PVH Corp (PVH) 2024 Q3 法說會逐字稿

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

大家早安，歡迎參加今天的 PVH 2024 年第三季財報電話會議。 （操作員說明）請注意，此電話可能會被錄音，如果您需要任何幫助，我將隨時待命。

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

現在我很高興將今天的節目交給投資者關係高級副總裁 Sheryl Freeman。請繼續。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. Third Quarter 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。大家早上好，歡迎參加 PVH Corp. 2024 年第三季財報電話會議。今天的電話會議將由執行長 Stefan Larsson 主持。和財務長 Zac Coughlin。

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 up here on any transcript or replay of this call.

本網路廣播和電話會議是代表 PVH 錄製的，包含受版權保護的資料。未經 PVH 書面許可，不得錄製、轉播或以其他方式傳播。您的參與即表示您同意將您在本次電話會議的任何記錄或重播中所說的內容記錄在案。

The information to be discussed includes forward-looking statements that reflect PVH's view as of December 4, 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 12 月 4 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 head count cost reduction initiative announced in August 2022, the 2021 sale of assets and exit from its Heritage Brands menswear and retail businesses, the November 2023 sale of the Heritage Brands women's intimate apparel business to focus on its Calvin Klein and Tommy Hilfiger businesses and its current multiyear initiative to simplify its operating model.

其中包括 PVH 改變其策略、目標、期望和意圖的權利，以及公司透過剝離、重組和類似計劃（例如 2022 年 8 月宣布的員工成本削減計劃、2021 年出售資產和退出Heritage Brands 男裝和零售業務，於2023 年11 月出售Heritage Brands 女士內衣業務，專注於Calvin Klein 和Tommy Hilfiger 業務以及當前旨在簡化營運模式的多年舉措。

PVH does not undertake any obligation to update publicly any forward-looking statement, including without limitation, any estimates regarding revenue or earnings. Generally, the financial information and projections to be discussed will be on a non-GAAP basis as defined under SEC rules. Reconciliations to GAAP amounts are included in PVH's third 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 2024 年第三季財報中包含了對GAAP 金額的調節，該報告可在www.pvh.com 上找到，並可在該公司向SEC 提供的與該報告相關的8-K 表格當前報告中找到。

At this time, I'm pleased to turn the 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 want to start by thanking our teams around the world for all the hard work you do every day to bring our two globally iconic brands, Calvin Klein and Tommy Hilfiger fully to life with the consumer. Through our disciplined execution of our brand-building growth plan, the PVH+ Plan, for the third quarter, we again delivered on our revenue guidance with stronger-than-expected profitability and EPS. We drove significant gross margin expansion, up 170 basis points year-over-year and we continue to drive strong expense discipline across the company.

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團隊每天所做的辛勤工作，讓我們的兩個全球標誌性品牌 Calvin Klein 和 Tommy Hilfiger 充分融入消費者的生活。透過嚴格執行第三季的品牌建設成長計劃 PVH+ 計劃，我們再次實現了營收指引，獲利能力和每股盈餘強於預期。我們推動了毛利率大幅成長，年增了 170 個基點，並且我們繼續在整個公司範圍內推行嚴格的費用紀律。

Consistent with our plan, direct-to-consumer revenue was flat on a reported basis and down 1% in constant currency. As we shared last quarter, we came out of the summer season with less old season clearance inventory, and our new season inventory didn't fully yet compensate on the total top line. Since then, as planned in September and October, our D2C trends have come back up to positive for both months. And now coming into peak holiday season, we have a very good inventory composition with less old and more new season inventory than the same time last year. For wholesale, as a result of our proactive quality of sales actions, revenue declined 4% on a reported basis and 5% in constant currency, excluding the 4% negative impact of the Heritage Brands sale.

與我們的計劃一致，直接面向消費者的收入在報告基礎上持平，以固定匯率計算下降 1%。正如我們上季度分享的那樣，我們在夏季結束時舊季清倉庫存減少，而我們的新季庫存尚未完全補償總收入。從那時起，按照 9 月和 10 月的計劃，我們的 D2C 趨勢在這兩個月都恢復到正值。現在進入假期旺季，我們的庫存組成非常好，與去年同期相比，舊貨庫存減少，新季庫存增加。對於批發業務，由於我們積極採取高品質的銷售行動，報告收入下降了 4%，以固定匯率計算收入下降了 5%，不包括 Heritage Brands 銷售帶來的 4% 負面影響。

We are in a really good sell-through position with our key partners, which is driving sequential improvements in forward-looking orders. We continue to demonstrate that where we lean in to execute, we deliver. And in everything we do to drive the business here and now, we also position our brands for long-term increasingly profitable sales growth.

我們與主要合作夥伴的銷售狀況非常良好，這正在推動前瞻性訂單的連續改進。我們不斷證明，只要專注執行，我們就能交付成果。在我們此時此地為推動業務所做的一切努力中，我們也將我們的品牌定位為長期利潤不斷增長的銷售成長。

One powerful example is our fall 2024 product season, which was the first season where we could fully influence product execution globally for both brands. We are seeing significantly stronger sell-throughs and a higher conversion for the full season product across both brands and all regions versus last year. As an example, our sell-throughs in Europe for full product is up over double digits across all channels. We just came out of Thanksgiving and the Black Friday week, one of the most important consumer moments of the holiday. This year, we saw consumers start their holiday shopping earlier than last year and I'm pleased to share that we are on plan for our holiday performance in all regions.

一個有力的例子是我們的 2024 年秋季產品季，這是我們能夠在全球範圍內全面影響兩個品牌產品執行的第一個季節。我們發現，與去年相比，兩個品牌和所有地區的全季產品的銷售量明顯增強，轉換率也更高。例如，我們在歐洲所有通路的全產品銷售量均成長了兩位數以上。我們剛度過感恩節和黑色星期五一周，這是假期中最重要的消費時刻之一。今年，我們看到消費者比去年更早開始假日購物，我很高興地告訴大家，我們正在計劃在所有地區進行假日購物。

Looking ahead, for the full year, we are reaffirming our revenue and non-GAAP EBIT margin guidance and we are narrowing our EPS guidance to reflect the impact of recent exchange rate shifts, and we remain well positioned to deliver strong EPS growth on a non-GAAP basis. And looking out to 2025, we expect to return to modest growth and take another step towards our long-term 15% operating margin target. We now have important building blocks in place to make this happen. We can see it in the stronger sell-throughs for fall '24 product season for both brands, which enabled improved D2C trends. And then we combine that with improved inventory composition and the inventory levels needed to drive even stronger seasonal transitions.

展望全年，我們將重申我們的收入和非公認會計原則息稅前利潤率指導，我們正在縮小每股收益指導範圍，以反映近期匯率變化的影響，並且我們仍然處於有利地位，可以在非公認會計準則下實現強勁的每股盈餘成長。展望 2025 年，我們預計將恢復溫和成長，並朝著 15% 的長期營業利潤率目標再進一步。我們現在已經具備了實現這一目標的重要組成部分。我們可以從兩個品牌 24 年秋季產品季的強勁銷售中看到這一點，這使得 D2C 趨勢得到改善。然後，我們將其與改善的庫存組成以及推動更強勁的季節性轉變所需的庫存水準相結合。

And finally, we continue to see sequentially improved European order books.

最後，我們持續看到歐洲訂單量持續改善。

We're starting to turn the brand building flywheel, where we'll keep the clarity of our direction in bringing Calvin and Tommy into their full potential and driving constant improvements within the consumer-facing parts of our brands in product, marketing and the marketplace combined with further building out our data and demand-driven supply chain, and we will amplify this by investing in growth and driving efficiencies.

我們開始轉動品牌建立飛輪，我們將保持明確的方向，充分發揮 Calvin 和 Tommy 的潛力，並推動我們品牌在產品、行銷和市場方面面向消費者的部分不斷改進結合進一步建立我們的數據和需求驅動的供應鏈，我們將透過投資成長和提高效率來擴大這一點。

Now let me share some highlights from the third quarter on how we executed across our two iconic brands and three regions. Starting with Calvin Klein. The brand continues to drive strong category offers that comes to life with high impact culturally relevant marketing campaigns, amplified by mega talent like Jeremy Allen White in iconic Calvin underwear and hero denim styles, Greta Lee in signature underwear, Bollywood actress, Disha Patani, Modern Cotton and K popstar's New Jeans in denim and transitional outerwear. These are campaigns that repeatedly cut through in the marketplace.

