PVH Corp (PVH) 2025 Q1 法說會逐字稿

Good morning, everyone, and welcome to today's PVH first-quarter 2025 earnings conference call. (Operator Instructions) Please note, this call may be recorded, and that I will be standing by, should you require any assistance. It is now my pleasure to turn today's program over to Sheryl Freeman, Senior Vice President of Investor Relations. Please go ahead, ma'am.

大家早安，歡迎參加今天的 PVH 2025 年第一季財報電話會議。（操作員指示）請注意，此通話可能會被錄音，如果您需要任何協助，我將隨時待命。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，女士。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp first-quarter 2025 earnings conference call. Leading the call today will be Stefan Larsson, Chief Executive Officer; and Zac Coughlin, Chief Financial Officer.

謝謝您，接線生。大家早安，歡迎參加 PVH Corp 2025 年第一季財報電話會議。今天的電話會議主持人是執行長 Stefan Larsson 和財務長 Zac Coughlin。

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

本次網路直播電話會議由 PVH 代表錄製，並包含受版權保護的資料。未經 PVH 書面許可，不得錄製、轉播或以其他方式傳播。您的參與即表示您同意您所說的任何內容出現在本次通話的任何記錄或重播中。

The information to be discussed includes forward-looking statements that reflect PVH's view as of June 4, 2025 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.

所要討論的資訊包括前瞻性陳述，反映了 PVH 截至 2025 年 6 月 4 日對未來事件和財務表現的看法。這些聲明受到公司美國證券交易委員會 (SEC) 文件以及本次電話會議所涉新聞稿中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 intention, and the company's ability to realize anticipated benefits and savings from divestitures, restructurings, and similar plans such as the headcount cost reduction initiative announced in August 2022, the 2021 sale of assets of, 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 multi-year initiative to simplify its operating model.

這些包括 PVH 改變其策略、目標、期望和意圖的權利，以及公司從資產剝離、重組和類似計劃中實現預期收益和節省的能力，例如 2022 年 8 月宣布的員工成本削減計劃、2021 年出售其 Heritage Brands 男裝和零售業務的資產並退出、2023 年 11 月出售 Brands 男裝業務以及其當前簡化營運模式的多年計劃。

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 first-quarter 2025 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，所討論的財務資訊和預測將以美國證券交易委員會規則定義的非公認會計準則為基礎。PVH 2025 年第一季財報中包含了與 GAAP 金額的對賬，您可以在 www.pvh.com 上找到該報告，也可以在公司向美國證券交易委員會提交的與該報告相關的 8-K 表格當前報告中找到。

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

現在，我很高興將會議交給史蒂芬·拉爾森 (Stefan Larsson)。

Thank you, Sheryl, and good morning everyone, and thank you for joining our call today. I want to start by thanking our Calvin, Tommy, and PVH teams around the world for their hard work this quarter as we delivered on our plan.

謝謝你，謝麗爾，大家早安，謝謝你今天參加我們的電話會議。首先，我要感謝我們遍佈全球的 Calvin、Tommy 和 PVH 團隊，感謝他們本季的辛勤工作，幫助我們實現計劃。

Driven by our discipline execution of the PVH+ Plan we grew revenue 2% above our guidance, and we delivered stronger than expected non-GAAP EPS, also above our guidance, and we remain on track to drive revenue growth for the full year. In line with guidance, total direct to consumer revenue was down approximately 3%, with e-commerce up 3%.

在嚴格執行 PVH+ 計畫的推動下，我們的營收成長了 2%，超出了預期，非 GAAP 每股盈餘也高於預期，我們仍有望推動全年營收成長。根據預期，直接面向消費者的總收入下降約 3%，而電子商務收入則成長 3%。

We grew wholesale revenue mid-single digits and benefited from earlier shipments, as well as the intake and re-launch of the Calvin Klein women's sportswear and jeans businesses in North America. Since we last spoke, we have seen an increasingly tough macro environment. While we have to recognize this evolved backdrop, all our focus is on what's within our control to strengthen and expand the impact of our own PVH+ actions.

我們的批發收入成長了中等個位數，受益於早期的出貨量，以及北美 Calvin Klein 女士運動服和牛仔褲業務的收購和重新啟動。自從我們上次談話以來，我們看到宏觀環境日益嚴峻。雖然我們必須認識到這種演變的背景，但我們所有的注意力都集中在我們能夠控制的事情上，以加強和擴大我們自己的 PVH+ 行動的影響。

And in moments like this, when the external factors get worse, it's the time to sharpen our focus, get even closer to the consumers, and expand our execution. Based on this, I'll directly go into sharing the concrete examples of what actions we took that drove our performance in Q1 and then briefly cover our outlook. I'll then finish with covering the specific actions we will drive in the back half, that are fully in our control and are geared to move the needle.

在這樣的時刻，當外在因素變得更糟時，我們需要更加集中註意力，更加貼近消費者，擴大我們的執行力。基於此，我將直接分享我們採取的行動推動第一季業績的具體例子，然後簡要介紹我們的展望。最後，我將介紹我們在後半部將採取的具體行動，這些行動完全在我們的掌控之中，並將推動事態發展。

For Q1 drivers, I'll start with Calvin Klein. The world of underwear and jeans is a significant portion of Calvin's global revenues, and when we spoke last, we had just launched our most innovative product franchise so far, the Icon Cotton Stretch underwear for men with a viral cut through campaign featuring Bad Bunny. It was built on a unique product innovation rooted in our biggest product category and was complemented by very strong product marketing activations that drove traffic to stores and boosted conversion.

對於 Q1 驅動因素，我將從 Calvin Klein 開始。內衣和牛仔褲業務佔 Calvin 全球收入的很大一部分，上次我們談話時，我們剛剛推出了迄今為止最具創新性的產品系列，即 Icon Cotton Stretch 男士內衣，並開展了以 Bad Bunny 為主角的病毒式營銷活動。它建立在我們最大的產品類別的獨特產品創新之上，並輔以非常強大的產品行銷活動，從而吸引了商店流量並提高了轉換率。

This full funnel approach drove a 25% increase in combined sales of Icon Cotton Stretch and Cotton Stretch stands globally. It's one very powerful example of where we are leaning into our core strength, aligning all the pieces of the PVH+ Plan from brand, product, and marketing all the way to marketplace execution, then we really cut through.

這種全方位的通路方法推動了 Icon Cotton Stretch 和 Cotton Stretch 支架的全球總銷量成長了 25%。這是一個非常有力的例子，說明我們依靠我們的核心優勢，將 PVH+ 計劃的所有部分（從品牌、產品和行銷一直到市場執行）協調起來，然後我們真正取得了突破。

Another key product category for Calvin is denim. In Q1, we put a lot of innovation into our iconic fashion denim offering, expanding fits, washes, and designs to be hyper relevant. And through these actions we grew that part of the assortment 14% in the quarter.

卡爾文的另一個主要產品類別是牛仔布。在第一季度，我們對標誌性時尚牛仔產品進行了大量創新，擴大了款式、洗滌和設計，使其更加貼合實際。透過這些舉措，我們在本季將該部分產品組合成長了 14%。

Today we see a big difference in performance between where we have strategically leaned in to innovate and where we have yet to do so, and in the back half of this year we will accelerate the impact of these kinds of initiatives to cover a bigger part of the total assortment.

今天，我們看到，在策略上傾向於創新的領域和尚未創新的領域之間，業績存在巨大差異，今年下半年，我們將加速此類舉措的影響，以覆蓋整個產品系列的更大一部分。

In addition to the strategic growth initiatives in the main lines, we kicked off the year with Calvin Klein's return to runway, which dominated the New York Fashion Week conversations and plays an important role in creating a strong halo for the brand. Top tier talent including Dua Lipa, Alexander Skarsgsard, and Pedro Pascal, were styling collection looks at cultural defining moments in the season, like most recently at the Cannes Film Festival.

除了主線產品的策略性成長舉措外，我們還以 Calvin Klein 重返 T 台拉開了新的一年的序幕，這主導了紐約時裝週的討論，並在為品牌打造強大光環方面發揮了重要作用。杜阿·利帕 (Dua Lipa)、亞歷山大·斯卡斯加德 (Alexander Skarsgsard) 和佩德羅·帕斯卡 (Pedro Pascal) 等頂級明星為本季的文化標誌性時刻打造時尚系列，例如最近的坎城影展。

Turning to Tommy, similar to Calvin, what we see in Tommy from a product perspective is that where we innovate and put fashion into our iconic styles, whether it's garment tied linen shirts or an evolution of our monogrammed t-shirts, or when we add seasonal relevance to our iconic cable knit sweaters for men's and women's, we drive much stronger performance.

談到 Tommy，與 Calvin 類似，從產品角度來看，我們在 Tommy 中看到的是，我們不斷創新並將時尚融入我們的標誌性款式中，無論是服裝繫帶亞麻襯衫還是字母 T 恤的演變，或者當我們為男女標誌性的粗針織毛衣添加季節性相關性時，我們都會獲得更強勁的業績。

We built our most recent summer lifestyle campaign, Hilfiger Resort, on this learning, where the product is iconic Tommy made current through an infusion of seasonal relevance, amplified by some of our best performing talent, including Patrick Schwarzenegger and Madelyn Cline.

我們根據這一經驗，設計了最新的夏季生活方式活動 Hilfiger Resort，其中的產品是 Tommy 的標誌性產品，透過注入季節相關性使其與時俱進，並由我們一些最優秀的表演人才（包括帕特里克·施瓦辛格和瑪德琳·克萊恩）加以放大。

Earlier this spring, Tommy also launched two new collections, a women's collection with Sofia Richie Grange and the Hilfiger Sailing Collection as part of our partnership with SailGP. Both collections were showcased across all key platforms and channels.

今年春季早些時候，Tommy 還推出了兩個新系列，一個是與 Sofia Richie Grange 合作的女裝系列，另一個是與 SailGP 合作推出的 Hilfiger 帆船系列。這兩個系列均在所有主要平台和管道上展出。

And going forward, you will continue to see these kind of seasonal collections and new takes on Tommy's iconic style, always playing back to our biggest businesses and biggest categories and activated in our key wholesale doors and stores globally.

展望未來，您將繼續看到此類季節性系列和對 Tommy 標誌性風格的新詮釋，始終圍繞著我們最大的業務和最大的類別，並在我們全球的主要批發門店和商店中推出。

Finally, on the brand side, Tommy delivered breakthrough fashion attainment at the Met Gala. Actor Damson Idris drove up to the Met steps in the race car from the highly anticipated film F1, wearing a custom Tommy Hilfiger race suit before dramatically revealing a red Tommy tuxedo to walk the red carpet. It became one of the most talked about entrances, both in global headlines and in social media, and it captured Tommy's iconic style and cultural relevance.

