kendall Jenner and friends wearing some of our best seasonal must haves, including the iconic Tommy Polo.

談到 Tommy Hilfiger，在春季開始後，我們歷史性地重返秀場。 Tommy 隨後推出了春季廣告活動，Kendall Jenner 和朋友們穿著我們最好的當季必備單品，包括標誌性的 Tommy Polo 衫。

In Europe alone, the campaign drove Polo sales up by over 30% compared to last year, reinforcing the relevance of this hero product to the consumer's wardrobe. The highly anticipated Stray Kids campaign also launched during the quarter, first in Asia, then followed by a global release, which drove significant social engagement globally.

光是在歐洲，該活動就使 Polo 的銷量比去年增長了 30% 以上，增強了這款英雄產品與消費者衣櫥的相關性。備受期待的 Stray Kids 活動也在本季推出，首先在亞洲推出，然後在全球發布，推動了全球的社交參與。

Last month, we solidified our presence in the world of sports and entertainment at the Miami Grand Prix, headlined by Kendall Jenner, Lewis Hamilton, and George Russell. And looking ahead, we will continue to drive brand desire and consumer engagement, spotlighting the best of Tommy's summer lifestyle through a special event in Mykonos with global talent all hosted by Tommy himself. It's early days for Lea in her role as Tommy Hilfiger global press spent as she is already making a big positive difference and together with her team leaning in to take the brand to the next level.

上個月，我們在由肯德爾·詹納(Kendall Jenner)、劉易斯·漢密爾頓(Lewis Hamilton) 和喬治·拉塞爾(George Russell) 領銜的邁阿密大獎賽上鞏固了我們在體育和娛樂界的地位。展望未來，我們將繼續推動品牌慾望和消費者參與度，透過在米克諾斯島舉辦由 Tommy 親自主持的全球人才特別活動，突顯 Tommy 夏季生活方式的最佳一面。對於 Lea 擔任 Tommy Hilfiger 全球媒體的角色來說，現在還處於早期階段，因為她已經做出了巨大的積極改變，並與她的團隊一起努力將品牌提升到一個新的水平。

Now let me turn to our regional performance, starting with North America. I'm very proud that our team continued to drive strong PVH+ execution in a tough macro, achieving high-quality revenue growth led by DTC which increased mid single digits and followed by growth in wholesale, which for Calvin and Tommy increased 2%.

現在讓我談談我們的區域表現，首先是北美。我感到非常自豪的是，我們的團隊在嚴峻的宏觀形勢下繼續推動強大的PVH+ 執行力，實現了由DTC 帶動的高質量收入增長，收入實現了中個位數增長，隨後批發業務也實現了成長，Calvin 和Tommy 的營收成長了2%。

Our Tommy and Calvin businesses together delivered 3% revenue growth, which was fueled by strength in higher average order value and conversion, as well as lower promotions year over year. I'm pleased with how our Tommy and Calvin businesses combined achieved a 10.5% EBIT margin, marking another quarter of double-digit margin and making it the third consecutive quarter of delivering over 500-basis-point margin improvement compared to the prior year.

我們的 Tommy 和 Calvin 業務合計實現了 3% 的收入成長，這得益於較高的平均訂單價值和轉換率以及同比較低的促銷活動。我很高興我們的Tommy 和Calvin 業務合併實現10.5% 的息稅前利潤率，標誌著又一個季度實現兩位數的利潤率，並使其連續第三個季度實現與上一年相比利潤率提高超過500 個基點。

In DTC, both brands delivered positive comps driven by strength in product category offense, hero products, and much improved shopping experience. It's exciting to see the elevation of our digital shopping experience leading to double-digit demand growth in the channel.

在 DTC 中，兩個品牌在產品類別進攻、英雄產品和大大改善的購物體驗方面的實力推動下，取得了積極的業績。很高興看到我們數位購物體驗的提升導致該通路的需求實現兩位數的成長。

For wholesale, we also delivered high-quality positive comps for Calvin and Tommy through continuing to work very closely with our key partners to improve product, presentation, staffing, and inventory availability. Both brands are very well positioned to continue to win share with the North American consumer and drive significant EBIT margin expansion in a brand-accretive way.

對於批發，我們還透過繼續與我們的主要合作夥伴密切合作來改進產品、演示、人員配備和庫存可用性，為 Calvin 和 Tommy 提供了高品質的積極補償。這兩個品牌都處於有利位置，可以繼續贏得北美消費者的份額，並以品牌增值的方式推動息稅前利潤率大幅擴張。

Let me now turn to our international business. In Europe, consistent with our plan, revenue was down low double digits year over year. Importantly, as a result of our actions, we are driving much higher gross margins and are further strengthening our unique brand position and pricing power in the market.

現在讓我談談我們的國際業務。在歐洲，與我們的計劃一致，收入比去年同期下降了兩位數。重要的是，由於我們的行動，我們正在推動更高的毛利率，並進一步加強我們在市場上獨特的品牌地位和定價能力。

Our quality of sales focus had an approximate 6% revenue impact in the quarter, which represented roughly half of the revenue decline. We continue to expect the full year quality of sales revenue impact to be approximately 5%.

我們對銷售品質的關注對本季的收入產生了約 6% 的影響，約佔收入下降的一半。我們仍然預計全年銷售收入品質影響約為 5%。

As we shared previously, we have seen tough macro conditions, especially in our two biggest markets, the UK and Germany, where consumer sentiment is challenged and our wholesale partners are cautious. And in this tougher macro, our focus continues to be on quality of sales to set ourselves up for profitable brand-accretive growth over the long term.

正如我們之前分享的那樣，我們看到了嚴峻的宏觀環境，特別是在我們最大的兩個市場英國和德國，消費者信心受到挑戰，我們的批發合作夥伴也持謹慎態度。在這個更嚴峻的宏觀形勢下，我們的重點仍然是銷售質量，以便為長期盈利的品牌增值增長做好準備。

As a reminder, the three main quality-of-sales actions we are taking in the region include, from midyear, we'll stop all third-party sales of our brands on digital platforms. We have also significantly reduced the number of digital platforms that we sell to, while at the same time strengthening our collaboration with our best partners. We are also improving inventory in relation to sales overall to avoid having too much inventory

提醒一下，我們在該地區採取的三個主要銷售品質行動包括，從年中開始，我們將停止我們品牌在數位平台上的所有第三方銷售。我們也大幅減少了銷售的數位平台數量，同時加強了與最佳合作夥伴的合作。我們也正在改善與整體銷售相關的庫存，以避免庫存過多

While still early in the year, through these actions, we have already made significant progress. We have lowered clearance sales by nearly 50% as we began the year with much improved stock freshness. In DTC, where we have the most direct control over the consumer experience in full price channels across both stores and e-commerce, we drove a double-digit increase in spring '24 product sales while prior-season clearance sales and inventory were down double digits.

雖然還處於今年年初，但透過這些行動，我們已經取得了重大進展。新年伊始，我們的清倉銷售額降低了近 50%，庫存新鮮度大大提高。在DTC 中，我們對商店和電子商務的全價管道中的消費者體驗擁有最直接的控制權，我們推動了24 年春季產品銷售的兩位數增長，而上一季的清倉銷售和庫存則下降了一倍數字。

In wholesale, as we shared previously, our full order book finalized at down high single digits versus the prior year, reflecting the cautiousness in the channel. However, we are seeing encouraging sequential improvements for pre-spring '25 orders. And next week, we'll kick off the market launch of the main spring 2025 season. And I'm very encouraged by the product innovation and newness our teams are bringing across key categories for both Tommy and Calvin.

在批發方面，正如我們之前分享的那樣，我們的全部訂單最終比去年下降了高個位數，反映出通路的謹慎態度。然而，我們看到 25 年春季前訂單的持續改善令人鼓舞。下週，我們將啟動 2025 年春季主季的市場推出。我們的團隊為 Tommy 和 Calvin 帶來的關鍵類別的產品創新和新穎性讓我深受鼓舞。

Finally, as we shared yesterday, Martijn Hagman, CEO of Tommy Global and PVH Europe, will be leaving the business. And I want to thank Martijn for his 15 years of loyal service to PVH, helping to build our European region into the market-leading and highly profitable business we have today.

最後，正如我們昨天分享的那樣，Tommy Global 和 PVH Europe 執行長 Martijn Hagman 將離開該公司。我要感謝 Martijn 15 年來對 PVH 的忠誠服務，幫助我們將歐洲地區打造成當今市場領先且利潤豐厚的業務。

I feel very good about Lea Rytz Goldman now officially on board as Tommy Hilfiger Global President, reporting directly to me; and David Savman, our Chief Supply Chain Officer becoming our interim CEO for Europe.

