PVH Corp (PVH) 2025 Q3 法說會逐字稿

Good morning, everyone, and welcome to today's PVH third quarter 2025 earnings conference call. (Operator Instructions) Please note, this call may be recorded. (Operator Instructions)

各位早安，歡迎參加今天的PVH 2025年第三季財報電話會議。（操作員說明）請注意，本次通話可能會被錄音。（操作說明）

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

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。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. third 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年第三季財報電話會議。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 代表進行錄製，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.

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。

The information to be discussed includes forward-looking statements that reflect PVH's view as of December 3, 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.

本次討論的資訊包括前瞻性陳述，反映了 PVH 截至 2025 年 12 月 3 日對未來事件和財務表現的看法。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。

These include PVH's right to change its strategies, objectives, expectations and intentions and the company's ability to realize anticipated benefits and savings from divestitures, restructurings and similar plans such as the 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 estimates around revenue or earnings. Generally, the financial information and projections to be discussed will be on a non-GAAP basis as defined under SEC rules. Reconciliations to GAAP amounts are included in PVH's third quarter 2025 earnings release, which can be found on www.pvh.com and the company's current report on Form 8-K furnished to the SEC in connection with the release.

PVH 不承擔任何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 年第三季財報中包含了與 GAAP 金額的調整表，該報告可在 www.pvh.com 上找到，也可在公司隨該報告向美國證券交易委員會提交的 8-K 表格中找到。

At this time, I'm 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 us today. I want to start by thanking our Calvin Klein, Tommy Hilfiger and PVH teams around the world for your hard work this quarter as we continue to make important progress on our multiyear journey to build Calvin and Tommy into two of the most desirable lifestyle brands in the world.

謝謝你，謝麗爾，大家早安，謝謝各位今天收看我們的節目。首先，我要感謝全球 Calvin Klein、Tommy Hilfiger 和 PVH 團隊的辛勤工作，感謝你們在本季度的辛勤付出，我們將繼續在多年打造 Calvin 和 Tommy 成為全球最受歡迎的生活方式品牌的征程中取得重要進展。

For the third quarter, we exceeded our guidance across reported revenue, operating profit and EPS, and we delivered constant currency revenues in line with our guidance. Total revenue for the company was $2.3 billion, down less than 1% in constant currency and in line with our expectations. Third quarter direct-to-consumer revenue was also down 1% in constant currency, partially offset by 1% growth in our wholesale revenue.

第三季度，我們在報告收入、營業利潤和每股盈餘方面均超出預期，以固定匯率計算的收入也符合預期。公司總營收為 23 億美元，以固定匯率計算下降不到 1%，符合我們的預期。第三季直接面向消費者的營收以固定匯率計算也下降了 1%，但批發收入成長 1% 部分抵銷了這一降幅。

For the full year, we are reaffirming our constant currency revenue and operating margin outlook and narrowing our reported revenue and non-GAAP EPS outlook to the high end of our previous ranges, reflecting our confidence in our brands and execution despite the continued uneven global consumer backdrop and the impact of tariffs in North America, which Zac will share more details about.

對於全年，我們重申了以固定匯率計算的收入和營業利潤率預期，並將報告收入和非GAAP每股收益預期收窄至之前預期範圍的高端，這反映了我們對自身品牌和執行力的信心，儘管全球消費環境持續不穩定，且北美關稅也造成了影響，Zac將分享更多相關細節。

We remain disciplined in our execution of the PVH+ Plan, where we lean into the iconic global power of Calvin and Tommy and focus on the key growth categories, where each brand has the right to play to win with the customer. We continue to expand innovation and newness across our core product franchises and amplify that in both brands we'd cut through full funnel marketing that connects with culture and our target consumer.

我們將繼續嚴格執行 PVH+ 計劃，充分發揮 Calvin 和 Tommy 的全球標誌性影響力，專注於關鍵成長類別，讓每個品牌都有機會贏得顧客的青睞。我們將繼續在核心產品系列中拓展創新和新穎性，並在兩個品牌中強化這一點，我們將透過全通路行銷，與文化和我們的目標消費者建立聯繫。

In Europe, revenues declined low single digits in constant currency. And coming into the fourth quarter in Europe, we had an unplanned start to Black Friday and the important holiday period. In the Americas, in Q3, our digital channels continued to outperform driven by strong customer engagement. And also here, the Black Friday and holiday start was on plan. And in APAC, we exceeded expectations again this quarter with strong D2C performance and a notable improvement in China.

