PVH Corp (PVH) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to today's PVH second quarter 2025 earnings conference call.(Operator Instructions) Please note this call may be recorded, and that I will be standing by should you need any assistance.

各位早安，歡迎參加PVH 2025年第二季財報電話會議。 （操作說明）請注意，本次通話可能會被錄音，如果您需要任何協助，我將隨時為您提供服務。

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 來主持。請繼續。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp second quarter 2025 Earnings Conference Call. Leading the call today will be Stefan Larsson, Chief Executive Officer; and Zac Coughlin, Chief Financial Officer. This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material.

謝謝接線生。各位早安，歡迎參加PVH集團2025年第二季財報電話會議。今天主持電話會議的是執行長 Stefan Larsson 和財務長 Zac Coughlin。本次網路直播和電話會議由 PVH 代表錄製，內容包含受版權保護的資料。

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. The information to be discussed includes forward-looking statements that reflect PVH's view as of August 26, 2025, of future events and financial performance.

未經PVH書面許可，不得錄製、重播或以其他方式傳播。您的參與即表示您同意您將您所說的任何內容出現在本次通話的任何文字記錄或重播中。本次討論的資訊包括前瞻性陳述，反映了 PVH 截至 2025 年 8 月 26 日對未來事件和財務表現的看法。

These statements are subject to risks and uncertainties indicated in the company's SEC filings and the safe harbor statement included in the press release that is the subject of this call. These include PVH's right to change its strategies, objectives, expectations and intentions and the company's ability to realize anticipated benefits and savings from divestitures, restructuring and similar plans such as the actions undertaken to focus principally on its Calvin Klein and Tommy Hilfiger businesses and its current multiyear initiative to simplify its operating model and achieve cost savings.

這些聲明受到本公司向美國證券交易委員會提交的文件以及本次電話會議所涉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。這包括PVH改變其策略、目標、預期和意圖的權利，以及公司透過資產剝離、重組和類似計劃（例如為主要專注於其Calvin Klein和Tommy Hilfiger業務而採取的行動，以及其目前正在實施的簡化營運模式和實現成本節約的多年計劃）實現預期收益和節省的能力。

PVH does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimate regarding revenue or earnings. Generally, the financial information and projections to be discussed will be on a non-GAAP basis as defined under SEC rules. Reconciliations to GAAP amounts are included in PVH's second 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，包括但不限於任何有關收入或盈利的估計。一般而言，所討論的財務資訊和預測將按照美國證券交易委員會（SEC）規則定義的非公認會計準則（non-GAAP）進行。PVH 2025 年第二季財報中包含了與 GAAP 金額的調節表，該報告可在 www.pvh.com 上找到，並且包含在公司隨該報告向美國證券交易委員會提交的 8-K 表格當前報告中。

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

此時，我很高興將會議交給斯特凡·拉爾森主持。

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 delivering a better-than-expected second quarter. We beat our guidance on both the top and bottom line as we grew revenue 4% on a reported basis, achieved our 1% revenue growth guidance on a constant currency basis and drove better-than- expected gross margin performance and EBIT margins.

謝謝Sheryl，大家早安，謝謝各位今天參加我們的電話會議。首先，我要感謝我們世界各地的團隊，他們取得了超乎預期的第二季業績。我們在營收和利潤方面均超出預期，按報告基準計算，營收成長了 4%，以固定匯率計算，營收成長達到預期的 1%，毛利率和息稅前利潤率均優於預期。

Total direct-to-consumer revenue was flat in constant currency, a sequential improvement compared to the first quarter, including a sequential improvement each month throughout the quarter. We grew wholesale revenue by low single digits in constant currency benefiting from the intake and relaunch of the Calvin Klein women's businesses in North America.

以固定匯率計算，直接面向消費者的總收入與第一季持平，但與第一季相比有所環比增長，並且本季度每個月都實現了環比增長。由於 Calvin Klein 女裝業務在北美的收購和重新推出，我們的批發收入按固定匯率計算實現了個位數低成長。

Looking ahead, we are reaffirming our earnings guidance for the full year and raising our reported revenue guidance despite tariff rates effectively doubling and a continued uneven global macro. And for the rest of the year, we have also increased our strategic investments in marketing to generate even higher visibility and customer impact.

展望未來，儘管關稅稅率實際上翻了一番，且全球宏觀經濟持續不穩定，我們仍重申全年獲利預期，並上調報告收入預期。在今年剩餘的時間裡，我們也加大了行銷的策略投入，以期獲得更高的知名度和客戶影響力。

Since we last spoke, our focus has been to further strengthen our PVH+ execution. And for both brands, this means continue to strengthen our brand-building consumer flywheel across products, marketing and marketplace execution. We drive performance by leaning into the strong consumer love for our iconic brands, focusing on our biggest product categories then bringing innovation and newness into our most iconic product franchises, amplifying them through powerful cut-through marketing and supporting it by next level execution across all our channels. And we have already made significant progress.

自上次談話以來，我們的重點一直是進一步加強 PVH+ 的執行。對於這兩個品牌而言，這意味著要繼續加強我們在產品、行銷和市場執行方面的品牌建立消費者飛輪效應。我們透過充分利用消費者對我們標誌性品牌的強烈喜愛來推動業績成長，專注於我們最大的產品類別，然後為我們最具標誌性的產品系列帶來創新和新意，透過強有力的突破性行銷來擴大其影響力，並透過我們所有管道的更高水準的執行來支持它。我們已經取得了顯著進展。

Regionally, in Europe, we delivered another quarter of positive D2C growth and finalized our spring '26 forward-looking wholesale order books up low single digits, marking our second consecutive season of growth. In North America, we drove stronger D2C performance and again drove double-digit EBIT margins. And in APAC, we exceeded our plan, and we started to stabilize the business in key markets.

從區域來看，在歐洲，我們又實現了一個季度的 D2C 正成長，而 2026 年春季的預期批發訂單量也實現了低個位數成長，標誌著我們連續第二個季度實現了成長。在北美，我們推動了更強勁的 D2C 業績，並再次實現了兩位數的 EBIT 利潤率。在亞太地區，我們超額完成了計劃，並開始在關鍵市場穩定業務。

We are also successfully working through the transitory operational issues we experienced as we set up the Calvin Klein global product capability in New York. Already now for fall '25, we are delivering the sequential improvements we set out to achieve. And for the spring '26 product season, we have already locked in the important go-in margin improvements we targeted, as well as got them back to on time for our deliveries.

我們在紐約建立 Calvin Klein 全球產品能力時遇到的暫時性營運問題也正在有效解決。到 2025 年秋季，我們已經開始逐步實現我們設定的目標。對於 2026 年春季產品季，我們已經實現了我們預期的重要初期利潤率提升目標，也確保了交貨時間的及時性。

David and the Calvin team have done a great job making this happen. Let me now share concrete examples of the actions we took that drove our performance in the second quarter. And let me start with Calvin Klein. The biggest and most iconic product categories in Calvin Klein are underwear and denim. And this quarter, we further drove powerful momentum in both these categories.

David 和 Calvin 團隊為促成此事做出了巨大貢獻。現在讓我分享一些具體例子，說明我們在第二季採取的哪些行動推動了我們的業績成長。就讓我先從卡爾文·克萊恩說起吧。Calvin Klein 旗下最大、最具代表性的產品類別是內衣和牛仔服。本季度，我們在這兩個領域都進一步保持了強勁的成長動能。

When we last spoke, we had just launched our spring campaign with superstar Bad Bunny to amplify the newness and innovation in our new men's icon cotton stretch hero product franchise. It's been incredibly successful. And across all regions, this franchise is driving significant commercial impact. The combination of a powerful product category of funds tied to strong product innovation, connected to a cut-through campaign with globally relevant talent is a repeatable model that we know works.

上次我們交談時，我們剛剛與超級巨星 Bad Bunny 合作推出了春季宣傳活動，旨在提升我們全新男士標誌性棉質彈性英雄產品系列的新穎性和創新性。它取得了巨大的成功。在所有地區，此特許經營模式都產生了顯著的商業影響。將強大的產品類別資金與強大的產品創新相結合，再與具有全球影響力的優秀人才開展突破性行銷活動，這是一個可重複使用的模式，我們知道這種模式行之有效。

The Bad Bunny campaign has increased brand awareness driving stronger traffic and conversion. It's also creating a strong halo effect across men's underwear. Sales of our cotton stretch styles were up 14% globally in the quarter, following the 25% growth we delivered last quarter. Building on this success for this fall, we are bringing that same next level product innovation and newness to our largest and most successful women's underwear program with the launch of our Icon Cotton Modal franchise.

Bad Bunny 的行銷活動提高了品牌知名度，從而帶來了更強勁的流量和轉換率。它還在男士內衣市場產生了強烈的光環效應。本季度，我們的棉質彈性服飾全球銷量成長了 14%，繼上季成長 25% 之後，又實現了成長。繼今年秋季的成功之後，我們將同樣的創新精神和新穎性帶到我們最大、最成功的女性內衣計畫中，推出我們的 Icon Cotton Modal 系列。

It will also be supported by a global campaign featuring one of the most exciting global superstars in music. And we will again drive commercial impact by activating a full-funnel approach across all regions. Next, in denim, we have continued to build on Calvin's strong spring momentum. We focused on newness through 90 styles and fashion fits to capture consumer demand for looser fit silhouettes and delivered 19% growth in fashion denim this quarter.