我對 Lea Rytz Goldman 現在正式擔任 Tommy Hilfiger 全球總裁感到非常滿意，並直接向我報告；我們的首席供應鏈長 David Savman 成為我們歐洲的臨時執行長。

Since David joined us, he has played a unique role in the company, being a key leader, driving PVH+ performance all the way from product creation to marketplace execution. He has already spent a lot of his time in Europe together with our regional leaders, so he will have a running start. In parallel, we have started a search for our permanent European leader.

自從 David 加入我們以來，他在公司中發揮了獨特的作用，成為關鍵領導者，從產品創建到市場執行，一直推動 PVH+ 績效。他已經在歐洲與我們的地區領導人一起度過了很多時間，因此他將有一個良好的開端。同時，我們已經開始尋找我們的永久歐洲領導人。

Moving onto Asia Pacific, the region delivered overall revenue growth of 3% in constant currency, led by high single-digit growth in DTC. China delivered high single-digit growth in local currency, with double-digit growth in Japan and Korea also in local currency.

轉向亞太地區，在 DTC 高個位數成長的帶動下，以固定匯率計算，該地區的總體收入成長了 3%。中國以本幣計算實現了高個位數成長，日本和韓國以本幣計算也實現了兩位數成長。

We continue to drive high relevance with our consumers in Asia by connecting our strong product category and hero product offense with mega talent and rising stars. Our brand ambassadors, Jung Kook and Jennie Kim continue to fuel Calvin's brand engagement across the region. And for Tommy, the Formula One Shanghai Grand Prix with Lewis Hamilton and Tommy himself, as well as local celebrities and influencers, boosted brand heat in the market.

透過將我們強大的產品類別和英雄產品進攻與超級人才和後起之秀聯繫起來，我們繼續推動與亞洲消費者的高度相關性。我們的品牌大使 Jung Kook 和 Jennie Kim 繼續推動 Calvin 在該地區的品牌參與度。對於湯米來說，劉易斯漢密爾頓和湯米本人以及當地名人和影響者參加的一級方程式上海大獎賽提高了市場上的品牌熱度。

Revenue and market share for our business continues to set new records from [Douyin] as we further explore new ways to engage consumers. On TMall, Tommy the man hosted his first livestream shopping experience for the brand, which ranked number one on the channel.

隨著我們進一步探索吸引消費者的新方式，我們的業務收入和市場份額繼續創下[抖音]的新記錄。在天貓上，Tommy 首次為該品牌舉辦了直播購物體驗，該體驗在頻道中排名第一。

Following a successful Lunar New Year this past quarter, we are now in the early days of the big consumer moment, 6/18, which will be followed by Chinese Valentine's Day in July. Recently, I spent a week with our teams in China and Japan, walking stores across multiple cities and firsthand was able to see how much untapped growth potential we still have in the region.

繼上個季度成功的農曆新年之後，我們現在正處於大消費時刻 6/18 的早期階段，隨後將是 7 月的中國情人節。最近，我與我們在中國和日本的團隊一起度過了一周，走遍了多個城市的商店，親眼目睹了我們在該地區仍有多少未開發的成長潛力。

In closing, for the first quarter, we again delivered on our plan. We drove high-quality growth in both Asia and North America, while we in Europe, given the tough macro, took the long-term view of increasing quality of sales, strengthening our market position for the long term.

最後，在第一季度，我們再次實現了我們的計劃。我們在亞洲和北美推動了高品質成長，而在歐洲，鑑於宏觀形勢嚴峻，我們著眼於提高銷售質量，從而長期鞏固我們的市場地位。

We continue to build out the PVH+ execution momentum, led by significant strength in consumer engagement and brand desirability across both Calvin and Tommy, resulting in high-quality DTC growth with strong margin expansion. The build-out of our data and demand-driven supply chain continues to generate value, and we are investing in growth while driving increased cost discipline.

在 Calvin 和 Tommy 消費者參與度和品牌吸引力方面的顯著優勢引領下，我們繼續打造 PVH+ 執行勢頭，從而實現高品質的 DTC 成長和強勁的利潤率擴張。我們的數據和需求驅動的供應鏈的建設不斷創造價值，我們在投資成長的同時推動嚴格的成本控制。

Through our PVH+ Plan, we're moving PVH into a leading brand builder with two of the most desirable lifestyle brands in the world. What's making all this happen is our strong leaders and teams across the company, and I want to again thank you for the great work you do.

透過我們的 PVH+ 計劃，我們正在將 PVH 打造成一家領先的品牌建立者，擁有世界上兩個最令人嚮往的生活方式品牌。讓這一切發生的是我們整個公司強大的領導者和團隊，我想再次感謝你們所做的出色工作。

And with that, I'll turn the call over to Zac to discuss the financials in more detail.

接下來，我會將電話轉給札克，更詳細地討論財務狀況。

Thanks, Stefan, and good morning. My comments are based on non-GAAP results and are reconciled in our press release. As Stefan discussed, we are pleased with our solid first-quarter results driven by our iconic brands and disciplined execution of the PVH+ Plan. We exceeded both our top and bottom-line guidance, largely due to the timing shifts in wholesale shipments and expense phasing.

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，我們對由我們的標誌性品牌和嚴格執行 PVH+ 計劃推動的第一季穩健業績感到滿意。我們超越了我們的頂線和底線指導，這主要是由於批發發貨和費用分階段的時間變化。

We delivered operating margin of 10%, up 80 basis points versus last year and better than planned, driven by 350 basis points of gross margin expansion. Our performance for the quarter reflects our disciplined focus on driving higher quality of sales and improved profitability. Importantly, our inventory at quarter end is down 22% compared to last year and is well positioned to support our plans for the rest of the year.

在毛利率擴張 350 個基點的推動下，我們的營業利潤率為 10%，比去年增長 80 個基點，優於計劃。我們本季的業績反映了我們對提高銷售品質和提高獲利能力的嚴格關注。重要的是，我們季度末的庫存比去年下降了 22%，足以支持我們今年剩餘時間的計劃。

Additionally, we returned $200 million to shareholders during the first quarter through the repurchase of 1.8 million shares of common stock and remain committed to $400 million of total share buybacks for the year. We also refinanced $525 million of euro notes in the quarter with the issuance of our first-ever green bonds, underscoring our commitment to sustainability and ensuring our continued strong liquidity position.

此外，我們在第一季透過回購 180 萬股普通股向股東返還 2 億美元，並持續承諾全年回購股票總額達 4 億美元。我們還在本季發行了首支綠色債券，為 5.25 億美元的歐元票據進行了再融資，這突顯了我們對永續發展的承諾，並確保了我們持續強勁的流動性狀況。

Looking forward, following our solid first-quarter performance, we are reaffirming our full-year revenue and operating margin outlook and raising our EPS outlook to $11 to $11.25 per share from previously $10.75 to $11. We remain on track to deliver our 2024 financial plan with the improvement in EPS coming from lower interest expense and an improved tax rate.

展望未來，繼第一季業績穩健後，我們重申全年營收和營業利潤率預期，並將每股收益預期從先前的 10.75 美元至 11 美元上調至 11 美元至 11.25 美元。我們仍有望實現 2024 年財務計劃，每股盈餘的改善來自利息支出的降低和稅率的提高。

I will now discuss our first-quarter results in more detail and then move onto our outlook. Revenue for the first quarter was down 10% versus last year, including a 1% negative impact from exchange and a 3% decline from the sale of the heritage intimates business. We delivered our revenue plan for the quarter, beating our guidance by 1% due to a small shift in timing of wholesale shipments from the second quarter into the first quarter.

我現在將更詳細地討論我們第一季的業績，然後討論我們的前景。第一季的營收比去年下降了 10%，其中包括交易所帶來的 1% 的負面影響以及傳統內衣業務出售帶來的 3% 的下降。由於批發發貨時間從第二季度到第一季的小幅變化，我們交付了本季度的收入計劃，超出了我們的指導 1%。

Starting from a regional perspective, first-quarter revenue for our international businesses was down 8% on a constant currency basis. Sales in our Asia Pacific business were up 3% on a constant currency basis with strong growth in DTC across all markets. In China, we delivered high single-digit growth in local currency. Sales for Asia Pacific were down 2% on a reported basis.

