PVH Corp (PVH) 2024 Q2 法說會逐字稿

Good morning, everyone, and welcome to today's PVH second-quarter 2024 earnings conference call. (Operator Instructions) Please note, this call may be recorded. (Operator Instructions)

大家早安，歡迎參加今天的 PVH 2024 年第二季財報電話會議。 （操作員說明）請注意，此通話可能會被錄音。 （操作員說明）

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 second-quarter 2024 earnings conference call. Leading the call today will be Stefan Larsson, Chief Executive Officer, and Zac Coughlin, Chief Financial Officer. This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material. It may not be recorded, rebroadcast, or otherwise transmitted without PVH's written permission.

謝謝你，接線生。大家早安，歡迎參加 PVH Corp 2024 年第二季財報電話會議。今天的電話會議將由執行長 Stefan Larsson 和財務長 Zac Coughlin 主持。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。

Your participation constitutes your consent to having anything you say appear in any transcript or replay of this call. The information to be discussed includes forward-looking statements that reflect PVH's view as of August 27, 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 as the subject of this call.

您的參與即表示您同意您所說的任何內容出現在本次通話的任何記錄或重播中。討論的資訊包括反映 PVH 截至 2024 年 8 月 27 日對未來事件和財務表現的看法的前瞻性陳述。這些聲明受到公司提交給 SEC 的文件以及作為本次電話會議主題的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, restructurings, 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 年出售資產並退出其傳統品牌男裝和零售業務，並於2023 年11 月出售傳統品牌女性內衣業務，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. 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 second-quarter 2024 earnings release, which can be found on www.PVH.com and the company's current report on Form 8-K furnished to the SEC in connection with the release. At this time, I am pleased to turn the conference over to Stefan Larsson.

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 2024 年第二季財報中包含了與 GAAP 金額的調節，您可以在 www.PVH.com 上找到該報告，以及該公司向 SEC 提供的與該報告相關的 8-K 表格當前報告。此時，我很高興將會議交給 Stefan Larsson。

Thank you, Sheryl. Good morning, everyone, and thank you for joining our call today. Let me start by thanking our teams all around the world as we continue to deliver on our near-term commitments while 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.

謝謝你，謝麗爾。大家早安，感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團隊，我們將繼續履行我們的近期承諾，同時朝著我們的長期願景邁進，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 成為我們行業中之一的領導品牌集團。

For the second quarter, we drove revenue in line with our guidance with stronger-than-expected profitability and EPS. We increased our EBIT margins, driven by significant cross margin expansion of 250 basis points. And we continue to improve inventory productivity with inventory down 12% year over year.

第二季度，我們的營收與預期一致，獲利能力和每股盈餘強於預期。在跨利潤率大幅擴張 250 個基點的推動下，我們的息稅前利潤率有所提高。我們持續提高庫存效率，庫存較去年同期下降 12%。

The quarter had two distinctly different chapters to it, the first being the spring and summer full-price focus selling parts of May and June, and the second part in July being heavily impacted by the end-of-season summer clearance in the overall market. Our DTC trends were as expected in May and June. And when we came into mid-July, as we saw the market shift to heavy end-of-season clearance and we had less end-of-season clearance inventory, we decided not to follow the market down.

本季有兩個截然不同的章節，第一個是5月和6月的春夏正價集中銷售部分，第二個是7月，整體市場受季末夏季清倉影響較大。我們 5 月和 6 月的 DTC 趨勢符合預期。當我們進入七月中旬時，我們看到市場轉向大量的季末清倉，而我們的季末清倉庫存減少，我們決定不跟隨市場下跌。

Instead, we saw less clearance and more newness, and we drove gross margin rates up. With this approach, we deliberately walked away from some of the low-quality clearance revenue in the peak clearance period, from mid-July to early August, where our new season revenue didn't yet fully compensate on the total top line, which resulted in our DTC revenue being down 3% on a constant-currency basis for the quarter.

相反，我們看到了更少的清倉和更多的新鮮感，我們提高了毛利率。透過這種方法，我們故意放棄了7月中旬至8月初清倉高峰期的一些低品質清倉收入，因為我們的新賽季收入尚未完全補償總收入，這導致了按固定匯率計算，本季度我們的DTC收入下降了3%。

Since then, coming further into August, we see that our overall DTC trends are coming back up, driven by the new season inventory taking an increasingly bigger share of the total revenue. In wholesale for the quarter, revenue declined slightly, down 1% on a constant-currency basis, reflecting our proactive quality of sales actions and excluding the impact of the heritage brand sale.

從那時起，進入 8 月份，我們看到，在新季庫存在總收入中所佔份額越來越大的推動下，我們的整體 DTC 趨勢正在回升。本季批發收入略有下降，以固定匯率計算下降 1%，反映了我們積極主動的銷售行動質量，並排除了傳統品牌銷售的影響。

Looking ahead, we are reaffirming our revenue, non-GAAP EBIT margin, and EPS guidance for the full year, excluding a one-time tax benefit. And we remain well positioned to deliver strong EPS growth for the full year. We continue to lean into the next level of PVH+ plan execution while remaining prudent given the increasingly challenging global macro headwinds.

展望未來，我們重申全年收入、非公認會計原則息稅前利潤和每股收益指引，不包括一次性稅收優惠。我們仍然處於有利位置，可以實現全年每股收益的強勁成長。鑑於全球宏觀經濟情勢日益嚴峻，我們將繼續致力於下一階段的 PVH+ 計畫執行，同時保持謹慎態度。

North America continues to be a strong proof point of our PVH+ execution. And in Europe, we're on plan with our targeted quality of sales actions. And in APAC, we drive strong consumer engagement, and we win the big consumer moments. And as you will see, quarter after quarter, we will keep our clarity and consistency in direction, staying relentlessly focused on building brand desirability while driving towards long-term sustainable growth.

北美仍然是我們 PVH+ 執行力的有力證明。在歐洲，我們正在按計劃制定銷售行動的目標品質。在亞太地區，我們推動了強大的消費者參與，並贏得了重要的消費者時刻。正如您將看到的，一個季度又一個季度，我們將保持方向的明確性和一致性，堅持不懈地專注於建立品牌吸引力，同時推動長期可持續成長。

We do this in a systematic and repeatable way through our disciplined execution of all five growth drivers of our PVH+ plan. For this fall, in both Calvin and Tommy, we're taking another step up in consumer engagement with even stronger cut-through campaigns featuring globally and locally relevant mega talent.

我們透過嚴格執行 PVH+ 計畫的所有五個成長動力，以系統化且可重複的方式實現這一目標。今年秋天，在 Calvin 和 Tommy，我們將透過更強大的直通式行銷活動，以全球和本地相關的超級人才為特色，進一步提高消費者參與度。

Fall '24 is also the first product season where we have been able to fully influence product execution for both brands globally, leaning further into key growth categories, providing strong transitional products with innovation-fueled newness into our best hero products. All of this will be supported through continued improvements in our data and demand-driven supply chain, resulting in increased stock freshness, higher-quality products, and lower AUC.

24 年秋季也是我們能夠在全球範圍內全面影響兩個品牌的產品執行的第一個產品季節，進一步向關鍵增長類別傾斜，為我們最好的英雄產品提供強大的過渡產品和創新驅動的新鮮感。所有這一切都將透過我們的數據和需求驅動的供應鏈的持續改進來支持，從而提高庫存新鮮度、更高品質的產品和更低的 AUC。

Lastly, we remain focused on driving efficiencies to invest back into growth, and we are making important progress to simplify how we work. Now let me share some highlights from the second quarter on how we executed across our two iconic brands and three regions, starting with Calvin Klein.

最後，我們仍然專注於提高效率以投資回成長，並且我們在簡化工作方式方面正在取得重要進展。現在，讓我分享第二季的一些亮點，介紹我們如何在兩個標誌性品牌和三個地區（從 Calvin Klein 開始）的執行情況。

During the summer, the brand continued to build on the unprecedented momentum from the spring campaign, showing up in some of the most culturally relevant moments around the world, ranging from Jeremy Allen-White wearing custom Calvin for the seasonal premiere of the hit TV series, the Bear, to K-pop group NewJeans wearing the brand for an exclusive performance in Tokyo.

在夏季期間，該品牌繼續延續春季廣告活動帶來的前所未有的勢頭，出現在世界各地一些最具文化意義的時刻，包括傑里米·艾倫-懷特(Jeremy Allen-White) 穿著定制Calvin 服裝出席熱門電視劇的季節性首映式, the Bear 與韓國流行樂隊 NewJeans 一起穿著該品牌在東京進行獨家演出。

Actor Greta Lee and K-pop talent MINGYU were part of the opening celebration of our newest global flagship store on the Champs-Élysées in Paris. The store captured Calvin's unique DNA in a way that elevates the brand and drives a strong commercial engine. Now coming into fall, Calvin is launching another global cut-through campaign where Kendall Jenner returned to Calvin to tease the campaign and features Jeremy Allen-White in iconic fall essentials, MINGYU in the latest denim, and Greta Lee makes her first campaign appearance styled in iconic Calvin underwear.