現在讓我分享第三季的一些亮點，了解我們在兩個標誌性品牌和三個地區的執行情況。從卡爾文克萊恩開始。該品牌繼續推動強大的品類產品，透過具有高影響力的文化相關行銷活動來實現，並由傑里米·艾倫·懷特（Jeremy Allen White）等巨星放大，他們穿著標誌性的卡爾文內衣和英雄牛仔風格，格蕾塔·李（Greta Lee）穿著標誌性內衣，寶萊塢女演員，迪莎·帕塔尼（Disha Patani），摩登Cotton and K popstar's New Jeans 採用牛仔布和過渡外套。這些活動在市場上屢屢取得成功。

This fall, we also dressed Jeremy Allen White and Idris Alba to Emmys in classic Calvin Klein suiting and in a special moment driven by product innovation, Calvin launched a limited edition collaboration with Nensi Dojaka during London Fashion Week with an underwear focused capsule that drove strong engagement and sell-out.

今年秋天，我們也為傑里米·艾倫·懷特(Jeremy Allen White) 和伊德里斯·阿爾巴(Idris Alba) 穿上了經典的Calvin Klein 套裝參加艾美獎頒獎典禮，在產品創新驅動的特殊時刻，Calvin 在倫敦時裝週期間推出了與Nensi Dojaka 的限量版合作款，其中一款以內衣為主的膠囊系列，帶動了強勁勢頭參與度和銷售量。

For holiday, we are showcasing seasonal cabin essentials across all consumer touch points from social and e-commerce to stores all amplified by global mega talent like Alexander Skarsgård and Kendall Jenner. And today, I'm excited to announce that Calvin Klein will open a flagship store here in New York, in the heart of SoHo, one of the best brand building and foot traffic locations in the world as part of Calvin's brand building strategy in key markets. We look forward to sharing more details with you about this in coming months.

假期期間，我們將在從社交和電子商務到商店的所有消費者接觸點展示季節性客艙必需品，所有這些都由亞歷山大·斯卡斯加德和肯德爾·詹納等全球巨星放大。今天，我很高興地宣布，Calvin Klein 將在紐約 SoHo 中心開設旗艦店，這是世界上最好的品牌建立和客流量地點之一，作為 Calvin Klein 關鍵品牌建立策略的一部分。我們期待在未來幾個月與您分享更多相關細節。

Turning to Tommy. When we last spoke, we were just a few weeks out from hosting our Spring '25 fashion show, which drove record engagement. Tommy ranked #1 at New York Fashion Week accounting for almost half of the total earned media value from the whole week and ranked second highest in earned media value across all participating brands of all of the 4 global fashion weeks combined. Over 150 global talent set front row, all dressed in Tommy Fall '24 product, amplifying the show message and driving our consumers globally to want to shop their looks. We could see this cut through commercially, driving traffic to both e-commerce and stores.

轉向湯米。當我們上次談話時，我們距離 25 年春季時裝秀只有幾週的時間，這推動了創紀錄的參與。 Tommy 在紐約時裝週排名第一，幾乎佔整週贏得媒體價值的一半，並且在所有 4 個全球時裝週的所有參與品牌中排名第二。超過 150 名全球達人坐在前排，全部穿著 Tommy Fall '24 產品，放大了時裝秀的訊息，並促使全球消費者想要購買自己的服裝。我們可以看到這會切入商業領域，增加電子商務和商店的流量。

Tommy is always evolving with culture by tapping into its unique brand DNA and making it current. Partnering with the most relevant talent across fashion, art, music, entertainment and sports, as some of the most exciting cultural moments around the world. Highlights of the fall campaign included Actor, Patrick Schwarzenegger and model Abby Champion. Olympian and Gold Medalist, Mondo Duplantis and Formula 1 Superstars, Lewis Hamilton and George Russell. In addition, K-Pop Superstar Stray Kids and Jisoo are driving very strong engagement for our iconic hero products as global brand ambassadors.

Tommy 始終透過挖掘其獨特的品牌 DNA 並使其與時俱進，與文化一起發展。與時尚、藝術、音樂、娛樂和體育領域最相關的人才合作，打造世界各地最令人興奮的文化時刻。秋季廣告大片的亮點包括演員派崔克史瓦辛格和模特兒艾比錢皮恩。奧運金牌得主蒙多·杜普蘭蒂斯 (Mondo Duplantis) 和一級方程式超級明星劉易斯·漢密爾頓 (Lewis Hamilton) 和喬治·拉塞爾 (George Russell)。此外，韓國流行音樂巨星 Stray Kids 和 Jisoo 作為全球品牌大使，為我們的標誌性英雄產品帶來了非常強烈的參與。

Tommy continues to be highly engaged in sports, both in Formula 1 and most recently as a key partner to the U.S. sale GPT. For holiday, our campaign starring Sofia Richie and Damson Idris puts a new twist on a Hilfiger holiday, delivering classic American style and sophistication with the spirit of giving.

Tommy 繼續高度參與運動，無論是在一級方程式賽車中，還是最近作為美國銷售 GPT 的重要合作夥伴。假期方面，我們由索菲亞·里奇(Sofia Richie) 和達姆森·伊德里斯(Damson Idris) 主演的廣告大片為希爾費格(Hilfiger) 假期帶來了新的變化，傳遞出經典的美式風格和精緻與奉獻精神。

Now let me turn to our regional performance, starting with North America. The significantly improved profitability for the region continues to be a great proof point of our PVH+ execution. In the quarter, our Calvin and Tommy businesses together delivered a 13% EBIT margin, our fifth consecutive quarter of a double-digit EBIT margin in the region, both on a non-GAAP basis. The tougher macro, combined with our focus on driving more full-price sales and less clearance led to revenue in the quarter for our combined Tommy and Calvin businesses to decrease low single digits in D2C with a high single-digit decline in wholesale, which was driven by the timing of shipments last year. We expect the full year of North America wholesale revenue to be up low single digits compared to 2023.

現在讓我談談我們的區域表現，首先是北美。該地區盈利能力的顯著提高仍然是我們 PVH+ 執行力的有力證明。本季度，我們的 Calvin 和 Tommy 業務合計實現了 13% 的 EBIT 利潤率，這是我們在該地區連續第五個季度實現兩位數的 EBIT 利潤率（均​​按非 GAAP 計算）。宏觀情況更加嚴峻，再加上我們專注於推動更多全價銷售和減少清倉，導致我們合併後的Tommy 和Calvin 業務本季的D2C 收入下降了低個位數，批發業務出現了高個位數下降，這是受去年發貨時間的推動。我們預計北美全年批發收入將比 2023 年成長低個位數。

B2C store revenue in the quarter declined on lower traffic, although conversion continued to improve and e-commerce grew double digits. Fall '24 products was up double digits, too, as we continue to drive strength in our category offers for both brands and our D2C trends improved to positive in October. Within wholesale, our full product performance was strong, and we see that what cuts through with the consumer is refined style icons made current. We continue to work closely with key accounts to elevate the product and in-store experiences in key doors and are generating outperformance as a result. A key leader behind the region's strong performance is Donald Kohler, and I'm excited to share that he has been promoted to CEO of PVH Americas.

儘管轉換率持續提高且電子商務成長兩位數，但本季 B2C 商店收入因流量下降而下降。 24 年秋季產品也實現了兩位數的成長，因為我們繼續增強兩個品牌的品類供應實力，並且我們的 D2C 趨勢在 10 月轉為積極。在批發領域，我們的整體產品表現強勁，我們發現，最能打動消費者的是流行的精緻風格圖示。我們繼續與主要客戶密切合作，以提升關鍵門的產品和店內體驗，並因此取得優異的業績。該地區強勁業績背後的關鍵領導者是 Donald Kohler，我很高興地告訴大家，他已晉升為 PVH 美洲區執行長。

Donald has done a great job over the past 2 years, unlocking profitable brand accretive growth as President of Calvin Klein North America. And I'm excited to see him step into this expanded role as we unlock the full growth potential of both brands in the region. All three regions now have a consistent leadership structure led by one regional CEO.

Donald 在過去兩年中表現出色，作為 Calvin Klein 北美區總裁，實現了獲利性品牌增值成長。我很高興看到他擔任這一擴大的角色，因為我們釋放了兩個品牌在該地區的全部成長潛力。所有三個地區現在都擁有由一名地區執行長領導的一致領導結構。

Turning to our international business. In Europe, our next level PVH+ execution underpinned by our quality of sales initiative has translated into significantly improved performance. Overall revenue declined minus 1% on a reported basis and minus 4% in euros, which included a 6% impact from our quality of sales actions. As a reminder, for the full year, we continue to expect a revenue impact from our quality of sales initiatives to be approximately 5%. For our fall product, strong performance across all channels and both brands, supported by newness and innovation, improved delivery timing and global marketing campaigns.

轉向我們的國際業務。在歐洲，我們以銷售品質計劃為基礎的更高水準的 PVH+ 執行已轉化為業績的顯著提高。以報告計算，總收入下降了負 1%，以歐元計算則下降了負 4%，其中包括我們銷售行動品質造成的 6% 的影響。提醒一下，我們仍然預計全年銷售計劃品質對收入的影響約為 5%。對於我們的秋季產品，在新鮮感和創新、改進的交貨時間和全球行銷活動的支持下，所有管道和兩個品牌都表現強勁。

We drove strong sellout performance, as I mentioned earlier, up over double digits year-over-year across all channels. D2C declined low single digits with growth in stores offset by declines in e-commerce due to our quality of sales actions.