此外，還將發起一項全球宣傳活動，由一位全球最令人興奮的音樂巨星擔綱主演。我們將再次透過在所有地區實施全通路行銷策略來推動商業影響。其次，在牛仔服飾方面，我們延續了 Calvin 春季的強勁勢頭。我們專注於創新，推出了 90 種款式和時尚版型，以滿足消費者對寬鬆版型的需求，本季時尚牛仔產品實現了 19% 的成長。

We're also innovating with new tools to drive conversion, and we recently introduced a new Lookbook style denim fit guide to make it even easier for consumers to shop their favorite denim look with styling inspiration that captures iconic Calvin lifestyle.

我們也不斷創新，利用新工具來提高轉換率。最近，我們推出了全新的 Lookbook 風格牛仔合身指南，讓消費者能夠更輕鬆地購買自己喜歡的牛仔造型，並從中獲得展現 Calvin 標誌性生活方式的造型靈感。

And last week, leveraging our proven combination of hero product amplified by mega talent, we launched the denim focus collection featuring K-pop megastar Mingyu. already, we have seen more than doubling of our engagement rate on social media from this campaign with the key denim products featured rising to the number one and two best-selling products in their categories and markets.

上週，我們憑藉著明星產品與巨星代言結合的成熟策略，推出了由韓國流行音樂巨星珉奎代言的牛仔系列。這項活動已使我們在社群媒體上的互動率翻了一番以上，主打牛仔產品也躍升至各自品類和市場銷量榜的第一和第二位。

This is just the beginning of what we believe will be the strongest Calvin Klein fall campaign so far. With a combination of strong product innovation, amplified with a lineup of global mega talent from the world of music and sports. We build relevance and desirability when we connect Calvin's brand DNA to the global cultural conversation. And this quarter, we have repeatedly done that.

這只是我們認為迄今為止 Calvin Klein 最強勁的秋季行銷活動的開始。憑藉強大的產品創新能力，以及來自音樂和體育界的全球巨星陣容，我們取得了巨大成功。我們將 Calvin 的品牌 DNA 與全球文化對話連結起來，從而建立相關性和吸引力。本季度，我們已經多次這樣做了。

We connected the inspirational halo of our Calvin Klein collection to key cultural moments with talent, including Dua Lipa, Pedro Pascal and A$AP Rocky. And we took this to another level when Beyonce wore custom Calvin Klein collection underwear in her Cowboy Carter show, a moment she shared with her over 300 million followers on Instagram.

我們將 Calvin Klein 系列的靈感光環與重要的文化時刻以及 Dua Lipa、Pedro Pascal 和 A$AP Rocky 等人才聯繫起來。而當碧昂絲在她的 Cowboy Carter 時裝秀上穿著 Calvin Klein 訂製內衣時，這種風潮更是達到了新的高度。她還在 Instagram 上與超過 3 億的粉絲分享了這一刻。

We are building strong connectivity between collection and our main line to extend the halo that Veronica Leoni is creating. You will see this next at our upcoming runway show at New York Fashion Week on September 12. Finally, in the marketplace, we are making key investments in stores around the world to bring the full Calvin ambition to life for the consumer.

我們正在加強該系列產品與主線產品之間的聯繫，以擴大 Veronica Leoni 品牌的光環。接下來您將在9月12日紐約時裝週的T台秀上看到它。最後，在市場方面，我們正在全球各地的門市進行關鍵投資，以將 Calvin 的全部願景帶給消費者。

Tomorrow, we'll open our newest flagship store in Tokyo in the center of Harajuku, a hub for youth culture, fashion and high traffic from both local and international shoppers. The new flagship marks the next chapter in our global retail expansion in major markets around the world. And later this year, we look forward to opening our next flagship in the heart of Soho, New York, one of the most iconic retail destinations globally.

明天，我們將在東京原宿中心開設最新的旗艦店。原宿是青年文化、時尚的中心，吸引了許多本地和國際購物者。新旗艦店標誌著我們在全球主要市場零售擴張的下一個篇章。今年晚些時候，我們期待在紐約蘇豪區中心地帶開設我們的下一家旗艦店，蘇豪區是全球最具代表性的零售目的地之一。

Turning to Tommy. Throughout the quarter, we continued to take Tommy's iconic DNA, our classic American style with Tommy's unique twist and connecting it to culture and driving strong commercial impact. In the world of sport, Tommy was 20 years ahead of his time in building early partnerships with Formula One. Our latest partnership with Apple Studios took this to the next level.

轉向湯米。整個季度，我們繼續秉承 Tommy 的標誌性 DNA，將我們經典的美國風格與 Tommy 的獨特風格相結合，並將其與文化聯繫起來，從而產生強大的商業影響。在運動界，湯米早在20年前就與一級方程式賽車建立了合作關係，可謂領先時代。我們最近與蘋果工作室的合作更是將這項合作提升到了一個新的高度。

With Tommy the brand playing a key part in the global summer blockbuster film F1 the movie. It's already become the highest grossing sports film in history, and it's also Brad Pitt's highest grossing film to date. And for those who have seen it, you know that Tommy is impossible to miss. To support this major brand moment, we launched a full funnel global campaign, the movie premiere at the Landmark Radio City Music Hall in New York City.

Tommy品牌在全球夏季大片F1電影中扮演了關鍵角色。它已經成為史上票房最高的運動電影，也是布萊德彼特迄今票房最高的電影。看過這部電影的人都知道，湯米是絕對不可能被忽略的。為了支持這一重要的品牌時刻，我們發起了一場全方位的全球行銷活動，並在紐約市地標建築無線電城音樂廳舉行了電影首映。

And it was incredible to see the iconic Tommy Hilfiger brand on the big screen, embodying the fearless drive and effortless style that define both the sport and the brand. This continued in London, where Tommy was featured on the massive 3D screen in Piccadilly Circus ahead of the Global Premier contributing to double-digit lifts in both brand perception and Net Promoter Scores in that market.

在大銀幕上看到標誌性的 Tommy Hilfiger 品牌真是令人難以置信，它體現了這項運動和品牌所定義的無畏和輕鬆風格。這一趨勢在倫敦得以延續，在《湯米》全球首映式之前，湯米在皮卡迪利廣場的巨型 3D 螢幕上亮相，這使得該市場的品牌認知度和淨推薦值均實現了兩位數的增長。

Globally, we have seen an incredible consumer response to our limited edition APAC GP collection of key Formula One styles with strong sell-through around the world. We'll continue building on this momentum with Cadillac as the official apparel sponsor of the Cadillac Formula One racing team, where two of the biggest American icons are coming together to support the first US team on the grid.

在全球範圍內，我們看到消費者對我們限量版亞太大大獎賽系列（包含一級方程式賽車關鍵款式）的反應非常熱烈，在世界各地都取得了強勁的銷售業績。我們將繼續保持這一勢頭，凱迪拉克將成為凱迪拉克一級方程式車隊的官方服裝贊助商，美國兩大標誌性品牌將攜手支持第一支登上賽道的美國車隊。

And staying in the world of sport as the official lifestyle partner of the US SailGP team, Tommy recently launched a capsule collection, which blends high-performance sport and modern style. The partnership is at the heart of Tommy's unique DNA and opens up a new consumer and commercial opportunity for the brand around the world.

作為美國 SailGP 車隊的官方生活方式合作夥伴，Tommy 繼續在體育界活躍，最近推出了一個膠囊系列，將高性能運動與現代風格相結合。這項合作是 Tommy's 獨特品牌基因的核心，並為該品牌在全球範圍內開闢了新的消費者和商業機會。

Throughout the quarter, we executed across the full funnel, this included celebrating the Tommy's Summer lifestyle through the Hilfiger resort campaign, where our iconic hero product and strong category offense was amplified with top-tier talent including Madeline Klein and Patrick Schwarzenegger. This led to strong sell-throughs across channels for spring and summer 2025 seasons in featured key product categories.

整個季度，我們執行了整個銷售漏斗，其中包括透過 Hilfiger 度假系列活動來慶祝 Tommy's Summer 的生活方式，我們標誌性的明星產品和強大的品類攻勢借助 Madeline Klein 和 Patrick Schwarzenegger 等頂級人才得到了加強。這使得 2025 年春夏兩季的重點產品類別在各個通路的銷售都十分強勁。

Within our summer shop styles, we drove womenswear up 10% globally and menswear up 3%. We continue to focus on the full Tommy lifestyle by expanding both our core men's and women's business. In men's, we recently expanded into dress casual, an important category in the consumer wardrobe. We previewed the collection in Milan to more than 350 wholesale partners at Pitti Uomo, one of the biggest men's fashion events in the world, and we are encouraged by the strong initial sell-in for spring '26.

在我們的夏季商店款式中，女裝在全球範圍內增長了 10%，男裝增長了 3%。我們將繼續專注於打造完整的 Tommy 生活方式，同時拓展我們核心的男裝和女裝業務。在男裝方面，我們最近拓展了休閒正裝領域，這是消費者衣櫥中的重要類別。我們在米蘭的 Pitti Uomo 男裝展上向 350 多家批發合作夥伴預覽了該系列產品，Pitti Uomo 是世界上最大的男裝時尚盛會之一。我們對 2026 年春季系列強勁的初期銷售情況感到鼓舞。

Category expansion is an important strength of the Tommy brand and we are excited for this new category to launch early next year with key wholesale partners globally as well as in premium stores and on tommy.com. In women's, building on the recent collaboration with Sofia Richie Grainge. This quarter, we launched the Tommy Girl Capsule, which drove strong sell-through across regions and attracted a younger consumer.