最後，在品牌方面，Tommy 在 Met Gala 上展現了突破性的時尚成就。演員達姆森伊德瑞斯駕駛著備受期待的電影《F1》中的賽車來到大都會博物館台階，身穿定制的 Tommy Hilfiger 賽車服，然後戲劇性地展示一件紅色的 Tommy 燕尾服走上紅地毯。無論是在全球頭條新聞還是社交媒體上，它都成為最受關注的入場方式之一，並體現了湯米的標誌性風格和文化相關性。

Now let me turn to our regional performance, starting with Europe. We kept strengthening our strong brand position in the region with overall revenue increasing mid-single digits in line with our plan and driven by growth in both D2C and wholesale.

現在讓我來談談我們的地區表現，首先從歐洲開始。我們不斷加強我們在該地區的強大品牌地位，整體收入按照我們的計劃實現了中等個位數增長，並受到 D2C 和批發業務增長的推動。

Importantly, as planned, total D2C turned to growth in the quarter, increasing low single digits, and we delivered our third consecutive quarter of store growth. Despite the continued muted consumer backdrop, we drove better conversion across the region with particular strength in the big consumer moments.

重要的是，按照計劃，本季 D2C 總量轉為成長，成長率低於個位數，我們連續第三個季度實現了門市成長。儘管消費市場持續低迷，我們仍然在重要的消費時刻發揮了特別大的作用，推動了整個地區的轉換率提高。

At wholesale, we delivered mid-single digit growth driven by the sequential improvements in order books for the Spring '25 season compared to fall '24. We also benefited from earlier spring and summer product shipments compared to the same quarter last year.

在批發方面，我們實現了中等個位數成長，這得益於 25 年春季訂單量與 24 年秋季相比連續改善。與去年同期相比，我們也受惠於春季和夏季產品出貨量的提前。

And as we shared previously, our full order book in Europe finalized up low single digits versus the prior year, reflecting the strong execution from our teams to improve the overall assortment and the successful quality of sales initiatives we took last year.

正如我們之前所分享的，我們在歐洲的全部訂單與上年相比增長了個位數，這反映了我們團隊為改善整體產品組合而採取的強大執行力以及我們去年採取的銷售舉措的成功質量。

In the Americas, our team continued to lean in to the next level execution of the PVH+ Plan as we work to unlock the full growth potential of both brands and once again delivered a double digit EBIT margin. This is a big improvement from when we first launched the PVH+ Plan.

在美洲，我們的團隊繼續致力於 PVH+ 計劃的下一階段執行，努力釋放兩個品牌的全部成長潛力，並再次實現了兩位數的息稅前利潤率。這與我們首次推出 PVH+ 計劃相比有了很大的進步。

Overall revenue increased high single digits above our plan, driven by earlier wholesale shipments and supported by the relaunch of the women's sportswear and jeans business at US wholesale following the take back of this license.

整體收入比我們的計劃高出個位數增長，這得益於早期批發出貨量以及在收回該許可證後美國批發公司重新啟動女士運動服和牛仔褲業務的支持。

D2C store revenue in the quarter declined on lower traffic, although conversion continued to improve and we grew e-commerce mid-teens, where we delivered strong spring fashion newness, we drove strong growth which for Tommy was led by newness in sweaters, linen fabrications, and fashion tees, and in Calvin, the men's new icon cotton stretch underwear and fashion denim.

本季度，D2C 商店收入因客流量減少而下降，但轉換率持續提高，電子商務也實現了十幾倍的成長，我們提供了強勁的春季時尚新品，推動了強勁增長，對於 Tommy 來說，這主要得益於毛衣、亞麻製品和時尚 T 恤的新品，而對於 Calvin 來說，則得益於男士穿著牛仔布彈力。

Across both brands, we continue to drive strong performance in e-commerce with higher traffic and higher average order value. Within wholesale, we launched Calvin Klein women's sportswear in Macy's in over 150 doors, supported by a special marketing campaign, and we invested in building out a new shopping experience.

在這兩個品牌中，我們持續在電子商務領域取得強勁表現，流量和平均訂單價值均有所提升。在批發方面，我們在梅西百貨的 150 多家門市推出了 Calvin Klein 女士運動服，並開展了特別行銷活動，同時我們也投資打造了全新的購物體驗。

Moving on to Asia Pacific, revenues declined low teens on a reported basis and low double digits in constant currency due to weaker consumer confidence and the earlier timing shift of Lunar New Year into the last quarter.

再來看亞太地區，由於消費者信心減弱以及農曆新年提前至最後一個季度，報告收入下降了百分之十幾，而按固定匯率計算則下降了百分之十幾。

While we delivered e-commerce growth in constant currency, overall performance was more than offset by declines in stores and wholesales. As we shared last quarter starting in February, we began to face incrementally tougher headwinds in China, which have since continued, while we're optimistic about the opportunities to grow our brands in the regions, we are realistic about the continued headwinds from a challenged backdrop, particularly in China.

雖然我們以固定匯率計算實現了電子商務的成長，但整體業績卻被商店和批發業務的下滑所抵消。正如我們在上個季度分享的那樣，從二月開始，我們開始在中國面臨越來越嚴峻的逆風，這種逆風一直持續下去，雖然我們對在各地區發展我們品牌的機會感到樂觀，但我們對充滿挑戰的背景（尤其是在中國）帶來的持續逆風持現實態度。

In this backdrop, we continue to drive product innovation across outerwear, sweaters, polos, and denim, and our strong brand ambassadors, including Mingyu, Jisoo, Stray Kids demonstrated our continued ability to amplify with global talent, to excite consumers and remain strong in key consumer shopping moments.

在此背景下，我們繼續推動外套、毛衣、polo 衫和牛仔布的產品創新，我們強大的品牌大使，包括 Mingyu、Jisoo、Stray Kids，展示了我們繼續利用全球人才擴大規模、激發消費者興趣並在關鍵消費者購物時刻保持強勢的能力。

Turning to inventory, and the build out of our demand-driven supply chain. For the start of the year, we built up and evolved our never out of stock program of core essentials. We did this as a deliberate effort after multiple seasons of being too low in these products and often missing sales. At the same time, Q1 started with lower than expected demand for basics and essentials.

轉向庫存，以及建立我們的需求驅動的供應鏈。今年年初，我們建立並發展了永不缺貨的核心必需品計劃。由於這些產品連續多個季度銷售過低且經常銷售不佳，所以我們特意採取了這項措施。同時，第一季開始時對基本生活必需品的需求低於預期。

This has led to us leaving the first quarter with higher levels of inventory, and as part of our demand-driven supply chain, we have adjusted future buys which will align inventory levels to current demand trends in the back half of the year. This is high quality, fresh inventory of core essentials that we will keep adjusting over time based on demand.

這導致我們在第一季擁有更高的庫存水平，並且作為我們需求驅動的供應鏈的一部分，我們調整了未來的採購，以使庫存水準與下半年的當前需求趨勢保持一致。這是高品質、新鮮的核心必需品庫存，我們將根據需求不斷進行調整。

On the licensing front, as we discussed last quarter, we have a large and diversified global licensing business, which is a key competitive advantage for us. Our licensing partners help bring our vision to life across multiple complementary categories where they are experts, from watches and fragrances to eyewear, and they're critically important to how we drive sustainable, profitable growth through the PVH+ Plan.

在授權方面，正如我們上個季度所討論的，我們擁有龐大且多樣化的全球授權業務，這是我們的一個關鍵競爭優勢。我們的授權合作夥伴幫助我們在多個互補類別中實現願景，他們是這些類別的專家，從手錶和香水到眼鏡，他們對我們如何透過 PVH+ 計劃推動可持續的盈利增長至關重要。

In the first quarter for Women's North America wholesale, as planned, we took back the Calvin Klein sportswear and jeans licenses, which are key to our lifestyle expression. And for Spring '26, we will take back our Tommy sportswear license.

在北美女裝批發第一季度，我們按照計劃收回了 Calvin Klein 運動服和牛仔褲的許可，這些都是我們生活方式表達的關鍵。2026 年春季，我們將重新獲得 Tommy 運動服裝許可證。

Included in the licenses we're taking back are specialized wholesale category businesses like outerwear which are presented outside of our brand specific lifestyle pads, often on a dedicated section of the store. And this week for one of these specialized categories we've entered into a new licensing agreement for men's and women's outerwear with an expected launch in Spring '26.

我們收回的許可證包括專門的批發類別業務，例如外套，這些業務在我們品牌特定的生活方式區之外展示，通常在商店的專門區域展示。本週，我們針對其中一個專業類別簽訂了新的男女外套許可協議，預計將於 2026 年春季推出。

As I mentioned, any new licensing partner we complement our assortment with their specific expertise and be fully aligned with our brand directions. As a reminder, the overall contribution to our total global licensing business from the G-III license takeback is only 20% of our expected licensing revenues for 2025, and 80% of our licensing revenues are from long-term brand building partnerships that we're growing together.

正如我所提到的，任何新的授權合作夥伴，我們都會利用他們的專業知識來補充我們的產品組合，並與我們的品牌方向完全保持一致。提醒一下，G-III 授權回收對我們全球授權業務的整體貢獻僅占我們 2025 年預期授權收入的 20%，而我們 80% 的授權收入來自我們共同發展的長期品牌建設合作夥伴關係。

Now, let me switch gears and talk about our overall outlook. Across the industry, as I mentioned earlier, we're navigating a very uncertain consumer and macro environment that has become increasingly challenged over the past three months. The tougher retail trends we saw in February continued, with consumer sentiment further weakening to some of its lowest recorded levels since the 1950s.

現在，讓我換個話題，談談我們的整體前景。正如我之前提到的，在整個行業中，我們正在應對一個非常不確定的消費者和宏觀環境，而這個環境在過去三個月中變得越來越具有挑戰性。2 月零售業的嚴峻形勢仍在繼續，消費者信心進一步下降至 1950 年代以來的最低水準。

This has translated into traffic trends coming down in the US and around the world, and this backdrop has led to increased promotional levels. We're also navigating the impact of tariffs. Based on our latest assessment, we estimate that the unmitigated impact of terrorists creates a headwind of approximately $65 million to our full year EBIT weighted, predominantly in the second half of the year. We're taking a variety of steps to mitigate this impact, which Zac will discuss in more detail.

這導緻美國和世界各地的客流量趨勢下降，並在這種背景下提高了促銷水平。我們也在應對關稅的影響。根據我們的最新評估，我們估計恐怖分子的持續影響將對我們全年息稅前利潤（EBIT）加權造成約 6,500 萬美元的不利影響，主要集中在下半年。我們正在採取各種措施來減輕這種影響，而札克將對此進行更詳細的討論。

Our business in China also continues to face a dynamic situation. While we remain on MOFCOM's unreliable entity list, we continue to engage directly with MOFCOM as we work towards a positive resolution. We remain fully committed to serving our Chinese consumers as we have for the past 20 years, and we are investing in our growth in China for the long term.

我們在中國的業務也持續面臨動態的情況。雖然我們仍然在商務部的不可靠實體名單上，但我們將繼續與商務部直接接觸，並努力尋求積極的解決方案。我們將繼續像過去20年一樣全力致力於服務中國消費者，並致力於在中國的長期發展。

As we navigate these external factors and as we shared last quarter, we're also working through the Calvin Klein Global Brand operational challenges that we experienced as we for the first season, built up, the global product creation capability for Calvin Klein in New York.