正如我之前提到的，我們推動了強勁的銷售業績，所有通路的銷售量較去年同期成長超過兩位數。 D2C 下降了低個位數，商店的成長被電子商務由於我們的銷售行動品質而下降所抵消。

The quarter featured a very successful full member suite focused on customer acquisition, engagement and conversion we saw strong performance, exceeding targets in new member sign-ups, driving increased traffic and increased spend across all channels.

本季度，我們推出了非常成功的全會員套件，專注於客戶獲取、參與度和轉化，我們看到了強勁的業績，超出了新會員註冊目標，推動了所有管道的流量和支出增加。

Building on our Spring '25 order book, which finalized down low single digits as we previously shared. When we look ahead to fall '25, we are well positioned to drive further sequential improvements with our wholesale partners continuing to share positive feedback about the improved product assortment across both brands. On Monday this week, we welcomed our new CEO of Europe, Fredrik Olsson, who will build on this momentum and further strengthen our market-leading position in the region. Fredrik, who spent over 15 years as a key leader on the team that doubled the size of H&M globally and most recently served as the CEO at Max Fashion was our top choice for this important role. Together with the entire Europe team and our key partners, Fredrik will lead the region's next growth chapter.

我們以 25 年春季訂單簿為基礎，最終確定了較低的個位數訂單，正如我們之前分享的那樣。當我們展望 25 年秋季時，我們已做好充分準備，可以推動進一步的連續改進，我們的批發合作夥伴將繼續分享有關兩個品牌改進的產品種類的積極反饋。本週一，我們迎來了歐洲新任執行長弗雷德里克·奧爾森 (Fredrik Olsson)，他將在這一勢頭的基礎上進一步鞏固我們在該地區的市場領先地位。 Fredrik 擔任團隊關鍵領導者超過 15 年，使 H&M 全球規模擴大了一倍，最近擔任 Max Fashion 首席執行官，是我們擔任這一重要職位的首選。 Fredrik 將與整個歐洲團隊和我們的主要合作夥伴一起領導該地區的下一個成長篇章。

Finally, I want to thank David Savman for stepping in to lead our Europe business in the interim and doing an incredible job taking our PVH execution there to the next level. Moving on to Asia Pacific. In the third quarter, we delivered mid-single-digit growth for the region on a reported basis and low single-digit growth in constant currency with growth for both brands and in all channels. Growth was led by Japan, while China increased 7% in local currency, benefiting from an earlier and very well-executed 11/11 activation. From a channel perspective, we delivered double-digit e-commerce growth in the region and low single-digit increases in stores.

最後，我要感謝 David Savman 臨時介入領導我們的歐洲業務，並做出了令人難以置信的工作，將我們在那裡的 PVH 執行力提升到了一個新的水平。轉向亞太地區。第三季度，我們在報告的基礎上實現了該地區中個位數的成長，以固定匯率計算，我們實現了低個位數的成長，兩個品牌和所有管道都實現了成長。成長由日本引領，而中國則以當地貨幣計算增長了 7%，這得益於較早且執行得非常好的 11/11 激活。從通路角度來看，我們在該地區實現了兩位數的電子商務成長，而商店則實現了較低的個位數成長。

We continue to drive strong consumer engagement with regionally relevant mega talent. Both brands announced new brand ambassadors for this quarter, New Jeans for Calvin and Jisoo for Tommy, bringing continued energy and engagement with our consumer and strengthening our brand positioning to drive sustainable growth across the region.

我們繼續推動消費者與區域相關的超級人才的緊密互動。兩個品牌都宣布了本季的新品牌大使：Calvin 的New Jeans 和Tommy 的Jisoo，為我們的消費者帶來持續的活力和參與度，並加強我們的品牌定位，以推動整個地區的可持續增長。

Looking ahead, we are well prepared for the upcoming holiday consumer moments where we have a number of strong activations planned for both brands.

展望未來，我們已為即將到來的假期消費時刻做好了充分準備，我們計劃為兩個品牌開展一系列強有力的活動。

Before I close, I would like to briefly mention the investigation of PVH by China's Ministry of Commerce, which was announced in September. Since then, we have cooperated fully, including as requested, submitting our written response back to them within the deadline. And at this point in time, it's not known when it will be concluded. What's important for us to share is that PVH has operated in China for more than 20 years, proudly serving our Chinese consumers and contributing to the Chinese economy, and we look forward to doing that for many years to come. As a company, our policy is to conduct business in compliance with both local and international laws and regulations and in line with established industry standards and practices.

在結束之前，我想簡單提一下中國商務部9月宣布的PVH的調查。從那時起，我們一直全力配合，包括根據要求在截止日期內向他們提交書面答覆。而目前，還不知道什麼時候能結束。對我們來說重要的是，PVH 在中國運營了 20 多年，自豪地為中國消費者服務並為中國經濟做出貢獻，我們期待在未來的許多年裡繼續這樣做。作為一家公司，我們的政策是按照當地和國際法律法規以及既定的行業標準和慣例開展業務。

We look forward to continuing to engage with MOFCOM and our business partners in China. In the meantime, we remain committed to drive our business forward in China, where we generated approximately 6% of our revenue and approximately 16% of our EBIT in 2023. We appreciate your understanding that given that this matter is ongoing, we are limited in the details we can share at this time.

我們期待繼續與商務部和我們在中國的業務合作夥伴接觸。同時，我們仍然致力於推動我們在中國的業務發展，到2023 年，我們在中國創造了約6% 的收入和約16% 的息稅前利潤。中，我們在中國的業務受到限制。

In closing, for the third quarter, we again delivered on our plan. We continue to strengthen our PVH+ execution across both Calvin and Tommy, highly visible in our improved fall 2024 product sell-throughs and improved D2C trends with strong gross margin rate improvements. We have taken North America to a new level of consistent delivery and profitability on an annual basis. And our quality of sales execution in Europe is working very well, leading to sequential improvements of forward-looking wholesale demand. And in Asia, in a tough macro, we are focused on driving strong consumer engagement to win in key shopping moments.

最後，在第三季度，我們再次實現了我們的計劃。我們繼續加強 Calvin 和 Tommy 的 PVH+ 執行力，這在我們 2024 年秋季產品銷售的提高和 D2C 趨勢的改善以及毛利率的強勁提高中非常明顯。我們已將北美地區的年度交付和盈利能力提升到了新的水平。我們在歐洲的銷售執行品質非常好，導致前瞻性批發需求的持續改善。在亞洲，在嚴峻的宏觀情況下，我們致力於推動消費者的強勁參與，以贏得關鍵的購物時刻。

Going into 2025, we expect to return to modest growth and are steadfast in our PVH+ Plan execution focus, step-by-step building Calvin and Tommy into the most desirable lifestyle brands in the world and making PVH one of the highest performing brand groups in our sector. And before I turn the call over to Zac, I would like to again thank all our associates and partners for all your hard work and important contributions this year. And I wish everyone a happy and healthy holiday season.

進入2025年，我們預計將恢復適度成長，並堅定不移地執行PVH+計畫的重點，逐步將Calvin和Tommy打造成全球最令人嚮往的生活方式品牌，並使PVH成為全球表現最好的品牌集團之一。在我把電話轉給扎克之前，我想再次感謝我們所有的員工和合作夥伴今年的辛勤工作和重要貢獻。祝大家節日快樂、身體健康。

Thanks, Stefan, and good morning. My comments are based on non-GAAP results and are reconciled in our press release. As Stefan discussed, we are pleased with our third quarter financial 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 timing of wholesale shipments in Europe and an acceleration of expense efficiencies. We delivered operating margin of 10.5%, better than planned and flat versus last year as higher gross margins and strong expense management offset the loss of leverage due to the decline in revenue.

謝謝，斯特凡，早安。我的評論是基於非公認會計準則結果，並在我們的新聞稿中進行了調整。正如 Stefan 所討論的，在我們的標誌性品牌和嚴格執行 PVH+ 計劃的推動下，我們對第三季度的財務業績感到滿意。我們超越了我們的收入和利潤指導，這主要是由於歐洲批發發貨的時間表和費用效率的加速。我們的營業利潤率為 10.5%，好於計劃，與去年持平，因為更高的毛利率和強有力的費用管理抵消了收入下降造成的槓桿損失。

Looking forward, following our solid third quarter performance, we are reaffirming our full year revenue and operating margin guidance. We are updating our full year EPS guidance to $11.55 to $11.70 per share from previously $11.55 to $11.80 to tighten the range as we head into the fourth quarter and reflect a $0.10 negative impact from exchange at the top end. I will now discuss our third quarter results in more detail and then move on to our outlook. Revenue for the third quarter was down 5% versus last year, including a 2% decline from the sale of the Heritage Intimates business. On a constant currency basis, revenue was down 6%.