拓展覽類是Tommy品牌的一項重要優勢，我們很高興明年年初能與全球主要批發合作夥伴、高端門市以及tommy.com網站共同推出這一全新品類。女裝方面，我們將延續近期與Sofia Richie Grainge的合作。本季度，我們推出了 Tommy Girl 膠囊系列，該系列在各個地區都取得了強勁的銷售業績，並吸引了年輕消費者。

Tommy Girl has been an important fixture in pop culture since the '90s, and we are tapping into that deep consumer love for the Tommy DNA. In North America, over half of our capsule purchasers were new consumers to the site and 1/3 became repeat purchases within 30 days. Looking to the fall season, yesterday, we launched a global lifestyle campaign featuring a cast led by supermodel, Claudia Schiffer and Nicholas Hoult, the star of the summer hit film Superman.

自 90 年代以來，Tommy Girl 一直是流行文化中的重要元素，我們正在利用消費者對 Tommy DNA 的深厚喜愛。在北美，超過一半的膠囊購買者是網站的新用戶，其中三分之一在 30 天內再次購買。展望秋季，昨天我們推出了一項全球生活方式宣傳活動，由超模克勞蒂亞·希弗和夏季熱門電影《超人》的主演尼古拉斯·霍爾特領銜主演。

To maximize amplification, we have increased our marketing investments, which includes a global activation of the full funnel with multiple high-impact brand moments and sustained product storytelling. Now let me turn to our regional performance, where we also continue to make strong progress. Starting with Europe. We drove another quarter of total D2C growth.

為了最大限度地擴大影響力，我們增加了行銷投入，包括在全球範圍內激活整個行銷漏斗，打造多個具有高影響力的品牌時刻，並持續講述產品故事。現在讓我談談我們在區域方面的表現，我們也繼續取得了顯著進步。首先從歐洲開始。我們實現了另一個季度的D2C總成長。

And we delivered our fourth consecutive quarter of store revenue growth. D2C growth was offset by a decline in wholesale from shipment timing that we mentioned last quarter, which benefited the first quarter. While overall revenue was down low single digits in constant currency for the quarter, importantly, we ended the first half with revenue up slightly versus last year.

我們實現了門市收入連續第四個季度成長。D2C 的成長被上個季度提到的因出貨時間而導致的批發業務下滑所抵消，而這有利於第一季的成長。雖然以固定匯率計算，本季整體營收下降了個位數百分比，但重要的是，上半年結束時，我們的營收比去年同期略有成長。

I'm also pleased to share that we drove growth in our wholesale order books for spring '26, up low single digits compared to the prior year, building on our growth in fall '25. This performance reflects our ability to further strengthen our product offering season by season, combined with our strong sales teams and wholesale partnerships in the region.

我也很高興地宣布，2026 年春季我們的批發訂單量實現了增長，與前一年相比增長了個位數，延續了 2025 年秋季的增長勢頭。這項業績反映了我們有能力逐季加強產品供應，再加上我們在該地區強大的銷售團隊和批發合作夥伴關係。

Importantly, across the region, our stepped-up execution and product improvements drove growth in our largest category businesses in the quarter. In Tommy, we grew menswear up 3% versus last year, and in Calvin, we grew underwear up 6% versus last year. Turning to the Americas. We grew revenue by low double digits, including above-plan D2C performance across both brands.

重要的是，在整個地區，我們加強執行和產品改進推動了本季我們最大品類業務的成長。Tommy男裝銷售額比去年成長了3%，Calvin內衣銷售額比去年成長了6%。轉向美洲。我們實現了兩位數的低成長，其中兩個品牌的 D2C 業績都超乎預期。

Our disciplined execution again drove double-digit EBIT margins. We delivered strong growth in our digital channels, supported by a double-digit increase in traffic, fueled by our product strength and cut-through campaigns, and driven by our investments that continue to further elevate the online shopping experience. This quarter, both brands had positive consumer growth across new, retained and reactivated consumers across our digital platforms.

我們嚴謹的執行再次實現了兩位數的息稅前利潤率。在流量兩位數成長的支持下，我們的數位管道實現了強勁成長，這得益於我們強大的產品實力和突破性的行銷活動，以及我們不斷增加投資以進一步提升線上購物體驗。本季度，我們旗下兩個品牌在數位平台上的新用戶、留存用戶和重新激活用戶方面均實現了正增長。

The consumer is choosing iconic products with newness, and is showing up in our performance with strong trend improvement across both brands and across our D2C channels as we deliver products that are iconic to our brands with innovation and relevant newness. We also saw higher sell-through of newness with our key wholesale partners.

消費者正在選擇具有創新性和新意的標誌性產品，這體現在我們兩個品牌和 D2C 通路的強勁成長趨勢上，因為我們提供的具有創新性和相關性的標誌性產品，對我們的品牌而言意義非凡。我們也發現，與主要批發合作夥伴的新品銷售率有所提高。

While there is still uncertainty in the back half of the year tied to tariffs, we are focused on continuing to deliver iconic fashion with newness to our consumers. Moving on to Asia Pacific. For the second quarter, we drove better-than-expected top line performance with revenues declining low single digits in constant currency, representing a significant sequential improvement.

儘管下半年關稅問題仍存在不確定性，但我們仍專注於繼續為消費者帶來具有標誌性和創新性的時尚產品。接下來是亞太地區。第二季度，我們的營收表現優於預期，以固定匯率計算，營收僅下降了個位數，季減顯著改善。

This was driven by performance in our own channels, high-quality consumer engagement across the full funnel and strong execution of key holidays. We again won in the big consumer moments such as 618, where we delivered high single-digit GMV growth, outperforming our expectations adding to our double-digit GMV growth last year.

這主要得益於我們自身管道的出色表現、全通路高品質的消費者互動以及關鍵假期的出色執行。我們在 618 等大型消費活動中再次取得勝利，實現了接近兩位數的 GMV 增長，超出預期，進一步鞏固了我們去年兩位數的 GMV 增長。

During 618, both Calvin and Tommy ranked among the top five international brands on Tmall. While the macro remains choppy through our strong execution, we have started to stabilize performance. This summer, I visited our teams in Japan and Korea, and it was incredible to see the brand love we have in these markets, whether it's Calvin's presence at [Hyundai] Gen Z store or the strength of Tommy's flagship store in Tokyo.

在 618 購物節期間，Calvin 和 Tommy 都躋身天貓國際品牌銷售前五名。儘管宏觀經濟情勢依然波動，但我們憑藉強大的執行力，業績已開始趨於穩定。今年夏天，我拜訪了我們在日本和韓國的團隊，看到我們品牌在這些市場受到的喜愛，真是令人難以置信，無論是 Calvin 在 [現代] Gen Z 店的亮相，還是 Tommy 在東京旗艦店的強勁表現。

Each quarter, we continue to build out the strength of our brands leveraging the combination of our category offense and iconic hero products amplified with locally relevant talent. We still have significant untapped opportunity to grow our brands in APAC. And also here, we are increasing our investments in marketing to activate the full funnel and drive new store expansion, reflecting our long-term commitment to the region, which remains an important growth driver for our global business.

每個季度，我們將繼續增強品牌實力，結合品類進攻和標誌性主打產品，並藉助本地相關人才的力量。我們在亞太地區仍有巨大的品牌發展潛力尚未開發。此外，我們還加大了對行銷的投入，以激活整個銷售漏斗並推動新店擴張，這體現了我們對該地區的長期承諾，該地區仍然是我們全球業務的重要成長動力。

Now turning to global licensing. Our licensing revenue, excluding the licenses that we are transitioning continues to grow. As we have shared before, our large and diversified global licensing business is a key competitive advantage. Our licensing partners help bring our vision to life across multiple complementary categories and are critically important to how we drive sustainable, profitable growth through the PVH+ Plan.

現在轉向全球授權。不包括我們正在過渡的許可證，我們的許可證收入持續成長。正如我們之前分享過的，我們龐大且多元化的全球授權業務是一項關鍵的競爭優勢。我們的授權合作夥伴幫助我們在多個互補類別中實現我們的願景，並且對於我們如何透過 PVH+ 計劃推動可持續的獲利成長至關重要。

In collaboration with our licensing partner, Coty, we are deep into preparations for our biggest fragrance launch since CK One. While we are preparing for the big launch next year, we have already had early success in recent new product launches, especially with younger Gen Z consumers. In closing, the second quarter marked another step forward on our multiyear journey to unlock the full potential of Calvin Klein and Tommy Hilfiger, a step-by-step building them into the most desirable lifestyle brands in the world.

我們正與授權合作夥伴科蒂集團緊密合作，緊鑼密鼓地籌備自CK One以來規模最大的香水新品發表。雖然我們正為明年的盛大發布做準備，但近期推出的新品已初見成效，尤其是在年輕的Z世代消費者中廣受歡迎。最後，第二季標誌著我們在多年發展歷程中又向前邁進了一步，我們將逐步釋放 Calvin Klein 和 Tommy Hilfiger 的全部潛力，一步步將它們打造成為世界上最令人嚮往的生活方式品牌。

In a choppy macro environment, we delivered by intensifying and expanding the impact of our PVH+ execution, and we are making significant progress. We continue to demonstrate that where we lean in to execute, we deliver. And I'm proud of how the team stepped up their execution again this quarter to drive the business forward. The areas we said we were going to lean into last quarter we delivered on.