在我們應對這些外部因素的同時，正如我們上個季度所分享的那樣，我們也在努力解決 Calvin Klein 全球品牌營運面臨的挑戰，這些挑戰是我們在第一季為紐約 Calvin Klein 建立全球產品創造能力時遇到的。

This work was a significant undertaking, and absolutely critical to unlock the brand's full potential. With the first globally created product season now in the markets with Spring '25, we now have our arms around the full impact of these challenges. And they all come from the same root cause, in that the team had to spend too much effort getting the new go to market process stood up, which constrained product development timelines and forced sourcing delays.

這項工作是一項重大的任務，對於釋放品牌的全部潛力至關重要。隨著 2025 年春季首個全球創造產品季進入市場，我們現在能夠全面應對這些挑戰的影響。而它們都源自於同一個根本原因，即團隊必須花費太多精力來建立新的上市流程，這限制了產品開發時間表並導致採購延遲。

Combined, this led to a margin headwind predominantly waited to the first half with some carryover into the second half of this year. We have been laser focused on addressing these transitory operational challenges. Last month, we announced new leadership with the appointment of David Savman as the Global Brand President for Calvin Klein.

綜合起來，這導致利潤率的逆風主要延續到今年上半年，部分逆風將延續到下半年。我們一直致力於解決這些暫時的營運挑戰。上個月，我們宣布了新的領導層，任命 David Savman 為 Calvin Klein 全球品牌總裁。

David is already fully in with the team, bringing his deep experience driving PVH+ performance across operations, regions, and our brands, and I'm encouraged by the level of clarity and rigor at which he and the team are working to resolve these challenges and get our execution to where it needs to be.

David 已完全融入團隊，並帶來了他在推動 PVH+ 在營運、地區和品牌方面業績表現的豐富經驗，他和團隊在解決這些挑戰和確保我們的執行力達到所需水平方面所展現出的清晰度和嚴謹性令我感到鼓舞。

As we shared last quarter, we are seeing sequential improvements already for the Fall '25 season, which will further strengthen for Spring '26, and we'll be able to start creating the Fall '26 product season from a very strong place.

正如我們上個季度所分享的，我們已經看到 25 年秋季的連續改善，這將在 26 年春季進一步加強，並且我們將能夠從非常強大的位置開始創造 26 年秋季產品季。

Through our PVH+ execution, we are quarter by quarter building the capabilities we need, to build these brands for the long term. This is a process, it takes time. We will continuously learn and improve to become stronger and stronger over time.

透過我們的 PVH+ 執行，我們正在逐季度建立所需的能力，以便長期打造這些品牌。這是一個過程，需要時間。我們將不斷學習和進步，隨著時間的推移變得越來越強大。

From a financial perspective as we look ahead to 2025, although we are reaffirming our revenue guidance of flat to up slightly, we're not yet in a place to fully compensate for the effects of these strong macro forces, and that's why we have to adjust our full year non-GAAP guidance down for both EBIT margin and EPS.

從財務角度來看，展望 2025 年，儘管我們重申收入將持平或略有上升的預期，但我們還無法完全彌補這些強大宏觀力量的影響，這就是為什麼我們必須下調全年非 GAAP 息稅前利潤率和每股收益預期。

Important to note, is that we are targeting to exit the year in a stronger margin position, which Zac will share more details about. This will be supported by the business driving actions I just outlined to drive the back half of the year. Our delivery of 200 basis points of cost savings from our previously announced initiative and by having resolved most of Calvin's operational challenges.

值得注意的是，我們的目標是在今年年底實現更高的利潤率，Zac 將分享更多細節。我剛才概述的推動下半年業務發展的行動將對此提供支持。透過我們先前宣布的舉措以及解決了 Calvin 的大部分營運挑戰，我們實現了 200 個基點的成本節約。

And with Spring 2026 product seasons in both brands on time and with strong gross margins, that positions us for a strong profit start of 2026. Let me just say that this guidance is not what we set out to deliver when we started the year, and as a leadership team, we are leaning into where we have the strength in the PVH+ execution, and we will expand its impact already for the back half of this year.

由於兩個品牌的 2026 年春季產品季均按時推出且毛利率較高，因此我們預計在 2026 年實現強勁的盈利開局。我只想說，這個指導方針並不是我們在年初制定的目標，作為領導團隊，我們正傾向於在 PVH+ 執行中發揮我們的優勢，並且我們將在今年下半年擴大其影響力。

Globally for Calvin Klein, this means that, we will continue to build our iconic cut through campaigns amplifying our core strength in the world of underwear and the world of jeans. Building on the successful launch of our Icon Cotton Stretch, we are this fall launching the equivalent in women's underwear, which is our Icon Cotton Modal program. You'll see us activate again with a full funnel cut through approach featuring one of the most current global superstars in music.

對 Calvin Klein 而言，從全球來看，這意味著我們將繼續打造標誌性的剪裁活動，擴大我們在內衣和牛仔褲領域的核心實力。在成功推出 Icon Cotton Stretch 的基礎上，今年秋季我們將推出女士內衣領域的同類產品，即 Icon Cotton Modal 計畫。您將看到我們再次以全通路切入的方式與當今全球最炙手可熱的音樂巨星之一合作。

Next to this, we will also continue to build out our men's iconic underwear campaigns, similar to the Jeremy Allen White and Bad Bunny format that became viral global sensations, and every time we'll add product newness and innovation. This time supported by superstars from the world of sport, music, and including K-pop, where Calvin has so much strength.

除此之外，我們還將繼續打造我們的男士標誌性內衣活動，類似於在全球引起轟動的 Jeremy Allen White 和 Bad Bunny 模式，並且每次我們都會增加產品的新穎性和創新性。這次，Calvin 得到了體育、音樂和韓國流行音樂界超級巨星的支持，其中韓國流行音樂界實力雄厚。

Along with these underwear anchor campaigns, we will lean in and expand the impact of other big growth categories for the brand, like fashion, denim, and underwear. Finally, for Calvin, we will also direct more of our media investments to highly targeted traffic driving media to further amplify these campaigns and further strengthen the wholesale and in-store impact.

除了這些內衣主打活動之外，我們還將傾向於擴大品牌其他主要成長類別的影響力，例如時尚、牛仔和內衣。最後，對於 Calvin，我們也將把更多的媒體投資用於高度針對性的流量驅動媒體，以進一步擴大這些活動的影響力，並進一步加強批發和店內影響力。

In Tommy, you'll see us launch a new cut through fall lifestyle campaign where we will amplify the strength of the fall assortment with a 20% increase in media investment versus last year to drive high quality traffic, and we will build out the top, middle, and bottom parts of the consumer funnel for maximum impact.

在 Tommy 中，您將看到我們推出一項全新的秋季生活方式活動，我們將擴大秋季系列的影響力，與去年相比，媒體投資將增加 20%，以吸引高品質的流量，並且我們將建立消費者漏斗的頂部、中部和底部，以實現最大影響。

In connection to this, you'll also see the newness in Tommy's fall product assortment with improvement across fabric, function, and fit. This is the product strength that drove the European order books to growth in the fall, and across our icons and key product categories we're designing into strong newness.

與此相關，您還會看到 Tommy 秋季產品系列的新穎之處，包括布料、功能和合身度方面的改進。正是這種產品優勢推動了秋季歐洲訂單的成長，並且我們正在設計出強大的新產品來涵蓋我們的標誌性產品和關鍵產品類別。

We're also doubling down on our F1 program as the sport expands in relevance in the US and globally. You might have already seen that we just announced a new partnership with Cadillac, another American icon where Tommy will be the first lifestyle sponsor of the Cadillac Formula 1 team, reinforcing Tommy's 40-year legacy of fusing fashion, sport, and entertainment.

隨著 F1 賽事在美國乃至全球的影響力不斷擴大，我們也加倍投入 F1 計畫。您可能已經看到，我們剛剛宣布與另一家美國標誌性品牌凱迪拉克建立新的合作夥伴關係，Tommy 將成為凱迪拉克一級方程式車隊的首個生活方式贊助商，這將鞏固 Tommy 40 年來融合時尚、運動和娛樂的傳統。

Later this month, Tommy is featured in the highly anticipated F1 movie with Damson Idris and Brad Pitt, which will be the biggest movie launched this summer globally. We're already seeing the impact of the film's Strong Media campaign, which features Tommy Hilfiger on the mega screen in Piccadilly Circus, and we are starting to see incredible engagement on social media.

本月晚些時候，湯米將與達姆森伊德瑞斯和布萊德彼特一起出演備受期待的 F1 電影，這將是今年夏天全球上映的最大電影。我們已經看到了這部電影的強大媒體宣傳活動的影響，該活動在皮卡迪利廣場的巨型螢幕上展示了湯米·希爾費格，並且我們開始在社交媒體上看到令人難以置信的參與度。

Across the regions, our brands are entering Fall '25 with a stronger product assortment across both key category of funds and strong newness and innovation in hero product with a commercial plan that tightly aligns our execution across product, marketing, and the marketplace, and we will in both Calvin and Tommy have very strong fall and holiday cut through campaigns with regionally relevant talent amplification.

在各個地區，我們的品牌都將進入2025年秋季，在關鍵基金類別中產品種類更加豐富，主打產品也更具新穎性和創新性，商業計劃將我們在產品、營銷和市場方面的執行緊密結合起來，我們將在 Calvin 和 Tommy 兩個品牌中開展非常強勁的秋季和假日促銷活動，並擴大與地區相關的人才規模。

In markets around the world, you see us in Calvin further ignite the worlds of underwear and denim, and in Tommy we'll connect the iconic Tommy lifestyle to culture anchored in a strong man's focus, and we'll do it in close collaboration with our partners around the world. To further support our back half execution, as I've mentioned for Calvin and also for Tommy, we're increasing our investment across the marketing funnel to drive high quality traffic.

在世界各地的市場中，您可以看到我們在 Calvin 進一步點燃內衣和牛仔布的世界，而在 Tommy，我們將把標誌性的 Tommy 生活方式與以強者為重點的文化聯繫起來，並且我們將與世界各地的合作夥伴密切合作。為了進一步支持我們後半部分的執行，正如我為 Calvin 和 Tommy 所提到的那樣，我們正在增加整個行銷管道的投資，以推動高品質的流量。

In closing, for the first quarter, we delivered on our plan, driven by our disciplined PVH+ execution, and we have our sleeves rolled up focusing 100% on what's within our control to improve the back half of the year by broadening, and scaling our successful PVH+ Plan initiatives in both Calvin and Tommy across all three regions.

最後，在第一季度，我們完成了計劃，這得益於我們嚴謹的 PVH+ 執行，我們已擼起袖子加油幹，100% 專注於我們能控制的事情，通過擴大和擴展我們在 Calvin 和 Tommy 三個地區的成功 PVH+ 計劃舉措，我們將改善下半年的業績。

We are on a multi-year journey to unlock the full potential of Calvin, Tommy, and PVH, where it's all about tapping into the global consumer lab for both Calvin Klein and Tommy Hilfiger. Two of the most iconic brands in the market, and step by step building them into the most desirable lifestyle brands in the world.