在歐洲，以固定匯率計算，收入出現個位數百分比的下降。進入歐洲第四季時，我們迎來了「黑色星期五」和重要的假期購物季，而這一切都是意料之外的。在美洲，第三季度，在強勁的客戶互動推動下，我們的數位管道持續表現出色。此外，黑色星期五和假期季節的啟動也按計劃進行。在亞太地區，我們本季再次超越預期，D2C 業務表現強勁，中國市場也取得了顯著進步。

We continue to build our data and demand-driven supply chain, reflected in healthy inventory levels, which are up 3% versus last year, including the impact of tariffs. We are also investing in key growth initiatives especially in marketing, and we have freed up over 200 basis points in SG&A efficiencies over the past 18 months.

我們持續建立以數據和需求為導向的供應鏈，這體現在健康的庫存水準上，與去年相比成長了 3%，其中包括關稅的影響。我們也在投資關鍵成長計劃，尤其是在行銷方面，並且在過去 18 個月中，我們在銷售、一般及行政費用效率方面提高了 200 多個基點。

As we lean into the holiday season, I just came back from visiting seven of our biggest markets across Europe, US and Mexico. I visited over 100 Calvin and Tommy shop-and-shops, met with key partners and worked our owned and operated stores.

隨著假期臨近，我剛剛走訪了我們在歐洲、美國和墨西哥的七個最大市場。我參觀了 100 多家 Calvin and Tommy 的店，會見了主要合作夥伴，並考察了我們自營的門市。

What's clear from these visits are the underlying strength of the consumer love for our brands and the power and potential of our teams and partners. A common thread you will hear me talking a lot about today is that when we lean into the iconic strength of our brands and combine that with innovation and newness in product, marketing and the shopping experience, we win. I look forward to sharing how we did this in Q3 and how we will expand our impact quarter-by-quarter.

從這些訪問中可以明顯看出，消費者對我們品牌的熱愛根深蒂固，我們的團隊和合作夥伴也擁有強大的實力和巨大的潛力。今天我會經常談到的一個共同點是，當我們充分發揮品牌的標誌性優勢，並將其與產品、行銷和購物體驗的創新和新穎性相結合時，我們就能取得成功。我期待與大家分享我們在第三季是如何做到這一點的，以及我們將如何逐季擴大我們的影響力。

Let me start with Calvin Klein, where we continue to build relevance and desirability by connecting Calvin's core DNA to the consumer and cultural conversation. This quarter, we again drove momentum with high-impact full funnel execution in underwear and denim, two of Calvin's biggest categories.

讓我先從 Calvin Klein 開始，我們透過將 Calvin 的核心 DNA 與消費者和文化對話連結起來，不斷提升品牌的相關性和吸引力。本季度，我們再次透過在內衣和牛仔服（Calvin 的兩大主要類別）中實施高影響力的全通路行銷策略，推動了銷售成長動能。

Building on the strong launch of our new men's icon cotton stretch product franchise, which we amplified through global mega talent, Bad Bunny, this quarter, we brought the same level of product innovation and newness to our largest and most successful women's underwear program.

本季度，我們藉助全球巨星 Bad Bunny 的代言，大力推廣了男士標誌性棉質彈性產品系列，並在此基礎上，將同樣的創新和新穎性帶到了我們規模最大、最成功的女士內衣項目中。

Together with global music superstar, Rosalia, we introduced our new icon cotton model franchise, driving double-digit growth in these stars globally. Repeating this model, we launched new campaigns with NBA star, Jalen Green, and Real Madrid footballer, Trent Alexandre-Arnold, driving 20% growth in icon cotton stretch underwear, making our third consecutive quarter of strong growth and growing total men's underwear mid-single digits.

我們與全球音樂巨星羅莎莉亞 (Rosalia) 一起推出了全新的標誌性棉質模特兒系列，推動了這些明星在全球範圍內的兩位數增長。我們沿用這一模式，推出了由 NBA 球星傑倫·格林和皇家馬德里足球運動員特倫特·亞歷山大-阿諾德代言的新廣告活動，推動了標誌性棉質彈力內褲銷量增長 20%，使我們連續第三個季度實現強勁增長，男士內衣總銷量也實現了中等個位數的增長。

In denim, we continue to infuse innovation in fashion denim and make it easier for customers to shop their favorite looks, and we delivered strong growth this quarter, continuing the momentum from Q2. Last month, global brand ambassador and K-Pop mega talent, Jungkook, launched our newest campaign featuring Calvin's iconic denim lifestyle. The campaign went viral globally, driving deeper consumer engagement in one of our most important pillars of the brand.