從地區角度來看，我們國際業務第一季的營收以固定匯率計算下降了8%。我們亞太地區業務的銷售額以固定匯率計算成長了 3%，所有市場的 DTC 均強勁成長。在中國，我們以當地貨幣計算實現了高個位數成長。據報道，亞太地區的銷售額下降了 2%。

Sales in our European business were down 12% in euros, as expected, due to the strategic decision to focus on higher quality of sales in the region as previously discussed, along with the continued challenging macroeconomic environment. As Stefan mentioned, our quality of sales focus accounted for 6% of our decline in Europe revenues this quarter but also delivered higher gross margins in the region, which were up approximately 200 basis points versus last year.

正如預期的那樣，我們歐洲業務的銷售額以歐元計算下降了 12%，這是由於如前所述的專注於提高該地區銷售品質的戰略決策，以及持續充滿挑戰的宏觀經濟環境。正如 Stefan 所提到的，我們對銷售品質的關注導致了本季歐洲收入下降的 6%，但也帶來了該地區更高的毛利率，與去年相比增長了約 200 個基點。

In North America, sales for our Tommy Hilfiger and Calvin Klein businesses combined grew 3% as we delivered another quarter of growth in both our retail stores and owned and operated e-commerce business, with total DTC up mid single digits.

在北美，我們的Tommy Hilfiger 和Calvin Klein 業務的銷售額合計成長了3%，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成長，總DTC 成長了中個位數。

Wholesale sales were up low single digits and better than planned due to a shift in timing of wholesale shipments from the second quarter into the first quarter this year as retailers are taking inventory earlier than planned due to strong sell-through of our products in their stores. Importantly, gross margins were up nearly 500 basis points with significant improvements in both brands and across all channels.

批發銷售成長低個位數，好於計劃，原因是批發發貨時間從今年第二季度轉移到第一季度，零售商由於我們的產品在其商店的銷售強勁而比計劃提早盤貨。重要的是，毛利率成長了近 500 個基點，兩個品牌和所有通路的毛利率都有顯著改善。

From an overall PVH channel perspective, we continue to drive performance in our direct-to-consumer business. Overall revenue in our DTC businesses was up 3% on a constant currency basis. Our retail store revenues were up 5% on a constant currency basis with growth in both brands and all regions.

從整體 PVH 通路的角度來看，我們持續推動直接面向消費者業務的績效。以固定匯率計算，我們 DTC 業務的整體營收成長了 3%。我們的零售店收入以固定匯率計算成長了 5%，品牌和所有地區均實現成長。

In our owned and operated e-commerce business, strong growth in North America and in APAC in local currency was more than offset by a planned reduction in Europe as we focus on driving in-season product performance while significantly lowering prior-season clearance sales through our sites and reducing our own sales on third-party platforms.

在我們擁有和經營的電子商務業務中，北美和亞太地區以當地貨幣計算的強勁增長被歐洲計劃的減少所抵消，因為我們專注於推動當季產品表現，同時通過以下方式大幅降低上季清倉銷售：我們的網站並減少我們自己在第三方平台上的銷售。

Importantly, spring 2024 product sales were up double digits compared to spring '23. As a result of the decline in Europe, overall PVH owned and operated e-comm revenue was down 5% on a constant currency basis. Within wholesale, we remain focused on strong quality of sales and winning with our key wholesale partners, but we also see retailers continue to take a cautious approach, particularly in Europe.

重要的是，與 23 年春季相比，2024 年春季產品銷售量成長了兩位數。由於歐洲業務下滑，PVH 擁有和經營的電子商務整體收入按固定匯率計算下降了 5%。在批發方面，我們仍然專注於高品質的銷售並贏得主要批發合作夥伴的青睞，但我們也看到零售商繼續採取謹慎的態度，特別是在歐洲。

Total wholesale revenue was down 17%, including a 6% decline from the sale of the heritage intimates business and the impact from the quality of sales focus in Europe that I mentioned earlier. The decrease was in line with our expectations, other than the favorable timing shift in North America I mentioned previously. Looking forward for wholesale, as Stefan mentioned earlier, we are encouraged by the early signs of our spring 2025 order book, where we see our orders sequentially improving compared to fall 2024.

批發總收入下降了 17%，其中包括傳統內衣業務的銷售下降了 6%，以及我之前提到的歐洲銷售重點的影響。除了我之前提到的北美有利的時間變化之外，下降符合我們的預期。展望批發，正如 Stefan 之前提到的，我們對 2025 年春季訂單簿的早期跡象感到鼓舞，我們看到與 2024 年秋季相比，我們的訂單連續有所改善。

Turning to our global brands, Calvin Klein revenues were up 1% in constant currency and flat on a reported basis with growth in North America, while the international business was flat in constant currency. Tommy Hilfiger revenues were down 9% on a constant currency basis and down 10% on a reported basis.

談到我們的全球品牌，Calvin Klein 的營收以固定匯率計算成長了 1%，與報告基礎上北美地區的成長持平，而國際業務以固定匯率計算則持平。 Tommy Hilfiger 營收以固定匯率計算下降 9%，按報告資料計算下降 10%。

In the Tommy business, growth in North America was more than offset by a decline in the international business as the strategic shift to higher-quality sales and macroeconomic challenges impacting Europe weigh much more heavily on the Tommy business.

在 Tommy 業務中，北美業務的成長被國際業務的下滑所抵消，因為策略轉向更高品質的銷售以及影響歐洲的宏觀經濟挑戰對 Tommy 業務的影響更大。

In the first quarter, we delivered record high gross margin of 61.4%, an increase of 350 basis points compared to last year with approximately two-thirds due to channel and customer mix as we grew our higher-margin DTC business and decreased sales to lower-margin accounts and approximately one-third due to lower raw material costs.

第一季度，我們實現了創紀錄的61.4% 毛利率，比去年增加了350 個基點，其中約三分之二是由於通路和客戶組合的影響，因為我們發展了利潤率較高的DTC 業務，銷售額下降至較低水準。

SG&A expense as a percent of revenue was 51.4%, an increase of 270 basis points versus last year. The increase is comprised of approximately 250 basis points due to the higher DTC mix and approximately 250 basis points from the deleverage of expenses on lower revenues, partially offset by an approximately 200-basis-point improvement due to cost efficiencies realized from actions we have taken to reduce people costs and prudent management of expenses.

SG&A 費用佔收入的百分比為 51.4%，比去年增加了 270 個基點。這一增長包括約250 個基點（由於較高的DTC 組合）和約250 個基點（由於收入減少而費用去槓桿化），部分被我們採取的行動實現的成本效率帶來的約200 個基點的改善所抵銷減少人員成本並審慎管理費用。

Expenses in first quarter were slightly lower than planned due to a shift in timing of expenses into the second quarter. In total, EBIT for the quarter was $195 million and nearly flat compared to $199 million in the prior year as the strong gross margin improvement almost entirely offset the impact of the revenue decline. Operating margin expanded 80 basis points last year to 10% with significant improvement in our North America business to 10.5% for Tommy Hilfiger and Calvin Klein combined.

由於支出時間轉移到第二季度，第一季的支出略低於計劃。總體而言，本季的息稅前利潤為 1.95 億美元，與上一年的 1.99 億美元幾乎持平，因為強勁的毛利率改善幾乎完全抵消了收入下降的影響。去年，Tommy Hilfiger 和 Calvin Klein 的北美業務顯著改善，營業利潤率提高了 80 個基點，達到 10%，達到 10.5%。

The improvement in North America reflects a nearly 500-basis-point improvement in both gross margin and SG&A versus last year and marks another quarter with a double-digit operating margin, another important step in our PVH+ Plan commitment to achieve low teens operating margins in the North America region.

北美地區的改善反映了毛利率和銷售、一般管理費用均較去年提高了近500 個基點，標誌著又一個季度營業利潤率達到兩位數，這是我們PVH+ 計劃承諾的又一個重要步驟，即在北美地區。

Our tax rate for the quarter was approximately 19%. Earnings per share increased 14% versus last year to $2.45, exceeding our earnings guidance by $0.30. Approximately $0.20 of that is due to the favorable shifts in timing of revenue and expenses between the first and second quarter I mentioned earlier. Approximately $0.05 is due to a lower tax rate and interest expense, and the remainder is due to modest business improvement compared to expectations.

我們本季的稅率約為 19%。每股收益比去年增長 14% 至 2.45 美元，超出我們的收益指引 0.30 美元。其中大約 0.20 美元是由於我之前提到的第一季和第二季之間收入和支出時間的有利變化。大約 0.05 美元是由於較低的稅率和利息支出，其餘部分是由於與預期相比業務適度改善。

Now moving onto our outlook, starting with the second quarter, we are projecting second-quarter revenue to decline 6% to 7% as reported and 5% to 6% on a constant currency basis compared to the prior year, including a 3% decline due to the sale of the heritage intimates business.