在動盪的宏觀環境下，我們透過加強和擴大 PVH+ 執行的影響，取得了顯著進展。我們不斷證明，只要我們全力以赴，就能取得成功。我為團隊在本季再次提升執行力，推動業務發展而感到自豪。上個季度我們提出的重點發展領域，我們都實現了。

While the global macro landscape continues to evolve and remain uncertain, we are focused on what's within our own hands, which is building our brands and business for the long term. We continue to take concrete action to build on the momentum we created in the first half to drive our performance in the back half, continuously learning and improving to become stronger and stronger over time.

儘管全球宏觀情勢仍在不斷變化且充滿不確定性，但我們專注於我們本身能夠掌控的事情，那就是為長遠發展打造我們的品牌和業務。我們將繼續採取實際行動，鞏固上半季取得的良好勢頭，推動下半季的成績，不斷學習和改進，力求隨著時間的推移變得越來越強大。

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

接下來，我將把電話交給札克。

Thanks, Stefan, and good morning. My comments are based on non-GAAP results and are reconciled in our press release. As Stefan discussed, this quarter, we took another step forward on our multiyear journey to build Calvin Klein and Tommy Hilfiger into the most desirable lifestyle brands in the world, delivering or exceeding expectations across all key financial metrics for the second quarter.

謝謝你，斯特凡，早安。我的評論是基於非GAAP財務報表，相關數據已在我們的新聞稿中進行了核對。正如 Stefan 所討論的，本季度，我們在將 Calvin Klein 和 Tommy Hilfiger 打造成全球最令人嚮往的生活方式品牌的多年征程中又向前邁進了一步，第二季度所有關鍵財務指標均達到或超過了預期。

In Q2, we delivered another quarter of revenue growth. We drove a sequential improvement in year-over-year gross margin percent and continued our strong SG&A discipline. And while our EPS for the quarter was lower than last year, it was better than expected. As we look forward, we are reaffirming our full year guidance for constant currency revenue operating margin and EPS in spite of new tariff rates, which have effectively doubled since our last call.

第二季度，我們再次實現了營收成長。我們實現了毛利率同比環比增長，並繼續保持了嚴格的銷售、管理及行政費用控制。雖然本季每股收益低於去年同期，但好於預期。展望未來，儘管新的關稅稅率自我們上次通話以來實際上已經翻了一番，但我們仍重申全年按固定匯率計算的收入營業利潤率和每股收益預期。

I will now discuss our second quarter results in more detail and then move on to our outlook. Revenue for the second quarter was up 4% on a reported basis and up 1% on a constant currency basis. Starting from a regional perspective, our EMEA business was up 3% on a reported basis and down 3% in constant currency for the quarter.

接下來我將更詳細地討論我們第二季的業績，然後再展望一下我們的前景。第二季營收以報告匯率計算成長 4%，以固定匯率計算成長 1%。從區域角度來看，本季我們的 EMEA 業務按報告匯率計算成長了 3%，以固定匯率計算下降了 3%。

In constant currency, we delivered growth in the direct- to-consumer business, which was up slightly, and notably, sales in our retail stores were up mid-single digits, the fourth consecutive quarter of year-over-year growth. Our wholesale business was lower by mid-single digits, reflecting the timing shift to Q1 of this year that I discussed last quarter.

以固定匯率計算，我們的直接面向消費者業務實現了成長，略有上升；值得注意的是，我們的零售店銷售額實現了中等個位數的成長，這是連續第四個季度同比增長。我們的批發業務下降了個位數百分比，這反映了我上個季度討論過的，時間調整到今年第一季的情況。

And looking at the first half overall for EMEA, which normalizes for the wholesale timing effect, our total EMEA business was up slightly in constant currency driven by growth in the direct-to-consumer business and wholesale revenue in line with the prior year. In our Americas business, revenue was up 11%, driven by double-digit growth in wholesale, which includes the impact of Calvin Klein women's sportswear and jeans wholesale transition in-house.

從整個 EMEA 地區上半年的情況來看（已剔除批發業務的時間影響），我們的 EMEA 地區總業務按固定匯率計算略有增長，這主要得益於直接面向消費者業務的增長以及批發收入與上年同期持平。在美洲業務方面，營收成長了 11%，這主要得益於批發業務的兩位數成長，其中包括 Calvin Klein 女式運動服和牛仔褲批發業務內部轉型的影響。

As I discussed last quarter, the wholesale shipments this year were planned to reflect a more balanced first half, second half weighting versus last year when shipments were more heavily weighted to the back half. Direct-to-consumer revenue in the Americas was flat, a sequential improvement versus Q1. We delivered double-digit growth in our digital commerce business, which marks the fourth consecutive quarter of year-over-year growth, fueled by the investments we've made to elevate the online consumer experience.

正如我上個季度所討論的，今年的批發出貨計畫旨在反映出上半年和下半年更加均衡的權重，而去年出貨量則更多地集中在下半年。美洲地區的直接面向消費者的收入與第一季持平，但較第一季有所改善。我們的數位商務業務實現了兩位數的成長，這是連續第四個季度同比增長，這得益於我們為提升線上消費者體驗所做的投資。

And while stores were down low single digits for the quarter, we delivered a sequential improvement compared to Q1 and exited the quarter with modest sales growth in July. Revenue in our Asia Pacific business was down 3% on a constant currency basis, a significant sequential improvement compared to the first quarter.

雖然本季門市銷售額下降了個位數百分比，但與第一季相比，我們實現了環比改善，並在7月份實現了溫和的銷售成長。以固定匯率計算，我們亞太地區的業務收入下降了 3%，但與第一季相比，季比有了顯著改善。

Growth in our owned and operated digital commerce business was more than offset by declines in the wholesale business and in our stores, reflecting the choppy consumer environment in the region, particularly in China. And while direct-to- consumer revenue in China was down compared to last year, we saw a sequential improvement in our bricks-and-mortar stores compared to the first quarter and drove growth in our digital commerce business.

我們自有和經營的數位商務業務的成長被批發業務和門市的下滑所抵消，這反映出該地區（尤其是中國）消費環境的波動。雖然中國地區的直接面向消費者的收入與去年相比有所下降，但與第一季相比，我們的實體店業績環比有所改善，並推動了數位商務業務的成長。

Revenue for our Asia Pacific business was down 1% on a reported basis. In our licensing business, revenue was down 3% versus last year, more than explained by the previously mentioned transition of Calvin Klein women's sportswear and jeans in-house. Turning to our global brands, Tommy Hilfiger revenues were up 4% as reported and flat in constant currency.

據報告，我們亞太地區的業務收入下降了 1%。在我們的授權業務中，收入比去年下降了 3%，這不僅僅是由於之前提到的 Calvin Klein 女式運動服和牛仔褲業務內部化所致。從我們的全球品牌來看，Tommy Hilfiger 的營收按報告計算成長了 4%，以固定匯率計算則持平。

Calvin Klein revenues were up 5% as reported and up 3% in constant currency. From an overall PVH channel perspective, our direct-to-consumer revenue was up 4% as reported and flat in constant currency, a sequential improvement over the prior quarter. Sales in our retail stores were up 4% as reported and flat on a constant currency basis, driven by mid-single-digit growth in EMEA, offset by low single-digit declines in each of Americas and APAC.

據報告，Calvin Klein 的營收成長了 5%，以固定匯率計算成長了 3%。從 PVH 整體通路來看，我們的直接面向消費者的營收按報告成長了 4%，以固定匯率計算則持平，比上一季有所改善。據報道，我們零售店的銷售額增長了 4%，按固定匯率計算則持平，這主要得益於歐洲、中東和非洲地區中等個位數的增長，但被美洲和亞太地區的低個位數下降所抵消。

Sales in our owned and operated e-commerce business were up 3% as reported and flat in constant currency as strong growth in Americas and APAC was offset by a decline in EMEA. Total wholesale revenue was up 6% as reported and 2% in constant currency, which reflects the previously mentioned transition of Calvin Klein women's sportswear and jeans in-house.

據報告，我們自有和經營的電子商務業務銷售額增長了 3%，按固定匯率計算則持平，因為美洲和亞太地區的強勁增長被歐洲、中東和非洲地區的下滑所抵消。據報告，批發總收入成長了 6%，以固定匯率計算成長了 2%，這反映了先前提到的 Calvin Klein 女式運動服和牛仔褲的自主生產轉型。

In the second quarter, our gross margin was 57.7%, a decrease of 240 basis points compared to last year but better than planned, largely due to a delayed impact of tariffs. As we have discussed previously, approximately 50 basis points of the decrease was the impact of our North America license transitions. And in Q2, gross margin reflected the initial early impact of tariffs of approximately 20 basis points.

第二季度，我們的毛利率為 57.7%，比去年同期下降了 240 個基點，但好於預期，這主要是由於關稅的滯後影響。正如我們之前討論過的，下降幅度約有 50 個基點是由於北美許可證過渡的影響。第二季度，毛利率反映了關稅初期約 20 個基點的影響。

The remaining 170 basis point decrease was largely a continuation of the three main factors we felt in Q1, including higher promotions, the mix of shipments in wholesale, which has a negative impact on gross margin but not our overall profitability, and the impact of Calvin Klein product shipment delays. SG&A spending was down in constant currency and SG&A as a percent of revenue improved 140 basis points versus last year to 49.5%, reflecting our strong cost discipline and our growth driver five Actions.