演員 Greta Lee 和韓國流行歌手 MINGYU 參加了我們位於巴黎香榭麗舍大街的最新全球旗艦店的開幕慶典。該商店捕捉了 Calvin 獨特的 DNA，從而提升了品牌並驅動了強大的商業引擎。進入秋季，Calvin 將推出另一場全球直擊廣告活動，Kendall Jenner 重返Calvin 為廣告活動進行預告，Jeremy Allen-White 身著標誌性秋季必備單品，MINGYU 身著最新牛仔布，Greta Lee首次亮相廣告活動穿著標誌性的 Calvin 內衣。

Every week now, you will see new super relevant talent joining the campaign, wearing the most important products across all lifestyle categories. And when they do, the reactions from our consumers on Instagram and TikTok go through the roof. In addition, we are working hard already now to prepare for Calvin's return to the runway in February 2025, where we are looking forward to show the ultimate expression of the brand together with our most important talent and partners.

現在每週，您都會看到新的超級相關人才加入活動，穿著所有生活方式類別中最重要的產品。當他們這樣做時，我們的消費者在 Instagram 和 TikTok 上的反應會非常強烈。此外，我們現在已經在努力準備 Calvin 在 2025 年 2 月重返秀場，期待與我們最重要的人才和合作夥伴一起展示品牌的終極表達。

Turning to Tommy, we brought the Tommy Summer to life this quarter through some of the most relevant summer events in iconic locations all around the world from Mykonos and Taormina to La Paz in Mexico, combining the Tommy lifestyle with the best and most iconic Tommy Summer products and cut-through talent, driving the highest average engagement rate ever for the brand on Instagram.

至於Tommy，本季我們透過在世界各地標誌性地點（從米科諾斯島、陶爾米納到墨西哥拉巴斯）舉辦的一些最相關的夏季活動，將Tommy Summer 融入到生活中，將Tommy 生活方式與最佳、最具標誌性的Tommy Summer 結合起來產品和突破性人才，推動該品牌在 Instagram 上創下有史以來最高的平均參與率。

In parallel, Tommy continues to build relationships with the most relevant talent in culture. And just coming off the Olympics, I'm thrilled that we have the Olympic gold medalist and repeat world record-setter pole vaulter and cultural sensation, Mondo Duplantis as part of the Tommy family. Staying on the theme of sports, Tommy just this past weekend dressed both Lewis Hamilton and George Russell and other close friends of the brand at the Dutch Formula One Grand Prix.

與此同時，湯米繼續與文化領域最相關的人才建立關係。剛結束奧運會，我很高興我們擁有奧運金牌得主、撐竿跳高世界紀錄保持者和文化名人蒙多·杜普蘭蒂斯 (Mondo Duplantis) 成為湯米家族的一員。上週末，Tommy 繼續以運動為主題，在荷蘭一級方程式大獎賽上為劉易斯·漢密爾頓 (Lewis Hamilton) 和喬治·拉塞爾 (George Russell) 以及該品牌的其他親密朋友設計了服裝。

These kinds of sports partnerships connect straight into the Tommy Hilfiger brand DNA. Tommy was 20 years ahead of most other brands in recognizing the power of building his brand in collaboration with leaders in fashion, art, music, entertainment, and sports, something that's even more relevant today and core to who the brand is.

這些類型的運動合作關係直接融入 Tommy Hilfiger 的品牌 DNA 中。 Tommy 比大多數其他品牌領先 20 年，認識到與時尚、藝術、音樂、娛樂和體育領域的領導者合作打造自己的品牌的力量，這在今天更加重要，也是品牌的核心。

Coming into this fall season, Tommy just launched another cut through campaign with mega K-pop band Stray Kids wearing the new Tommy Fall collection set against the New York City skyline. The campaign has had a very strong start with social posts receiving hundreds of thousands of likes. And we are now just a few weeks out from hosting the next Tommy Hilfiger fashion show in New York, showing our spring '25 men's and women's collections at another iconic New York City landmark.

進入今年秋季，Tommy 剛剛與大型韓國流行樂團 Stray Kids 一起推出了另一場切入式廣告活動，他們身穿全新 Tommy Fall 系列，以紐約市的天際線為背景。該活動取得了良好的開端，社交貼文獲得了數十萬個讚。距離我們在紐約舉辦下一場 Tommy Hilfiger 時裝秀僅剩幾週時間，我們將在紐約市的另一個標誌性地標上展示我們的 25 年春季男裝和女裝系列。

As a reminder, the fashion show we just did in spring became the biggest cut-through show of all of New York Fashion Week and made it to the top 10 shows of all fashion shows globally. Now let me turn to our regional performance, starting with North America. Despite the tougher macro, the region continues to be a great example of our PVH+ plan execution.

提醒一下，我們剛剛在春季舉辦的時裝秀成為了整個紐約時裝週最大的穿插秀，並進入了全球時裝秀的前十名。現在讓我談談我們的區域表現，首先是北美。儘管宏觀情況更加嚴峻，該地區仍然是我們執行 PVH+ 計劃的一個很好的例子。

In the second quarter, our Calvin and Tommy businesses together delivered an 11.7% EBIT margin, their fourth consecutive quarter of a double-digit non-GAAP EBIT margin, up more than 400 basis point compared to last year, marking another quarter of significant margin expansion across both brands. Over the past year, you can really see the progress we have made as we doubled down on our PVH+ execution in the region.

第二季度，我們的Calvin 和Tommy 業務合計實現了11.7% 的息稅前利潤率，這是連續第四個季度實現兩位數的非GAAP 息稅前利潤率，比去年增長了400 個基點以上，標誌著又一個季度實現了顯著的利潤率兩個品牌的擴張。在過去的一年裡，您可以真正看到我們所取得的進步，因為我們加倍努力在該地區執行 PVH+。

Our teams delivered high-quality revenue growth of 1% for our Calvin and Tommy businesses combined, while DTC revenue declined modestly given the July trends I spoke to earlier. This was offset by a low single-digit increase in wholesale. In DTC throughout the quarter across both brands, we focus on advancing our product category offense and bring in newness into our hero products, driving increased gross margin.

我們的團隊為 Calvin 和 Tommy 業務合計實現了 1% 的高品質收入成長，而考慮到我之前談到的 7 月份趨勢，DTC 收入略有下降。這被批發量的低個位數成長所抵消。在整個季度的兩個品牌的 DTC 中，我們專注於推進我們的產品類別進攻，並為我們的英雄產品引入新穎性，從而提高毛利率。

For wholesale, we're driving product strengths and stronger sell-throughs as we continue working very closely with our key partners to drive our strong product category offense and optimize the consumer shopping experience. Overall, across all channels in the North America region, we continue to see a strong consumer response to the improvement we make across product, marketing, and marketplace execution.

對於批發來說，我們將繼續與主要合作夥伴密切合作，推動我們強大的產品類別進攻並優化消費者購物體驗，從而推動產品優勢和更強的銷售。總體而言，在北美地區的所有管道中，我們繼續看到消費者對我們在產品、行銷和市場執行方面所做的改進做出了強烈的反應。

Turning to our international business, in Europe, we continue to successfully execute on our previously communicated quality of sales initiative. While our overall revenue was down 2% year over year in euros, it included a 3% impact from our quality of sales actions, and we delivered significantly higher gross margins.

談到我們在歐洲的國際業務，我們繼續成功執行先前傳達的銷售品質計劃。雖然我們的整體收入（以歐元計算）比去年同期下降了 2%，但其中包括我們銷售活動品質造成的 3% 的影響，而且我們的毛利率顯著提高。

For the full year, as we position our business in Europe for profitable brand-accretive growth over the long term, we continue to expect the revenue impact from our quality-of-sales initiative to be approximately 5%. David Savman and our European team are laser focused on driving the next-level PVH+ execution across all channels.

就全年而言，由於我們將歐洲業務定位為長期盈利的品牌增值增長，我們仍然預計銷售品質計劃對收入的影響約為 5%。 David Savman 和我們的歐洲團隊專注於推動所有通路的新水準 PVH+ 執行。

In both Calvin and Tommy, we continue to build strength in product, where the fall season is off to an early strong start and the inventory composition is much better than last year. We are driving improved buying and planning with a stronger product assortment for fall '24 that drive growth in key growth categories and add newness.

在卡爾文和湯米，我們繼續增強產品實力，秋季開局較早，庫存組成比去年好得多。我們正在透過 24 年秋季更豐富的產品種類來推動改進購買和規劃，從而推動關鍵成長類別的成長並增加新鮮感。

In DTC for the first time, we will have a fully aligned product assortment across the region. And in wholesale, we've improved stock levels of our core best sellers, enabling us to have more direct sales to our top wholesale partners. As we highlighted last quarter, our forward wholesale order book shows significant sequential improvement, and the full spring '25 season finalized down low single digits.