現在進入我們的展望，從第二季度開始，我們預計第二季度收入將比上年同期下降 6% 至 7%，按固定匯率計算將下降 5% 至 6%，其中下降 3%由於出售傳統內衣業務。

While we are projecting first-quarter trends in our direct-to-consumer businesses to continue into 2Q with low single-digit growth on a constant currency basis, we expect this will be more than offset by a similar decline in wholesale revenue, primarily in Europe, for the reasons I mentioned earlier.

雖然我們預計直接面向消費者業務的第一季趨勢將持續到第二季​​度，按固定匯率計算，成長率為低個位數，但我們預計這將被批發收入的類似下降所抵消，主要是在批發收入方面歐洲，基於我之前提到的原因。

We expect our second-quarter operating margin will be modestly higher than last year with higher gross margins more than offsetting the loss of leverage due to the decline in revenue. Our second-quarter EBIT is projected to be nearly flat compared to last year despite the shift in timing of expenses into the second quarter that I mentioned earlier.

我們預計第二季的營業利潤率將略高於去年，較高的毛利率足以抵銷收入下降造成的槓桿損失。儘管我之前提到的費用時間轉移到了第二季度，但我們第二季度的息稅前利潤預計將與去年幾乎持平。

Earnings per share is expected to be approximately $2.25, up approximately 14% compared to $1.98 in the prior year. Our tax rate for the second quarter is estimated at approximately 20%, and interest expense is projected to be approximately $20 million. Overall, while shifts in timing of revenue and expenses are affecting our results in the first and second quarters, we expect our first-half 2024 business performance to be in line with our original plans.

每股收益預計約為 2.25 美元，較上年的 1.98 美元增長約 14%。我們第二季的稅率預計約為 20%，利息支出預計約為 2,000 萬美元。總體而言，雖然收入和支出時間的變化正在影響我們第一季和第二季的業績，但我們預計 2024 年上半年的業務業績將符合我們最初的計畫。

And now moving onto the full year, we continue to navigate a tough macroenvironment, including the soft consumer backdrop and a conservative wholesale environment, and we remain on track to deliver the business outlook we shared in April. As such, we continue to project revenue to decrease by 6% to 7% on both a reported and constant currency basis compared to last year, including a 2% decline due to the sale of the heritage intimates business and a 1% decline due to the 53rd week in 2023.

現在進入全年，我們繼續應對嚴峻的宏觀環境，包括疲軟的消費背景和保守的批發環境，我們仍有望實現我們在四月份分享的業務前景。因此，我們繼續預計，與去年相比，按報告和固定匯率計算的收入將下降 6% 至 7%，其中包括因出售傳統內衣業務而下降 2%，以及因出售傳統內衣業務而下降 1%。 2023 年第53 週。

Regionally, our outlook is also unchanged with sales for the North America Calvin Klein and Tommy Hilfiger businesses combined planned up low single digits versus 2023 with mid single-digit growth in the DTC business tempered by wholesale.

從地區來看，我們的前景也沒有變化，北美 Calvin Klein 和 Tommy Hilfiger 業務的銷售額合計計劃較 2023 年實現低個位數增長，而 DTC 業務的中個位數增長則受到批發的影響。

Asia Pacific is planned to grow high single digits on a constant currency basis with growth projected in all markets led by DTC, and Europe is planned down high single digits in euros with DTC planned down low single digits with modest comp door growth offset by reductions in our own sales on third-party platforms.

亞太地區計劃在固定貨幣基礎上實現高個位數增長，預計所有市場的增長均以DTC 為主導；歐洲計劃以歐元計算，實現高個位數增長，而DTC 計劃降低低個位數增長，而適度的複合門成長被銷售額的減少所抵消。

We are also reaffirming our projected operating margin for the year will be approximately flat to 2023. We continue to expect our full-year gross margin rate to increase approximately 200 basis points compared to 2023, 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 decreased sales to lower margin wholesale accounts, and approximately half due to lower raw material costs, which were elevated during the first half of 2023 as we leverage our scale with globally aligned product assortments.

我們也重申，到2023 年，我們預計今年的營業利潤率將大致持平。 。有所上升，因為我們利用了我們的規模全球統一的產品種類。

We continue to plan SG&A expense dollars down for the full year in 2024 as compared to 2023 but expect SG&A as a percentage of revenue to increase approximately 200 basis points, more than explained by DTC mix and deleverage on revenue.

我們繼續規劃 2024 年全年的 SG&A 費用較 2023 年有所下降，但預計 SG&A 佔收入的百分比將增加約 200 個基點，這超出了 DTC 組合和收入去槓桿化的解釋。

And as I discussed in April, we have already begun the work on the next phase of Growth Driver 5 of the PVH+ Plan to simplify our operating model and drive efficiencies. Interest expense is now projected to be approximately $75 million versus approximately $88 million previously as the interest rate on the debt refinancing in April was better than planned, and we expect our tax rate will be approximately 20% versus approximately 21% previously.

正如我在 4 月討論的那樣，我們已經開始了 PVH+ 計劃成長驅動力 5 下一階段的工作，以簡化我們的營運模式並提高效率。由於 4 月債務再融資的利率優於計劃，目前利息支出預計約為 7,500 萬美元，而之前約為 8,800 萬美元，我們預計我們的稅率約為 20%，之前約為 21%。

With these improvements in interest and tax, we are raising our non-GAAP EPS guidance by $0.25 to a range of $11 to $11.25, compared to $10.75 to $11 previously.

隨著利息和稅收的這些改善，我們將非 GAAP 每股盈餘指引提高了 0.25 美元，達到 11 美元至 11.25 美元的範圍，而之前為 10.75 美元至 11 美元。

Before we open it up for questions, I want to reiterate that we are pleased with our first-quarter results and remain confident in our ability to win in a tough environment. We continue to work relentlessly to drive results, and as Stefan talked about earlier, we are laser focused on executing the five 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 sustainable long-term profitable growth.

在我們開始提問之前，我想重申，我們對第一季的業績感到滿意，並對我們在艱難的環境中獲勝的能力充滿信心。我們繼續不懈地努力推動成果，正如 Stefan 之前所說，我們專注於執行 PVH+ 計劃的五個關鍵增長驅動因素，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潛在的運營引擎，以實現可持續的長期盈利增長。

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) Matthew Boss, JPMorgan.

（操作員指示）Matthew Boss，摩根大通。

So Stefan, could you elaborate on the progression of sell-through trends at wholesale that you're seeing for both Tommy and Calvin, and speak to opportunities you see remaining with product innovation and newness as we think about the fall and then spring of '25?

Stefan，您能否詳細說明您所看到的 Tommy 和 Calvin 的批發銷售趨勢的進展，並談談您在考慮秋季和春季時看到的產品創新和新穎性的機會。

And then for Zac, maybe -- could you just elaborate on drivers of the North America profitability inflection that we saw in the first quarter and any change in the multi-year path to mid-teens operating margin?

然後，對於扎克來說，您能否詳細說明我們在第一季度看到的北美盈利能力拐點的驅動因素，以及多年來營業利潤率達到中十幾歲的道路上的任何變化？

Thank you, Matt, and good morning. And let me start with the sell-through question because what we see now is in the marketplace overall, we see that the quality-of-sales actions that we are taking is taking hold.

謝謝你，馬特，早安。讓我從銷售率問題開始，因為我們現在看到的是整個市場，我們看到我們正在採取的銷售品質行動正在紮根。

So what that means is it's enabling stronger in-season sell-throughs, less end-of-season clearance, and creating more openings for repeat orders out of our never-out-of-stock part of the assortment. We have a much better inventory composition than last year in both wholesale and DTC. We can also see that in our gross margin rate coming out.

因此，這意味著它可以實現更強勁的當季銷售，減少季末清倉，並為我們永不缺貨的產品系列中的重複訂單創造更多空缺。我們在批發和 DTC 方面的庫存組成都比去年好得多。我們也可以從我們的毛利率中看到這一點。

In wholesale -- when it comes to wholesale in Europe, we've had two important positive reads since last time we spoke. So even though fall 2024 order books were cautious, based on last year's extremely warm fall start and excess inventory that led to in the market, we have had very positive reactions from our partners on our fall 2024 product improvements in both Tommy and Calvin.