在牛仔領域，我們不斷為時尚牛仔注入創新，讓顧客更容易購買到他們喜歡的款式，本季我們實現了強勁增長，延續了第二季度的增長勢頭。上個月，全球品牌大使兼 K-Pop 巨星 Jungkook 為我們推出了最新的宣傳活動，展現了 Calvin 標誌性的牛仔生活方式。該活動在全球範圍內迅速傳播，推動了消費者對我們品牌最重要的支柱之一的更深入參與。

In September, we continue to build the brand's aspirational halo through Calvin Klein runway with our Spring 2026 fashion show in Calvin's hometown of New York City. The show drove record social media engagement, earning the number one spot among all participating brands, and Calvin alone had a 75% share of voice for the entire New York Fashion Week.

9 月，我們將繼續透過 Calvin Klein 的時裝秀，在 Calvin 的家鄉紐約市舉辦 2026 春季時裝秀，進一步提升品牌的魅力光環。該秀引發了創紀錄的社交媒體互動，在所有參與品牌中名列第一，僅 Calvin 一人就佔據了整個紐約時裝週 75% 的聲量份額。

As we look ahead to holiday, we're engaging the consumer with seasonal Calvin fashion essentials from social and e-commerce to our stores. In the marketplace, when we last spoke, we were just opening our Tokyo flagship in Harajuku, representing the ultimate Calvin brand expression and further strengthening our premium positioning.

展望即將到來的假期，我們將透過社群媒體、電子商務和實體店等管道，與消費者互動，推出當季的 Calvin 時尚必備單品。在市場上，我們上次交流時，我們剛剛在原宿開設了東京旗艦店，這代表了 Calvin 品牌的極致表達，並進一步鞏固了我們的高端定位。

The opening went very well and we have seen high-quality traffic and conversion. Next week, we'll further advance Calvin's global retail expansion with the opening of the Calvin Klein flagship store here in SoHo, New York, another iconic brand building location and a true homecoming for the brand.

開業非常成功，我們看到了高品質的流量和轉換率。下週，我們將進一步推進 Calvin 的全球零售擴張，在紐約 SoHo 開設 Calvin Klein 旗艦店，這將是另一個標誌性的品牌建設地點，也是品牌真正的回歸之地。

We also continue to make progress as planned on the transitory operational challenges we previously discussed as we stood up the Calvin Klein global product capability in New York. The challenge has created an expected headwind this quarter, but we continue to see the planned improvements in delivery timing and going margin we set out for Spring 2026.

我們也按計畫繼續推進先前討論過的過渡性營運挑戰，當時我們在紐約建立了 Calvin Klein 全球產品能力。這項挑戰在本季度造成了預期的阻力，但我們繼續看到我們為 2026 年春季設定的交付時間和利潤率的計劃改進。

Turning to Tommy. We continue to take Tommy's iconic DNA of classic American cool and connect it to today's customer and culture. Every season, through our brand campaign, we invite the consumer into Tommy's aspirational world. We then lean into key growth categories and hero our best product franchises, which are both iconic and infused with newness.

轉向湯米。我們繼續傳承 Tommy 標誌性的經典美式酷炫風格，並將其與當今的顧客和文化聯繫起來。每個季度，我們都會透過品牌宣傳活動，邀請消費者進入 Tommy 的理想世界。然後，我們將重點放在關鍵成長類別上，並專注於推廣我們最好的產品系列，這些產品系列既具有標誌性又充滿創新性。

In the third quarter, we launched our Hilfiger Racing Club fall brand campaign with talent like Claudia Schiffer and Nicholas Hoult, which followed the success of Tommy's partnership with the global blockbuster film, F1 the Movie. Connected to the campaign, we executed high-impact full-funnel activations, including global events across key cities.