剩餘的 170 個基點下降主要是由於我們在第一季度感受到的三個主要因素的延續，包括更高的促銷力度、批發發貨組合的變化（這對毛利率有負面影響，但對我們的整體盈利能力沒有影響）以及 Calvin Klein 產品發貨延遲的影響。以固定匯率計算，銷售、一般及行政費用有所下降，銷售、一般及行政費用佔收入的百分比較去年提高了 140 個基點，達到 49.5%，這反映了我們嚴格的成本控制和五項增長驅動措施。

EBIT for the quarter was $178 million, and operating margin was 8.2%. Earnings per share was $2.52, reflecting a negative impact of $0.06 related to tariffs and a positive impact of $0.16 related to exchange. Interest expense was $22 million, and our tax rate for the quarter was approximately 22%.

本季息稅前利潤為 1.78 億美元，營業利益率為 8.2%。每股收益為 2.52 美元，其中關稅帶來 0.06 美元的負面影響，匯率帶來 0.16 美元的正面影響。利息支出為 2,200 萬美元，本季稅率約為 22%。

As a reminder, our earnings per share of $3.01 in the second quarter last year included a benefit of approximately $0.55 related to the favorable settlement of a multi-year international tax audit, which drove our tax rate to 0% for last year's quarter. Absent this benefit, Q2 2024 EPS would have been $2.46. The Inventory at quarter end was up 13% compared to Q2 last year, including a 1% increase due to tariffs and reflects a planned improvement compared to up 19% in Q1.

提醒一下，我們去年第二季的每股收益為 3.01 美元，其中包括與多年國際稅務審計的有利和解相關的約 0.55 美元收益，這使得我們去年的稅率為 0%。如果沒有這項收益，2024 年第二季的每股盈餘將為 2.46 美元。季度末庫存較去年同期增長 13%，其中包括因關稅導致的 1% 的增長，這反映了與第一季 19% 的增幅相比，庫存水準有所改善。

The rest of the increase in the current quarter was primarily due to a purposeful investment in best-selling core product categories and an increase to support our projected sales in the third quarter. Availability also improved across all regions and channels as we make strategic investments in the most essential styles. Our inventory is fresh and current and we remain on track to land the year with inventory aligned to our sales plan, excluding tariffs.

本季其餘的成長主要歸功於對暢銷核心產品類別的有針對性投資，以及為支持我們預計的第三季銷售額而進行的增加。隨著我們對最基本款式進行策略性投資，所有地區和通路的供貨情況也得到了改善。我們的庫存新鮮且符合最新要求，我們仍有望在年底前實現與銷售計劃相符的庫存目標（不包括關稅）。

And now moving on to our outlook. We are encouraged by our Q2 results, but we also recognize there continues to be significant uncertainty around global trade policies and the impact on the broader macroeconomic environment and consumer spending behavior. Our outlook is based on our best assessment of current conditions and currently announced tariff levels.

接下來，我們來談談展望未來。我們對第二季的業績感到鼓舞，但我們也意​​識到，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仍然存在很大的不確定性。我們的展望是基於我們對當前狀況和已公佈關稅水準的最佳評估。

Starting with the third quarter, we are projecting revenue to be flat to a slight increase on a reported basis and down slightly on a constant currency basis compared to the prior year. Our revenue outlook for the third quarter reflects the impact of wholesale shipment timing in the Americas I spoke of earlier, with this year reflecting a more balanced first half, second half weighting versus last year when shipments are more heavily weighted to the back half.

從第三季開始，我們預計以報告匯率計算的營收將與去年持平或略有成長，而以固定匯率計算的營收將略有下降。我們對第三季的營收展望反映了我之前提到的美洲批發出貨時間的影響，今年的上半年和下半年的權重比去年更加平衡，去年的出貨量更集中在下半年。

Overall, for the Americas, we are planning revenue up low single digits with growth in wholesale and DTC sales approximately flat. In EMEA, we expect continued growth in DTC and wholesale approximately flat. And in Asia Pacific, we expect revenue to decline by low single digits, in line with the second quarter. We are expecting third quarter gross margin to decline approximately 175 basis points versus the prior year.

總體而言，對於美洲地區，我們計劃收入實現個位數低成長，批發和 DTC 銷售成長基本持平。在歐洲、中東和非洲地區，我們預計 DTC 業務將持續成長，批發業務將基本持平。在亞太地區，我們預期收入將出現個位數百分比的下降，與第二季的情況一致。我們預計第三季毛利率將比去年同期下降約 175 個基點。

A sequential improvement compared to the first half trend as we begin to stabilize the Calvin Klein operational challenges we have discussed previously. Our gross margin guidance includes an unmitigated tariff impact of approximately 80 basis points, partially offset by the impact of planned mitigation actions. The impact of tariffs, we felt much more heavily in the fourth quarter given when new rates take effect and the timing of sell-through.

與上半年的趨勢相比，這是一個循序漸進的改善，因為我們開始穩定先前討論過的 Calvin Klein 營運挑戰。我們的毛利率預期包括約 80 個基點的未緩解關稅影響，部分將被計劃中的緩解措施的影響所抵消。鑑於新稅率生效時間和銷售時機，我們在第四季感受到了關稅的影響更為嚴重。

We expect SG&A as a percentage of revenue to be up approximately 75 basis points compared to last year. As Stefan mentioned, we are investing more into marketing in the third quarter to capitalize on key consumer moments and to support our brand building cut- through campaigns amplified by mega talent. And at the same time, our Growth Driver 5 Actions will continue to deliver efficiencies.

我們預計銷售、管理及行政費用佔收入的百分比將比去年上升約 75 個基點。正如 Stefan 所提到的，我們將在第三季加大行銷投入，以抓住關鍵的消費時刻，並支持我們藉助超級人才擴大影響力的品牌建立突破性活動。同時，我們的成長驅動力 5 項行動將持續提高效率。

Overall, we are projecting third quarter operating margin to be approximately 8%, down approximately 250 basis points compared to last year. Earnings per share is expected to be in a range of $2.35 to $2.50. Our tax rate for the third quarter is estimated at approximately 25%, higher than our tax rate projection for the full year due to timing items, and interest expense is projected to be approximately $22 million.

整體而言，我們預計第三季營業利潤率約為 8%，比去年同期下降約 250 個基點。預計每股收益在 2.35 美元至 2.50 美元之間。由於時間因素，我們預計第三季的稅率約為 25%，高於全年稅率預期，利息支出預計約為 2,200 萬美元。

And now moving on to the full year. We remain on track to deliver the overall business outlook we shared last quarter despite the recently announced incremental tariffs on goods coming into the US. We are reaffirming our full year constant currency revenue guidance of flat to increase slightly. Our operating margin outlook of approximately 8.5% and our EPS outlook in the range of $10.75 to $11.

現在進入全年回顧階段。儘管美國最近宣布對進口商品加徵關稅，但我們仍有望實現上季公佈的整體業務展望。我們重申全年以固定匯率計算的收入預期為持平或略有成長。我們的營業利潤率預期約為 8.5%，每股收益預期在 10.75 美元至 11 美元之間。

Our guidance reflects an incremental tariff impact compared to our prior outlook and increased marketing investments, which are being offset by the impact of favorable exchange. We expect the tariffs currently in place with an overall net negative impact on our earnings in 2025, including an approximately $70 million unmitigated impact to EBIT or approximately $1.15 per share compared to previous guidance of $65 million and $1.05 per share.

我們的預期反映了與先前的展望相比，關稅影響增加，行銷投入也有所增加，但這些都被有利的匯率影響所抵消。我們預計目前實施的關稅將在 2025 年對我們的收益產生整體淨負面影響，其中包括對息稅前利潤 (EBIT) 造成約 7000 萬美元的未緩解影響，或每股約 1.15 美元，而此前的預期分別為 6500 萬美元和每股 1.05 美元。

We expect to mitigate some of these costs through strategic actions in the second half of the year and fully mitigate the impact over time. But for this year, some we will need to absorb. The net impact of the tariffs and these mitigation actions are embedded within our guidance. We are confident that we are well positioned to navigate the fluid tariff situation.

我們預計透過下半年的策略性措施來減輕部分成本，並隨著時間的推移完全消除影響。但今年，有些事情我們需要自己消化。關稅及這些緩解措施的淨影響已納入我們的指導意見中。我們有信心能夠妥善應對不斷變化的關稅狀況​​。

We have a strong globally diversified revenue base with 70% of our revenues coming from outside the US, and we work closely with an established network of global sourcing partners across more than 30 countries where we continue to leverage our deep, long-standing relationships to further optimize our sourcing and production costs.

我們擁有強大的全球多元化收入基礎，其中 70% 的收入來自美國以外地區。我們與遍佈 30 多個國家的成熟全球採購合作夥伴網絡緊密合作，繼續利用我們深厚的長期合作關係，進一步優化採購和生產成本。

We are evaluating and actioning a variety of steps looking at every point along our value chain to mitigate the impact over time. On the top line, while we are reaffirming our constant currency revenue guidance, we are now projecting reported revenue to increase slightly to low single digits, reflecting the favorable impact of exchange compared to our previous guidance of flat to a slight increase.

我們正在評估並採取各種措施，從價值鏈的每個環節著手，以減輕其長期影響。在營收方面，雖然我們重申了按固定匯率計算的收入預期，但我們現在預計報告收入將略微增長至個位數低段，這反映了匯率的有利影響，與我們之前預期持平或略有增長相比，這一預期有所改善。

Regionally, our revenue outlook remains unchanged. Europe was planned to return to growth. In the Americas, we are planning revenue up mid-single digits, including the positive impact of the Calvin Klein women's sportswear and jeans wholesale transition in- house. And in Asia Pacific, revenue is planned down mid-single digits in constant currency.