在批發方面——當談到歐洲的批發時，自上次談話以來，我們得到了兩個重要的正面解釋。因此，儘管 2024 年秋季訂單持謹慎態度，但基於去年極其溫暖的秋季開局和導致市場的庫存過剩，我們的合作夥伴對 Tommy 和 Calvin 的 2024 年秋季產品改進做出了非常積極的反應。

So the innovation we put into the product category of hero products, building out performance, tech, dress casual has really been well received. And important to note this, we just saw the pre-spring 2025 order books in Europe, and we see sequential improvements versus fall 2024 as both Zac and I mentioned in our prepared remarks.

因此，我們在英雄產品的產品類別中投入的創新、增強性能、技術、休閒裝的創新確實受到了好評。值得注意的是，我們剛剛看到了歐洲 2025 年春季前的訂單簿，並且正如扎克和我在我們準備好的演講中提到的那樣，我們看到了與 2024 年秋季相比的連續改善。

Next week, we have all our sales teams in Amsterdam for our main spring 2025 market launch. We go through all of the product and market strength that we will bring to the market for that season and continue to build out the pre-spring trend.

下週，我們所有的銷售團隊將齊聚阿姆斯特丹，參加 2025 年春季主要市場發表會。我們會仔細檢視將在該季節推向市場的所有產品和市場實力，並繼續打造​​早春趨勢。

Finally, for the North America wholesale perspective, you can see in this quarter that we had a stronger pull-through from our accounts, and sell-through keeps improving, so that drove the comp sales growth in wholesale for both Calvin and Tommy in North America.

最後，從北美批發的角度來看，您可以看到本季度我們的帳戶拉動能力更強，銷售量不斷提高，從而推動了北美地區 Calvin 和 Tommy 的批發銷售增長。

And before I hand it over to Zac for your North America question, I just want to share how good I feel about our leaders and teams in North America, really bringing our brands to life to win with both the international and domestic consumer.

在我把你的北美問題交給扎克之前，我只想分享我對北美領導者和團隊的感受，他們真正將我們的品牌帶入了生活，贏得了國際和國內消費者的青睞。

So this quarter drove growth in both Calvin and Tommy, both DTC and wholesale, doing it the high quality way, average order value up, conversion up, lower promotions, and for the third consecutive quarter, as we mentioned, 500-basis-point margin improvement, EBIT margin of 10.5%, something -- I would say second -- I would say most people thought was tough to get to a year ago when we set that out two years ago.

因此，本季推動了Calvin 和Tommy 的DTC 和批發業務的成長，以高品質的方式實現成長，平均訂單價值上升，轉換率上升，促銷活動減少，正如我們所提到的，連續第三個季度增長了500 個基點利潤率提高，息稅前利潤率達到10.5%，我想說的是第二個，我想說的是，當我們兩年前提出這個目標時，大多數人認為一年前很難達到這個目標。

And we just -- it's the disciplined PVH+ execution in the region when it comes to the product category offense, hero product buildout, consumer engagement, better execution in ecommerce, better execution in stores and with our partners, so really encouraged there. Zac?

我們只是——在產品類別進攻、英雄產品擴充、消費者參與、電子商務更好的執行、商店和我們的合作夥伴更好的執行方面，這是該地區紀律嚴明的PVH+ 執行力，所以我們真的很受鼓舞。扎克？

Yes, great. Hi Matt, thanks for the question on North America profitability. As Stefan said, we're really pleased with the business performance in North America. We said earlier, and Stefan just reiterated, third straight quarter of greater than 500 basis points of operating margin improvement.

對，很好。您好，馬特，感謝您提出有關北美盈利能力的問題。正如斯特凡所說，我們對北美的業務表現非常滿意。我們之前說過，Stefan 剛剛重申，營業利潤率連續第三個季度改善超過 500 個基點。

In reality, for the first quarter alone, it was closer to 1,000 basis points. So as good as that sounds, the underlying details are actually just as solid from there. So as Stefan said, growth in both brands and across channels, I think that is, starting from the top line, a great story.

事實上，光是第一季就接近 1,000 個基點。聽起來不錯，但底層的細節其實也同樣可靠。正如斯特凡所說，品牌和跨渠道的成長，我認為從營收開始，這是一個很棒的故事。

For gross margin expansion, 400 to 500 basis points of improvement on each as that impact of that better product coming through and lower reliance on discounts really shows up. And on SG&A as a percent of revenue, also down 400 to 500 basis points as we really worked on rewiring how the region works to make it drive more efficiently.

對於毛利率的擴張，每一項都提高了 400 到 500 個基點，因為更好的產品的出現和對折扣的依賴減少的影響真正顯現出來。 SG&A 佔收入的百分比也下降了 400 到 500 個基點，因為我們確實致力於重新規劃該地區的運作方式，以提高其運作效率。

So I think -- and most importantly, we're seeing significant EBIT margin across both brands and all channels, so the composition of the overall improvement of the 10.5% is coming from everywhere.

所以我認為 - 最重要的是，我們看到兩個品牌和所有通路的息稅前利潤率都很高，因此 10.5% 的整體改善來自各個方面。

And I think as we pulled back then and look and see what that means, our confidence in getting to the low teens for North America that we've committed to remains very high. And I think it's our best proof point. As Stefan had said, when you marry the power of the PVH+ Plan value drivers coming together, you see the sort of improvements that we're seeing.

我認為，當我們回過頭來看看這意味著什麼時，我們對北美地區達到我們所承諾的低十幾歲水平的信心仍然非常高。我認為這是我們最好的證明點。正如 Stefan 所說，當您將 PVH+ 計劃價值驅動因素的力量結合在一起時，您會看到我們所看到的那種改進。

Great. Best of luck.

偉大的。祝你好運。

Thank you.

謝謝。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Hi, good morning. I was wondering if you could spend some more time on your -- just talk a little bit more about how you feel about the positioning of the brands with the quality-of-sales initiatives underway? And can you just expand some more around the thoughts on the leadership changeover in Europe? Thanks.

早安.我想知道您是否可以多花一些時間——多談談您對正在進行的銷售品質計劃中的品牌定位有何看法？您能否進一步談談有關歐洲領導層更替的想法？謝謝。

Yes, absolutely. Thank you, Bob. If we look at Europe, we landed the quarter almost exactly in line with our plans, and that we communicated last quarter. Last quarter, we shared that we had seen the consumer backdrop in Europe become tougher, especially in our two biggest markets, UK and Germany, very cautious wholesale channel coming out of that.

是的，一點沒錯。謝謝你，鮑伯。如果我們看看歐洲，我們的季度幾乎完全符合我們的計劃，並且我們在上個季度進行了溝通。上個季度，我們表示，我們看到歐洲的消費環境變得更加嚴峻，特別是在我們最大的兩個市場英國和德國，因此批發通路非常謹慎。

And therefore, we decided to pull back in the near term, take quality-of-sales actions now to position us to drive high-quality growth and margin expansion for the long term. And as I mentioned relating to Matt's questions, the quality-of-sales actions are starting to take hold. And from a market position in Europe, we have a uniquely strong market position. We just received back our quarterly consumer and brand study that we do here internally.

因此，我們決定在短期內退出，立即採取銷售品質行動，以使我們能夠長期推動高品質成長和利潤率擴張。正如我在談到馬特的問題時提到的那樣，銷售品質行動開始發揮作用。從歐洲的市場地位來看，我們擁有獨特的強大市場地位。我們剛剛收到我們內部進行的季度消費者和品牌研究。

And looking at a market like Germany, sector-leading performance in brand love, visibility, consideration, buy most often, so very strong market position. And in this tough environment, our goal is to not have too much inventory to keep pricing power in the market.

看看像德國這樣的市場，在品牌喜愛度、知名度、考慮度、最常購買方面表現領先，因此市場地位非常牢固。在這種艱難的環境下，我們的目標是不擁有太多庫存，以維持市場定價權。

It's very easy in a situation like this to push low-quality sales, empty calories in the market. We won't do that because we have a long-term brand-building and value-creating focus, and that's what's built us so strong in Europe.

在這種情況下，很容易推動低品質的銷售，在市場上產生空熱量。我們不會這樣做，因為我們有長期的品牌建立和價值創造重點，而這正是我們在歐洲如此強大的原因。

And more concretely, when it comes to the quality-of-sales actions, we can see it easily and fastest in DTC where we mentioned that 50% less clearance sales in the quarter and 10% increase in new spring season sales, so very encouraged by that. And then you add the sequential improvements of wholesale pre-spring, and now coming into spring, we're continuing to strengthen the PVH+ execution in product, marketing, marketplace execution.