我們正在進行多年的探索，以釋放 Calvin、Tommy 和 PVH 的全部潛力，而這一切都是為了挖掘 Calvin Klein 和 Tommy Hilfiger 的全球消費者實驗室。市場上最具代表性的兩個品牌，並一步步將它們打造成為世界上最受歡迎的生活方式品牌。

We're staying relentlessly focused, learning and improving continuously to build the product strength, consumer engagement, and marketplace execution that over time will tap into the full potential of these incredible brands and make us win repeatedly with the consumer and as a result create the most shareholder value over time.

我們始終堅持不懈地集中精力，不斷學習和改進，以打造產品實力、消費者參與度和市場執行力，隨著時間的推移，這些將充分發揮這些傑出品牌的潛力，使我們不斷贏得消費者的青睞，從而隨著時間的推移創造最大的股東價值。

And with that, I'll turn the call over to Zac.

說完這些，我會把電話轉給札克。

Thanks, Stefan, and good morning. My comments are based on non-GAAP results and are reconciled in our press release. As Stefan discussed, we were able to deliver our first quarter results within the backdrop of a highly dynamic and uncertain macro environment driven by the strength of our two iconic global brands and discipline execution of the PVH+ Plan.

謝謝，史蒂芬，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協調。正如史蒂芬所討論的，在高度動態和不確定的宏觀環境的背景下，我們能夠取得第一季的業績，這得益於我們兩個標誌性全球品牌的實力以及 PVH+ 計劃的嚴格執行。

For the first quarter, we delivered revenue above our guidance, largely due to the timing of wholesale shipments in Americas with operating margin of 8.1% within our guidance range as we navigated an increasingly promotional environment. EPS came in slightly ahead of guidance driven by lower tax and interest expense.

第一季度，我們的收入超出了預期，這主要是由於美洲批發出貨的時間安排，在促銷活動日益增多的環境下，我們的營業利潤率為 8.1%，符合預期範圍。由於稅收和利息支出降低，每股收益略高於預期。

Additionally, we returned over $550 million to shareholders during the quarter with the repurchase of 5.4 million shares of our common stock through previously announced accelerated share repurchase agreements and open market purchases. I will now discuss our first quarter results in more detail and then move on to our outlook.

此外，本季我們透過先前宣布的加速股票回購協議和公開市場購買回購了 540 萬股普通股，向股東返還了超過 5.5 億美元的資金。我現在將更詳細地討論我們的第一季業績，然後談談我們的展望。

As a reminder, as I mentioned during our Q4 2024 earnings call, beginning this quarter, we have evolved our reportable segments to be: one, EMEA; two, Americas; three, Asia Pacific; and four, a new stand-alone licensing segment. We filed an 8-K yesterday with the recast quarterly and annual segment data for 2023 and 2024.

提醒一下，正如我在 2024 年第四季度收益電話會議上提到的那樣，從本季度開始，我們已將可報告的部門發展為：一、歐洲、中東和非洲地區；二、美洲；三、亞太地區；四、新的獨立許可部門。我們昨天提交了一份 8-K 報告，其中包含 2023 年和 2024 年重編的季度和年度分部數據。

Revenue for the first quarter was up 2% on both a reported and constant currency basis. Starting from a regional perspective, EMEA business returned to growth during the quarter with revenue up 4% in constant currency, including mid-single digit growth in the wholesale business and a low single digit increase in the direct to consumer business.

第一季的營收按報告和固定匯率計算均成長了 2%。從區域角度來看，EMEA 業務在本季度恢復成長，按固定匯率計算收入成長 4%，其中批發業務實現中等個位數成長，直接面向消費者業務實現低個位數成長。

Wholesale growth for the quarter was impacted by a shift in timing of shipments with Q2. Revenue for a European business was up 5% on a reported basis. In America's business, revenue is up 7%, driven by high-teens growth in the wholesale business, including the impact of Calvin Klein women's sportswear and jeans, wholesale transition in-house, and a shift in timing of shipments from the second half into the first half of the year.

本季批發成長受到第二季出貨時間變動的影響。據報道，歐洲業務的收入成長了 5%。在美國業務中，收入增長了 7%，這得益於批發業務的高增長，包括 Calvin Klein 女士運動裝和牛仔褲的影響、內部批發轉型以及發貨時間從下半年轉移到上半年。

This year, wholesale shipments are planned to reflect a more balanced first half, second half waiting versus last year when shipments were more heavily weighted to the back half. In direct to consumer, mid-teens growth in our owned and operated digital commerce business was more than offset by a mid-single digit decline in our retail stores, due to the challenging consumer environment.

今年，批發出貨量計畫將反映出上半年和下半年更加平衡的等待情況，而去年同期的出貨量則更集中在下半年。在直接面向消費者方面，由於充滿挑戰的消費環境，我們擁有和經營的數位商務業務實現了中等幅度的成長，但零售店的個位數中段下滑幅度卻超過了這一增長幅度。

Traffic trends ended the quarter lower than planned, leading to a more promotional environment. Aligned with our outlook, revenue in our Asia Pacific business was down 11% on a constant currency basis, which included a 3% decrease due to the earlier timing of the Lunar New Year shopping period that I discussed last quarter.

本季末的客流量趨勢低於計劃，從而形成了更積極的促銷環境。與我們的預期一致，以固定匯率計算，我們亞太業務的收入下降了 11%，其中包括上個季度討論過的由於農曆新年購物期提前而導致的 3% 的下降。

The decrease also reflects the challenging consumer environment in the region, particularly in China. Revenue for Asia Pacific business was down 13% on a reported basis. Licensing revenue is down 2% versus last year, with the decrease more than explained by the previously mentioned transition of Calvin Klein women's sportswear and jeans in-house during the quarter.

這一下降也反映了該地區，尤其是中國的消費環境充滿挑戰。亞太業務收入據報導下降了13%。授權收入較去年同期下降 2%，下降的主要原因是本季 Calvin Klein 女士運動服和牛仔褲轉為內部生產。

In our global brands, Tommy Hilfiger revenues were up 3% on both a reported and a constant currency basis driven by growth in EMEA and Americas. Calvin Klein revenues were flat. From an overall PVH channel perspective, our direct-to-consumer revenue was down 3%, both reported and in constant currency.

在我們的全球品牌中，Tommy Hilfiger 的營收在報告和固定匯率基礎上均成長了 3%，這得益於 EMEA 和美洲地區的成長。Calvin Klein 營收持平。從整個 PVH 管道的角度來看，我們的直接面向消費者的收入下降了 3%，無論是報告收入還是以固定匯率計算。

Sales in our retail stores were down 5%, as low single digit growth in EMEA was offset by the declines I mentioned in Americas and APAC. Sales in our owned and operated e-commerce business were up 3% with strong growth in the Americas.

我們的零售店銷售額下降了 5%，因為歐洲、中東和非洲地區的低個位數成長被我提到的美洲和亞太地區的下滑所抵消。我們自有和經營的電子商務業務的銷售額成長了 3%，其中美洲地區的成長強勁。

Total wholesale revenue was up 7% on a constant currency basis, and 6% on a reported basis, driven by increases in EMEA and Americas due in part to the shifts in timing that I mentioned earlier. In the first quarter, our gross margin was 58.6%, a decrease of 280 basis points compared to a record high in Q1 last year.

以固定匯率計算，批發總收入增長了 7%，按報告計算則增長了 6%，這得益於歐洲、中東和非洲地區以及美洲地區的增長，部分原因是我之前提到的時間變化。第一季度，我們的毛利率為58.6%，與去年第一季的歷史最高水準相比下降了280個基點。

As we've discussed previously, approximately 50 basis points in the decrease was the impact of our North America license transitions. The remaining 230 basis points decrease was a result of three main factors in the quarter.

正如我們之前所討論的，大約 50 個基點的下降是北美許可證轉換的影響。其餘 230 個基點的下降是本季三個主要因素造成的。

First, a higher mix of wholesale revenue in the first quarter than last year, and a change in the mix of shipments within the wholesale channel, which has a negative impact on gross margin but not on our overall profitability. Second, the impact of weakening consumer sentiment and lower retail traffic, which led to higher promotions.

首先，第一季批發收入結構高於去年同期，批發通路的出貨結構也發生了變化，這對毛利率產生了負面影響，但沒有對我們的整體獲利能力產生影響。其次，消費者信心減弱和零售客流量下降的影響，導致促銷活動增加。

And third, incremental freight cost and customer discounts to address the impact of the Calvin Klein product shipment delays. SG&A as a percent of revenue was 50.5%, a 90 basis point improvement versus last year reflecting our Growth Driver 5 cost savings actions. We are making progress and we expect the benefit of these actions to grow in impact as we progress through the year.

第三，增加運費並給予顧客折扣，以解決 Calvin Klein 產品出貨延遲的影響。銷售、一般及行政費用佔收入的百分比為 50.5%，比去年提高了 90 個基點，反映了我們的成長動力 5 成本節約措施。我們正在取得進展，並期望這些行動的效益會隨著時間的推移而不斷擴大。

EBIT for the quarter was $160 million and operating margin was 8.1%. Earnings per share was $2.30, interest expense was $17 million and our tax rate for the quarter was approximately 17%. On a GAAP basis, we also took a non-cash goodwill, and other intangible asset impairment charge of $480 million which was primarily due to an increase in discount rates.

本季息稅前利潤為 1.6 億美元，營業利益率為 8.1%。每股收益為 2.30 美元，利息支出為 1700 萬美元，本季稅率約為 17%。根據 GAAP 準則，我們還提列了 4.8 億美元的非現金商譽和其他無形資產減損費用，這主要是由於折現率上升造成的。

Inventory at quarter end was up 19% compared to Q1 last year. The increase was primarily due to one, as Stefan mentioned, a purposeful investment in best-selling core product categories, two, an increase to support our projected sales growth in the second quarter, and three, earlier receipts of summer season product to improve in-season stock availability.

本季末的庫存與去年第一季相比增加了 19%。成長的主要原因有三：一是如 Stefan 所提到的，對暢銷核心產品類別進行了有針對性的投資；二是為支持我們預期的第二季銷售成長而增加的銷售額；三是提前收到夏季產品，以提高當季庫存供應。

Importantly, the vast majority of our inventory is core and current season. As we progress through the year, we expect inventory will be impacted by tariffs, but otherwise begin to largely align with projected sales growth by the end of Q3. And now moving on to our outlook.

重要的是，我們的庫存絕大多數都是核心庫存和當季庫存。隨著今年的進展，我們預計庫存將受到關稅的影響，但到第三季末，庫存將開始與預期的銷售成長基本保持一致。現在我們來談談我們的展望。

I'd like to start by reiterating what Stefan mentioned earlier. We are operating in a highly dynamic and fluid consumer and macroeconomic environment globally. There is significant uncertainty around global trade policies and the impact on the broader macroeconomic environment and consumer spending behavior. As such, our outlook is based on our best assessment of current conditions and assumes no material worsening.