展望未來，繼第三季穩健的業績之後，我們重申全年營收和營業利潤率指引。我們將全年 EPS 指引從先前的 11.55 美元至 11.80 美元更新為每股 11.55 美元至 11.70 美元，以在進入第四季度時收緊區間，並反映高端交易所帶來的 0.10 美元的負面影響。我現在將更詳細地討論我們第三季的業績，然後繼續我們的展望。第三季營收較去年下降 5%，其中因出售 Heritage Intimates 業務而下降 2%。以固定匯率計算，收入下降了 6%。

We delivered our revenue plan for the quarter, beating our guidance by 1% due to a small shift in timing of wholesale shipments in Europe from the fourth quarter into the third quarter as inventory received earlier than planned.

我們交付了本季度的收入計劃，超出了我們的指導 1%，這是由於庫存收到早於計劃，歐洲批發發貨時間從第四季度到第三季度發生了小幅變化。

Starting from a regional perspective, third quarter revenue for our international businesses was down 2% on a constant currency basis Sales in our Asia Pacific business were up 3% on a constant currency basis, driven by growth in our digital channel due to the early start of China's important 11/11 events, which more than offset the continued challenging macro conditions in the region, particularly in China and Australia. Sales for Asia Pacific were up 5% on a reported basis. Sales in our European business were down 4% in euros and slightly better than planned due to the wholesale timing shift I mentioned previously. Sales were up low single digits in our retail stores, a sequential improvement versus 2Q, which was more than offset by a decline in wholesale driven by our strategic decision to focus on higher quality of sales. Importantly, our stronger product and improved assortment are driving improved sell-through in the region with sell-through for fall '24 product up double digits, reflecting growth in both Tommy and Calvin and across both our wholesale partner stores and in our own DTC.

從區域角度來看，我們的國際業務第三季營收以固定匯率計算下降了2%，亞太業務的銷售額以固定匯率計算成長了3%，這得益於我們的數位通路因起步較早而成長。據報道，亞太地區的銷售額成長了 5%。由於我之前提到的批發時間調整，我們歐洲業務的銷售額以歐元計算下降了 4%，略好於計劃。我們的零售店銷售額出現低個位數成長，與第二季度相比有所改善，但我們專注於提高銷售品質的策略決策導致批發量下降，這完全抵消了這一下降。重要的是，我們更強大的產品和改進的品種正在推動該地區銷量的提高，24 年秋季產品的銷量增長了兩位數，反映了Tommy 和Calvin 以及我們的批發合作夥伴商店和我們自己的DTC的增長。

As Stefan mentioned, we are encouraged by the positive feedback from our wholesale partners in the region and are well positioned to drive another sequential improvement in order books for the fall '25 season. In North America, revenue for our Tommy Hilfiger and Calvin Klein businesses combined decreased 6% versus last year, which is largely explained by the timing of wholesale shipments within the second half of this year compared to last year. Last year, we shipped more wholesale in Q3 than in Q4, but this year, we will ship more in Q4 than in Q3. When we normalize timing and compare our projection for the second half of this year to the second half last year, wholesale sales were up low single digits, relatively in line with the first half of this year and a reflection of the overall business trend. From an overall PVH channel perspective, our direct-to-consumer revenue was flat on a reported basis and down 1% on a constant currency basis in the quarter as expected.

正如 Stefan 所提到的，我們對該地區批發合作夥伴的正面回饋感到鼓舞，並準備好推動 25 年秋季訂單的再次連續改善。在北美，Tommy Hilfiger 和 Calvin Klein 業務的收入合計比去年下降了 6%，這主要是由於今年下半年批發發貨的時間安排與去年相比。去年，我們在第三季的批發貨量比第四季多，但今年，我們在第四季的出貨量將比第三季更多。當我們將時間正常化並將今年下半年的預測與去年下半年進行比較時，批發銷售額成長了低個位數，與今年上半年相對一致，也反映了整體業務趨勢。從整體 PVH 通路的角度來看，本季我們的直接面向消費者的營收與報告基礎上持平，以固定匯率計算下降 1%，符合預期。

Sales in our retail stores were down 1% in constant currency with the trends continuing in line with what we communicated at the start of the quarter. In our owned and operated e-commerce business, revenue was down 3% on a constant currency basis. Growth in North America, driven by customer experience enhancements on both brand sites and in APAC due to the timing of 11/11 was more than offset by the planned reduction in Europe. 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, including a 4% decline from the sale of the Heritage Intimates business.

以固定匯率計算，我們零售店的銷售額下降了 1%，這一趨勢與我們在本季初傳達的情況一致。在我們擁有和經營的電子商務業務中，以固定匯率計算，營收下降了 3%。由於 11 月 11 日的時間安排，兩個品牌網站和亞太地區的客戶體驗增強所推動，北美地區的成長被歐洲計畫的減少所抵消。在批發領域，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。批發總收入比去年下降 8%，其中因出售 Heritage 內衣業務而下降 4%。

The remaining decline reflects the continued strategic reduction in revenue in Europe to drive overall higher quality of sales in the region, the previously communicated lower fall order books in Europe and the shift in timing of wholesale shipments in North America that benefited us last year. On a constant currency basis, wholesale revenue was down 9%. Turning to our global brands. Calvin Klein revenues were down 3% on a reported basis and down 4% on a constant currency basis. Tommy Hilfiger revenues were down 1% on a reported basis and down 2% on a constant currency basis.

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，此前通報的歐洲秋季訂單量減少以及去年使我們受益的北美批發發貨時間的轉變。以固定匯率計算，批發收入下降了 9%。轉向我們的全球品牌。 Calvin Klein 的報告收入下降了 3%，以固定匯率計算下降了 4%。 Tommy Hilfiger 的營收按報告計算下降 1%，以固定匯率計算下降 2%。

The timing of wholesale shipments in North America that I mentioned previously weighed more heavily on our Calvin Klein business.

我之前提到的北美批發出貨時間對我們的 Calvin Klein 業務影響更大。

In 3Q, we delivered another strong quarter of gross margin improvement with gross margin of 58.4%, up 170 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 the remaining increase was due to lower product costs. As a reminder, we have now fully anniversaried the improvements in raw material costs that we realized beginning in the second half of last year. Our inventory at quarter end was up 9% compared to last year due to a combination of overly lean inventory levels last year and early receipts of inventory this year in advance of the holiday selling season. Additionally, we chose to strategically increase our investment in our most essential products to support our goal of having these timeless items in stock at a target of 95% of the time.

第三季度，我們的毛利率再次強勁改善，毛利率達到 58.4%，比去年增長 170 個基點。大約一半的成長是由於 DTC 組合的增加以及我們專注於推動更高品質的銷售，其餘的成長是由於產品成本的降低。提醒一下，我們從去年下半年開始實現的原料成本改善現在已經整整一周年了。由於去年庫存水準過於緊張以及今年假期銷售季節之前提前收到庫存，我們季度末的庫存比去年增加了 9%。此外，我們選擇策略性地增加對最重要產品的投資，以支持我們的目標，即 95% 的時間裡這些永恆的產品都有庫存。

Importantly, the vast majority of our inventory is current season and core, and we have reduced our inventory as a percent of sales by low double digits versus last year. SG&A expense as a percent of revenue was 47.9%, an increase of 170 basis points versus last year and importantly, lower than planned as we accelerate efficiencies previously planned for 4Q. The increase versus last year is comprised of approximately 140 basis points due to the higher DTC mix and 140 basis points from the deleveraging of expenses on lower revenues, partially offset by an over 100 basis point improvement due to cost efficiencies realized from actions we have taken to reduce people costs and prudently manage expenses. Notably, while SG&A expense as a percent of revenue increased, overall SG&A dollars were down versus last year again this quarter. In total, EBIT for the quarter was $236 million compared to $249 million in the prior year as the gross margin improvement was more than offset by the impact of the revenue decline.

重要的是，我們的絕大多數庫存都是當季和核心庫存，與去年相比，我們的庫存佔銷售額的百分比降低了兩位數。 SG&A 費用佔收入的百分比為 47.9%，比去年增加了 170 個基點，重要的是，由於我們加快了先前計劃的第​​四季度效率，因此低於計劃。與去年相比，成長約 140 個基點（由於 DTC 組合增加）和 140 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提高 100 個基點所抵消降低人員成本，審慎管理開支。值得注意的是，雖然銷售、管理及行政費用佔收入的百分比增加，但本季的銷售、管理及行政費用總體與去年相比再次下降。總體而言，本季的息稅前利潤為 2.36 億美元，而上一年為 2.49 億美元，因為毛利率的改善被收入下降的影響所抵消。

Operating margin was 10.5%, in line with the prior year and better than planned, primarily due to the favorable shift in timing of wholesale revenue and acceleration of expense efficiencies I mentioned earlier. Earnings per share increased 4% versus last year to $3.03, exceeding our earnings guidance by $0.53 due to improvements in EBIT. Our tax rate for the quarter was approximately 23%.