從區域來看，我們的收入預期保持不變。歐洲的計劃是恢復成長。在美洲，我們計劃營收實現個位數中段成長，其中包括 Calvin Klein 女式運動服和牛仔褲批發業務內部轉型帶來的正面影響。在亞太地區，以固定匯率計算，收入預計將下降個位數百分比。

We continue to expect gross margin to decrease approximately 250 basis points versus last year, with the incremental headwind from increased tariff rates, offset by the improvements we realized in the second quarter. On SG&A, we continue to expect expense to be lower in constant currency in 2025 compared to 2024.

我們仍然預計毛利率將比去年下降約 250 個基點，關稅上漲帶來的不利影響將被我們在第二季度實現的改善所抵消。關於銷售、一般及行政費用，我們仍預期 2025 年以固定匯率計算的費用將低於 2024 年。

And our SG&A expenses as a percentage of revenue to decrease approximately 100 basis points, reflecting significant cost savings connected to our Growth Driver 5 Actions. 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.

我們的銷售、一般及行政費用佔收入的百分比將下降約 100 個基點，這反映了與我們的成長驅動力 5 項行動相關的顯著成本節約。這些舉措將簡化我們的營運模式，從而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、歐洲的營運模式以及我們的支援職能。

And through the end of the second quarter, we have already made meaningful progress in each of these areas. We continue to expect these actions to deliver 200 basis points to 300 basis points of operating margin expansion over time with nearly 200 basis points of that benefit expected to be realized in the fourth quarter by the actions we have completed to date.

截至第二季末，我們在這些領域都已取得了實質進展。我們仍然預期這些措施將隨著時間的推移帶來 200 至 300 個基點的營業利潤率增長，其中近 200 個基點的收益預計將在第四季度透過我們迄今為止完成的措施實現。

Interest expense is now projected to be approximately $80 million, and our tax rate for 2025 continues to be estimated at approximately 22%. Before we open up for questions, I just want to conclude by saying that while we are navigating a dynamic and uncertain macroeconomic environment, within that backdrop, we continue to focus on taking proactive measures on what is within our control, and making progress in all dimensions of the business through our execution of the PVH+ plan, building momentum into 2026 to deliver sustainable and increasingly profitable growth for the long term.

預計利息支出目前約為 8,000 萬美元，2025 年的稅率預計仍約為 22%。在正式開始提問之前，我想總結一下，雖然我們正處於一個動態且不確定的宏觀經濟環境中，但在此背景下，我們將繼續專注於採取積極措施，掌控我們力所能及的事項，並通過執行 PVH+ 計劃，在業務的各個方面取得進展，為 2026 年積蓄力量，以實現長期可持續且盈利能力不斷增強的增長。

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

接下來，我們想接受大家的提問。

(Operator Instructions) Jay Sole, UBS.

（操作員說明）Jay Sole，瑞銀集團。

Great. Stefan, just interesting to hear you talk about marketing investments. What are you seeing that drove that? And Zac, one for you, how do you think about marketing investments in the shape of the P&L?

偉大的。Stefan，聽你談行銷投資真是一件很有趣的事。你看到了什麼促成了這個想法？札克，​​問你一個問題，你如何看待損益表中的行銷投資？

Thanks, Jay. And yes, as I shared in my prepared remarks, the step-up in execution in Q2, combined with our increased strength in products where we were able to lean into our biggest categories, most iconic categories, and then drive product innovation within our biggest franchises within those categories and then amplify that with our unique approach to marketing.

謝謝你，傑伊。是的，正如我在準備好的發言稿中所述，第二季度執行力的提升，加上我們在產品方面的實力增強，使我們能夠專注於我們最大的類別、最具標誌性的類別，然後在這些類別中最大的特許經營產品中推動產品創新，並通過我們獨特的營銷方式來擴大這種創新。

And that's why you see our investments we come up in the back half because we are, for the back half, continue to build on the momentum you saw in Q2. So you will see -- in Calvin Klein, you will see us leaning into the iconic strength of two of the biggest categories, underwear, denim, build in men's on the Bad Bunny, positive Bad Bunny, product innovation, Bad Bunny amplified effect we had in the spring.

這就是為什麼你會看到我們的投資在下半年有所成長，因為在下半年，我們將繼續鞏固你在第二季度看到的成長勢頭。所以你會看到——在 Calvin Klein，你會看到我們充分利用兩大類別的標誌性優勢，即內衣和牛仔服，在男士系列中融入 Bad Bunny 的元素，積極向上的 Bad Bunny 形象，產品創新，以及我們在春季取得的 Bad Bunny 效應的放大效果。

We continue in the fall. I believe we have the biggest and strongest lineup of global mega talent to do that in men's and in women's. So what you will see also is the same approach as we took with men's underwear and put innovation in our biggest franchise, we do the same in women's. And if you look at Tommy, you have -- there are two ways we do it. One is strengthening the seasonal campaigns full funnel.

秋季我們將繼續進行。我相信我們擁有全球最龐大、最強大的超級人才陣容，無論在男子組或女子組，都能做到這一點。所以你會看到，我們在女裝領域也採用了與男士內衣相同的創新方法，就像我們在男士內衣領域所做的那樣，並將創新融入到我們最大的特許經營產品中。如果你看看湯米，你會發現——我們有兩種方法可以做到這一點。一是加強季節性行銷活動的全通路推廣。

And you saw yesterday, we just launched our fall campaign. And then for Tommy, we also have the lifestyle collaboration with Formula One. So very successful on the F1 movie collaboration and then now building into the F1 with Cadillac. And then we have the SailGP's like Formula One racing on water. So -- but it's leveraging the strength of the product with the strength of the cut-through marketing and doing that full funnel. And that gives us the confidence to invest more than what we had originally planned.

正如你們昨天看到的，我們剛剛啟動了秋季行銷活動。此外，Tommy也與一級方程式賽車開展了生活方式方面的合作。與F1電影的合作非常成功，現在又拓展到與凱迪拉克的F1合作。然後我們還有帆船大獎賽，就像水上的F1賽車。所以——但關鍵在於利用產品的優勢和突破性行銷的優勢，並完成整個銷售漏斗。這讓我們更有信心投入比原計劃更多的資金。

Jay, thanks for the question. On the second half, in terms of SG&A, we'll continue to make significant progress on our value Driver Actions, we previously talked about. We've committed to delivering 200 basis points to 300 basis points of improvement over time with 200 basis points of that exiting this year. That's all on track. And including in Q2, we saw significant SG&A leverage with over 100 basis points coming from these actions.

傑伊，謝謝你的提問。下半年，在銷售、一般及行政費用方面，我們將繼續在先前討論過的價值驅動行動方面取得重大進展。我們承諾隨著時間的推移，實現 200 至 300 個基點的改進，其中 200 個基點將在今年實現。一切都在按計劃進行。包括第二季在內，我們看到銷售、一般及行政費用槓桿作用顯著，這些措施帶來了超過 100 個基點的收益。

As we then look into Q3, those savings continue. But as Stefan mentioned, we are also investing in marketing to build that momentum for the second half and for holiday. So we will see deleverage in SG&A in Q3 but that's more than explained by that increased marketing spending. And then by the time we get to Q4, we're back leveraging the SG&A as we finish up delivering that 200 basis points on the value Driver 5 Actions that we had committed earlier this year by the end of the year.

展望第三季度，這些節省仍在繼續。但正如斯特凡所提到的那樣，我們也在投資行銷，以增強下半年和假期季節的銷售動能。因此，我們將在第三季看到銷售、一般及行政費用的槓桿率下降，但這完全可以用行銷支出的增加來解釋。然後到了第四季度，我們將再次利用銷售、一般及行政費用，完成我們今年早些時候承諾在年底前實現的價值驅動因素 5 行動的 200 個基點。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Let me ask on tariffs. So I'm curious, it seems like your guidance in the third quarter lets us get to about 280 basis points of pressure in gross margin. In the fourth quarter, Zac, you said that the tariffs start -- the timing of tariffs starting to show up. And you gave us a sense of the unmitigated tariff pressure. I'm curious how we should think about that rolling into 2026. Is the tariff impact to gross is continuing to accelerate?

我想問一下關稅方面的問題。所以我很好奇，你們對第三季的業績指引似乎會讓毛利率面臨大約 280 個基點的壓力。札克，​​你說過第四季關稅開始生效──關稅生效的時間開始顯現。你讓我們感受到了毫不緩解的關稅壓力。我很想知道我們應該如何看待這種情況延續到 2026 年。關稅對毛利的影響是否仍在加速？

And then you have some more time to think about mitigation efforts, maybe how you balance that, what leverage you can pull as you roll into 2026 or a reasonable time to get to neutral? I know you said you plan to offset them over time. And then just a quick update on the outlets. I think you said the outlet traffic was down double digits earlier in the year. Usually, when we see the dollar weaken like this and help the tourism.

然後你就可以花更多時間思考緩解措施，例如如何平衡這些措施，以及在進入 2026 年或一個合理的時間內達到中立狀態時，你可以利用哪些籌碼？我知道你說過你計劃隨著時間的推移來抵消這些影響。最後簡單報告一下各銷售點的情況。我記得你說過今年早些時候奧特萊斯客流量下降了兩位數。通常情況下，當美元像這樣走弱時，會對旅遊業有所幫助。

Obviously, there's some political things going on right now that might disrupt normal flows. Maybe just help us think about how you're looking at the outlets as we think about the back half?