首先我想重申一下史蒂芬之前提到的內容。我們在全球範圍內高度動態和流動的消費者和宏觀經濟環境中運作。全球貿易政策及其對更廣泛的宏觀經濟環境和消費者支出行為的影響存在很大的不確定性。因此，我們的展望是基於對當前狀況的最佳評估，並且假設情況不會出現重大惡化。

Overall, we are reaffirming our full year revenue outlook, but we are updating our earnings outlook to reflect our revised expectations for the remainder of the year with three main changes versus our prior guidance. The first is the impact of the recently announced tariffs on goods coming into the US.

總體而言，我們重申了全年收入預期，但我們正在更新獲利預期，以反映我們對今年剩餘時間的修正預期，與我們先前的指引相比，主要有三個變化。首先是最近宣布的對進入美國的商品徵收關稅的影響。

We expect the tariffs currently in place will have an overall net negative impact on our earnings in 2025, including an approximately $65 million unmitigated impact to EBIT or approximately $1.05 per share, some of which we will be able to mitigate through strategic actions in the second half of the year, and some we will need to absorb. The net impact of the tariffs and these actions are embedded within our guidance.

我們預計，現行關稅將對我們 2025 年的收益產生總體淨負面影響，包括對息稅前利潤 (EBIT) 造成約 6500 萬美元的不可緩解影響或每股約 1.05 美元，其中一部分我們將能夠通過下半年的戰略行動來緩解，而另一部分則需要我們自己吸收。關稅和這些行動的淨影響已包含在我們的指導中。

We believe we are relatively well positioned to face tariff headwinds. We have a strong globally diversified revenue base with US revenues accounting for approximately 30% of our total revenue, and we have a strong and established network of global sourcing partners across more than 30 countries and are leveraging these deep, long-standing relationships to identify ways we can further optimize our sourcing and production costs, sharing the impact with our partners wherever possible.

我們相信，我們已做好相對有利的準備來應對關稅逆風。我們擁有強大的全球多元化收入基礎，其中美國收入約占我們總收入的 30%，並且我們在 30 多個國家/地區擁有強大而成熟的全球採購合作夥伴網絡，我們正在利用這些深厚而長期的關係來尋找進一步優化採購和生產成本的方法，並儘可能與我們的合作夥伴分享影響。

We will evaluate strategic discount reductions to mitigate the potential tariff impact, and while we are focused on delivering price value for the consumer, we are also ready to take calibrated targeted pricing actions where we have pricing power. As normal course of business, we continually assess our prices based on a number of factors.

我們將評估策略性折扣削減，以減輕潛在的關稅影響，雖然我們專注於為消費者提供價格價值，但我們也準備在擁有定價權的情況下採取有針對性的定價行動。作為正常業務流程，我們會根據多種因素不斷評估我們的價格。

In addition to the newly enacted tariffs, the existing macro pressures have created an increasingly challenging consumer environment, particularly in the US. The tougher retail trends that emerge beginning in early February have continued. As such, we are already experiencing a more promotional environment across the market, and we have had to increase our promotional levels across both brands.

除了新實施的關稅外，現有的宏觀壓力也造成了日益嚴峻的消費環境，尤其是在美國。自二月初開始出現的零售業嚴峻趨勢仍在持續。因此，我們已經在整個市場上感受到了更積極的促銷環境，我們必須提高兩個品牌的促銷水平。

We are now forecasting a more promotional environment to continue for the remainder of the year. Similarly, our business in China continues to face a challenging consumer environment which is driving more promotional activity there as well. And as Stefan mentioned, we remain on MOFCOM's unreliable entity list.

我們預測今年剩餘時間內將繼續保持更積極的促銷環境。同樣，我們在中國的業務繼續面臨充滿挑戰的消費環境，這也推動了我們在中國進行更多的促銷活動。正如史蒂芬所提到的，我們仍然在商務部的不可靠實體名單上。

And finally, as Stefan discussed, with the first globally created product season for Calvin Klein now in the markets, the full extent of the transitory operational challenges that we discussed last quarter are now apparent, further contributing to our margin headwinds this year. The outcome of these factors are leading us to the following financial outlook.

最後，正如史蒂芬所討論的，隨著 Calvin Klein 第一個全球創造產品季的上市，我們上個季度討論的暫時性營運挑戰的全部程度現在已經顯現，進一步加劇了我們今年的利潤逆風。這些因素的結果導致我們得出以下財務前景。

We are reaffirming our overall full year revenue guidance of flat to a slight increase on both a reported and constant currency basis. Exchange has improved since we last spoke and is driving some favorability to our top line. As such, we now expect our reported revenue is more likely to land at the higher end of that range.

我們重申全年整體收入預期，即按報告和固定匯率計算，收入將持平或略有成長。自從我們上次談話以來，匯率已經有所改善，並對我們的營業收入產生了一定的影響。因此，我們現在預計，我們的報告收入更有可能達到該範圍的較高水準。

Our revenue outlook for EMEA and Americas remains unchanged with planned growth in both regions in 2025. In Asia Pacific, our outlook for the region overall also remains unchanged, with revenue plan down mid-single digits in constant currency.

我們對歐洲、中東和非洲地區以及美洲地區的收入預期保持不變，並計劃在 2025 年實現這兩個地區的成長。在亞太地區，我們對該地區整體的展望也保持不變，以固定匯率計算，收入計畫將下降中等個位數。

Gross margin is now expected to decrease approximately 250 basis points versus last year. Our previous guidance was a decrease of approximately 100 basis points, of which approximately half is due to the impact of the G-III transition in North America from licensed to wholesale, and the rest largely explained by the transitory impacts from centralizing the Calvin Klein Global Product Kitchen.

目前預計毛利率將比去年下降約 250 個基點。我們先前的指導是減少約 100 個基點，其中約一半是由於北美 G-III 從授權到批發的轉變的影響，其餘部分主要是由於 Calvin Klein 全球產品廚房集中化的暫時影響。

The incremental 150 basis points decline is attributable to higher discounts as a result of the significantly more promotional environments, the impact of the incremental Calvin Klein operational issues, and the net negative impact related to tariffs. This includes an unmitigated impact of approximately 80 basis points, partially offset by the impact of planned mitigation actions which will primarily take effect in the second half.

增量 150 個基點的下降歸因於促銷環境明顯增加導致的折扣增加、增量 Calvin Klein 營運問題的影響以及與關稅相關的淨負面影響。這包括約 80 個基點的未緩解影響，部分被主要在下半年生效的計劃緩解措施的影響所抵消。

While we expect the promotional environment to continue all year, within that backdrop, we are planning improvement in the second half related to what is within our control. Specifically, we continue to expect the transitory Calvin Klein issues to have a greater impact of first half gross margins with the impact lessening in the second half.

雖然我們預計促銷環境將持續全年，但在這種背景下，我們計劃在下半年改進我們能控制的方面。具體來說，我們仍然預期 Calvin Klein 的暫時性問題將對上半年的毛利率產生較大影響，而下半年的影響將會減弱。

On SG&A, we expect expense to be lower in constant currency in 2025 compared to 2024, as we previously saw macro headwinds gathering, or SG&A plans for 2025 already included a decrease of approximately 100 basis points as a percentage of revenue.

對於銷售、一般及行政費用 (SG&A)，我們預計 2025 年的費用按固定匯率計算將低於 2024 年，因為我們之前看到宏觀逆風正在聚集，或者 2025 年的銷售、一般及行政費用計劃已經包括佔收入百分比約 100 個基點的下降。

As I discussed last quarter, we expect to drive significant cost savings connected to our Growth Driver 5 actions, with savings showing up more powerfully as we progress through the year. These actions will simplify our operating model to drive more efficient ways of working, focus on our global technology stack, our global distribution network, our operating model in Europe, and our support functions.

正如我上個季度所討論的那樣，我們預計與「成長動力 5」行動相關的成本節約將大幅增加，並且隨著全年的推進，成本節約的效果將更加顯著。這些措施將簡化我們的營運模式，以推動更有效率的工作方式，專注於我們的全球技術堆疊、全球分銷網路、歐洲的營運模式和支援功能。

We expect these actions to deliver 200 basis points to 300 basis points of operating margin expansion over time and expect to exit 2025 with approximately 200 basis points of this savings realized. As a result of the increased gross margin pressures, our full year operating margin is now projected to be approximately 8.5%, and EPS is projected to be in the range of $10.75 to $11.

我們預計這些措施將隨著時間的推移使營業利潤率擴大 200 個基點至 300 個基點，並預計到 2025 年將實現約 200 個基點的節省。由於毛利率壓力增加，我們預計全年營業利潤率約為 8.5%，每股收益預計在 10.75 美元至 11 美元之間。

While operating margins are lower than last year, we expect to exit 2025 back at double digit operating margins, with both gross margin and SG&A actions contributing to improvements compared to the first half. Our expectations for interest expense and our tax rate are unchanged from our prior guidance.

雖然營業利潤率低於去年，但我們預計到 2025 年，營業利潤率將重回兩位數，毛利率和銷售、一般及行政費用 (SG&A) 措施都將推動營業利潤率較上半年有所改善。我們對利息支出和稅率的預期與先前的指導相比沒有變化。

Turning to the second quarter, we are projecting revenue to be up low-single digits on a reported basis and flat to up slightly on a constant currency basis compared to 2024. In EMEA, we expect continued growth in DTC to be offset by a low-single digit decline in wholesale, reflecting the timing shifts with Q1, I mentioned earlier.

展望第二季度，我們預期營收將在報告基礎上成長低個位數，以固定匯率計算，與 2024 年相比將持平或略有成長。在歐洲、中東和非洲地區，我們預計 DTC 的持續成長將被批發業務的低個位數下降所抵消，這反映了我之前提到的第一季的時間變化。

In Americas, we are planning revenue up high-single digits and relatively in line with Q1, driven by an increase in wholesale revenue partially offset by lower DTC sales. And in Asia Pacific, we expect revenue to decline by mid-single digits, with the improvement versus Q1 primarily due to the timing of the Lunar New Year shopping period that negatively impacted Q1.

在美洲，我們計劃收入成長高個位數，與第一季基本持平，這得益於批發收入的成長，但 DTC 銷售額的下降部分抵消了這一增長。在亞太地區，我們預期營收將下降中等個位數，與第一季相比有所改善，主要是因為農曆新年購物期對第一季產生了負面影響。

We are expecting our second quarter gross margin to decline approximately 300 basis points, with the Q1 trends largely continuing into Q2 and an approximately 60 basis point impact of tariffs. We don't expect our mitigation strategies to have any substantial impact until the second half of the year.

我們預計第二季毛利率將下降約 300 個基點，第一季的趨勢基本上延續到第二季​​度，關稅的影響約為 60 個基點。我們預計我們的緩解策略要到今年下半年才會產生實質影響。

For SG&A Growth Driver 5 savings will continue to deliver efficiencies and as such, or SG&A expense as a percent of revenue is expected to decrease approximately 100 basis points compared to last year. Overall, we are expecting our second quarter operating margin to be approximately 6.5% to 7%, down approximately 200 basis points to 250 basis points compared to last year.