營業利潤率為 10.5%，與去年持平，且好於計劃，這主要是由於我之前提到的批發收入時機的有利轉變以及費用效率的加速。由於息稅前利潤的改善，每股收益比去年增長 4% 至 3.03 美元，超出我們的收益指引 0.53 美元。我們本季的稅率約為 23%。

And now moving on to our outlook, starting with the fourth quarter. We are projecting fourth quarter revenue to decline 4% to 5% on a constant currency basis and 6% to 7% as reported compared to the prior year, including a 1% decline due to the sale of the Heritage Intimates business and a 3% decline due to the 53rd week in 2023. Excluding those two impacts, we are forecasting constant currency revenue will be flat to down 1% compared to last year, further evidence of our sequential improvement as we move towards 2025.

現在從第四季開始展望我們的前景。我們預計第四季營收以固定匯率計算將下降4% 至5%，與前一年相比下降6% 至7%，其中包括因出售Heritage Intimates 業務而下降1%，以及因出售Heritage Intimates 業務而下降3%。

In our DTC business, excluding the 53rd week impact, we are projecting revenue to be approximately flat in constant currency, in line with the trends in 3Q. On a reported basis, including the 53rd week impact, DTC revenue is projected down mid-single digits. In wholesale, excluding the 53rd week impact, we are projecting a mid-single-digit revenue decline in constant currency in the quarter, including a 2% decline from the sale of the Heritage Intimates business. The remaining decline reflects the continued quality of sales focus in Europe, partially offset by the benefit from the shift in timing of wholesale shipments in North America that I discussed earlier. On a reported basis, including the 53rd week impact, wholesale revenue is projected down high single digits.

在我們的 DTC 業務中，排除第 53 週的影響，我們預計以固定匯率計算收入將大致持平，與第三季的趨勢一致。根據報告，包括第 53 週的影響，DTC 收入預計將下降中個位數。在批發方面，排除第 53 週的影響，我們預計本季以固定匯率計算的收入將出現中個位數下降，其中包括 Heritage 內衣業務出售帶來的 2% 下降。剩餘的下降反映了歐洲銷售重點的持續質量，部分被我之前討論過的北美批發發貨時間轉變帶來的好處所抵消。根據報告，包括第 53 週的影響，批發收入預計將下降高個位數。

We are projecting gross margin to decline approximately 200 basis points, driven by a moderately more promotional environment than last year in the U.S. and China, an increase in freight costs due to the recent disruptions in a couple of our key sourcing locations as well as Red Sea surcharges and the mix of wholesale shipments within the second half of the year, which negatively impacts our gross margin but does not impact our overall profitability. We expect SG&A expenses as a percentage of revenue to be approximately flat compared to last year despite the loss of leverage due to the decline in revenue due to the favorable impact of region and channel mix, including the mix of wholesale shipments and continued cost efficiencies. Overall, we are projecting our fourth quarter operating margin to be approximately 10%, down approximately 200 basis points compared to last year, including an over 100 basis point decline driven by the impact of the 53rd week in 2023. The remaining decline is driven by the more promotional environment and increases in freight costs I mentioned, partly offset by cost efficiencies.

我們預計毛利率將下降約 200 個基點，原因是美國和中國的促銷環境比去年適度加強，以及由於最近我們的幾個主要採購地點以及 Red 的中斷而導致的貨運成本增加。費和批發運輸的混合對我們的毛利率產生了負面影響，但不影響我們的整體獲利能力。儘管由於地區和通路組合（包括批發出貨組合和持續成本效率的組合）的有利影響而導致收入下降，導致槓桿率下降，但我們預計銷售、管理及行政費用佔收入的百分比將與去年大致持平。總體而言，我們預計第四季度營業利潤率約為 10%，較去年下降約 200 個基點，其中受 2023 年第 53 週影響導致下降超過 100 個基點。促銷環境和貨運成本的增加，部分被成本效率抵銷。

Earnings per share is projected to be in the range of $3.05 to $3.20 compared to $3.72 in the prior year, a decrease primarily due to the decline in profitability. Our tax rate for the fourth quarter is estimated at 20% and interest expense is projected to be approximately $15 million.

每股盈餘預計為 3.05 美元至 3.20 美元，上年為 3.72 美元，下降主要是由於獲利能力下降。我們第四季的稅率預計為 20%，利息支出預計約為 1500 萬美元。

And now bringing it all together for the full year 2024. If you go back to our commitment at the start of the year, we projected revenue to decline 6% to 7% on both a reported and constant currency basis, with operating margin approximately flat to 10.1% last year and an increase in EPS despite the top line pressures. We remain on track to deliver that plan.

現在將 2024 年全年的所有數據匯總起來。 ，儘管面臨營收壓力，每股盈餘仍實現成長。我們仍有望實現該計劃。

Within our revenue guidance, our outlook for Europe is unchanged from last quarter, planned down high single digits in euros. In Asia Pacific, we expect full year sales to be up slightly in constant currency. And for the North America Calvin Klein and Tommy Hilfiger businesses combined, we continue to plan sales to be relatively flat versus last year. Our overall operating margin guidance for the year is also unchanged. But within that, we have updated our gross margin projection to reflect the more promotional environment and the increase in freight costs in the fourth quarter that I mentioned earlier.

在我們的收入指引範圍內，我們對歐洲的展望與上季持平，並計劃將歐元下調高個位數。在亞太地區，我們預計全年銷售額以固定匯率計算將略有成長。對於北美 Calvin Klein 和 Tommy Hilfiger 業務的合併，我們繼續計劃銷售額與去年相比相對持平。我們今年的整體營業利潤率指引也維持不變。但其中，我們更新了毛利率預測，以反映我之前提到的更多促銷環境和第四季貨運成本的增加。

We now expect our full year gross margin rate to increase approximately 120 basis points compared to 2023, still reaching an all-time high for us compared to an increase of approximately 150 basis points previously.

我們現在預計全年毛利率將比 2023 年增加約 120 個基點，與先前約 150 個基點的增幅相比，仍將達到歷史最高水準。

And for SG&A, we continue to proactively manage costs and drive efficiencies and as such, 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 120 basis points versus an increase of approximately 150 basis points previously. 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. Interest expense is projected to be approximately $68 million compared to approximately $70 million previously, and we continue to expect our tax rate will be approximately 16%.

對於 SG&A，我們繼續積極管理成本並提高效率，因此，預計毛利率預測的變化將被 SG&A 的改善完全抵消，目前計劃將其佔收入的百分比增加約 120 個基點此前增加了約 150 個基點。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。利息支出預計約為 6,800 萬美元，而之前約為 7,000 萬美元，我們繼續預計稅率約為 16%。

We are updating our EPS guidance to $11.55 to $11.70 compared to $11.55 to $11.80 previously to tighten the range as we head into the fourth quarter and to reflect a $0.10 negative impact from exchange on the top end. Additionally, we continue to deliver on our commitment under the PVH+ Plan to return excess cash to shareholders with our strong cash flow funding approximately $254 million of repurchases completed year-to-date. We remain committed to our plan to complete $400 million of total share buybacks for the full year. Before we open it up for questions, I want to reiterate that we continue to work relentlessly to drive results and deliver our full year financial commitments regardless of the 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.

我們將 EPS 指引從先前的 11.55 美元至 11.80 美元更新為 11.55 美元至 11.70 美元，以在進入第四季度時收緊區間，並反映高端交易所帶來的 0.10 美元的負面影響。此外，我們繼續履行 PVH+ 計劃下的承諾，利用我們強大的現金流為年初至今完成的約 2.54 億美元的回購提供資金，將多餘的現金返還給股東。我們仍然致力於實現全年完成總額 4 億美元的股票回購的計畫。在我們開始提問之前，我想重申，無論宏觀環境如何，我們都會繼續不懈地努力推動成果並兌現全年財務承諾。我們仍然專注於執行 PVH+ 計劃的五個關鍵成長驅動力，將產品、消費者參與和市場等面向消費者的價值驅動力與我們的底層營運引擎結合起來，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 2 questions. Stefan, maybe first, could you elaborate on customer demand for fall product assortments, maybe both the impact you're seeing at global DTC and lead indicators for global wholesale orders? And then Zac, on the path to mid-teens operating margins multiyear, what's your comfort today with Street consensus at 10.7% next year?

所以有2個問題。 Stefan，也許首先，您能否詳細說明客戶對秋季產品分類的需求，也許您在全球 DTC 和全球批發訂單領先指標中看到的影響？然後，Zac，在多年的營運利潤率邁向十幾歲左右的道路上，您今天對明年華爾街的共識為 10.7% 感到滿意嗎？

So thank you, Matt. And what was really great to see in Q3 was that fall '24 product season was the first season that we were able to fully influence the product execution across both brands under PVH+. So what we have seen so far is double-digit sell-through improvements versus last year in both brands, all regions and across channels.