顯然，目前發生的一些政治事件可能會擾亂正常的秩序。或許您能幫我們想想您是如何看待這些出風口的，以便我們更能思考後半段的內容？

Yes. Thanks, Michael. So let me start on the -- let me start where you ended on the outlet traffic. So we saw traffic sequentially improve from Q1 to Q2, including the outlet traffic. So that's encouraging. When it comes to the tariffs before I hand it over to Zac for more of the technical answer. On the highest level, tariffs are impacting everyone in our sector but we have 70% of our revenues coming from our international business.

是的。謝謝你，麥可。那麼，就讓我從你剛才說到的出口流量問題開始吧。因此，我們看到客流量從第一季到第二季逐年改善，包括門市客流量。這令人鼓舞。關於關稅問題，在把這個問題交給 Zac 給更專業的解答之前，我想先簡單介紹一下。從最高層面來看，關稅影響著我們產業的每一個人，但我們70%的收入來自國際業務。

So that's with a very large, diversified supply chain coming with that. We also have the strength of being Calvin Klein and Tommy Hilfiger. So we have two of the most iconic beloved premium brands in the market. And through the PVH+ Plan, that we have for a number of years now executed a very disciplined on. We are driving relevance into our iconic beloved brands, product strength, consumer engagement strength, strength in the marketplace execution.

因此，隨之而來的是一個非常龐大、多元化的供應鏈。我們也擁有 Calvin Klein 和 Tommy Hilfiger 這樣的品牌優勢。所以我們現在擁有市場上兩個最具代表性和最受歡迎的高端品牌。而透過 PVH+ 計劃，我們已經嚴格執行多年。我們正在提升我們標誌性品牌的相關性、產品實力、消費者參與度和市場執行力。

So that is all to drive increasingly profitable growth, like growth with pricing power. So that's from a strategic perspective on how to navigate the tariffs really important to have that kind of brand strength and deliver that value -- increased value to the consumer. When it comes to tactically here and now, just like all of our competitors.

這一切都是為了推動利潤不斷成長，例如擁有定價權的成長。所以從策略角度來看，如何應對關稅問題對於擁有強大的品牌實力和為消費者創造價值至關重要。就目前的戰術層面而言，我們和所有競爭對手一樣。

We are working through how to best mitigate the tariffs in a way that keeps our competitive positioning. And in doing that, we assess, and you will hear Zac share more details but we assess every part of the value chain. And it's still early but we are well positioned to work through this in a competitive way. So Zac, do you mind taking it one?

我們正在研究如何以最佳方式減輕關稅影響，同時保持我們的競爭優勢。在過程中，我們會進行評估，你會聽到 Zac 分享更多細節，但我們會評估價值鏈的每個環節。現在還為時過早，但我們已做好充分準備，以具有競爭力的方式應對這項挑戰。札克，​​你介意拿一下嗎？

Absolutely. Thanks, Michael, for the question. With a diverse and resilient supply chain, we've successfully navigated through many disruptive times before. And so we're confident in our ability to manage through this very dynamic environment also. We've previously communicated that we'd mitigate approximately 50% of the cost of the prior cost in 2025 with more overtime.

絕對地。謝謝你的提問，麥可。憑藉著多元化且富有韌性的供應鏈，我們先前已成功度過許多動盪時期。因此，我們有信心能夠應對這種瞬息萬變的環境。我們之前已經表示，到 2025 年，我們將透過增加加班時間來降低先前成本的大約 50%。

With the newly announced rates coming in for 4Q for us around two times higher than we previously had talked about, we do see that mitigation cost percentage being a little bit lower for 2025. But most importantly, we expect to continue to expand on our mitigation efforts through the strategic actions throughout 2026.

由於新公佈的第四季利率比我們之前討論的利率高出約兩倍，我們預計 2025 年的減排成本百分比會略低一些。但最重要的是，我們預計在 2026 年透過各項策略行動繼續擴大我們的緩解措施。

Stefan mentioned, we feel really good about the premium positioning of our brands, and we'll continue to look at all levers across the entire value chain to mitigate the impact. This includes continuing to prioritize supply chain and internal efficiencies first. And any pricing actions we take will be targeted based on where we have pricing power. That's really important and always being sort of balance that price value for the consumer.

Stefan提到，我們對我們品牌的優質定位感到非常滿意，我們將繼續研究整個價值鏈中的所有槓桿來減輕影響。這包括繼續優先考慮供應鏈和內部效率。我們將採取的任何定價措施都將根據我們擁有定價權的地區進行針對性調整。這一點非常重要，要始終在價格和消費者利益之間取得平衡。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

Stefan, can you give us an operational update on your transformation within Calvin Klein? As you look ahead into 2026, what are the opportunities for improved execution in North America and globally?

Stefan，可以為我們介紹一下你在 Calvin Klein 的轉型進展嗎？展望 2026 年，北美和全球有哪些提升執行力的機會？

Yes. Thanks, Brooke. So pleased to share this quarter as a follow-up to last quarter when we flagged the operational challenges we had in the first season of setting up the Calvin Klein global product capabilities in New York. So I'm pleased to share that what we set out -- how we set out to get through that is what we have delivered on during this quarter.

是的。謝謝你，布魯克。很高興與大家分享本季的情況，這是對上一季的後續報導。上一季我們重點介紹了在紐約建立 Calvin Klein 全球產品能力的第一季中遇到的營運挑戰。因此，我很高興地告訴大家，我們本季已經實現了我們設定的目標——我們為實現這些目標所採取的方法。

So if you look at fall '25, we have made the sequential improvement from spring that we set out to do. If you look at spring '26, we have already secured the going margin improvements we targeted to get back and we are on time for the deliveries. So from there, we are fully back on track. So David and Calvin the team have done a really, really good job working through that.

所以，如果你看一下 2025 年秋季的情況，我們已經實現了從春季開始的逐步改進，就像我們最初設定的目標一樣。展望 2026 年春季，我們已經實現了預期的利潤率提升目標，交貨也按時完成。所以，從那以後，我們就完全回到正軌了。所以，David 和 Calvin 以及他們的團隊在解決這個問題上做得非常好。

And coming back to why we're setting up these capabilities and why it was worth it is because it will pay off for many years to come. We now have a strong global product engine for both Calvin and Tommy for each of the global brands, serving our regions. So we feel very good about how we work through it.

回到我們為什麼要建立這些能力以及為什麼這樣做是值得的這個問題，因為這將在未來很多年帶來回報。我們現在為 Calvin 和 Tommy 這兩個全球品牌都建立了強大的全球產品引擎，服務我們所在的地區。所以我們對自己的處理方式感到非常滿意。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

So Stefan, maybe in the Americas, could you break down the drivers of the sequential improvement at direct-to-consumer relative to trends that you've embedded for the back half? And then in Europe, could you just elaborate on the composition of your fall '25 order book and initial indications for spring '26?

那麼，Stefan，或許在美洲地區，你能分析一下，相對於你為下半年設定的趨勢，直接面向消費者的銷售模式的連續改善的驅動因素是什麼嗎？那麼在歐洲，您能否詳細介紹一下 2025 年秋季的訂單組成以及 2026 年春季的初步情況？

Yes. So thanks, Matt. So encouraging to see the improved D2C trends in North America, both they were driven both -- they were both significant and sequentially improved from Q1 and three main drivers behind that. So first, we were able to leverage the increased strength in product across both Tommy and Calvin. And then we were able to amplify that product strength with the improved marketing.

是的。謝謝你，馬特。令人鼓舞的是，北美地區的 D2C 趨勢有所改善，這主要得益於三個因素的推動——這兩個因素都顯著改善，並且比第一季有所提升。首先，我們能夠利用 Tommy 和 Calvin 兩大品牌產品實力的提升。然後，我們透過改進行銷，進一步增強了產品優勢。

And the way that we improved marketing and North America and each of the regions play a really important role is, yes, you need to have the call-through campaigns from each of the brands, which we now have. But then what North America did and the other regions also did in the quarter was they expanded the mid-funnel in the marketing.

我們改進北美行銷的方式，以及每個地區都發揮著非常重要的作用，是的，你需要每個品牌的電話行銷活動，而我們現在已經做到了。但北美和其他地區在本季所做的，是擴大了行銷管道的中層。

So if you look at marketing from top of funnel, where you have Bad Bunny and awareness driving and then you have mid-funnel, which is the product storytelling, the increased consideration. You take the aspirational strength that you create with a product innovation and Bad Bunny and then you make it shoppable. And that part was really expanded and really drove engagement with the consumer.

所以，如果你從漏斗頂部（例如 Bad Bunny 和提升品牌知名度）來看待行銷，那麼漏斗中部就是產品故事敘述和提高消費者考慮度。你利用產品創新和 Bad Bunny 所創造的鼓舞人心的力量，讓它變得可以購買。這部分內容得到了極大的擴展，並真正推動了與消費者的互動。

So the third part was how we then drove new consumers at a growth rate we haven't seen before, we drove retained consumers up and we reactivate more consumers than we did prior. So it's a combination of the strength of the product, strength of the marketing, full funnel expansion and then an increased consumer and end customer focus.