對於銷售、一般及行政費用成長動力 5 而言，節省將繼續帶來效率，因此，銷售、一般及行政費用佔收入的百分比預計將比去年下降約 100 個基點。整體而言，我們預計第二季營業利潤率約為 6.5% 至 7%，較去年同期下降約 200 至 250 個基點。

Earnings per share is expected to be in a range of $1.85 to $2. Our tax rate for the second quarter is estimated at approximately 20%, and interest expense is projected to be approximately $25 million.

每股收益預計在 1.85 美元至 2 美元之間。我們第二季的稅率估計約為 20%，利息支出預計約為 2,500 萬美元。

Before we open up for questions, I just want to conclude by saying, we're navigating a highly dynamic and uncertain macroeconomic environment. We are facing increased pressures from the significantly more promotional environment, tariffs in the US, the challenging consumer environment in China, and transitory operational challenges in Calvin Klein.

在我們開始提問之前，我只想總結一下，我們正在經歷一個高度動態和不確定的宏觀經濟環境。我們面臨越來越大的壓力，包括促銷環境明顯增強、美國關稅、中國消費者環境日益嚴峻以及 Calvin Klein 暫時的營運挑戰。

Well, operating margins are lower than last year in our previous expectations, as Stefan mentioned, our focus is on taking proactive measures on what is in our control, including specific actions focused on supercharging our trajectory in the second half.

嗯，正如史蒂芬所提到的那樣，營業利潤率低於我們之前預期的去年，我們的重點是採取積極措施來控制我們能夠控制的事情，包括專注於在下半年增強我們的軌蹟的具體行動。

With this focus, we expect to exit 2025 back at double digit operating margins, and we are setting up for a stronger spring 2026 with higher on-time deliveries, increased product go in margins, and stronger commercial plans amplified by increased marketing investments, all building momentum into 2026 to deliver sustainable and increasingly profitable growth.

以此為重點，我們預計到 2025 年，公司的營業利潤率將重回兩位數，而且我們正在為 2026 年春季的強勁表現做準備，屆時將實現更高的準時交付率、更高的產品進入利潤率，並通過增加營銷投資來製定更強大的商業計劃，所有這些都將為 2026 年實現可持續增長的利潤增長。

And with that operator, we would like to open it up for questions.

有了這位接線員，我們願意回答大家的提問。

Certainly. Thank you, Mr. Coughlin. (Operator Instructions)

當然。謝謝您，考夫林先生。（操作員指示）

Jay Sole, UBS..

Jay Sole，瑞銀集團

Great, thank you so much. Stefan, you mentioned that you've seen decreased traffic across many regions in the world and increased promotional levels. You also mentioned that your brands have strong product assortments and exciting commercial plans. But what gives you confidence that both brands, both Calvin and Tommy, still have good momentum with consumers that they haven't lost momentum that part of what maybe is explaining the change in the guide isn't something of that nature? Thank you.

太好了，非常感謝。史蒂芬，您提到您發現世界許多地區的流量減少，促銷水平提高。您也提到，您的品牌擁有強大的產品種類和令人興奮的商業計劃。但是，什麼讓您有信心，Calvin 和 Tommy 這兩個品牌在消費者中仍然保持著良好的勢頭，他們沒有失去勢頭，這也許可以解釋指南的變化不是這樣的？謝謝。

Yeah, thanks, Jay. Good morning. What is so clear to us and especially when the consumer backdrop and the macro gets worse is everywhere where we lean in and tap into the consumer love for Calvin Klein and Tommy Hilfiger, and then we line up through the PVH+ focus, increase newness and innovation in product, cut through marketing, stronger wholesale and in-store execution, we really win and we win big despite that macro.

是的，謝謝，傑伊。早安.我們非常清楚，尤其是在消費者背景和宏觀形勢惡化的情況下，我們處處傾力挖掘消費者對 Calvin Klein 和 Tommy Hilfiger 的喜愛，然後我們透過 PVH+ 重點佈局，增加產品的新穎性和創新性，突破營銷，加強批發和店內執行，儘管宏觀形勢嚴峻，我們還是真正贏了，而且是大贏。

So take the biggest product innovation in Q1 in Calvin Klein, one of the most promising proof points is the new product innovation in underwear. So if you look at what we did there is we leaned into the biggest Calvin client men's underwear. We leaned into one of the biggest product franchises and then we put unprecedented newness and innovation into it.

就拿Calvin Klein第一季最大的產品創新來說，最有希望的證明點之一就是內衣的新產品創新。因此，如果你看看我們所做的事情，你會發現我們傾向於最大的 Calvin 客戶男士內衣。我們傾向於最大的產品特許經營權之一，然後我們為它注入了前所未有的新穎性和創新性。

Innovation that's not existing in the market we were first. And then we amplify that with one of the most streamed artist on Spotify, Bad Money. And yes, it becomes viable. But what's really interesting is in this backdrop, it drove 25% growth within that big franchise. So in one move, we moved one of the top three product franchises for the biggest category and drove 25% growth.

我們是第一個在市場上不存在的創新。然後，我們透過 Spotify 上串流播放次數最多的藝術家之一 Bad Money 來擴大這一影響力。是的，它變得可行了。但真正有趣的是，在這樣的背景下，它推動了該大型特許經營業務實現 25% 的成長。因此，我們透過這項舉措，將最大類別的三大產品特許經營權之一轉移到了該類別，並實現了 25% 的成長。

Then what might be missed by some, but not by the consumers, we're also increasingly start to introduce Denim next to underwear because that's a really big iconic category for Calvin Klein as well. And the improved and innovated fashion denim in Q1 drove growth 14%.

有些人可能會忽略，但消費者不會忽略的是，我們也開始在內衣旁邊引入牛仔布，因為這對 Calvin Klein 來說也是一個非常標誌性的類別。其中，第一季時尚牛仔布的改進和創新推動了14%的成長。

So what you see in the back half, what you see us doing, what our focus is 100% is expanding and scaling this across bigger and bigger parts of the business. We are moving from this investor call to an all-hands call with our 20,000 associates.

所以您在後半部分看到的，您所看到的我們正在做的事情，我們的重點是 100％ 在越來越大的業務部分中進行擴展和規模化。我們將從投資者電話會議轉向與 20,000 名員工舉行的全體會議。

And my focus there is about not yet. We are not yet in a position to fully mitigate the macro headwinds, but look at where we lean in and execute. 25% growth, biggest franchise. 14% growth on the fashion denim. And then you will see in fall how these actions continue with more product innovation and product franchise introduction for men's, then we do exactly the same for women's.

我的重點還沒到。我們尚未完全緩解宏觀逆風，但看看我們的傾向和執行情況。 25% 的成長，最大的特許經營權。時尚牛仔布成長 14%。然後，您將在秋季看到這些行動如何繼續進行，為男裝推出更多的產品創新和產品特許經營，然後我們對女裝也採取同樣的做法。

So one of the biggest underwear franchises for women's for fall is completely reinvented backed up with one again, once again, one of the biggest artists in the world. And then we continue biggest artist in the world, biggest sports, K-pop and then we continue to build on that. For Tommy, we see the same thing in Tommy. So when we lean into iconic strength, of the Tommy Lifestyle, the key both categories, and then we infuse newness into those, we win big. So it's all about going back to the iconic DNA, making it current.

因此，秋季最大的女士內衣特許經營店之一將徹底重塑，並再次與世界上最偉大的藝術家之一合作。然後我們繼續世界上最偉大的藝術家、最偉大的運動員、韓國流行音樂，然後我們繼續在此基礎上發展。對於湯米來說，我們在湯米身上看到了同樣的東西。因此，當我們依靠 Tommy Lifestyle 的標誌性優勢，即關鍵的兩個類別，然後將新鮮感注入其中時，我們就會大獲成功。所以一切都是為了回歸標誌性的 DNA，並使其與時俱進。

And then for Tommy, it's the lifestyle setting. So what's really exciting is the Formula One partnership that some of you might saw the launch of that yesterday. So we're coming back big into Formula One. And Formula One is one of the biggest, if not the biggest growing sport from a viewership in the world, also with -- especially with the young consumer. And there, we are combining two American icons, Cadillac first US team coming back on the grid with another American Icon Tommy Hilfiger, who was 20 years earlier than most other lifestyle brands in Formula One. So we have the proof points. It's 100% correlated to where we lean in and execute. And coming back to the town hall right after this is talking about the about the action sharpening actions and the scale that we grow this for the back out.

對於 Tommy 來說，這是一種生活方式的設定。真正令人興奮的是一級方程式賽車合作夥伴關係，你們中的一些人可能昨天看到了它的啟動。所以，我們強勢回歸一級方程式賽車。一級方程式賽車是世界上觀眾人數成長最快的運動項目之一，甚至可以說是最快的，尤其受到年輕消費者的青睞。在這裡，我們將兩大美國標誌性品牌結合在一起：凱迪拉克是第一支重返F1賽場的美國車隊，而湯米·希爾費格則是另一大美國標誌性品牌，湯米·希爾費格比大多數其他生活方式品牌早20年進入一級方程式賽車領域。因此，我們有充分的證據。這與我們傾注精力和執行力的地方 100% 相關。隨後回到市政廳，討論加強行動以及我們為後援擴大行動的規模。

Got it. Thank you so much.

知道了。太感謝了。

Michael Binetti, Evercore.

邁克爾·比內蒂 (Michael Binetti)，Evercore。

Hey guys, thanks for, taking our questions here. Nice job with the relaunch of the Formula One business this week. Just I was wondering that can you just reorient us a little bit around the buckets and the cost-out efforts that we talked about last quarter? What were they? I think the size of, if any timing has moved around? And just remind us, I think many of those stretch beyond 2025 into 2026 to help us calibrate the models here.

嘿夥計們，謝謝你們在這裡回答我們的問題。本週一級方程式賽車業務重新啟動，幹得好。我只是想知道，您能否稍微重新介紹一下我們上個季度討論的桶子和成本削減工作？它們是什麼？我認為，如果時間上有變化，那麼大小如何？提醒我們一下，我認為其中許多會延伸到 2025 年以後到 2026 年，以幫助我們校準這裡的模型。

And then just backing up, are there any concerns as you look at some of the unevenness in the operations around Calvin Klein here recently, that some of these cost saves are cutting into the muscle or contributing to operating volatility in the past few quarters?

然後回過頭來看，最近，當您看到 Calvin Klein 營運中出現的一些不平衡現象時，您是否擔心，這些成本節約措施會削弱公司實力，或導致過去幾季的營運波動？

Yeah, so let's start. Hi, Michael. Good morning. So let's start with the Calvin Klein operational challenges that we experienced from bringing the Calvin Klein global product capabilities together, which is an absolutely critical needed move to unlock the full value of the brand going forward and win with this kind of product newness and innovation we just talked about.