所以謝謝你，馬特。第三季真正令人高興的是，24 年秋季產品季是我們能夠充分影響 PVH+ 下兩個品牌的產品執行的第一個季節。因此，到目前為止，我們看到兩個品牌、所有地區和跨通路的銷售額均較去年實現了兩位數的成長。

So to your point, starting with D2C. So we could see how the improved sell-through of the fall product lead to D2C trends up significantly from August to September. So with September and October now being back to growth versus last year. You can also see in the gross margin rate up 170 basis points. Then to your point in wholesale and especially in Europe, very encouraging and exciting to see that same increased sell-through there, increased over double digits in wholesale in Europe, which bodes really well for the upcoming sell-in for fall '25.

就你的觀點而言，從 D2C 開始。因此，我們可以看到秋季產品銷售的提高如何導致 D2C 趨勢從 8 月到 9 月顯著上升。因此，與去年相比，九月和十月現在恢復了成長。還可以看到毛利率上漲了170個基點。然後到你在批發方面的觀點，特別是在歐洲，非常令人鼓舞和興奮的是，看到那裡的銷售量同樣增加，歐洲批發量增加超過兩位數，這對於即將到來的25 年秋季銷售來說是個好兆頭。

So we kicked that off fall '25 in January. We have the market launch first week when we are back in January. So the double-digit sell-through improvement in wholesale in Europe will be a really good starting point to sell in fall 2025. And when it comes to -- so switching gears then to the outlook, and I'll leave it for Zac to comment on the exact margin, whether we comment or not at this time on the exact margin target for '25. But let me just share what we see, Zac and I, when we look out at '25.

所以我們從 25 年秋季 1 月開始了這項工作。當我們一月份回來時，我們將在第一周推出市場。因此，歐洲批發業兩位數的銷售量改善將是 2025 年秋季銷售的一個非常好的起點。發表評論，無論我們目前是否對25 年的確切利潤率目標發表評論。但讓我分享一下紮克和我在 25 年展望時所看到的情況。

So as I shared in my prepared remarks, for 2025, we expect to return to growth and take another step towards our 15% long-term operating margin target. And we do that based on the parts of the PVH+ growth plan that are coming into place in 2024. So some of the key building blocks of that are we're coming into '25 with stronger D2C trends, fresher inventory composition, more optimized inventory levels. We're driving the stronger sell-throughs, as I just mentioned, on the new product assortment across both brands, all regions, all channels.

因此，正如我在準備好的發言中所分享的那樣，我們預計到 2025 年將恢復成長，並朝著 15% 的長期營業利潤率目標又邁出一步。我們是根據2024 年即將實施的PVH+ 成長計畫的部分內容來做到這一點的。 因此，其中的一些關鍵組成部分是，我們將進入25 年，擁有更強勁的D2C 趨勢、更新鮮的庫存組成、更優化的庫存水準。正如我剛才提到的，我們正在推動兩個品牌、所有地區、所有通路的新產品種類的銷售更加強勁。

In Europe, exciting to see that the targeted quality of sales action that we launched earlier this year already paying off. double-digit sell-through across both Tommy and Calvin in Europe, D2C and wholesale. North America, we're holding our own in a tough macro with a much improved profitability. APAC, we continue to deliver on our plans despite the setback in consumer sentiment we saw a few quarters ago. So this then coming into '25 with the investments behind the growth initiatives and continued efficiencies are giving us the confidence to set out to not only come back to growth for '25, but also then take another step towards the 15% target.

在歐洲，令人興奮的是我們今年稍早推出的有針對性的銷售行動品質已經得到回報。 Tommy 和 Calvin 在歐洲的 D2C 和批發銷售量都達到兩位數。在北美，我們在嚴峻的宏觀環境中保持了自己的地位，獲利能力也大大提高。在亞太地區，儘管幾個季度前消費者信心下降，但我們仍繼續實現我們的計劃。因此，進入 25 年，成長計畫背後的投資和持續的效率使我們有信心不僅要在 25 年恢復成長，而且還要向 15% 的目標再邁出一步。

But over to you, Zac.

但交給你了，札克。

Yes. Thanks, Stefan. So as you've covered sort of the early look around revenue, what we see, maybe I'll talk about the rest of the P&L a little. For gross margin, I think we -- following the large improvements over the last couple of years, which we do expect to retain, we do expect to transition to a model of more incremental changes now over this next cycle.

是的。謝謝，斯特凡。因此，當您已經介紹了我們所看到的收入的早期情況時，也許我會稍微談談損益表的其餘部分。對於毛利率，我認為，在過去幾年的大幅改進（我們確實希望保留這一點）之後，我們確實希望在下一個週期過渡到更多增量變化的模式。

I do think one point worth noting is that the first wave of G-III intake begins in 2025. While not having a material profit impact over time, the transition from that licensing revenue and gross margin to wholesale revenue and gross margin is a gross margin percent headwind in 2025 of approximately 50 basis points. So beyond that impact for gross margin, we are expecting a stronger second half than a first half as the traction of our two global brand Product Kitchen really gain momentum. And for SG&A next year, our work on the 20 to 30 basis points that we've communicated continues. That will begin to show up a little bit in the first half and then more powerfully as we move into the second half of the year.

我確實認為值得注意的一點是，第一波G-III 引入將於2025 年開始。的轉變是毛利率2025 年的逆風百分比約為 50 個基點。因此，除了對毛利率的影響之外，我們預計下半年會比上半年更強勁，因為我們的兩個全球品牌 Product Kitchen 的吸引力確實獲得了成長。對於明年的 SG&A，我們將繼續按照我們所傳達的 20 至 30 個基點進行工作。這種情況將在上半年開始出現一些，然後隨著進入下半年而變得更加強烈。

So the net of all of that while Stefan had said we're not providing full 2025 guidance, we do expect to take a step towards our long-term PVH+ Plan target of 15% next year. Sorry, I apologize. 200 to 300 basis points on the OpEx improvement. I just want to make sure we sort of cover that one off. We've talked about that one previously.

因此，儘管 Stefan 表示我們不會提供完整的 2025 年指導，但我們確實預計明年將朝著 15% 的長期 PVH+ 計劃目標邁出一步。對不起，我道歉。營運支出改善 200 至 300 個基點。我只是想確保我們能夠解決這個問題。我們之前已經討論過這個問題。

Michael Binetti, Evercore ISI.

邁克爾·比內蒂，Evercore ISI。

Could you help us double-click on the fourth quarter gross margin guidance for a second, down 200 basis points? I think you said Zac. Can you help us maybe size some of the puts and takes? And more importantly, help us isolate which ones are transitory roll off as we look past the calendar a little here in the first half to try to connect to some of your longer-term comments there? And then Stefan, I think bigger picture, you mentioned flywheel early in the call.

您能否幫助我們雙擊第四季毛利率指引，第二次下調 200 個基點？我想你說的是札克。您能幫我們確定一些看跌選擇權和索取金額嗎？更重要的是，幫助我們隔離哪些是暫時性的，因為我們在上半場回顧了日曆，並嘗試連接到您在那裡的一些長期評論？然後斯特凡，我想從更大的角度來看，你在電話會議的早期就提到了飛輪。

Interesting to hear a flagship opening for Calvin Klein and SoHo. When we hear flywheel, we think about share gains or businesses outgrowing the category, gross margin drivers from new initiatives and then reinvesting at a high level. Could you help us think through where you are in the evolution of the brands as you look at important investments like a flagship in SoHo? What are some of the important investments that you think will put your brands on that flywheel next year?

很高興聽到 Calvin Klein 和 SoHo 的旗艦店開業。當我們聽到飛輪時，我們會想到份額收益或業務超出該類別、新舉措帶來的毛利率驅動因素，然後進行高水準的再投資。當您考慮諸如 SoHo 旗艦店之類的重要投資時，您能否幫助我們思考一下您在品牌演變中的位置？您認為明年哪些重要投資將使您的品牌飛上飛輪？

Yes. Thank you, Michael. Maybe I'll start on that one. I think for gross margin, we had another strong 3Q, up 170 basis points, about half of that from DTC mix and our quality of sales work and about half from product cost improvements. that we've now fully anniversaried some of those larger macro cost reductions at the end of third quarter.

是的。謝謝你，麥可。也許我會從那一個開始。我認為就毛利率而言，我們在第三季度再次表現強勁，增長了 170 個基點，其中大約一半來自 DTC 組合和我們的銷售工作質量，大約一半來自產品成本改進。我們現在已經在第三季末完成了一些較大的宏觀成本削減的周年紀念日。

That was a little better than expected as our mix of North America wholesale shipments delivered higher gross margin percent, although that didn't really impact profitability. Now to 4Q specifically, gross margin percent is coming in lower than we had planned earlier this year. And as we said earlier, down 200 basis points compared to last year. Three main drivers of that. The first, as we mentioned in the prepared remarks, we saw a more promotional holiday season here in the U.S.