在 DTC 中，我們將首次在整個地區擁有完全一致的產品種類。在批發方面，我們提高了核心暢銷產品的庫存水平，使我們能夠向頂級批發合作夥伴進行更多直接銷售。正如我們在上季度所強調的那樣，我們的遠期批發訂單顯示出顯著的環比改善，25 年春季整個季節最終下降了低個位數。

We are working very closely with our key wholesale partners who continue to share positive feedback about the improved product assortment across both brands. I'm also excited to share that we are very far in the search and close to announce a permanent CEO for PVH Europe, a highly experienced leader with a very strong performance track record, and we look forward to sharing more with you shortly.

我們正在與我們的主要批發合作夥伴密切合作，他們繼續分享有關兩個品牌改進的產品種類的正面回饋。我還很高興地告訴大家，我們正在尋找 PVH Europe 的永久首席執行官，即將宣布，他是一位經驗豐富、業績記錄非常出色的領導者，我們期待很快與您分享更多資訊。

Moving on to Asia Pacific, just like we have heard from many others in the sector, mid-quarter, we saw a decline in the consumer backdrop, which resulted in a trajectory change, especially in China, which was down 1% in constant currency. We also saw a slowdown in Australia, while other markets, including Korea and Japan, continue to see growth in the quarter.

轉向亞太地區，就像我們從該行業許多其他人那裡聽到的那樣，在季度中期，我們看到消費者背景下降，這導致了軌跡變化，特別是在中國，按固定匯率計算下降了 1% 。我們也看到澳洲經濟放緩，而包括韓國和日本在內的其他市場在本季持續成長。

From a channel perspective, we continue to drive e-commerce growth in the region, although this was offset by declines in stores and wholesale traffic. This resulted in revenue for the region declining 4% in cost and currency, including a low single-digit decline in DTC. With the current consumer backdrop, our strong PVH+ execution for both Calvin and Tommy, we continue to make a big difference.

從通路角度來看，我們繼續推動該地區電子商務的成長，儘管這被商店和批發流量的下降所抵消。這導致該地區的收入按成本和貨幣計算下降了 4%，其中 DTC 下降了個位數。在當前的消費者背景下，我們為 Calvin 和 Tommy 提供強大的 PVH+ 執行力，我們將繼續做出巨大改變。

We continue to drive strong consumer engagement, fueling brand heat for both brands with regionally relevant mega talent, such as Jennie Kim and Stray Kids. We're also laser focused on winning the big consumer moments, such as 6/18 this past quarter, where we delivered double-digit GMV growth versus last year. And going forward, we continue to drive strong consumer engagement with cut-through brand activations around upcoming key holidays, including 11/11, the biggest consumer shopping event of the year. Overall, we're just in the beginning of tapping into our full growth potential in Asia.

我們持續推動強大的消費者參與度，透過 Jennie Kim 和 Stray Kids 等區域相關的超級人才為這兩個品牌注入品牌熱度。我們也專注於贏得重要的消費時刻，例如上個季度的 6 月 18 日，我們實現了與去年相比兩位數的 GMV 成長。展望未來，我們將繼續在即將到來的重要節日（包括今年最大的消費者購物活動 11/11）期間透過直通式品牌活動來推動消費者的強烈參與。總體而言，我們剛開始充分挖掘亞洲的成長潛力。

In closing, for the second quarter, we again delivered on our plan. We continue to show the strength of our PVH+ execution for both Calvin and Tommy in the North American market, with another quarter of high-quality growth and significant margin expansion. In Europe, we successfully delivered on our targeted quality of sales actions while driving big sequential improvements in our forward-looking wholesale orders.

最後，在第二季度，我們再次實現了我們的計劃。我們繼續在北美市場向 Calvin 和 Tommy 展示 PVH+ 執行的實力，又一個季度實現了高品質成長和顯著的利潤率擴張。在歐洲，我們成功實現了銷售行動的目標質量，同時推動了我們的前瞻性批發訂單的大幅連續改進。

And in Asia, we continue to drive strong brand engagement and win the big consumer moments. And independently of the consumer backdrop, through our disciplined PVH+ plan execution, we are step by step building our two globally iconic beloved brands into the most desirable lifestyle brands in the world, positioning ourselves to drive sustainable, long-term, and increasingly profitable growth.

在亞洲，我們繼續推動強大的品牌參與並贏得重要的消費者時刻。無論消費者背景如何，透過我們嚴格的PVH+ 計劃執行，我們正在一步一步將我們的兩個全球標誌性品牌打造成世界上最令人嚮往的生活方式品牌，從而推動可持續、長期和利潤不斷增長的增長。

I've said it many times before. It's our consistency in direction; the strength of our brands, teams, and partners; together with our ability to continuously learn and improve that will make us win. And with that, I'll turn the call over to Zac to take us through the financials in more detail.

我以前已經說過很多次了。這是我們方向的一致性；我們的品牌、團隊和合作夥伴的實力；再加上我們不斷學習和改進的能力，這將使我們獲勝。接下來，我會將電話轉給扎克，讓我們更詳細地了解財務狀況。

Thanks, Stefan, and good morning. My comments are based on non-GAAP results and are reconciled in our press release. As Stefan discussed, our second-quarter financial results delivered on expectations driven by our iconic brands and disciplined execution of the PVH+ plan. We successfully navigated the increasingly challenging consumer backdrop, leveraging our omnichannel execution to deliver our top-line guidance while exceeding our earnings per share guidance largely due to the favorable settlement of a tax matter.

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，我們第二季的財務表現符合我們標誌性品牌和 PVH+ 計畫嚴格執行所驅動的預期。我們成功應對了日益嚴峻的消費者環境，利用我們的全通路執行力提供了我們的營收指引，同時超出了我們的每股收益指引，這主要是由於稅務問題的有利解決。

We delivered operating margin of 9.1% up 80 basis points versus last year, driven by 250 basis points of gross margin expansion as we continue to be laser focused on quality of sales all around the world. Operating margin was better than planned for the quarter as we continue to tightly manage expenses. Following our solid first-half performance, we are reaffirming our four-year revenue guidance in operating margin outlook and raising our EPS guidance to $11.55 to $11.80 per share from previously $11 to $11.25 to reflect the second-quarter tax benefit I mentioned. We remain on track to deliver our 2024 financial plan.

由於我們繼續專注於全球銷售質量，毛利率擴大了 250 個基點，因此我們的營業利潤率比去年提高了 80 個基點，達到 9.1%。由於我們持續嚴格管理費用，本季營業利潤率優於計畫。繼上半年業績穩健之後，我們重申了營業利潤率展望的四年收入指引，並將每股收益指引從之前的11 美元至11.25 美元上調至每股11.55 美元至11.80 美元，以反映我所提到的第二季稅收優惠。我們仍有望實現 2024 年財務計畫。

I will now discuss our second-quarter results in more detail and then move on to our outlook. Revenue for the second quarter was down 6% versus last year, including a 1% negative impact from exchange and a 3% decline from the sale of the heritage intimates business and was in line with our guidance. Starting from a regional perspective, second-quarter revenue for our international businesses was down 3% on a constant-currency basis.

我現在將更詳細地討論我們第二季的業績，然後繼續展望我們的前景。第二季營收比去年下降 6%，其中包括交易所帶來的 1% 負面影響和出售傳統內衣業務帶來的 3% 下降，符合我們的指引。從地區角度來看，以固定匯率計算，我們第二季國際業務收入下降了 3%。

Sales in our European business were down 2% in euros, reflecting an expected sequential improvement as compared to the sales decline in quarter one and better than planned due to a shift in timing of wholesale shipments from the third quarter into the second quarter this year, as supply chain delays were less impactful in the quarter than we had anticipated.

我們歐洲業務的銷售額以歐元計算下降了2%，反映出與第一季銷售額下降相比預期的環比改善，並且由於今年批發發貨時間從第三季度轉移到第二季度，好於計劃，因為本季供應鏈延誤的影響小於我們的預期。

Our strategic decision to focus on higher-quality sales in the region drove the overall decline versus last year but also delivered higher gross margin in the region, which was up over 200 basis points versus last year. Sales in our Asia Pacific business were down 4% on a constant-currency basis as challenging macro conditions in the region, particularly in China and Australia, negatively impacted our business in those two countries. Where economic conditions remain strong in Japan and Korea, we continue to deliver strong growth. Sales for Asia Pacific were down 7% on a reported basis.

我們的策略決策是專注於該地區更高品質的銷售，導致整體銷量較去年下降，但也帶來了該地區更高的毛利率，較去年增長了 200 個基點以上。我們亞太地區業務的銷售額以固定匯率計算下降了 4%，因為該地區（尤其是中國和澳洲）宏觀環境充滿挑戰，對我們在這兩個國家的業務產生了負面影響。在日本和韓國的經濟狀況依​​然強勁的情況下，我們持續實現強勁成長。據報道，亞太地區的銷售額下降了 7%。

In North America, revenue for our Tommy Hilfiger and Calvin Klein businesses combined increased 1% versus last year with modest growth in wholesale sales and a low single-digit decline in DTC sales. As Stefan mentioned, our DTC trends in North America were largely as expected in May and June but negatively impacted in July by the end-of-season clearance period in our relatively lean inventory levels.