是的，那我們開始吧。你好，麥可。早安.因此，讓我們從 Calvin Klein 在整合其全球產品能力時所面臨的營運挑戰開始，這是釋放品牌未來全部價值並憑藉我們剛才談到的這種產品新穎性和創新性取勝的絕對關鍵的必要舉措。

What's exciting to see is that the team has worked through it in a way that the biggest effect is soon behind us. We are improving for from '25 already in the back half of this year. We start now basically. We are improving it significantly for spring, another really big step up. And then very soon, we start the product season from scratch for Fall '26.

令人興奮的是，團隊已經努力解決這個問題，很快就會看到最大的效果。今年下半年，我們的業績已開始朝 25 年的目標邁進。我們基本上現在就開始。我們正在為春季做出重大改進，這是另一個重大進步。然後很快，我們將從頭開始 26 年秋季的產品季。

And then we start from strength. So very clear and the way we see that we are making this progress is that we see that for Spring '26, we see that we are on time on both brands. We see that the going margin is improved versus last year significantly. So we see the KPIs, we see that yes, they had to take too much time in the first season to sort out the go-to-market process. But now I'm very much by also amplified by David coming in with a deep operational and brand experience to connect both the creative strength that we already have to scale that, but also secure a systematic, repeatable operating model.

然後我們從實力開始。非常清楚的是，我們看到我們正在取得進展，我們看到在 2026 年春季，我們在兩個品牌上都按時完成了工作。我們發現，目前利潤率與去年相比有顯著提高。因此，我們看到了 KPI，我們發現，是的，他們在第一季花了太多時間來理清上市流程。但現在，大衛的加入也讓我受益匪淺，他擁有豐富的營運和品牌經驗，不僅可以將我們已有的創造力結合起來擴大規模，還可以確保系統化、可重複的營運模式。

Yeah. Good morning, Michael. Yeah, I think maybe on the cost piece, maybe I'll try to put that into the context of the bigger financial picture first. So in the first half, as we take a look at the financial outlook, as we said, it's really a gross margin story. And I say that because in the first half, we are growing revenue, which is a big commitment for us this year.

是的。早上好，麥可。是的，我想也許在成本方面，也許我會先嘗試將其放在更大的財務狀況中。因此，當我們回顧上半年的財務前景時，正如我們所說，這實際上是一個毛利率問題。我之所以這麼說，是因為上半年我們的收入正在成長，這對我們今年來說是一項重大承諾。

And we're seeing SG&A percent of revenue coming down. So that's a good, strong foundation. So I described in the prepared remarks what's happening around gross margins. So we have that picture. And second quarter is largely going to be consistent with that. So that sets up the baseline. I think for us, and this is where the cost actions come in, and what's important is the bridge to the double-digit operating margins in 4Q.

我們看到銷售、一般及行政費用佔收入的百分比正在下降。所以這是一個良好而堅實的基礎。因此，我在準備好的發言中描述了毛利率的情況。所以我們就有了那張照片。第二季的情況基本上與此一致。這樣就設定了基線。我認為對我們來說，這就是成本行動發揮作用的地方，重要的是在第四季度實現兩位數的營業利潤率。

And that's actually pretty simple and very much in our control. The first and most obvious is the general seasonality of our business. So due to holiday sales last year for example, 4Q revenue, 14% higher than 2Q. So with that, we get really powerful leverage. Beyond that, though, it comes to the Value Driver 5, our cost actions that we've been talking about for a couple of quarters now.

這實際上非常簡單，並且完全在我們的控制範圍內。第一個也是最明顯的是我們的業務總體上具有季節性。例如，由於去年的假期銷售，第四季的收入比第二季高出 14%。這樣，我們就獲得了真正強大的槓桿作用。除此之外，還涉及價值驅動因素 5，也就是我們幾個季度以來一直在討論的成本行動。

So we've made very good progress, no slides on timing. And I think to remind everybody the pillars. A couple of them that are direct in our control and are already seeing significant progress on. So a decentralized technology mapping into a single global tech staff, taking advantage of both our scale, getting costs out and coming out with significantly better outcomes.

因此，我們取得了非常好的進展，沒有時間上的失誤。我想提醒大家注意這些支柱。其中一些是我們直接控制的，並且已經取得了重大進展。因此，將分散的技術映射到一個全球技術人員隊伍中，可以充分利用我們的規模，降低成本，並取得更好的結果。

And also around the Global Logistics Network with a big focus on increasing capacity utilization in the US. So we're already seeing some progress on those in the first half and that is why you're seeing the SG&A deleverage even in the first half.

並圍繞全球物流網絡，重點提高美國的產能利用率。因此，我們在上半年已經看到這些方面取得了一些進展，這就是為什麼即使在上半年你也會看到銷售、一般和行政費用的去槓桿化。

As we move into the back end of the year, the totality of all of the actions we're still on track to deliver between 200 basis points and 300 basis points of SG&A leverage reductions out of that and 200 basis points of that delivered by the fourth quarter of this year compared to the fourth quarter of last year. So the combination of those two leaves us feeling very good about the work we're doing around cost and where that points us to from a trajectory for the second half and leaving the year with double-digit operating margin again.

隨著我們進入年底，我們採取的所有行動總體上仍有望實現 200 個基點至 300 個基點的銷售、一般和行政費用 (SG&A) 槓桿率降低，其中今年第四季度的降低幅度為 200 個基點（與去年第四季相比）。因此，這兩者相結合讓我們對我們在成本方面所做的工作感到非常滿意，這也為我們下半年的發展軌跡指明了方向，並讓我們在今年再次實現兩位數的營業利潤率。

Okay, thanks for the detail guys. Appreciate it.

好的，謝謝大家的詳細說明。非常感謝。

Thank you.

謝謝。

Dana Telsey, Telsey Group.

達娜‧特爾西 (Dana Telsey)，特爾西集團 (Telsey Group)。

Hi, good morning, everyone. I wanted to dial in on tariffs, and how you're thinking about tariff impact as we go through the year on the mitigation strategies, I believe in that $65 million of unmitigated, how you're thinking about it, and what are you seeing in terms of price increases for each brand in the US and impact on margins? Thank you.

大家好，早安。我想談談關稅問題，在我們實施緩解策略的全年過程中，您如何看待關稅的影響，我相信有 6500 萬美元的未緩解關稅，您是如何看待這個問題的，您認為美國每個品牌的價格上漲情況如何，對利潤率有何影響？謝謝。

Well, thank you, Dana. Good morning. Let me start by creating some context around what the tariff situation means for PVH. So it's important to just note that 30% of our business is in the US, 70% of our business is international. So we have a much higher international share than most of our competitors. And as Zac mentioned, we have identified $65 million in unmitigated tariff effects for the rest of the year.

好吧，謝謝你，達娜。早安.首先，讓我先介紹一下關稅情況對 PVH 意味著什麼。因此，值得注意的是，我們的業務 30% 在美國，70% 在國際。因此，我們的國際份額比大多數競爭對手高得多。正如扎克所提到的，我們已經確定今年剩餘時間內未緩解的關稅影響為 6500 萬美元。

And just like everyone else. We are working through our mitigation actions in this fluid environment. So we have the strength of having Calvin and Tommy, which is two of the strongest and most of the larger brands. So that is strength when it comes to all the different parts of the value chain, the partnership with our all the way from the partnership with our sourcing to the partnership with our retail partners. So Zac, do you mind giving a little bit more detail on what that means.

和其他人一樣。我們正在這種不穩定的環境中採取緩解措施。因此，我們擁有 Calvin 和 Tommy 這兩個最強大、規模最大的品牌。因此，當涉及價值鏈的各個不同部分時，這就是優勢，從與採購夥伴的合作到與零售夥伴的合作，都是我們的合作。那麼扎克，你介意更詳細地解釋一下這意味著什麼嗎？

Yeah, Stefan mentioned, our two biggest mitigation advantages are the globally diversified revenue base and our strong global supply base. But beyond that, we are working through several other specific initiatives. So first, we're leveraging those deep, long-standing supply chain relationships to identify ways we can further optimize sourcing and production costs, sharing that the impact of tariffs for partners where possible.

是的，史蒂芬提到，我們最大的兩個緩解優勢是全球多元化的收入基礎和強大的全球供應基礎。除此之外，我們還在進行其他幾項具體措施。因此，首先，我們利用這些深厚、長期的供應鏈關係來尋找進一步優化採購和生產成本的方法，並盡可能與合作夥伴分擔關稅的影響。

And then beyond that, as Stefan mentioned, we remain laser-focused on perceived value for our consumers. So we will evaluate strategic discount reductions to mitigate potential tariff impact. And lastly, consistent with our normal course of business, we're also ready to take calibrated and targeted pricing actions where we have particular pricing power.

除此之外，正如史蒂芬所提到的，我們仍然專注於消費者的感知價值。因此，我們將評估策略性折扣削減以減輕潛在的關稅影響。最後，與我們的正常業務流程一致，我們也準備在擁有特定定價權的情況下採取有針對性的定價行動。

Thank you.

謝謝。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

Good morning, and thank you for taking our question. Stefan, you've talked about acceleration of some of the innovative and creative product into the back half and also the opportunity to take some strategic pricing reductions, pricing increases whether that's a reduction of discounting or otherwise. Can you help us square that with the outside levels of promotions that you're expecting in the near term. What do you have to do to make the brand more resilient from a pricing perspective as macro impacts start to weigh on the consumer? Thank you.

早安，感謝您回答我們的問題。史蒂芬，您談到了在後半段加速推出一些創新和創意產品，以及採取一些策略性降價、提高價格的機會，無論是減少折扣還是其他方式。您能否幫助我們將這一點與您近期預期的外部促銷水平相協調？當宏觀影響開始對消費者產生影響時，您需要做些什麼才能從定價角度提高品牌的彈性？謝謝。

Yeah, thanks Brooke. It comes back to doing more and scaling the impact of the PVH+ execution and how we build strength in the product in the key growth categories in putting innovation into the Hero products. And it's if you look at Tommy, I took a Calvin example before, which is quite powerful with the biggest product introduction in a decade with plus 25%. So that's a great example, plus the 14% increase in [debt].

是的，謝謝布魯克。這又回到了做更多事情和擴大 PVH+ 執行的影響，以及我們如何透過將創新融入 Hero 產品來增強關鍵成長類別的產品實力。如果你看看 Tommy，我之前舉過一個 Calvin 的例子，它非常強大，是十年來最大的產品推出，成長了 25%。這是一個很好的例子，再加上 14% 的成長[債務]。

So it's doing strategically sharpening our focus to do more and more of that -- that has a bigger and bigger impact on the total business. But also for Tommy, we see it in key categories like sweaters where we lean into our iconic cable nets, and we expand that and we put new, better fabrication. We innovate in colors. We connect that then to the lifestyle on Tommy.

因此，從策略上來說，我們要更加集中精力做更多這樣的事——這對整個業務的影響越來越大。但對於 Tommy 來說，我們也在毛衣等關鍵類別中看到了這一點，我們傾向於使用標誌性的電纜網，並且對其進行了擴展，並採用了新的、更好的面料。我們在色彩上進行創新。我們將其與湯米的生活方式聯繫起來。

And as Formula One is great lifestyle, a great anchoring point for the lifestyle because then we take the Tommy love for the brand, and we connected to those innovations in key product categories, and then we connect it to the sport of Formula One.