這比預期要好一些，因為我們的北美批發發貨組合帶來了更高的毛利率，儘管這並沒有真正影響獲利能力。具體到第四季度，毛利率將低於我們今年稍早的計畫。正如我們之前所說，與去年相比下降了 200 個基點。三個主要驅動因素。首先，正如我們在準備好的演講中提到的，我們在美國看到了更多的促銷假期。

with a shorter period between Thanksgiving and Christmas, kicking off Black Friday started much earlier, and we see that carrying through for the rest of the quarter. We see that impact as approximately 80 basis points of that. Second, we are forecasting some modest freight increases in 4Q as we're working through some temporary supply chain disruptions in a couple of our key locations. and some lingering Red Sea impact. We see that as around 40 basis points approximately.

由於感恩節和聖誕節之間的時間較短，黑色星期五的開始時間要早得多，我們看到這種情況會持續到本季度的剩餘時間。我們認為該影響約為 80 個基點。其次，我們預計第四季度的貨運量將小幅成長，因為我們正在努力解決幾個關鍵地點的一些臨時供應鏈中斷問題。以及一些揮之不去的紅海影響。我們認為該數字約為 40 個基點左右。

And then lastly, as I just mentioned on 3Q, with our North America wholesale mix being higher from a gross margin, the timing effect of that rolls back out in 4Q. So we see that negative impact from gross margin of around 60 basis points, but again, no profit impact to that. So most of the 4Q impact that we're seeing here, it's predominantly transitory is how we would describe that. And so maybe then, Stefan, I'll turn it over to you.

最後，正如我剛剛在第三季度提到的，由於我們的北美批發組合的毛利率較高，其時間效應將在第四季度回滾。因此，我們看到毛利率產生約 60 個基點的負面影響，但同樣，這對利潤沒有影響。因此，我們在這裡看到的大多數第四季度影響，我們將如何描述它主要是暫時的。所以，Stefan，也許我會把它交給你。

Yes, absolutely. And before we -- or part of the flywheel in terms of the gross margin. So if you start -- if we take a step back on gross margin and look at where we started when we set out the PVH+ Plan and where we are now, we have improved gross margin with close to 300 basis points. And in 2024 alone, we increased gross margin with 120 basis points. So when it comes to the bigger picture and connecting to that flywheel is we are super disciplined on keeping the direction of the PVH+ Plan and quarter-by-quarter in a systematic, repeatable way, improve our execution power.

是的，絕對是。而之前我們——就毛利率而言還是飛輪的一部分。因此，如果我們在毛利率上退後一步，看看我們制定 PVH+ 計劃時的起點以及現在的情況，我們的毛利率將提高近 300 個基點。光是 2024 年，我們的毛利率就增加了 120 個基點。因此，當涉及到更大的前景並連接到飛輪時，我們非常自律地保持 PVH+ 計劃的方向，並以系統化、可重複的方式逐季度提高我們的執行力。

So to come back to your flywheel question, what that really is, is we have these incredibly iconic and globally beloved brands. And what we're doing is to go back to the DNA of each of those brands, Calvin Klein and Tommy Hilfiger and make them current in everything we do. So the flywheel starts with the product, the consumer seeing the product getting stronger, leaning into key categories, leaning into innovation in hero products, adding newness, and that leads to the double-digit sell-through improvements for fall '24. That's why that is such an exciting building block.

回到你的飛輪問題，這到底是什麼，我們擁有這些令人難以置信的標誌性和全球喜愛的品牌。我們正在做的就是回歸 Calvin Klein 和 Tommy Hilfiger 這些品牌的 DNA，並讓它們融入我們所做的一切。因此，飛輪從產品開始，消費者看到產品變得越來越強大，傾向於關鍵類別，傾向於英雄產品的創新，增加新鮮感，這導致 24 年秋季銷售額實現兩位數的成長。這就是為什麼這是一個如此令人興奮的構建塊。

Then the next building block is to drive the consumer engagement, the cut-through campaigns, the fashion shows. So if you look at Tommy Hilfiger, it's quite outstanding actually what Tommy was able to do. Second time now we are back in a systematic, repeatable way. We come back to New York Fashion Week. And we take -- Tommy took half of New York Fashion Week's total earned media value went to Tommy Hilfiger, 2x the closest competitor.

那麼下一個基石就是推動消費者參與、貫穿式行銷活動和時裝秀。因此，如果你看看 Tommy Hilfiger，你會發現 Tommy 所做的事情實際上非常出色。現在我們第二次以系統化的、可重複的方式回來了。我們回到紐約時裝週。我們認為，湯米 (Tommy) 佔據了紐約時裝週總媒體價值的一半，屬於湯米·希爾費格 (Tommy Hilfiger)，是最接近的競爭對手的兩倍。

And then if you look at Tommy's Fashion Week impact on a global scene, all fashion weeks, Tommy plays second, including all the luxury brands. It just shows the potential of we're building those building blocks, the product here it comes to consumer engagement. And then in the marketplace execution, our wholesale execution, our store execution. And it's the consumer starting to see these are the brands I always loved and they feel more and more current. I love the products more.

然後，如果你看看 Tommy 時裝週對全球舞台的影響，在所有時裝周中，Tommy 都位居第二，包括所有奢侈品牌。它只是顯示了我們正在建立這些建構模組的潛力，這裡的產品涉及消費者參與。然後是市場執行、批發執行、商店執行。消費者開始看到這些是我一直喜歡的品牌，而且它們感覺越來越流行。我比較喜歡這些產品。

I engage more with the consumer engagement. I shop them more. And that then builds that flywheel. So we are starting to put the building blocks in place to then start to turn it. And then you supercharge that by the building out of the data and demand-driven supply chain and having less inventory in relation to demand.

我更參與消費者的參與。我買的更多。然後就建造了飛輪。因此，我們開始將構建塊放置到位，然後開始轉動它。然後，您可以透過建立數據和需求驅動的供應鏈並減少與需求相關的庫存來增強這一點。

We optimize that, the way we plan the assortment, the way we buy it, the way we allocate it. So again, starting to put that building block in place and then investing behind it and continuously driving efficiencies. So that's -- but it starts and end with that consumer flywheel around the existing love that already exists for our brands and tapping more into that, we're driving relevance in everything we do.

我們優化它，我們計劃品種的方式，我們購買的方式，我們分配的方式。再次強調，開始將建置模組落實到位，然後對其進行投資並不斷提高效率。所以，這就是——但它的開始和結束都是圍繞著消費者對我們品牌已有的熱愛的飛輪，並進一步利用它，我們正在推動我們所做的一切的相關性。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

I'm hoping you just elaborate a little bit on inventory. I think you said you're making some -- you brought some stuff in early. You made some investment in your most essential products. Can you just talk about the impact of that on fourth quarter and sort of the -- when you talk about essential products, like what does that mean and being in stock 95% of the time, like how does that help the business? And why did you make those changes?

我希望你能詳細說明一下庫存問題。我想你說過你正在做一些事——你很早就帶來了一些東西。您對最重要的產品進行了一些投資。你能談談這對第四季的影響嗎？為什麼要做出這些改變？

Thanks, Jay. Inventory, really important for us. And when we are on plan now starting off the holiday, we also have a better inventory composition than what we had last year. So that means that we have more new inventory and less old. And we are also continuously calibrating the inventory levels needed to optimize the profitable sell-through.

謝謝，傑伊。庫存，對我們來說非常重要。當我們現在按計劃開始假期時，我們的庫存組成也比去年更好。這意味著我們有更多的新庫存，更少的舊庫存。我們也不斷調整優化獲利銷售所需的庫存水準。

And you'll see that we have more inventory than last year, but we have less in absolute terms, but we have less inventory in relation to sales. We're double digit, as Zac mentioned, less inventory relating to sales this year than last year. And coming back to your -- going more into the details of the never out-of-stock products, our style icons like our Oxford shirts at Tommy or our Polo shirts or our most iconic underwear in Calvin Klein, our ambition is to have them at least 95% in stock. So on this journey to driving inventory in relation to stock down, we realized midyear that we need to make sure that in the icons that we don't -- that we keep that 95% in-stock level.

你會看到我們的庫存比去年更多，但絕對數量較少，但與銷售相關的庫存較少。正如扎克所提到的，今年與銷售相關的庫存比去年少了兩位數。回到你的話題——更專注於永不缺貨的產品的細節，我們的時尚偶像，例如 Tommy 的牛津襯衫、Polo 衫或 Calvin Klein 最具標誌性的內衣，我們的目標是擁有它們至少95%有庫存。因此，在推動庫存下降的過程中，我們在年中意識到，我們需要確保在圖標中我們不會這樣做——我們保持 95% 的庫存水準。

So what you will see is that increasingly when we lean into this data and demand-driven supply chain, we'll continue to adjust and optimize. But given where we are right now, better composition, better levels, so very well positioned to transition now from finishing holiday and then going into spring.