在北美，我們的 Tommy Hilfiger 和 Calvin Klein 業務收入合計比去年成長了 1%，批發銷售溫和成長，DTC 銷售出現小幅個位數下降。正如 Stefan 所提到的，我們在北美的 DTC 趨勢在 5 月和 6 月基本上符合預期，但在 7 月受到季末清倉期庫存水準相對較低的負面影響。

With lower prior-season inventory and more newness in our assortment, instead of chasing low quality clearance sales, we focused on capturing full-price sales to drive higher gross margins. And with this quality-of-sales focus, while our overall DTC revenue is down, gross margins in the region were up nearly 150 basis points in the quarter with significant improvement in both brands.

由於上季庫存較低，產品種類較多，我們不再追求低品質的清倉銷售，而是專注於取得全價銷售，以提高毛利率。由於對銷售品質的關注，雖然我們的整體 DTC 收入下降，但該地區的毛利率在本季度增長了近 150 個基點，兩個品牌都有顯著改善。

From an overall PVH channel perspective, our direct-to-consumer revenue was impacted by Asia Pacific and the July clearance trends I mentioned previously. As a result, overall revenue in our DTC businesses was down 3% on a constant-currency basis, including a 3% decline in sales in our retail stores.

從整體 PVH 通路的角度來看，我們的直接面向消費者的收入受到亞太地區和我之前提到的 7 月清倉趨勢的影響。因此，以固定匯率計算，我們 DTC 業務的整體收入下降了 3%，其中零售店銷售額下降了 3%。

In our owned and operated e-commerce business, revenue is down 5% on a constant-currency basis, primarily due to the planned reduction in Europe as we continue to 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，以固定匯率計算，收入下降了5%，這主要是由於我們計劃在歐洲減少收入，因為我們繼續專注於推動當季產品表現，同時大幅降低上季清倉銷售透過我們的網站並減少我們自己在第三方平台上的銷售。

Within wholesale, we remain focused on strong quality of sales and winning with our key wholesale partners. Total wholesale revenue was down 8% versus last year, primarily due to a 7% decline from the sale of the heritage intimates business. The remaining decline reflects the continued strategic reduction in revenue in Europe to drive overall higher quality of sales in the region.

在批發領域，我們仍然專注於高品質的銷售並贏得我們的主要批發合作夥伴的青睞。批發總收入比去年下降 8%，主要是由於傳統內衣業務的出售下降了 7%。剩餘的下降反映了歐洲收入的持續策略性減少，以推動該地區整體銷售品質的提高。

Turning to our global brands, Calvin Klein revenues were flat to the prior year on a constant-currency basis and down 1% on a reported basis with growth in North America while the international business was flat in constant currency. Tommy Hilfiger revenues were down 3% on a constant-currency basis and down 4% 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與去年持平，並且按報告計算下降了 1%，其中北美業務有所增長，而國際業務按固定匯率計算則持平。 Tommy Hilfiger 營收以固定匯率計算下降 3%，按報告資料計算下降 4%。

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 in Europe weighed much more heavily on the Tommy business. In 2Q, we delivered another quarter of significant gross margin improvement with gross margins of 60.1%, up 250 basis points compared to last year. Approximately half of the increase was due to higher DTC mix, and our focus on driving higher quality sales, and half was due to lower product costs as we leverage our scale with globally aligned product assortments.

在 Tommy 業務中，北美業務的成長被國際業務的下滑所抵消，因為策略轉向歐洲更高品質的銷售對 Tommy 業務的影響更大。第二季度，我們的毛利率又實現了顯著改善，毛利率達到 60.1%，比去年提高了 250 個基點。大約一半的成長是由於更高的 DTC 組合，以及我們專注於推動更高品質的銷售，一半是由於我們利用全球統一的產品種類來利用我們的規模，從而降低了產品成本。

Our inventory at quarter end was down 12% compared to last year, due in part to lower end-of-season stock levels. As we move through the remainder of the year and inventory levels normalized compared to the leaner levels in the second half of last year, we expect modest growth in inventory to support our plans for the second half of '24 and into '25.

與去年相比，我們季度末的庫存下降了 12%，部分原因是季末庫存水準較低。隨著今年剩餘時間的推移，庫存水準與去年下半年的水準相比趨於正常，我們預計庫存的適度增長將支持我們 24 年下半年和 25 年的計劃。

SG&A expense as a percent of revenue was 50.9%, an increase of 160 basis points versus last year and lower than planned as we actively work to drive efficiencies. The increase versus last year is comprised of approximately 150 basis points due to the higher DTC mix and 150 basis points from the deleveraging of expenses on lower revenues, partially offset by an approximately 150-basis-point improvement due to cost efficiencies realized from actions we have taken to reduce people cost and prudently manage expenses.

SG&A 費用佔收入的百分比為 50.9%，比去年增加了 160 個基點，低於計劃，因為我們積極努力提高效率。與去年相比，這一增長包括約150 個基點（由於較高的DTC 組合）和150 個基點（由於收入減少而去槓桿化費用），部分被我們採取的行動實現的成本效率帶來的約150 個基點的改善所抵銷。

Additionally, as I discussed in previous quarters, work is underway on the next phase of Growth Driver 5 of the PVH+ plan to simplify our operating model and improve our ways of working across the company, which we expect to deliver an incremental 200 to 300 basis points of operating margin improvement once completed. We are making early progress that will become increasingly impactful through 2025.

此外，正如我在前幾個季度所討論的，PVH+ 計劃的成長驅動力5 的下一階段工作正在進行中，以簡化我們的營運模式並改進我們整個公司的工作方式，我們預計將實現200 到300 的增量完成後營業利益率改善點。我們正在取得早期進展，到 2025 年，這些進展將變得越來越有影響力。

As an example of the types of initiatives we are undertaking, we have recently completed the transition of Tommy Hilfiger North America e-commerce distribution from outsourced to in-house, leveraging open capacity, allowing us to both deliver efficiencies and increase service levels to our e-commerce consumers. In total, EBIT for the quarter was $189 million compared to 182 million in the prior year as the strong gross margin improvement more than offset the impact of the revenue decline.

作為我們正在採取的舉措類型的一個例子，我們最近完成了 Tommy Hilfiger 北美電子商務分銷從外包到內部的轉變，利用開放能力，使我們能夠提高效率並提高我們的服務水平。總體而言，本季的息稅前利潤為 1.89 億美元，而去年同期為 1.82 億美元，毛利率的強勁改善抵消了收入下降的影響。

Operating margin expanded 80 basis points versus last year to 9.1% and marked the fourth straight quarter with a double-digit non-GAAP operating margin in our North America business for Tommy Hilfiger and Calvin Klein combined. Earnings per share was $3.01 and included the benefit of approximately $0.55 related to the favorable settlements of a multi-year international tax audit I referenced earlier, which drove our tax rate to 0% for the quarter. Excluding this $0.55 tax benefit, EPS increased 24% versus last year and exceeded our earnings guidance, driven by a modest business improvement compared to expectations.

營業利潤率比去年增長 80 個基點，達到 9.1%，Tommy Hilfiger 和 Calvin Klein 北美業務的非公認會計準則營業利潤率連續第四個季度達到兩位數。每股收益為 3.01 美元，其中包括與我之前提到的多年國際稅務審計的有利和解相關的約 0.55 美元的收益，這使得我們本季度的稅率降至 0%。排除這 0.55 美元的稅收優惠，每股收益比去年增長 24%，超出了我們的盈利指引，這得益於與預期相比業務略有改善。

And now moving on to our outlook, starting with the third quarter, we are projecting third-quarter revenue to decline 6% to 7% as reported and 7% to 8% on a constant-currency basis compared to the prior year, including a 2% decline due to the sale of the heritage intimates business. We are projecting DTC revenue nearly flat in constant currency compared to last year as the recent trends are expected to continue into 3Q.

現在轉向我們的展望，從第三季開始，我們預計第三季營收將比去年同期下降 6% 至 7%，按固定匯率計算將下降 7% 至 8%，其中包括由於出售傳統內衣業務，下降了2%。我們預計，以固定匯率計算，DTC 營收與去年相比幾乎持平，因為近期趨勢預計將持續到第三季。

In our wholesale business, we are projecting a high single-digit revenue decline in the quarter, including a 5% decline from the sale of the heritage intimates business. The remaining decline is largely due to the continued quality-of-sales focus in Europe and previously communicated lower fall order books in Europe.

在我們的批發業務中，我們預計本季營收將出現高個位數下降，其中包括傳統內衣業務出售帶來的 5% 的下降。剩餘的下降主要是由於歐洲對銷售品質的持續關注以及先前公佈的歐洲秋季訂單量下降。

Our third-quarter operating margin is projected to be relatively in line with 2Q and down versus last year, with higher gross margins more than offset by the loss of leverage due to the decline in revenue. As a reminder, we start to anniversary the improvements in raw material costs and the benefit from cost savings actions that we realized, especially in North America, beginning in the second half of last year.