更具體地說，當涉及銷售品質行動時，我們可以在 DTC 中輕鬆、最快地看到它，我們提到本季度清倉銷售減少 50%，春季新品銷售增加 10%，因此非常令人鼓舞就這樣。然後添加春季前批發的連續改進，現在進入春季，我們將繼續加強產品、行銷、市場執行方面的 PVH+ 執行。

When it comes to the leadership change, so this quarter, we thanked Martijn after 16 years leading the company. He has been the CEO of Tommy Hilfiger Global and PVH Europe. When Lea is now in place as Tommy Global President, reporting directly to me, it follows the same brand structure as we set up for Calvin when Eva Serrano came in a year ago.

談到領導變動，本季我們感謝 Martijn 領導公司 16 年。他曾擔任 Tommy Hilfiger Global 和 PVH Europe 的執行長。當 Lea 現在擔任 Tommy 全球總裁並直接向我匯報時，它遵循的品牌結構與一年前伊娃·塞拉諾 (Eva Serrano) 上任時我們為 Calvin 建立的品牌結構相同。

We can already see the positive performance in Calvin from that, so we're mirroring that structure for Tommy. With Lea coming in, flattening the structure, this was the right time to make this change.

我們已經可以從中看到卡爾文的積極表現，因此我們正在為湯米複製這種結構。隨著 Lea 的加入，扁平化了結構，現在正是做出這項改變的最佳時機。

David Savman is taking the interim CEO role in Europe. David has played a unique role in the company, not the typical supply chain leader. He is part of product creation with the global brands, all the way to consumer in-store sell-throughs, meeting our partners. He has also spent a lot of time with our teams in Europe. He has been based and led for many years in Europe during his career, so he knows Europe, he knows our teams, and he is off to a running start.

大衛·薩夫曼 (David Savman) 擔任歐洲臨時執行長。 David 在公司中發揮了獨特的作用，而不是典型的供應鏈領導者。他參與了全球品牌的產品創造，一直到消費者店內銷售，以及與我們的合作夥伴會面。他還花了很多時間與我們在歐洲的團隊一起工作。在他的職業生涯中，他在歐洲駐紮和領導了很多年，所以他了解歐洲，他了解我們的球隊，而且他已經有了一個很好的開始。

Thank you.

謝謝。

Thank you.

謝謝。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Hi, guys, thanks. And congrats on a nice quarter. Hey, Stefan, I think first quarter, so the first -- that's the first time we've seen the top-line impacts of the strategic pullback in Europe. I think in first quarter, you said gross margin in Europe was up 200 basis points. But I wonder if you could help us -- I think you have a lot of input costs going in the right direction with cotton and freight, and maybe some channel mix there obviously with wholesale.

嗨，夥計們，謝謝。恭喜您度過了一個美好的季度。嘿，斯特凡，我認為是第一季度，所以是第一季——這是我們第一次看到歐洲戰略撤退的主要影響。我想你說第一季歐洲的毛利率成長了 200 個基點。但我想知道你是否可以幫助我們——我認為你有很多投入成本朝著正確的方向發展，包括棉花和貨運，也許還有一些管道與批發混合。

It seems like more of the improvement on the margins from actually changing the structure of the business in Europe are still ahead of us. Could you maybe walk us through at a higher level how to think about the next few quarters on profitability as we see you come out of the initial phases on the top line?

實際改變歐洲業務結構所帶來的利潤改善似乎仍遙遙領先。當我們看到您走出了營收的初始階段時，您能否在更高的層面上向我們介紹如何考慮未來幾季的獲利能力？

And then Zac, on the gross margin guidance for the year, you spoke to the new product and spring up 10%, clearance down 50%, the allocation's down to 70% from 90%, so David's initiatives are showing some progress. I guess the guidance suggests the gross margin gains will slow a little bit after first quarter. Are there other headwinds we should think about or just appropriate to make some conservative posture in the macro?

然後扎克，關於今年的毛利率指導，你談到了新產品，增長了 10%，清倉率下降了 50%，分配從 90% 下降到 70%，所以大衛的舉措顯示出了一些進展。我猜該指引表明第一季後毛利率成長將略有放緩。我們是否應該考慮其他不利因素，或在宏觀方面採取一些保守的立場？

Thank you, Michael. Let me start on the gross margin rate. So really exciting to see this quarter that we drove an all-time high gross margin rate for the company. And when we look at the outlook that we are communicating for the rest of the year, the guidance, it's also all-time high.

謝謝你，麥可。讓我從毛利率開始。看到本季我們為公司創造了歷史最高的毛利率，真是令人興奮。當我們看到我們正在傳達的今年剩餘時間的前景和指導時，它也創下了歷史新高。

So that all-time high is central to the PVH+ Plan work we do in terms of going back to the DNA of the brands and very systematic, repeatable, driving product strength through two rates -- so you see the gross margin rate come up through two parts.

因此，歷史最高點是 PVH+ 計劃工作的核心，我們在回歸品牌 DNA 方面所做的工作非常系統化、可重複，透過兩個比率來推動產品實力 - 所以你會看到毛利率通過兩部分。

The first is the category offence; the innovation in hero product; the right level of newness; the improvement in planning, buying, allocation that we mentioned. That's driving pricing power and gross margin up.

第一個是類別犯罪；英雄產品的創新；適當的新鮮度；我們提到的規劃、購買、分配方面的改進。這推動了定價能力和毛利率的上升。

Also from David and the supply teams, great work in driving cost of goods down by the way we purchase, the way we platform raw materials. So you will see that engine kick into gear more and more over the year and over the coming few years, actually. So it's a mix between the consumer-facing pricing power and the underlying demand-driven supply chain coming in.

大衛和供應團隊也透過我們的採購方式和原物料平台方式，在降低商品成本方面做出了巨大的貢獻。因此，實際上，您會看到這一引擎在今年和未來幾年中越來越多地啟動。因此，這是面向消費者的定價能力和潛在的需求驅動供應鏈之間的結合。

Yes, and Michael, we had a strong first quarter for gross margin, over 61%, and an all-time high. I think some of the key drivers under there also lay out where we're headed for the rest of the year.

是的，邁克爾，我們第一季的毛利率強勁，超過 61%，創歷史新高。我認為其中的一些關鍵驅動因素也顯示了我們今年剩餘時間的發展方向。

So we're helped by channel mix in the first quarter. DTC penetration grew by around 500 basis points, so we get the gross margin lift there. And the work that Stefan just talked about that we're doing in Europe, the quality of sales work there, to a certain extent around the world as well has helped to drive that gross margin improvement. It's about two-thirds of the 350 basis points.

因此，第一季的通路組合對我們有幫助。 DTC 滲透率成長了約 500 個基點，因此毛利率有所提升。史特凡剛才談到我們在歐洲所做的工作，那裡的銷售工作質量，在某種程度上也有助於推動毛利率的提高。大約是 350 個基點的三分之二。

And then on top of that, we're still comparing versus last year to product costs around raw materials that were a lot higher, so that's about one-third. I think as we look then for the full year, we've said up approximately 200 basis points.

最重要的是，我們仍在與去年相比，原材料的產品成本要高得多，大約是三分之一。我認為，當我們展望全年時，我們已經說過大約 200 個基點。

For Q2 and Q3, we can expect increases in that general range, and the reason why those come off from first quarter is we start to see some of the diminishing effect around the product costs as those began to show up in products as the year progressed last year, but the work around the quality of sales continues on for the rest of the year.

對於第二季和第三季度，我們可以預期整體範圍內的成長，而這些成長與第一季相比的原因是我們開始看到產品成本的一些影響正在減弱，因為隨著時間的推移，這些成本開始出現在產品中去年，但圍繞銷售品質的工作將在今年剩餘時間繼續進行。

Fourth quarter, we do start to annualize both some of the macro improvements as well as some of the work around quality of sales that we started at the end of last year as well, and that's why you see the flow of margin as we go through.

第四季度，我們確實開始對一些宏觀改進以及去年年底開始的一些圍繞銷售品質的工作進行年度化，這就是為什麼你會看到我們經歷的利潤流。

But I do think it's worth noting as we talked about record-setting highs for gross margin in the first quarter, for the full year as well, we're calling gross margin around 60% also an all-time high. So I think that's a good way to sort of see the proof coming through from the quality of work around the PVH+ drivers and the quality of sales work.

但我確實認為值得注意的是，我們談到了第一季毛利率創歷史新高，全年毛利率也達到了歷史新高，60%左右也是如此。因此，我認為這是一個很好的方法，可以從 PVH+ 驅動程式的工作品質和銷售工作品質中看到證據。

Okay. Thanks a lot, guys. Appreciate it.