第三季度，我們推出了 Hilfiger Racing Club 秋季品牌宣傳活動，邀請了 Claudia Schiffer 和 Nicholas Hoult 等明星參與，此前 Tommy 與全球熱門電影《F1 電影版》的合作取得了成功。配合此次活動，我們開展了具有高影響力的全通路推廣活動，包括在主要城市舉辦全球性活動。

For the campaign, global brand ambassador, Jisoo from Blackpink was featured by Vogue, igniting broad organic reach and engagement. This is a great example of how we convert influence into brand relevance and consumer excitement both globally and regionally.

為了配合這項宣傳活動，Blackpink 的全球品牌大使 Jisoo 登上了 Vogue 雜誌，引發了廣泛的自然傳播和互動。這是我們如何將影響力轉化為品牌相關性和消費者熱情的一個很好的例子，無論是在全球還是區域範圍內。

This fall, Tommy opened its newest shop-in-shop concept at Galeries Lafayette in Paris, reflecting our multiyear elevation plan to evolve and invest in our shop-in-shops and stores. These investments bring a step change improvement in the consumer experience. And in our test store, we already see the positive impact of the elevated experience with a higher AUR sell-through. Tommy will close the year with this Hilfiger holiday campaign, reimagining iconic Tommy style for the holidays, and we are excited for Jisoo to lead the campaign.

今年秋季，Tommy 在巴黎老佛爺百貨開設了最新的店中店概念店，體現了我們多年來不斷發展和投資店中店和門店的提升計劃。這些投資將為消費者體驗帶來質的飛躍式提升。在我們的測試商店中，我們已經看到了提升體驗帶來的正面影響，AUR 的銷售率更高了。Tommy 將以此次 Hilfiger 假日系列廣告活動為這一年畫上句號，重新詮釋 Tommy 標誌性的假日風格，我們非常高興 Jisoo 將領銜此次廣告活動。

Lastly, I'm excited for the next step in our marketing execution. For Spring 2026, we are taking Tommy's aspirational world to the next level with Tommy himself inviting a strong group of global talent into his world, all wearing Tommy's powerful style icons in seasonally relevant growth categories across both men's and women's. I can't wait for you all to see it.

最後，我對我們行銷執行的下一步感到興奮。2026 年春季，我們將 Tommy 的勵志世界提升到一個新的水平，Tommy 本人邀請了一群強大的全球人才加入他的世界，他們都穿著 Tommy 強大的時尚偶像，在男裝和女裝的當季增長類別中亮相。我迫不及待地想讓你們都看到它。

Now let me turn to our regional performance, starting with Europe. Reported revenue increased 4% but was down low single digits in constant currency. Wholesale was down less than 1% as positive fall order book growth was offset by lower in-season replenishment and D2C was down mid-single digits.

現在讓我來談談我們各區域的表現，先從歐洲開始。報告顯示，營收成長了 4%，但以固定匯率計算則下降了個位數百分比。批發業務下降不到 1%，秋季訂單成長被當季補貨減少所抵消，而 D2C 業務下降了個位數中段。

A few factors drove this. First, after an unplanned start to the quarter and two consecutive quarters of D2C growth in Europe, in September, we observed a tougher backdrop with more muted activity from our European consumers.

造成這種情況的原因有幾個。首先，在經歷了本季計畫外的開局以及歐洲連續兩季的 D2C 成長之後，9 月我們觀察到市場環境更加嚴峻，歐洲消費者的活動也更加低迷。

Secondly, the expected delays from the transitory Calvin global product challenges put extra strain on our European distribution center, impacting shipments for both Calvin and Tommy, which made us lose a few critical weeks of full price selling.

其次，由於 Calvin 全球產品暫時性挑戰造成的預期延誤，給我們的歐洲配送中心帶來了額外的壓力，影響了 Calvin 和 Tommy 的發貨，導致我們失去了幾個關鍵的全價銷售週。

Thirdly, we had an especially tough season for cold weather outerwear, a big fall category for both Tommy and Calvin. Importantly, we are directly addressing these factors with what's within our control. Independent of the consumer backdrop, where we have driven the most product innovation and newness for this fall,in categories such as sweaters and pants for Tommy or underwear and fashion denim for Calvin, we drive positive growth.

第三，我們經歷了一個特別艱難的冬季外套銷售季，而秋季正是 Tommy 和 Calvin 兩大熱門品類。重要的是，我們正在利用我們可控的因素直接應對這些因素。無論消費環境如何，我們今年秋季在 Tommy 的毛衣和褲子、Calvin 的內衣和時尚牛仔等品類中都實現了最大的產品創新和新品推出，並推動了積極的成長。

And season by season, you will see us expand iconic innovation in newness across bigger and bigger parts of the assortment. As I shared previously, we remain on plan to resolve the transitory challenges from the setup of the Calvin Klein global product capability.