我們第三季的營業利潤率預計將與第二季基本持平，並與去年相比有所下降，較高的毛利率將被收入下降導致的槓桿損失所抵消。提醒一下，我們從去年下半年開始慶祝原材料成本的改善以及我們實現的成本節約行動所帶來的好處，特別是在北美。

Earnings per share is projected to be approximately $2.50 compared to $2.90 in the prior year, primarily due to the decline in revenue. Our tax rate for the third quarter is estimated at approximately 23%, and interest expense is projected to be approximately $17 million. And now moving on to the full year, we remain on track to deliver the overall business outlook we shared at the start of the year. As such, we are reaffirming our full-year revenue and operating margin guidance.

每股收益預計約為 2.50 美元，而前一年為 2.90 美元，主要是由於收入下降。我們第三季的稅率預計約為 23%，利息支出預計約為 1,700 萬美元。現在進入全年，我們仍然有望實現我們在年初分享的整體業務前景。因此，我們重申全年收入和營業利潤率指引。

We continue to project overall 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. Within that, our outlook for Europe is unchanged, planned down high single digits in euros, with DTC planned down low single digits.

我們繼續預計，與去年相比，按報告和固定匯率計算的總體收入將下降 6% 至 7%，其中由於出售傳統內衣業務而下降 2%，由於出售傳統內衣業務而下降 2023 年的第53 週。

In Asia Pacific, we are now planning four-year sales up low single digits in constant currency compared to previously up high single digits. And for the North America Calvin Klein and Tommy Hilfiger businesses combined, we are now planning sales to be relatively flat versus last year compared to previously up low single digits. These updates reflect our assumption that current market conditions continue through the rest of the year.

在亞太地區，我們目前計劃在四年內以固定匯率計算的銷售額將實現低個位數成長，而此前則為高個位數成長。對於北美 Calvin Klein 和 Tommy Hilfiger 業務的合併，我們現在計劃銷售額與去年相比持平，而之前的增幅僅為個位數。這些更新反映了我們的假設，即當前的市場狀況將持續到今年剩餘時間。

We are also reaffirming our projected operating margin for the year will be approximately flat to 10.1% in 2023. However, we have updated our gross margin projection to reflect a lower benefit of favorable mix due to our revised revenue expectations for our higher margin DTC business this year, primarily in Asia Pacific, as well as a slightly more promotional environment. As such, we are now expecting our four-year gross margin rate to increase approximately 150 basis points compared to 2023, still reaching an all-time high for us.

我們也重申，我們預計2023 年的營業利潤率將持平至10.1% 不過，我們更新了毛利率預測，以反映由於我們修改了對利潤率較高的DTC 業務的收入預期，有利組合帶來的收益較低。因此，我們目前預計四年毛利率將比 2023 年增加約 150 個基點，仍將達到歷史最高水準。

We continue to proactively manage costs and expect the change in our gross margin projection will be fully offset by an improvement in SG&A, which as a percentage of revenue is now planned to increase approximately 150 basis points versus our previous expectation of an increase of 200 basis points. We continue to plan SG&A expense dollars down for the full-year 2024 as compared to 2023 with the expected increase in SG&A as a percentage of revenue more than explained by DTC mix and the impact of lower revenue.

我們繼續積極管理成本，並預計毛利率預測的變化將被 SG&A 的改善所完全抵消，SG&A 在收入中所佔的百分比目前計劃增加約 150 個基點，而我們先前的預期是增加 200 個基點點。與 2023 年相比，我們繼續計劃 2024 年全年的 SG&A 費用下降，預計 SG&A 佔收入百分比的增長將超過 DTC 組合和收入下降的影響所解釋的情況。

Interest expense is now projected to be approximately $70 million versus approximately $75 million previously, and we now expect our tax rate will be approximately 16% versus approximately 20% previously, with the change fully explained by the favorable tax settlement in 2Q that I mentioned earlier. Driven entirely by the improvement in tax, we are raising our non-GAAP EPS guidance by $0.55 to a range of $11.55 to $11.80, compared to $11 to $11.25 previously. Additionally, we remain committed to $400 million of total share buybacks for the year.

利息支出現在預計約為7000 萬美元，之前約為7500 萬美元，我們現在預計我們的稅率約為16%，之前約為20%，這一變化充分解釋了我之前提到的第二季度的有利稅收結算。完全受稅收改善的推動，我們將非 GAAP 每股收益指引上調 0.55 美元，至 11.55 美元至 11.80 美元，之前為 11 美元至 11.25 美元。此外，我們仍承諾今年回購總額為 4 億美元的股票。

Before we open up for questions, I want to reiterate that we continue to work relentlessly to drive results and deliver our full-year financial commitments, even in the increasingly challenging macro environment. We remain 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.

在我們提出問題之前，我想重申，即使在日益充滿挑戰的宏觀環境下，我們也將繼續不懈努力，以取得成果並兌現我們的全年財務承諾。我們仍然專注於執行PVH+ 計劃的五個關鍵成長驅動因素，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底層營運引擎結合起來，以實現可持續、長期、盈利的成長。

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, maybe if you could elaborate on the current health of your brands and speak to recent demand trends that you've seen across fall assortments relative to how you planned back-half demand in North America and Europe, I think that would be great.

因此，Stefan，如果您能詳細說明您品牌當前的健康狀況，並談談您在秋季品種中看到的近期需求趨勢（相對於您如何計劃北美和歐洲的後半需求），我認為這會很棒。

And then Zach, just on the controllables, could you elaborate on cost efficiencies that support operating margin expansion regardless of macro, or just -- is there any change to the mid-teens operating margin target that you cited over the next couple of years?

然後，扎克，就可控因素而言，您能否詳細說明支持營業利潤率擴張的成本效率，無論宏觀因素如何，或者只是- 您提到的未來幾年的中位數營業利潤率目標是否任何變化？

Well, good morning, Matt, and thank you for your questions. Starting with the health of the brand, so we're coming into this fall with all-time-high consumer engagement from spring in both Calvin and Tommy. And we continue to strengthen that. So I don't know if you saw that yesterday, we launched Calvin's fall campaign and the second chapter of Jeremy Allen White, very strong consumer response already.

嗯，早上好，馬特，謝謝你的提問。從品牌的健康狀況開始，今​​年秋天，Calvin 和 Tommy 的消費者參與度將達到春季以來的最高水準。我們將繼續加強這一點。所以我不知道你昨天有沒有看到，我們推出了Calvin的秋季活動和Jeremy Allen White的第二章，消費者的反應已經非常強烈。

And one thing that strikes me is when consumers really take time from their busy day -- we all have busy days. And right into the comment field, hundreds of them, thousands of them saying things like work should be canceled today, I'm screaming, stop the world again. So very powerful start of the fall campaign, building on the all-time high growth in consumer engagement from spring.

讓我印象深刻的一件事是，當消費者真正從忙碌的一天中抽出時間時——我們都有忙碌的日子。就在留言區，數百人，數千人說今天應該取消工作之類的事情，我尖叫著，讓世界再次停止。秋季活動的開局非常有力，建立在春季消費者參與度歷史最高增長的基礎上。

Every week now, you'll see new talent in the campaign. You will see Kendall Jenner, MINGYU, Greta Lee. You will see the K-pop band NewJeans, and we'll have more talent coming in. And they will all be wearing the best iconic Calvin Klein products across all lifestyle categories.

現在每週，您都會在競選活動中看到新的人才。你會看到肯德爾·詹納、珉奎、格蕾塔·李。您將看到韓國流行樂隊 NewJeans，我們將有更多人才加入。

Tommy also just released his fall campaign, a cut-through campaign with the K-pop band Stray Kids. Equal positive comments on social from our consumers saying things like Stray Kids and Tommy is life, I love Tommy, please keep posting. So very strong consumer response to both fall campaigns, the start of both fall campaigns.

Tommy 也剛發布了他的秋季廣告活動，這是與韓國流行樂團 Stray Kids 合作的切入式廣告活動。我們的消費者在社群媒體上也有同樣正面的評論，他們說像 Stray Kids 和 Tommy 這樣的東西就是生活，我愛 Tommy，請繼續發文。消費者對這兩個秋季活動的反應非常強烈，這兩個秋季活動的開始。

When it comes to Tommy, also want to mention that in just a few weeks, we are back in New York Fashion Week with the Tommy Fashion Show. And just as a reminder, this past season, when Tommy came back in February, we had the biggest cut-through show in New York Fashion Week and the top 10 globally. So feeling really good about the consumer engagement, then that consumer engagement drives an interest in the product.