好的。非常感謝，夥計們。欣賞它。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great. Thank you. Regarding inventory down 22%, how do you feel about the composition and alongside that progress with the supply chain initiatives? Thanks.

偉大的。謝謝。關於庫存下降 22%，您對庫存組成以及供應鏈計畫的進展有何看法？謝謝。

Thanks, Jay. Yes, we continue as we set out in the PVH+ plan, and we made it more specific through the quarters where we have heads down, executing and building out the supply chain. The demand-driven supply chain is to optimize -- better and better optimize inventory in relation to demand, and you see that we're down 22% in inventory versus last year.

謝謝，傑伊。是的，我們繼續按照 PVH+ 計劃中的規定進行，並在我們埋頭執行和建造供應鏈的幾個季度中使其更加具體。需求驅動的供應鏈是為了優化——越來越好地優化與需求相關的庫存，你會看到我們的庫存比去年下降了 22%。

We are that with better availability. We are improving our planning, buying, and allocation. I mentioned RFID. It's not a novel thing, but it's very effective. And we are rolling that out for -- across every brand, every channel across the company.

我們擁有更好的可用性。我們正在改進我們的規劃、購買和分配。我提到了RFID。這不是什麼新鮮事，但非常有效。我們正在為整個公司的每個品牌、每個管道推出這項服務。

And that will then -- that RFID will enable us to know exactly where every piece of inventory is, which will enable us to further improve planning, further improve buying, and be more granular on the allocation.

然後，RFID 將使我們能夠準確地知道每件庫存的位置，這將使我們能夠進一步改進規劃、進一步改善採購並更精細地進行分配。

The allocation example I shared in my prepared remarks, which is 30% of the inventory in DTC, is now allocated based on demand signals. So you will see us continue to build this out over quarter by quarter by quarter over the next few years. So that is something that will create a lot of value, and that, as Zac mentioned, is the underlying engine that will fuel the consumer-facing improvements.

我在準備好的發言中分享的分配範例是 DTC 中庫存的 30%，現在是根據需求訊號進行分配的。因此，您將看到我們在未來幾年中繼續逐季度地建立此項目。因此，這將創造大量價值，正如扎克所提到的，這是推動面向消費者的改進的底層引擎。

Got it. Thank you so much.

知道了。太感謝了。

Thank you, Jay.

謝謝你，傑伊。

Dana Telsey, Telsey Group.

達納‧特爾西，特爾西集團。

Hi. Good morning, everyone. Stefan, as you think about the PVH+ Plan and the drivers behind it, how do you think it's coming together in regards to the consumer? And given the improvements in gross margin that you have, how do you see the expansion into '25 as you are thinking about the balance of this year and go forward? Thank you.

你好。大家，早安。 Stefan，當您思考 PVH+ 計劃及其背後的驅動因素時，您認為它對消費者來說是如何結合在一起的？考慮到毛利率的提高，當您考慮今年的餘額並繼續前進時，您如何看待 25 年的擴張？謝謝。

Thanks, Dana. The PVH+ Plan, we are very focused on these five growth drivers, so we will be relentless on executing all of them. And it's -- when we have progress in each, that's when the real strength unlocks. It starts -- to your point, it starts with driving brand engagement, and what's really encouraging to see is there is also where we have the shorter lead times.

謝謝，達納。 PVH+計劃，我們非常關注這五個成長動力，因此我們將不懈地執行它們。當我們在每一個方面都取得進展時，真正的力量就會釋放出來。就您而言，它從推動品牌參與度開始，真正令人鼓舞的是我們的交貨時間也更短。

If you look at brand engagement improvement versus product improvement, brand engagement had shorter lead times -- and I'm super pleased by seeing that both Calvin and Tommy is really cutting through on a brand desirability level, consumer engagement, social -- again, sector-leading performance in many of those stats.

如果你看看品牌參與度的提高與產品改進的比較，你會發現品牌參與度的交付時間更短——我很高興看到卡爾文和湯米在品牌需求水平、消費者參與度、社交方面真正取得了突破——再次，在許多統計數據中均處於行業領先的表現。

And this is also connecting back to the underlying reason to believe in what we are setting out to do with Calvin and Tommy. Because the kind of brand stats and the consumer engagement and the brand love from the consumer globally that you see now, you can't buy that. There are very few brands in the world who have that kind of underlying love and have collided with culture.

這也與我們相信我們對卡爾文和湯米所做的事情的根本原因有關。因為你現在看到的品牌統計數據、消費者參與度以及全球消費者對品牌的熱愛，你無法購買。世界上很少有品牌能夠擁有這種底蘊般的熱愛，並且與文化發生碰撞。

And then the way our teams now create cut-through campaigns amplified with mega talent, connect them to the cultural conversation, yes, super exciting. Because that then enables us to connect to that brand engagement and brand love. We build out over time stronger, stronger product execution, stronger marketplace execution.

然後，我們的團隊現在創建由超級人才放大的直通式行銷活動的方式，將它們與文化對話聯繫起來，是的，超級令人興奮。因為這使我們能夠與品牌參與度和品牌熱愛建立聯繫。隨著時間的推移，我們會打造出更強大、更強大的產品執行力、更強的市場執行力。

And then to your final part of your question, that will then drive gross margin expansion over time. So I see that, again, we are early in the execution but seeing some of the highest brand engagement stats in the industry across the board. So kudos to the teams for really doing that.

然後到你問題的最後一部分，隨著時間的推移，這將推動毛利率的擴張。因此，我再次看到，我們處於執行的早期階段，但看到了整個行業中一些最高的品牌參與統計數據。感謝團隊真正做到了這一點。

Thank you.

謝謝。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Good morning, thanks for taking my question. We're two years into the PVH+ Plan. There's been quite a few questions already on today's call. And obviously, the gross margin has shown sizeable improvement since that plan.

早安，感謝您提出我的問題。 PVH+ 計畫已經實施兩年了。今天的電話會議已經提出了許多問題。顯然，自該計劃以來，毛利率已顯示出相當大的改善。

I guess the question now is, SG&A rates have offset some of that 300 basis points-plus of gross margin improvement. What's your clearest line of sight into the long-term margin potential of the business, and how top-line dependent are you on those long-term targets?

我想現在的問題是，SG&A 率已經抵銷了毛利率提高的 300 個基點以上的一部分。您對業務的長期利潤潛力最清楚的看法是什麼？

Thanks John. To your point, we're two years in, but if you ask me to start with just giving an assessment of where we are on the journey, Eva is still only one year into her leadership of Calvin and with her team already getting strong traction on engagement, taking massive action on product and experience improvements.

謝謝約翰。就你的觀點而言，我們已經兩年了，但如果你讓我先評估我們在旅程中的進展，伊娃領導卡爾文還只有一年時間，而且她的團隊已經獲得了強大的支持關於參與度，對產品和體驗改進採取大規模行動。

Lea is on board since April, early, coming in very strong, mirroring the successful structure in Calvin, starting to move product innovation improvements already for spring '25. Early innings for the demand-driven supply chain that we've talked a lot about. We're driving growth in North America, both DTC and wholesale. We are in the beginning to tap into that full potential ahead of what most of us thought we were going to execute at this point.

Lea 自 4 月起就加入，很早就加入，表現非常強勁，反映了 Calvin 的成功結構，已經開始在 25 年春季進行產品創新改進。我們已經討論了許多需求驅動的供應鏈的早期階段。我們正在推動北美地區 DTC 和批發業務的成長。我們正開始充分發揮潛力，領先於我們大多數人認為我們此時將要執行的任務。

Asia is one of our growth engines, a lot of potential still ahead of us. I spent a week with our teams there just a few weeks ago in both China and Japan, and most of the growth potential is still ahead of us.

亞洲是我們的成長引擎之一，我們仍有很大的潛力。幾週前，我在中國和日本與我們的團隊一起度過了一周，大部分的成長潛力仍然存在。

We are operating in a very tough macro consumer backdrop in Europe, proactively taking the right steps there to set us up for long-term growth with increased margin expansion. We have the leadership team more and more in place that have the experience and capability to do it. So if you look at it, this is something that over time, we will continue to build. And that plays back into the gross margin expansion as well.

我們在歐洲的宏觀消費背景非常嚴峻，因此積極採取正確的措施，透過提高利潤率擴張來實現長期成長。我們的領導團隊越來越到位，他們有經驗、有能力做到這一點。因此，如果你仔細觀察，你會發現，隨著時間的推移，我們將繼續建構這一點。這也影響了毛利率的擴張。

Yes, and I think just from an SG&A perspective, to get to that specifically, a good first quarter, down almost $50 million compared to last year with reductions across nearly all of the spend categories as our work on driving efficiencies gains traction.