一級方程式賽車是一種很棒的生活方式，也是這種生活方式的絕佳錨點，因為我們吸收了湯米對品牌的熱愛，並將其與關鍵產品類別中的創新聯繫起來，然後我們將其與一級方程式賽車運動聯繫起來。

And then we follow up, and that's something that's worth saying as well for the back half, we are putting more marketing spend in a more focused way to drive traffic to do what you just asked Brooke, which is to mitigate more and more of those tougher headwinds because it's the way we operate the business is that it's 100% on what's fully in our control and expanding that impact.

然後我們繼續跟進，這也是後半部分值得一提的事情，我們將更有針對性地投入更多營銷支出，以推動流量，實現你剛才問布魯克的目標，即減輕越來越多的嚴峻阻力，因為這是我們運營業務的方式，100％ 完全由我們控制並擴大影響力。

Thanks so much.

非常感謝。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great, and thanks for all the color. So Stefan, maybe to break down the step down in top line trends that I know you cited to start the year. And then the leg lower that you cited here in in May in the Americas or the need for additional promotional activity to hold the trend line.

太棒了，謝謝你提供的所有顏色。因此，史蒂芬，也許可以打破你在年初提到的收入趨勢的下降趨勢。然後，您提到的 5 月份美洲市場的下滑趨勢或需要額外的促銷活動來保持趨勢線。

I guess how much of this do you attribute to the macro backdrop relative to execution? What's the pace of improvement that you see as reasonable? And then Zac, could you just walk through the progression or maybe dig a leg deeper into the embedded gross margin for the second quarter versus the back half of the year and just drivers of gross margin recapture if we think about next year?

我猜你認為這在多大程度上歸因於與執行相關的宏觀背景？您認為合理的改進速度是怎樣的？然後扎克，您能否簡單介紹一下進展情況，或者更深入地探討一下第二季度與下半年的嵌入式毛利率，以及如果我們考慮明年的話，毛利率重新獲得的驅動因素是什麼？

Yeah, thank you, Matt. What we have seen over the past three months, as we mentioned, is a tougher consumer and macro backdrop, especially in North America. So we see the consumer sentiment coming down, translating in tougher traffic trends to the sector and then impacting us and impacting us in store traffic more than e-commerce.

是的，謝謝你，馬特。正如我們所提到的，過去三個月我們看到的是更嚴峻的消費和宏觀環境，尤其是在北美。因此，我們看到消費者信心下降，導致該行業的客流量趨勢更加嚴峻，進而對我們的影響更大，對實體店客流量的影響也大於電子商務。

So what we also see is that the China backdrop from a consumer sentiment perspective is continuing to be tough and coming down. And even though that we are able to execute with strength in the big consumer moments.

因此，我們也看到，從消費者信心角度來看，中國市場情勢持續嚴峻且呈下降趨勢。儘管如此，我們仍能夠在重要的消費時刻強勢執行。

And that's -- when we look at today, how much the North America consumer sentiment and the tariff effect plus the China, we are not yet in a place where we can fully offset that. But why I say not yet is because, one, the actions we're taking in the back half is stronger and it's expanding the PVH + impact.

那就是——當我們今天看，北美消費者情緒和關稅效應加上中國的影響有多大，我們還沒有達到可以完全抵消這些影響的程度。但我之所以說還沒有，是因為，第一，我們在後半段採取的行動更有力，而且正在擴大 PVH + 的影響力。

It also connects to what Zac said that in the back half, we will have most of the 200 basis points of cost savings the cost initiatives that we have been on now for quite some time, but it's really kicking in the back half, and we have good visibility to seeing that, that is coming into place.

這也與扎克所說的相呼應，在下半年，我們將實現大部分 200 個基點的成本節約，這些成本節約是我們相當長一段時間以來一直在實施的，但它確實在下半年開始發揮作用，而且我們清楚地看到，它正在付諸實施。

And then we also see that we are resolving Calvin's operational challenges, significantly improved in the back half. And then when I look at 2026 product season, both brands are on time. Both brands have a positive gross margin going margin starting '26.

然後我們也看到我們正在解決卡爾文的營運挑戰，後半部分有了顯著改善。然後，當我展望 2026 年產品季時，兩個品牌都準時。自 26 年以來，這兩個品牌的毛利率均為正值。

So that's how we see that we are able to keep the revenue growth because we said we were going to drive back to growth this year. We're able to keep the revenue growth going for this year. We are taking a margin hit that we are in the beginning of this not able to fully compensate. And then coming out of the year, we are back out.

因此，我們認為我們能夠保持收入成長，因為我們說過今年我們將恢復成長。我們今年能夠維持收入成長。我們的利潤受到了打擊，一開始我們無法完全彌補。然後到了年底，我們又回來了。

All right, and thank you Matt, to the second part of your question. Maybe I'll answer it looking at our gross margin percent for the full year. So original plan for the full year gross margins down around 100 basis points. Half of that was tied to the G-III business model transition, and about half of that original decrease was tied to the transitory Calvin Klein issues we've talked about here.

好的，謝謝馬特，回答你問題的第二部分。也許我會根據我們全年的毛利率來回答這個問題。因此原計劃全年毛利率將下降約 100 個基點。其中一半與 G-III 商業模式轉型有關，而最初下降的約一半與我們在此討論的暫時性 Calvin Klein 問題有關。

Now as we look to the full year being approximately 250 basis points down, that extra 150 basis points as two main drivers. 50 basis points is due to the mitigated impact of tariffs. And the other 100 basis points is the is an increase in the promotionality that we were just talking about. So just to put that in context. That 100 basis points includes all three of those components Stefan mentioned here.

現在，我們預計全年將下降約 250 個基點，額外的 150 個基點是兩個主要驅動因素。 50 個基點是由於關稅的影響減輕。另外 100 個基點是我們剛才談到的促銷力度的增加。所以，我們只需要將其放在上下文中。這 100 個基點包括史蒂芬在此提到的所有三個組成部分。

So there is an increase tied to the US declining macro consumer sentiment and lower traffic. There is a tougher consumer backdrop in Asia in all particular situation in China. And then third is the sort of the bigger impact than we were planning initially around the CK operational challenges. So I think that as we take a look there in the second half, the progression we do expect to see sequential improvement in the CK operations issue.

因此，成長與美國宏觀消費者信心下降和客流量下降有關。亞洲的消費情勢更加嚴峻，尤其是中國。第三，CK 營運挑戰的影響比我們原先計劃的要大。因此我認為，當我們回顧下半年的情況時，我們確實預期 CK 營運問題會持續改善。

So that's carrying longer than the second half and will improve significantly, especially in 2026. But we do see -- expect in the second half. We are planning for that promotional activity to maintain through the rest of 2025, so no sequential opportunity there. Then exiting '25 to '26, we do expect to be putting the Calvin Klein challenges fully behind us during 2026. So that's another step forward that we'll see.

因此，這將持續比下半年更長的時間，並且會顯著改善，尤其是在 2026 年。但我們確實看到——預計在下半年。我們計劃將該促銷活動持續到 2025 年剩餘時間，因此沒有連續的機會。然後，在 2025 年至 2026 年期間，我們確實希望在 2026 年徹底擺脫 Calvin Klein 的挑戰。這是我們將看到的另一個進步。

And beyond that with tariffs over time, we do expect that we'll be able to work towards full mitigation of the unmitigated impact. So that will be improving over time as well. And then we'll adjust to whatever the broader macro environment is just like we've done this year.

除此之外，隨著時間的推移，我們確實希望能夠努力完全減輕未緩解的影響。因此隨著時間的推移，情況也會不斷改善。然後，我們會根據更廣泛的宏觀環境進行調整，就像我們今年所做的那樣。

Great color. Best of luck.

顏色很棒。祝你好運。

Thank you, Matt.

謝謝你，馬特。

We have time for one more question.

我們還有時間再回答一個問題。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Great, thanks for taking my question. What are you planning in terms of the promotional impact in gross margin for the back half of the year. It looks like the 60 basis point impact on gross margin from tariffs in Q2 implies a pretty steep impact from promotions and maybe a few other impacts. But I guess -- how do you, how have you reserved room for a higher promotional environment in the back here within the current gross margin guidance?

太好了，感謝您回答我的問題。您對下半年促銷對毛利率的影響有何計畫？看起來，第二季關稅對毛利率產生的 60 個基點影響意味著促銷活動的相當大影響，或許還有其他一些影響。但我想—您如何在目前的毛利率指引範圍內為後面更高的促銷環境預留空間？

Yeah, I think thank you for the question. I would say consistent what we just talked about a little bit. We've got the impact for the full year we've put in is around 100 basis points tied to the increased promotional environment.

是的，我想謝謝你的提問。我想說的與我們剛才討論的一致。由於促銷環境的改善，我們對全年的影響約為 100 個基點。

That impact is sort of we saw through the first quarter we planned through into the second quarter and we've assumed that level remains for the rest of this year. We have overall over the last couple of years been quite consistent with the uncertainty of potential outcomes we've maintained where we are called the broader macros there. And that includes assumptions around promotional environment and so I think we're, we are planning for that to continue the trends that we've seen so far this year through the rest of the year.

這種影響是我們在第一季預見的，並將延續到第二季​​度，我們預計這一水準將在今年剩餘時間內保持下去。總體而言，過去幾年來，我們一直對潛在結果的不確定性保持相當一致的看法，我們稱之為更廣泛的宏觀經濟。這包括對促銷環境的假設，所以我認為我們計劃將今年迄今為止看到的趨勢延續到今年剩餘時間。

Understood, thank you.

明白了，謝謝。

All right. With that, We want to thank you for following along on the multi-year journey that we are on to tap into the full potential of Calvin Klein and Tommy Hilfiger. And we want you to know that we are responding to the moment we're leaning in to sharpen and expanding our very strong PVH+ impact because when we tap into that iconic brand lab for Calvin and Tommy and then we do it super focused with connecting innovation in product, cut-through marketing campaign, investing behind it, driving efficiencies behind the scenes, but then letting the consumer feel that, we really cut through and that's what we are continuing to do.

好的。最後，我們要感謝您多年來一直關注我們，以充分挖掘 Calvin Klein 和 Tommy Hilfiger 的潛力。我們希望您知道，我們正在順應形勢，努力加強和擴大我們非常強大的 PVH+ 影響力，因為當我們利用 Calvin 和 Tommy 的標誌性品牌實驗室時，我們會高度專注於將產品創新、切入式行銷活動、幕後投資、幕後效率提升結合起來，然後讓消費者感受到，我們確實切入了，這就是我們正在繼續做的事情。

Thank you.

謝謝。

Thank you. Again, ladies and gentlemen, that will conclude today's PVH first-quarter 2025 earnings call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Goodbye.

謝謝。女士們、先生們，今天的 PVH 2025 年第一季財報電話會議就到此結束。再次感謝大家的參與，祝福大家有個愉快的一天。再見。