說到Tommy，還想提一下，短短幾週後，我們又帶著Tommy 時裝秀重返紐約時裝週。提醒一下，上一季，當 Tommy 二月回歸時，我們舉辦了紐約時裝週上最大的時裝秀，也是全球前 10 名的時裝秀。因此，對消費者參與度感到非常滿意，然後消費者參與度就會提高對產品的興趣。

Fall '24 was the first product season where we were able to fully impact product globally for Calvin and Tommy. So the improvements you will see during the fall is we have been able to lean in further into key growth categories in both brands. We will have driven more innovation, more newness in the hero products. And then you combine that with having better inventory levels, better inventory composition. And it's still early days for fall, but the product -- the fall season -- the fall product season is off to a strong start versus fall product season last year.

24 年秋季是我們能夠為 Calvin 和 Tommy 全面影響全球產品的第一個產品季節。因此，您將在秋季看到的改進是我們能夠進一步深入兩個品牌的關鍵成長類別。我們將在英雄產品中推動更多創新、更多新穎。然後你將其與更好的庫存水準、更好的庫存組成結合起來。現在秋季還為時過早，但產品——秋季——與去年的秋季產品季節相比，秋季產品季節有了一個強勁的開局。

Another area you can see the increased forward-looking product strength already now is in the forward-looking order books for Europe for spring 2025. So last time we caught up like this, we were still selling in spring 2025. And now we have the full spring 2025 landed. And we have driven significant sequential improvements. So if you'll recall fall 24, we were down high single digit in selling. And for spring '25, we were down only low single digits. And it reflects the belief and the recognition from our partners to see the work of the product improvements.

現在您可以看到前瞻性產品實力增強的另一個領域是歐洲 2025 年春季的前瞻性訂單。 。我們已經推動了重大的連續改進。因此，如果您還記得 24 月秋季，我們的銷售量下降了高個位數。 25 年春季，我們只下降了低個位數。這也體現了我們的合作夥伴對產品改進工作的信念和認可。

So overall, stronger consumer engagement coming into fall, better product assortment, more full-price selling, less clearance, better inventory composition, of course in the setting with a tougher macro. But based on what we can influence, we feel very good about how we are stepping into form.

因此，整體而言，秋季消費者參與度更高，產品種類更好，全價銷售更多，清倉減少，庫存組成更好，當然是在宏觀形勢更加嚴峻的情況下。但基於我們能夠影響的因素，我們對自己步入正軌的方式感到非常滿意。

Yes. Hi, Matt. I think on the controllable, the most controllable element of our business is really how we go about investing those SG&A dollars, and I think we're happy with the cost work we've accomplished over the last couple of years. Looking forward, we expect to follow the same path with two important pillars.

是的。嗨，馬特。我認為，就可控性而言，我們業務中最可控的因素實際上是我們如何投資這些SG&A資金，而且我認為我們對過去幾年所完成的成本工作感到滿意。展望未來，我們期望在兩個重要支柱上走同樣的路。

First is, I suppose, we would call performance management. That's really the hundreds of small actions we take continue to match spending to current trends. That's the work we've leaned into over the last couple of months as the macros that Stefan has talked about have started to change, and it's helped us to continue to hold our profit commitments in the year in spite of that tougher backdrop.

我想，首先我們稱之為績效管理。這實際上是我們繼續採取的數百項小行動，使支出與當前趨勢相符。這是我們在過去幾個月重點開展的工作，因為斯特凡談到的宏觀政策已經開始發生變化，這幫助我們在更加嚴峻的背景下繼續履行今年的利潤承諾。

And I think second are the larger changes we're working on to really greatly simplify our ways of working all around the world. This will deliver the incremental 200 to 300 hundred basis points of SG&A savings, which really allows us to make that step change in profitability, helping us to deliver the 15% profit commitment we've made, and importantly, I think, create capacity to continue investing growth as well.

我認為第二是我們正在努力進行更大的改變，以真正極大地簡化我們在世界各地的工作方式。這將帶來SG&A 節省200 到30000 個基點的增量，這確實使我們能夠在盈利能力方面做出重大改變，幫助我們實現我們做出的15% 利潤承諾，而且重要的是，我認為，創造了以下能力：繼續投資成長。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Thanks for taking our questions here. So Stefan, I know you went through a little bit of this, but you did mention some positive indicators in North America as you moved past the end-of-season clearance. Maybe just some actual -- just unpack that a little bit on the actual business. What's resonating better with the consumer?

感謝您在這裡提出我們的問題。所以斯特凡，我知道你經歷過一些這樣的事情，但你確實提到了北美在季末清理後的一些積極指標。也許只是一些實際的東西——只是在實際業務中稍微解開一下。什麼更能引起消費者的共鳴？

Zac, maybe you can help us connect that a little more near term to what's embedded for the guidance in North America, DTC in third quarter relative to 2Q. I think it sounded like North America comp slowed in July, so the exit rate was a little compressed or below the quarterly average. Has the business returned to the run rate that you were seeing before the July lull?

Zac，也許你可以幫助我們將其與北美地區指導中嵌入的內容聯繫起來，第三季度相對於第二季度的 DTC。我認為北美地區的經濟成長在 7 月有所放緩，因此退出率略有壓縮或低於季度平均值。業務是否已恢復到 7 月平靜之前的運行率？

Yes, thank you, Michael. So let me start there. So yes, let's start with unpacking what we saw playing out in the second quarter. So we were on plan for DTC in the company across both brands for May and June. And those are the more full-price-focused months. Then when we came into mid-July with peak summer clearance, we came in with less clearance inventory than last year and more new season products. But the market took a turn to be more aggressive with clearance. We decided proactively not to follow that.

是的，謝謝你，麥可。讓我從這裡開始。所以，是的，讓我們先分析一下我們在第二季看到的情況。因此，我們計劃在 5 月和 6 月在公司的兩個品牌中實施 DTC。這些是更注重全價的月份。然後，當我們進入7月中旬夏季清倉高峰時，我們的清倉庫存比去年少，而新季產品更多。但市場的清倉行動變得更加積極。我們主動決定不遵守這一點。

During the peak clearance period of July, therefore, the new season didn't fully match up on the total revenue, but when we go further into August, we see that the new season, the benefit of having less clearance, more new season, is resonating with the consumer.

因此，在7月的清倉高峰期，新季在總收入上並沒有完全匹配，但當我們進一步進入8月時，我們看到新季，清倉少、新季多的好處，正在引起消費者的共鳴。

And what drives is the continued focus we have on the key growth categories, on leaning into Calvin as an example in underwear, denim, transitional outerwear, and having less clearance and more newness, more innovation in that, and we see that resonating. Same with Tommy when it comes to polo shirts, chinos, denim, transitional outerwear. So a big improvement, this start of the fall season versus last year is that we are much, much more transitional in our offering versus last year when we went too fast from summer all the way to fall.

推動我們持續專注於關鍵成長類別的動力是我們在內衣、牛仔布、過渡外套方面以 Calvin 為榜樣，減少清倉，增加新意和創新，我們看到了這種共鳴。在 Polo 衫、斜紋棉布褲、牛仔布、過渡外套方面，Tommy 也是如此。因此，與去年相比，今年秋天的開始是一個很大的進步，與去年相比，我們的產品更具過渡性，去年我們從夏季一直到秋季的速度太快了。

Yes, well, thanks for the question. We've been really consistent over the last couple of years that we don't guess ahead of macros or market conditions, and that holds absolutely true for this outlook. So for North America DTC, and really for that matter, Asia and Europe as well, our current outlooks that we provided match the recent trends that we've been experiencing. So that's true for 3Q. and actually true for 4Q as well as we carry that DTC outlook for the rest of the year.

是的，好的，謝謝你的提問。在過去的幾年裡，我們一直非常一致，我們不會提前預測宏觀或市場狀況，這對這種前景來說是絕對正確的。因此，對於北美 DTC，以及亞洲和歐洲，我們目前提供的前景與我們所經歷的最新趨勢相符。第三季也是如此。實際上第四季也是如此，我們對今年剩餘時間的 DTC 前景也是如此。

Thanks, guys.

謝謝，夥計們。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great, thank you so much. Stefan, wondering if you can just talk a little bit more about Europe and how you're feeling about the region as you've been executing the quality of sales initiatives. Thank you.

太好了，非常感謝。 Stefan，想知道您是否可以多談談歐洲以及您在執行銷售計劃品質時對該地區的感受。謝謝。

Yes. Thanks, Jay, absolutely. So we feel really good about how we are executing the quality-of-sales initiative and how that's resonating in the market. So we see it in the -- here and now in how we drive the business and how we came into the end of season with less clearance and more newness and how that newness is selling more than last year.

是的。非常感謝，傑伊。因此，我們對銷售品質計劃的執行方式及其在市場中的反應感到非常滿意。因此，我們在此時此地看到了這一點，即我們如何推動業務，以及我們如何以更少的清倉和更多的新產品進入季節末，以及新產品如何比去年銷售更多。

We see it also as I referenced in the forward-looking order books, so feeling really good about that. In addition, I flagged in my prepared remarks, we are very close to announce a permanent CEO for Europe, a high-performance leader with highly relevant experience. So coming up shortly, but overall feeling good about -- very good about how we execute on the quality of sales and how it plays out in the market.