第三部分講述了我們如何以前所未有的速度吸引新客戶，如何提高留存客戶數量，以及如何比以前重新激活更多客戶。所以，這是產品實力、行銷實力、全通路拓展以及對消費者和終端客戶日益關注的綜合體現。

So really well done. And that is something that's repeatable and systematic that we will continue to build out. Yes. And then Europe. Thanks, Zac. Europe, when it comes to the order books, really exciting to see. So if you look at form, we started to grow the order books in Europe again after our quality of sales initiatives. And we do that because of the strength in product across the board in both Calvin and Tommy.

做得真棒。這是一項可重複、系統化的工作，我們將繼續進行。是的。然後是歐洲。謝謝你，扎克。就訂單量而言，歐洲的情況真的令人興奮。從形式上看，在我們採取了提高銷售品質的舉措之後，我們在歐洲的訂單量又開始成長了。我們之所以能做到這一點，是因為 Calvin 和 Tommy 的產品整體實力都很強。

And in Calvin, its, of course, driven by the strength of underwear and denim. And in Tommy, it's more across the lifestyle. You see the polos, the cable knits, the outerwear. So strength in order books across the board in Tommy and for spring, we were able to continue to build on that strength. And it's the reason why we are able to drive growth in the forward-looking order books for spring is same reason as we drove it for fall.

當然，在 Calvin，這一切都源自於內衣和牛仔布的強大影響力。而對湯米來說，這更體現在他的生活方式上。你可以看到polo衫、針織衫和外套。因此，湯米和春季的訂單量全面走強，我們得以繼續鞏固這一優勢。這也是我們能夠推動春季訂單成長的原因，與我們推動秋季訂單成長的原因相同。

That is a continuation of strengthening the products based on our key growth categories based on putting more innovation into the product and our partners seeing and recognizing that. So very well done by Fredrik and the team in Europe.

這是我們繼續加強基於關鍵成長類別的產品，透過對產品進行更多創新，並讓合作夥伴看到和認可這一點而實現的。弗雷德里克和歐洲團隊做得非常出色。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey集團。

As you think about your business, 70% international versus domestic, what are you seeing in the different promotional trends overseas versus here in the US? And then Stefan, you noted the new store in Tokyo, what we've heard about other enhancements being made to the store portfolio, what should we be looking forward to with Soho and perhaps other stores beyond outlets?

考慮到您的業務70%是國際業務，70%是國內業務，您認為海外和美國本土的促銷趨勢有何不同？Stefan，你提到了東京的新店，我們也聽說了其他門市組合的改進，那麼我們應該對 Soho 店以及奧特萊斯以外的其他門市抱有怎樣的期待呢？

Thanks, Dana. And let's start with your question around the consumer across the world. So as everyone else in North America, we have uncertainty in the back half of tariff. We don't yet know how the consumer will respond. What we do know is every improvement we put into the desirability of the iconic strength of our brands will resonate with the consumer.

謝謝你，達娜。讓我們先從您提出的關於全球消費者的問題開始。因此，和北美其他地區一樣，我們對關稅後半段的不確定性感到擔憂。我們尚不清楚消費者會如何反應。我們知道，我們對品牌標誌性優勢的每一次改進，都會引起消費者的共鳴。

And in Europe, we see the backdrop and the consumer remains stable. We have seen that for a number of quarters. And in APAC, we continue to see a choppy backdrop, but exciting to see in Q2 that us leaning into the relevance, the strength of the brand, product, marketing, very strong execution in the channels in APAC, we have stabilized our performance there and sequentially significantly improved it.

而在歐洲，我們看到了這樣的背景，消費者依然保持穩定。我們已經連續幾個季度看到這種情況了。在亞太地區，我們繼續看到動盪的背景，但令人興奮的是，在第二季度，我們依靠品牌、產品和行銷的相關性和實力，以及在亞太地區通路的強勁執行力，穩定了我們在該地區的業績，並逐季顯著提高了業績。

The second question was relating to stores. So very exciting today and tomorrow, we open our Harajuku flagship store in Tokyo. So it's one of the most important brand-building locations for APAC and for us globally. And for anyone in our sector globally. We have the biggest store, the most exciting brand expression on Calvin Klein. So David is there with the team and (technical difficulty)

第二個問題與商店有關。今天和明天真是太令人興奮了，我們在東京原宿的旗艦店即將開業。因此，它是亞太地區乃至全球最重要的品牌建立地點之一。對於全球所有從事我們這個行業的人來說也是如此。我們擁有最大的門市，以及最令人興奮的 Calvin Klein 品牌展示。所以大衛和球隊在一起。（技術難題）

Ladies and gentlemen, we are experiencing technical difficulties. Please, remain online.

女士們、先生們，我們遇到了技術故障。請保持在線狀態。

Can you hear us?

你們聽得到我們說話嗎？

And I can hear you loud and clear. Please present with your presentation.

我能聽得很清楚。請提交您的簡報。

Good question. Dana, are you still there?

問得好。達娜，你還在嗎？

I'm still here. Yes. So it's about the stores you were getting to.

我還在這裡。是的。所以關鍵在於你當時去的那些商店。

Yes, where did they cut off, is there any way?

是的，他們是從哪裡切斷的？有什麼辦法嗎？

You cut off about Harajuku that the team is over there now.

你突然提到原宿，說球隊現在在那邊。

All right. Even though I'm excited about Harajuku and our flagship stores, I want to make sure I don't take you through it twice. But yes, Harajuku opens tomorrow. It's our biggest and best flagship expression for Calvin so far. It's a really important location, not only for Japan but for APAC and for us globally to build the brand relevance. Soho, to your point, opens at the end of the year.

好的。雖然我對原宿和我們的旗艦店感到興奮，但我不想帶你們去兩次。是的，原宿明天就開業了。這是我們迄今為止為 Calvin 推出的最大、最好的旗艦產品。這是一個非常重要的地點，不僅對日本，而且對亞太地區乃至全球而言，對於我們建立品牌影響力至關重要。正如你所說，Soho 將於年底開幕。

And same there, really important shopping destination, also for our global consumers coming into New York to experience the brand, very exciting. And then in parallel to the flagships, what we really lean into is the renovations of our fleet. So we are getting everything set up to over the next three-years, renovate and upgrade the majority of our fleet globally. So more on that later. We have time for one more question.

那裡也是非常重要的購物目的地，對於來到紐約體驗我們品牌的全球消費者來說，非常令人興奮。同時，在旗艦工程之外，我們真正專注的是船隊的翻新改造。因此，我們正在做好一切準備，在未來三年內對我們全球大部分車隊進行翻新和升級。稍後會詳細介紹。我們還有時間回答最後一個問題。

(technical difficulty)

（技術難題）

Can you guys hear us. It sounds like it may have cut off again.

你們聽得到我們說話嗎？聽起來好像又斷電了。

And Tom, your line is open.

湯姆，你的線路已接通。

I want to ask about the North American wholesale environment. I think a lot of brands I've talked about a lot of caution from the second half from wholesale partners? Have you seen any incremental caution from your wholesale partners in North America? And is there any impact on the in-sourcing of the G3 licenses based on the wholesale environment?

我想了解一下北美批發市場的情況。我認為我之前提到的許多品牌，從下半年開始就受到了批發合作夥伴的謹慎對待？您是否注意到北美批發合作夥伴的謹慎程度有所提升？批發環境下的 G3 授權內部採購是否會受到任何影響？

Thank you. So let's start with first half for second quarter in wholesale North America. We had a benefit of the intake and relaunch of the Calvin Klein women's sportswear and jeans businesses, as you mentioned. Then what you also see from the second quarter is that we grow with our most important full-price partners. And then thirdly, there is a normalization of wholesale shipment across first half, second half. So Zac, do you want to say a few words?

謝謝。那麼，讓我們先來看看北美批發市場第二季的上半年狀況。正如您所提到的，我們受益於 Calvin Klein 女式運動服和牛仔褲業務的收購和重新推出。從第二季還可以看出，我們與最重要的全價合作夥伴實現了成長。第三，上半年和下半年的批發貨量趨於正常化。札克，​​你想說幾句嗎？

Yes. Of course. So last year, we had a lighter weighting of shipments in the first half in wholesale than normal and a little bit heavier in the second half. As we moved into 2025, we've normalized that to a historical trend. So first half and second half are relatively normal. So what we see is in the first half of the year, a little bit of a stronger amount of growth and we'll see that normalize in the second half a little bit lower, especially in third quarter.

是的。當然。所以去年，我們上半年的批發貨量比往年略低，下半年則略高一些。進入 2025 年，我們已經將其視為歷史趨勢。所以上半場和下半場都比較正常。因此，我們看到今年上半年成長動能稍強，下半年成長將趨於正常，尤其是在第三季。

All right. So with that, I apologize for any technical difficulties. I hope you heard most of the call. We are on a multi-year journey to build Calvin and Tommy into their full potential. Quarter-by-quarter, step-by-step, you'll see us add strength, desirability and engaging our consumer and leaning into that brand love and expanding our PVH execution. So Q2 was an example of that. We continue heads down executing on the plan and look forward to update you next quarter. Thank you.

好的。因此，對於任何技術問題，我深表歉意。希望你聽到了大部分通話內容。我們正在進行一項為期多年的計劃，旨在充分挖掘 Calvin 和 Tommy 的潛力。您將會看到我們逐季、一步一步地增強實力、提升品牌吸引力、吸引消費者，並充分利用消費者對品牌的喜愛，擴大 PVH 的執行範圍。Q2 就是一個例子。我們將繼續埋頭執行計劃，期待下個季度向您報告最新進展。謝謝。

Thank you. And this does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。