所以你會看到的是，當我們越來越依賴這個數據和需求驅動的供應鏈時，我們將繼續調整和優化。但考慮到我們現在所處的位置，更好的構圖，更好的水平，所以現在非常有能力從假期結束過渡到春天。

Bob Drbul, Guggenheim.

鮑勃·德布爾，古根漢。

Just two questions. The first one is progress in North America. Can you just give us an update sort of where you are on that trajectory and how you see things materializing? And then just following the inventory question, can you just talk more about with the promotional activity in North America, just how you think inventories are at retail?

只有兩個問題。第一個是北美的進展。您能否向我們介紹一下您目前的進展以及您如何看待事情的實現？那麼接下來的庫存問題，您能否多談談北美的促銷活動，您認為零售庫存狀況如何？

Yes. Thanks, Bob. So let's start with our performance in North America, where you have seen we have made significant improvements, significantly strengthened the execution of Calvin and Tommy in North America over the past 2 years. So this quarter, we held our own in a tough macro, tough consumer backdrop. It's our fifth consecutive quarter of double-digit EBIT growth.

是的。謝謝，鮑伯。讓我們從我們在北美的表現開始，您已經看到我們在過去兩年中取得了重大改進，顯著加強了 Calvin 和 Tommy 在北美的執行力。因此，本季度，我們在嚴峻的宏觀和消費者背景下保持了自己的地位。這是我們連續第五個季度達到兩位數的息稅前利潤成長。

We continue to execute really well across both brands. You see it in D2C with more full price, less clearance. You see even when the traffic is challenged from the tougher macro, increased conversion, strong e-commerce growth. And for the year, we are seeing wholesale up low single digits. So when we look out for 2025, we see that we'll continue to just build strength in the execution.

我們在這兩個品牌上繼續表現出色。你可以在 D2C 看到它，全價更多，清倉更少。即使流量受到更嚴峻的宏觀形勢、轉換率的提高和電子商務強勁成長的挑戰，你也會看到。今年，我們看到批發量增加了低個位數。因此，當我們展望 2025 年時，我們將繼續增強執行力。

And we see -- when we look at the consumer research in North America, we see how strong our brands are with the North America consumers. So it's just that PVH+ focus next level coming into 2025.

我們看到，當我們查看北美的消費者研究時，我們看到我們的品牌在北美消費者中的影響力有多大。因此，PVH+ 的重點將在 2025 年進入新的階段。

Yes. Sorry, promotional pressure -- sorry, promotional pressure. Thank you, Zac. Holiday. So the biggest shift, Bob, that we have seen in the holiday is that it started earlier this year.

是的。抱歉，促銷壓力－抱歉，促銷壓力。謝謝你，扎克。假期。因此，鮑勃，我們在假期中看到的最大轉變是今年早些時候開始的。

So there were a lot of calendar shifts this year versus last year, and that led the sector, the whole industry got early. And then the consumer started early with the holiday shopping, and that led to the holiday promotion starting early, and that's increased the promotional pressure.

因此，今年與去年相比發生了很多日曆變化，這引領了該行業，整個行業都提前了。然後消費者提前開始節日購物，導致節日促銷提前開始，從而增加了促銷壓力。

When we look at the -- coming back to inventory in relation to promotions, we are having less inventory in relation to sales and more fresh inventory. So we feel good about it.

當我們回顧與促銷相關的庫存時，我們的銷售庫存減少了，而新鮮庫存增加了。所以我們對此感覺良好。

Ike Boruchow, Wells Fargo.

艾克·博魯喬（Ike Boruchow），富國銀行。

A couple of questions for me, mainly on the licensing impact for next year. Just at a high level, maybe Stefan, to start, just how has that transition been working? Has the foundation been fully laid out to begin taking those categories in? Is there any more cost? Just kind of curious there at a high level.

我有幾個問題，主要是關於明年的許可影響。從較高的層面來看，也許是斯特凡，首先，這種轉變是如何進行的？開始納入這些類別的基礎是否已完全奠定？還有什麼費用嗎？只是對高層感到好奇。

And then maybe this is for Zac, two follow-ups. Can you give context for how much revenue from that business should hit next year? And then what is left over to hit the P&L in '26?

也許這是札克的兩個後續作品。您能否說明明年該業務的收入應達到多少？那麼 26 年還剩下什麼來影響損益呢？

And then I'm sorry, the last question is, when you mentioned modest growth for next year in constant currency, I'm just curious, is that organically and with the licenses? Or is that really just a function of the licenses benefiting?

然後我很抱歉，最後一個問題是，當您提到明年按固定匯率計算的適度增長時，我只是很好奇，這是有機的並且有許可證嗎？或者這真的只是許可證受益的功能嗎？

Yes. Thanks, Ike. Let me start by sharing why we are bringing back our women's product in-house in North America. So bringing back control of our women's product assortment in North America is an important part of securing our long-term strength and competitiveness for both our brands in the market. So as a reminder, we already operate women's in all other regions of the world and being able to improve product execution, sourcing, distribution, pricing, being in control and being able to improve that it's all needed to win with the consumer and our partners to drive long-term brand accretive sales growth in the market.

是的。謝謝，艾克。首先讓我分享為什麼我們將女性產品帶回北美。因此，重新掌控我們在北美的女裝產品種類是確保我們兩個品牌在市場上的長期實力和競爭力的重要組成部分。提醒一下，我們已經在世界其他地區經營女裝，並且能夠改善產品執行、採購、分銷、定價、控制和改進，這都是贏得消費者和我們的合作夥伴所需要的推動市場長期品牌增值銷售增長。

So that's the strategic rationale. That's why we do it. With respect to the takeback and where we are, we are on plan on the preparations, and we're in the beginning of this multiyear process. So a transition -- a big transition like this is always complex work. And that's why we laid it out over multiple years, where we step-by-step take our North America women's business back and then together with our partners, build them for long-term sustainable growth.

這就是戰略理由。這就是我們這樣做的原因。關於回收和我們所處的位置，我們正在計劃準備工作，而我們正處於這個多年進程的開始。因此，像這樣的重大轉變總是一項複雜的工作。這就是為什麼我們多年來一直在佈局，逐步奪回北美女性業務，然後與我們的合作夥伴一起打造該業務，以實現長期可持續增長。

And coming back to the consumer and the consumer perception in North America, that the incredible strength we have in men's for both Calvin and Tommy and the big opportunity we have in women's in their lies the big long-term value-creating opportunity that we are going after.

回到北美的消費者和消費者認知，我們在男裝領域對 Calvin 和 Tommy 擁有令人難以置信的優勢，而我們在女裝領域擁有巨大的機會，這就是我們創造長期價值的巨大機會。

And I think, Ike, to your second question, we've said approximately 20% of the licensing, the women's wholesale licensing portfolio will come back in 2025 as part of that first wave. We've not communicated hard dollars on that yet. We'll be in a better position to be able to talk about that next quarter as by then, we'll actually be selling in and have more tangible progress to be able to report. So we'll cover that next quarter. I think for 2025, to your point, I mean, we're focused squarely on a return to organic growth.

艾克，我認為，對於你的第二個問題，我們已經說過，大約 20% 的許可（女裝批發許可組合）將作為第一波浪潮的一部分在 2025 年回歸。我們還沒有就此傳達硬通貨。我們將能夠更好地談論下個季度的情況，因為到那時，我們實際上將進行銷售，並有更切實的進展可以報告。我們將在下個季度介紹這一點。我認為到 2025 年，就你的觀點而言，我們的重點是恢復有機成長。

That's where our focus is. We know that the licensing transition will have an impact on the P&L, and we'll work through to unpack that for everybody. But as we talk about next year and where we think we're pointed towards, we really are focused on that idea of a return to organic growth.

這就是我們的重點。我們知道許可過渡將對損益表產生影響，我們將努力為每個人解開這個問題。但當我們談論明年以及我們認為我們的目標時，我們真正關注的是回歸有機成長的想法。

This does conclude the question-and-answer session. I would now like to turn the call back to Stefan for closing remarks.

問答環節到此結束。現在我想將電話轉回給斯特凡，讓他發表結束語。

All right. So thank you very much for being with us going through our Q3 performance. As we always end these calls is that we are on a multiyear journey to tap into the full potential of our incredible brands, and we look forward to continuing the conversation in the new year, wishing everybody a great holiday and speak soon.

好的。非常感謝您與我們一起回顧第三季的表現。我們總是結束這些電話，因為我們正在進行多年的旅程，以挖掘我們令人難以置信的品牌的全部潛力，我們期待在新的一年裡繼續對話，祝愿每個人都有一個愉快的假期並儘快發言。

Thank you. This does conclude the PVH Third Quarter 2024 Earnings Conference Call. Thank you for your participation. You may disconnect your line at this time, and have a wonderful day.

謝謝。 PVH 2024 年第三季財報電話會議至此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。