正如我在前瞻性訂單簿中提到的那樣，我們也看到了這一點，所以對此感覺非常好。此外，我在準備好的演講中指出，我們即將宣布一位歐洲常任首席執行官，他是一位具有高度相關經驗的高績效領導者。很快就會出現，但總體感覺很好——我們對銷售品質的執行方式以及它在市場上的表現非常滿意。

Got it. Thank you so much.

知道了。太感謝了。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Hi, good morning. Just wanted to circle back on North America. Can you talk about sort of where you feel you are with the progress that you're making and specifically with the profitability targets that you've talked about within the North American market, how you think that's going? Thanks.

嗨，早安。只是想繞回北美。您能否談談您對所取得的進展的感覺，特別是您在北美市場談到的盈利目標，您認為進展如何？謝謝。

Absolutely. Thank you, Bob. So for North America, it continues to be a great proof point on the PVH+ execution. So if you look at the business, in the second quarter, we delivered high quality growth, 1% combined for Calvin and Tommy at an 11.7% EBIT margin. So it's another quarter with 400 basis points operating margin improvements and driven by a combination of gross margin improvement and SG&A improvement.

絕對地。謝謝你，鮑伯。因此，對於北美來說，它仍然是 PVH+ 執行力的一個很好的證明。因此，如果你看看我們的業務，在第二季度，我們實現了高品質的成長，Calvin 和 Tommy 的綜合成長率為 1%，息稅前利潤率為 11.7%。因此，在毛利率改善和 SG&A 改善的共同推動下，又一個季度營業利潤率提高了 400 個基點。

Most importantly, what drives the business in North America is our focus on executing PVH+, meaning an improved product category offense, and we see how that drives growth. We drive newness into the hero products, and we continue to build them out, and they work.

最重要的是，推動北美業務發展的動力是我們專注於執行 PVH+，這意味著改進的產品類別進攻，我們看到了這將如何推動成長。我們將新穎性帶入英雄產品中，並繼續開發它們，它們發揮了作用。

We see the marketplace execution in e-commerce stores, partners improving, very close partnership with our key wholesale partners where we continue to make the brands come to life stronger: product, presentation, inventory. So we just keep at it in North America, but kudos to our teams there doing a very good job.

我們看到電子商務商店的市場執行力、合作夥伴的改善以及與我們的主要批發合作夥伴的非常密切的合作關係，我們繼續使品牌更強大：產品、展示、庫存。因此，我們只是在北美繼續努力，但我們的團隊做得非常出色，值得讚揚。

Okay, and then I think -- Bob, I think North America is an amazing example of the financial power of the PVH+ plan as well. I think it's worth reminding ourselves that our operating margin is now improved by hundreds of basis points in North America for four straight quarters.

好的，然後我想 -- 鮑勃，我認為北美也是 PVH+ 計劃財務力量的一個驚人例子。我認為值得提醒自己的是，我們在北美的營業利潤率現已連續四個季度提高了數百個基點。

And I think what's exciting for us is it comes from both hundreds of basis points of gross margin improvement and hundreds of basis points of SG&A improvement over that time period in a backdrop that I think we would all describe as sort of a low growth external environment. And so I think as we apply the main pillars that PVH+ plan as Stefan said, I think it's a great example as well of the financial benefit that comes out from there.

我認為令我們興奮的是，在我認為我們都將其描述為低增長外部環境的背景下，毛利率提高了數百個基點，SG&A 改善了數百個基點。因此，我認為，當我們應用 Stefan 所說的 PVH+ 計劃的主要支柱時，我認為這也是一個很好的例子，也說明了由此產生的經濟效益。

Thank you, guys.

謝謝你們，夥計們。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

Hey, thanks for picking our question. This is [Bobby] on for Ike. I was wondering if you can talk a little bit more on your G3 licensing agreement, if there's any update to that? Because as you know, G3 is going to be scaling it down. So are you able to give a sense of how much you're going to recapture on that yet?

嘿，感謝您提出我們的問題。這是艾克的[鮑比]。我想知道您是否可以多談談您的 G3 許可協議，是否有任何更新？因為如您所知，G3 將縮小規模。那麼你能透露一下你將在這方面重新獲得多少回報嗎？

Yes, so thanks, Ike. So we continue to be on a good path to take our business back over a multi-year period, really good partnerships with our key wholesale accounts. And we now have the sourcing engine, the product engine to start to build out and deliver according to our multi-year plan, Calvin Klein sportswear coming in first spring '25.

是的，謝謝，艾克。因此，我們繼續走上一條良好的道路，在多年的時間內恢復我們的業務，與我們的主要批發客戶建立了真正良好的合作夥伴關係。現在我們有了採購引擎、產品引擎，可以根據我們的多年計劃開始建造和交付 Calvin Klein 運動服裝，該系列將於 25 年第一個春季推出。

Thank you.

謝謝。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

Great. Thanks, guys. Good morning. Zac, I was wondering for the total PVH business, can you walk us through the drivers by region that are contributing to the sequential improvement embedded in your implied 4Q guidance compared to 3Q for both sales and operating margins?

偉大的。謝謝，夥計們。早安. Zac，我想知道整個PVH 業務，您能否向我們介紹一下按地區劃分的驅動因素，這些因素有助於您隱含的第四季度指導中與第三季度相比銷售和營業利潤率的連續改善？

And then just as a quick follow up on the increased promotions embedded in your full-year margin guidance, can you just tie that into your comments that you pulled back from promos in North America in July versus your peer set? Thanks.

然後，就像對全年利潤指導中嵌入的促銷活動增加進行快速跟進一樣，您能否將其與您從 7 月份北美促銷活動中撤回的評論與同行相比聯繫起來？謝謝。

Let me just start from an overall business perspective. If we look at the business regionally and from an outlook perspective, we see North America continue to be a great proof point of the PVH+ execution within a tougher consumer backdrop.

讓我從整體業務角度開始。如果我們從區域和前景的角度來看待業務，我們會發現北美仍然是在更嚴峻的消費者背景下執行 PVH+ 的一個很好的證明。

In Europe, we see the backdrop -- as of now, we see it holding. We see -- continued to deliver on our quality-of-sales initiatives, and you also saw the forward-looking improvements in wholesale order books. And in Asia, where we saw this quarter the biggest trajectory change, we continue to drive strong consumer engagement, and we continue to be very focused on winning the big customer moments.

在歐洲，我們看到了這種背景——截至目前，我們看到這種情況持續存在。我們看到—繼續實施我們的銷售品質計劃，您也看到了批發訂單的前瞻性改進。在亞洲，本季我們看到了最大的軌跡變化，我們繼續推動強大的消費者參與度，並且我們繼續非常專注於贏得大客戶時刻。

Yes, thanks, Chris. I think we feel really good about our 4Q plans, and maybe I'll go to them in pieces to explain. For revenue, our 4Q outlook actually assumes the same carry through of the DTC trends that we've talked about over the last hour or so here in both North America and Asia Pacific. So no improvements planned as we really stay true to that strategy of featuring off of current conditions.

是的，謝謝，克里斯。我認為我們對第四季度的計劃感覺非常好，也許我會逐一向他們解釋。對於收入而言，我們的第四季度展望實際上假設了我們在過去一個小時左右討論的北美和亞太地區 DTC 趨勢的延續情況。因此，沒有計劃進行任何改進，因為我們確實堅持以當前條件為特色的策略。

There's always a little bit of noise around wholesale timing. And so any sort of numerical changes really comes down to that. On gross margin, we see the quarter playing out very consistent -- 4Q playing very consistent to last year, other than, as you said, a little bit more -- a modestly more promotional environment that we think is reflective of some of the tougher macros that we've talked about as well here.

批發時間方面總是存在一些噪音。因此任何形式的數字變化都歸結為這一點。就毛利率而言，我們認為本季的表現非常穩定——第四季度的表現與去年非常一致，除瞭如你所說的，稍微多一點——我們認為促銷環境更加溫和，這反映了一些更艱難的情況我們在這裡也討論過的宏。

Where we do have some changes in 4Q in our outlook is in SG&A. So once we saw the DTC backdrop getting tougher in 2Q, we turned towards really managing the rest of the P&L. So that's resulted in some incremental SG&A efficiencies that we've identified. We'll see a little bit of that at 3Q, but more really in 4Q as some of those take some time to implement. So I would say in general from a revenue and gross margin perspective, we see 3Q, 4Q being pretty similar, and it really comes down to work around SG&A and those ideas that we've already identified.

我們對第四季的展望確實有一些變化，那就是銷售、管理及行政費用。因此，當我們看到第二季 DTC 背景變得更加嚴峻時，我們就轉向真正管理損益表的其餘部分。因此，這導致了我們已經確定的一些SG&A 效率的增量。我們將在第三季度看到一些，但更多的是在第四季度，因為其中一些需要一些時間來實施。因此，我想說，從收入和毛利率的角度來看，我們認為第三季和第四季非常相似，這實際上取決於SG&A和我們已經確定的那些想法。

Thanks. Good luck.