是的，我認為僅從SG&A 的角度來看，具體來說，第一季表現良好，與去年相比減少了近5000 萬美元，隨著我們提高效率的工作取得進展，幾乎所有支出類別都減少了。

I think one special note inside -- on the investment side, marketing, as Stefan mentioned, remains an important focus for us. And marketing as a percentage of sales up again versus last year, so we want to make sure that we continue to prioritize.

我認為裡面有一個特別的註釋——在投資方面，正如斯特凡提到的那樣，行銷仍然是我們的一個重要關注點。與去年相比，行銷佔銷售額的百分比再次上升，因此我們希望確保我們繼續優先考慮。

And then looking forward, we're actively working on the next phase of PVH+ Value Driver 5. We've identified a number of areas with new ways of working, better alignment to the PVH+ Plan, and benefits of global scale will deliver additional SG&A savings.

展望未來，我們正在積極致力於 PVH+ 價值驅動因素 5 的下一階段。節省。

As we discussed last quarter, that work is at the center of the operating model, so we're working carefully and expect to see those benefits starting in '25. But as Stefan mentioned, we do expect to grow, and with that, we'll bring leverage to drive profit margin improvement. But we also see significant opportunity in the rest of the P&L to contribute to that path to 15% that we've committed to.

正如我們上季度討論的那樣，這項工作是營運模式的核心，因此我們正在認真工作，並期望從 25 年開始看到這些好處。但正如斯特凡所提到的，我們確實期望成長，這樣我們將利用槓桿來推動利潤率的提高。但我們也看到損益表的其餘部分有很大的機會為我們承諾的 15% 的目標做出貢獻。

That's helpful. Zac, just a quick follow up. When you look at the SG&A and the CapEx, where do you see the most impactful and highest future returns on investments for Calvin and Tommy?

這很有幫助。扎克，請快速跟進。當您查看 SG&A 和資本支出時，您認為 Calvin 和 Tommy 的投資最有影響力和最高的未來回報在哪裡？

So I think overall, one, as Stefan said, we're working on each of the legs of the path that are shorter. So the shortest turn is marketing, and that's where our focus has been. And I think, as Stefan's talked so much about consumer engagement here, we're seeing that begin to pay off. So we feel great that that investment and the return is coming.

所以我認為總的來說，正如斯特凡所說，我們正在研究路徑中每條較短的路段。因此，最短的轉變就是行銷，這就是我們一直關注的焦點。我認為，正如斯特凡在這裡談論了這麼多關於消費者參與的問題，我們看到這開始得到回報。因此，我們對投資和回報即將到來感到非常高興。

I think now as we work further in, we'll start to see the longer lead items, things like working on the store network and expansion. We expect that to be a significant source of investment for us and an opportunity as well to continue to grow our physical presence, and then behind that, the investment to support those drivers in both technology and in supply chain, also in support of both efficiencies as we get -- operate more efficiently but also helping to pursue and drive growth.

我認為現在隨著我們進一步工作，我們將開始看到更長的領先項目，例如商店網路和擴張方面的工作。我們預計這將成為我們的重要投資來源，也是繼續擴大我們實體業務的機會，而在此背後，投資將支持技術和供應鏈方面的驅動因素，同時也支持效率正如我們所得到的那樣——更有效率地運營，同時也有助於追求和推動成長。

That's great. Thanks, everybody.

那太棒了。謝謝大家。

We have time for one final question for today.

今天我們有時間回答最後一個問題。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Hey, good morning everyone. One for Stefan, one for Zac. Stefan, when you talked about the early spring reads on the books in Europe, just kind of curious, maybe I didn't understand. Were you saying that you're just seeing sequential improvement, or do you think that there's potential for those books to end up positive when all is said and done?

嘿，大家早安。一份給斯特凡，一份給札克。 Stefan，當你談到早春在歐洲讀的書時，只是有點好奇，也許我不明白。你是說你只是看到了連續的改進，還是你認為這些書歸根結底有可能取得正面的結果？

And then Zac, I just wanted to make sure I understood, the digital business for you guys has been growing very nicely, and I know it was down five in constant currency in Q1. I think you gave a reason for that. Can you just remind me what was that driver? And then how should we expect digital growth to play out the rest of the year? Thank you.

然後扎克，我只是想確保我理解，你們的數位業務成長得非常好，我知道第一季以固定匯率計算下降了五倍。我想你已經給了理由。你能提醒我那個司機是誰嗎？那麼我們應該如何預期數位成長將在今年剩餘的時間裡發揮作用呢？謝謝。

Thanks, Ike. And coming back to the positive indications in the European wholesale channel, so we just finished pre-spring. It's the smaller part of overall spring, the main season.

謝謝，艾克。回到歐洲批發管道的積極跡象，我們剛結束了春季前的工作。這是整個春季的一小部分，也是主要季節。

The main season, we are kicking off next week with the product and marketing strength that we will bring to the market. So what I referred to is the pre-spring. The beginning of spring, we see positive indication of trend change and sequential improvements versus fall 2024. And we'll fill you in later when we have sold through our main season for spring '25.

主要季節，我們將於下週拉開序幕，我們將為市場帶來產品和行銷實力。所以我說的是春前。春季伊始，我們看到了趨勢變化的積極跡象，以及與 2024 年秋季相比的連續改善。

Yes, and from a digital channel perspective, it remains important for us. We saw strong growth in North America this quarter in both brands, and that was profitable growth; continue to grow digital across Asia. That's been a cornerstone of that growth over time, so those are both growing.

是的，從數位管道的角度來看，它對我們仍然很重要。本季我們在北美看到兩個品牌的強勁成長，這是獲利成長；繼續在亞洲發展數位化。隨著時間的推移，這是成長的基石，所以它們都在成長。

Where we're seeing that pullback is in Europe, and there's really two pieces to that. One is some work that we were doing around third-party platforms that we are choosing to pull back from as a part of the quality of sales initiative.

我們看到歐洲出現了回調，這實際上有兩個原因。其中之一是我們圍繞第三方平台所做的一些工作，作為銷售計劃品質的一部分，我們選擇退出這些工作。

And then even on our own ecommerce platform, in orientation towards increasing the in-season full price versus driving sales through discounting, I think Stefan talked about it earlier, we're seeing that pay off for all of DTC in Europe, spring '24 being up double digits versus spring '23 last year. So digital, incredibly important, and we're growing in the places that are a focus and important for us to grow in still.

然後，即使在我們自己的電子商務平台上，為了提高當季全價而不是透過折扣推動銷售，我認為 Stefan 早些時候談到過，我們看到歐洲所有 DTC 的回報，24 年春季與去年23年春季相比，成長了兩位數。如此數位化，非常重要，我們正在那些對我們發展仍然是重點和重要的地方成長。

Got it. Thank you.

知道了。謝謝。

All right. Thank you, Ike. And with that, I just want to wrap up to say that we are on this multi-journey to build Calvin and Tommy into the most desirable lifestyle brands in the world. It's exciting to see with the consumer engagement how we can already now cut through along the top of the sector.

好的。謝謝你，艾克。最後，我想說的是，我們正在踏上這段多重旅程，將 Calvin 和 Tommy 打造成世界上最令人嚮往的生活品牌。令人興奮的是，隨著消費者的參與，我們現在已經能夠在該行業的頂端佔據一席之地。

We have a lot of work still to do to build out the brands and PVH to a leading brand builder in our sector. In Q1, in a tough macro, we executed our plan, we delivered on our commitments, and we'll just have our heads down, relentlessly execute to do this quarter after quarter.

為了將品牌和 PVH 打造成業界領先的品牌建立者，我們還有很多工作要做。在第一季度，在嚴峻的宏觀形勢下，我們執行了我們的計劃，兌現了我們的承諾，我們將低著頭，堅持不懈地執行這個季度又一個季度的工作。

What I've shared before, the biggest reason to invest in us lies in the compounded effect of our consistency in direction, consistency in PVH plan, and strong execution discipline. So looking forward to staying close on that journey, wishing you all a great summer in the meantime. Thank you.

我之前分享過，投資我們的最大原因在於我們方向的一致性、PVH計畫的一致性和強大的執行紀律的複合效應。因此，期待繼續這段旅程，同時也祝福大家有個愉快的夏天。謝謝。

Thank you. This does conclude today's call. We thank you for your participation. You may disconnect any anytime.

謝謝。今天的電話會議到此結束。我們感謝您的參與。您可以隨時斷開連線。