謝謝。祝你好運。

Thank you.

謝謝。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Good morning. Thanks, guys. So Zac, when you think about the long-term targets, how does the wholesale DTC split play into that? The wholesale business now, around $4 billion on a reported basis, how do we think about that business long term and your plans for managing the DTC wholesale split?

早安.謝謝，夥計們。那麼 Zac，當您考慮長期目標時，批發 DTC 拆分如何發揮作用？根據報道，現在的批發業務價值約為 40 億美元，我們如何看待該業務的長期發展以及您管理 DTC 批發業務的計劃？

So let me start, John, by giving you the -- overall, just connecting back to what we have set out to do overall. So we have set out to build Calvin and Tommy into their full potential. Tommy and Calvin, two of the most iconic, globally beloved brands. And through the systematic approach we take through PVH+, we build them into their full potential.

約翰，首先讓我向大家介紹一下我們整體上要做的事情。因此，我們已著手讓 Calvin 和 Tommy 充分發揮潛力。 Tommy 和 Calvin 是兩個最具代表性、全球深受喜愛的品牌。透過我們採用 PVH+ 的系統方法，我們可以充分發揮它們的潛力。

From a wholesale DTC split, we're going to follow the consumer on the highest level, and we feel really good about how closely we work with our wholesale partners to grow the business increasingly profitable there together with them. And we feel very good about the DTC approach we have and the connection between both because that's how the consumer shops. So that's from an overall perspective. And Zac, I don't know if you want to add.

從批發 DTC 拆分來看，我們將在最高水平上關註消費者，我們對與批發合作夥伴的密切合作感到非常滿意，與他們一起發展業務並提高利潤。我們對 DTC 方法以及兩者之間的連結感到非常滿意，因為這就是消費者購物的方式。所以這是從整體角度來看。還有札克，我不知道你是否要補充。

No, I think it's important to make our commitment to the 15% EBIT margin over time is independent of channel mix as that goes. I think we do best financially when, as Stefan just said, we satisfy the consumer in wherever channel that they're choosing to go to. That ultimately is the most successful route for us. And I think what that does mean for us is that we need to build an omni-channel marketplace that delivers successful levels of financial outcomes across the channels as they go.

不，我認為重要的是，我們對長期 15% 息稅前利潤率的承諾與通路組合無關。我認為，正如斯特凡剛才所說，當我們滿足消費者選擇的任何管道時，我們在財務上就會做得最好。這最終是我們最成功的路線。我認為這對我們來說意味著我們需要建立一個全通路市場，在各個通路中提供成功的財務成果。

And I think as we've seen over the last couple of years, there's been a good amount of movement across the channels that we would expect that continue, and we've been able to continue to push forward our improvements and profitability in spite of that, I think, is a sign of the progress that we're doing across all of our channels to make them profitable.

我認為，正如我們在過去幾年中看到的那樣，各渠道之間發生了很大的變化，我們預計這種變化會持續下去，儘管存在一些問題，但我們仍然能夠繼續推動我們的改進和獲利能力。

Got it. Maybe just a quick follow up to Ike's prior question on the G3 transition. Is there anything in the next 12 months from a financial model perspective that would be material that we should think about in terms of licenses coming over and revenues being -- transferring from royalty to reported revenues?

知道了。也許只是對 Ike 之前關於 G3 過渡的問題的快速跟進。從財務模型的角度來看，未來 12 個月內，在授權發放和收入從特許權使用費轉移到報告收入方面，我們應該考慮哪些重要事項？

No. I mean, as you said there at the end, there will be some P&L composition perspective as you change. But what's most important is that we have laid out the plans to return the licenses back phased in over a long period of time. That gives us the time period to be able to adapt -- to build out the capabilities that Stefan talked about earlier but also to manage the full P&L impacts behind there. So we wouldn't expect to be calling in anything significant across that particular change because of that factor.

不，我的意思是，正如您最後所說，隨著您的改變，將會有一些損益構成視角。但最重要的是，我們已經制定了在很長一段時間內分階段恢復許可證的計劃。這給了我們足夠的時間來適應——建立斯特凡之前談到的能力，同時管理背後的全部損益影響。因此，我們不會因為這個因素而期望在該特定變更中呼叫任何重大的內容。

That's great. Thank you.

那太棒了。謝謝。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Hi, good morning and thank you for taking our question. Stefan, as you invest in product assortment, cut-through marketing campaigns, and full-price selling, I'm hoping you can share your latest thoughts on brand pricing strategy. Are you seeing any signs of increased price sensitivity of your customer? And can you elaborate on your expectations for PVH-specific promotions versus what you're seeing in the broader macro backdrop? Perhaps for Zac, if you could give a little color on the size of the promotional headwind that you're embedding into your guidance in the back half. Thank you.

您好，早安，感謝您提出我們的問題。 Stefan，當您投資於產品分類、直通式行銷活動和全價銷售時，我希望您能分享您對品牌定價策略的最新想法。您是否發現顧客對價格敏感度增加的跡象？您能否詳細說明您對 PVH 特定促銷活動的期望以及您在更廣泛的宏觀背景下看到的情況？也許對扎克來說，如果你能對你在後半部分的指導中嵌入的促銷逆風的大小給出一些顏色的話。謝謝。

Thank you, Brooke, and good morning. And going into your question about promotions and pricing, both Calvin and Tommy are really well positioned from a pricing perspective to the consumer relative to our best and biggest competitors. So the biggest opportunity we have from a pricing, improving AUR, decreasing discount rate, is very much tying back to how we build assortment to start with in terms of leaning into the key growth categories, planning inventory buys closer into demand, how we replenish, how we react to the demand versus when we historically were buying very much upfront.

謝謝你，布魯克，早安。至於你關於促銷和定價的問題，相對於我們最好和最大的競爭對手，從定價角度來看，卡爾文和湯米對消費者來說確實處於有利地位。因此，我們從定價、提高 AUR、降低折扣率中獲得的最大機會，在很大程度上與我們如何構建品類密切相關，包括傾斜關鍵增長類別、規劃庫存購買更接近需求、我們如何補貨，與我們歷史上大量提前購買的情況相比，我們對需求的反應如何。

So it's the combination with strengthening the product assortment through the key growth categories, the innovation in the hero products, the right level of newness, the better and better composition for seasonal transition between outgoing inventory and newness. We see that we have opportunities still there. So it's that work connecting to the buildout of the demand and data-driven supply chain.

因此，它與透過關鍵成長類別加強產品種類、英雄產品的創新、適當的新穎性、以及在庫存和新品之間的季節性過渡方面越來越好的組合相結合。我們看到我們仍然有機會。因此，這項工作與需求和數據驅動的供應鏈的建構有關。

And we see improvements already there in less inventory, better composition, lower AUC. But tying it all the way back to the consumer's perspective on that, more relevancy in product and a great product value offering for the consumer and relative to the competition. So I feel very good about it.

我們看到在更少的庫存、更好的成分、更低的 AUC 方面已經有了改進。但從消費者的角度來看，產品的相關性更高，且相對於競爭對手而言，為消費者提供了更大的產品價值。所以我對此感覺非常好。

Yes, and I think from the quantification that the market's moving around a bit, and so we're not looking to fully quantify that impact. We said modest increase, which I think picks up the general magnitude of what we're looking for. I think what's important for us is our inventory is in good shape.

是的，我認為從量化來看，市場正在發生一些變化，因此我們不希望完全量化這種影響。我們說的是適度的成長，我認為這符合我們所尋求的整體規模。我認為對我們來說重要的是我們的庫存狀況良好。

And so we're going to be able to make the choices of when it works for us and our consumers and when to be more promotional and when it doesn't versus having to worry about that combined with inventory pressures. So I think that we feel we're well positioned as we head into the second half of the year.

因此，我們將能夠做出選擇，何時它對我們和我們的消費者有效，何時進行更多促銷，何時不進行促銷，而不必擔心庫存壓力。因此，我認為，在進入今年下半年時，我們感覺自己處於有利位置。

All right, so with that, we just want to close by saying thank you for following along on the journey. We're in the business of building Calvin and Tommy into their full potential. It's a multi-year journey where we stay independently of macro as now getting tougher, stay laser focused on executing to deliver here and now, and making sure that everything we do now connects to the longer-term vision. And that's where the real value creation will come from. So thank you very much and looking forward to connect shortly.

好的，所以，我們只想在結束時說聲謝謝您一路走來。我們致力於讓 Calvin 和 Tommy 充分發揮潛力。這是一個多年的旅程，隨著現在變得越來越艱難，我們保持獨立於宏觀，集中精力執行此時此地的交付，並確保我們現在所做的一切都與長期願景相聯繫。這才是真正的價值創造的來源。非常感謝您並期待盡快聯繫。

Thank you. This does conclude today's PVH second-quarter 2024 earnings conference call. You may disconnect at this time and have a wonderful day.

謝謝。今天的 PVH 2024 年第二季財報電話會議到此結束。此時您可能會斷開連接並度過美好的一天。