一季又一季，您將看到我們將標誌性的創新理念擴展到越來越廣泛的產品系列。正如我之前分享的那樣，我們仍然按計劃解決 Calvin Klein 全球產品能力建立過程中遇到的暫時性挑戰。

And for spring, we are on time from our suppliers and we have captured the going margin improvements we targeted. And in cold weather outerwear, even without the delays, the full price selling window is becoming shorter as consumers every season lean more into lighter transitional outerwear that can be worn for a longer period of time.

春季貨源充足，供應商按時供貨，我們也實現了預期的利潤率提升目標。即使沒有延遲，寒冷天氣外套的全價銷售窗口期也在縮短，因為消費者每個季節都更傾向於購買可以穿著時間更長的輕便過渡外套。

And even though our transitional outerwear across both brands performed well, and we have increased its share of total outerwear, going forward, we need to accelerate this shift even further. In regions where we have already done that, like in APAC this season, it has performed very well.

儘管我們兩個品牌的過渡季外套表現良好，並且我們已經提高了其在外套總量中的份額，但展望未來，我們需要進一步加快這一轉變。在我們已經實施該策略的地區，例如本季的亞太地區，效果非常好。

As I mentioned earlier, in Europe, the holiday season and important Black Friday week is on plan. And in parallel to keeping this momentum up, we are preparing for our biggest partner day yet in January, where we will bring over 500 of our global partners to Amsterdam to show how we for Spring and Fall 2026, are amplifying the increased innovation in products with marketing to cut through even more with the consumer. This includes the next level Tommy lifestyle campaign, further strengthening of Europe-focused talent and increased shop-in-shop rebuilds.

正如我之前提到的，在歐洲，假期季節和重要的「黑色星期五」購物週都在按計劃進行。同時，為了保持這一勢頭，我們正在籌備一月份最大的合作夥伴日活動，屆時我們將邀請 500 多名全球合作夥伴齊聚阿姆斯特丹，展示我們如何在 2026 年春季和秋季通過營銷手段，進一步提升產品創新，從而更有效地吸引消費者。這包括更高層次的 Tommy 生活方式宣傳活動、進一步加強以歐洲為中心的人才隊伍以及增加店中店的重建。

Next, turning to the Americas. We grew overall revenue by 2%, in line with our plan of low single-digit growth driven by wholesale growth. In a continued choppy macro backdrop, D2C declined low single digits. Within D2C, we drove higher AURs and digital continued to outperform, delivering double-digit growth. This was supported by another quarter of double-digit traffic growth and driven by product strength and elevated mid-funnel marketing.

接下來，我們來看看美洲。我們整體營收成長了 2%，符合我們以批發業務成長為驅動力，實現個位數低成長的計畫。在宏觀經濟持續波動的背景下，D2C業務下滑幅度低於個位數。在 D2C 領域，我們提高了平均用戶訪問量，數位業務繼續表現出色，實現了兩位數的成長。這得益於又一個季度兩位數的流量成長，而這又得益於強大的產品實力和提升的中階行銷。

Our team continued to lean into the next level execution of the PVH+ Plan as we work to unlock the full growth potential of both brands in the region. A great example is the denim category, where we grew across both brands and included newness in product, stronger presentation, improved fit guide and enhanced associate trading. Looking ahead, we continue to build brand desirability in the region through increasing our refits of our North America retail fleet.

我們的團隊繼續致力於將 PVH+ 計劃提升到一個新的水平，並努力釋放這兩個品牌在該地區的全部成長潛力。牛仔服飾類別就是一個很好的例子，我們在這個品類中實現了兩大品牌的成長，並引入了新產品、更強大的產品展示、改進的尺寸指南和加強的會員交易。展望未來，我們將繼續透過增加對北美零售車隊的翻新改造，來提升品牌在該地區的吸引力。

Moving to Asia Pacific. For the second consecutive quarter, we delivered better-than-expected performance. Revenue was flat in constant currency, a sequential improvement from Q2 driven by an improvement in both D2C and wholesale, with gross margin up versus last year. Importantly, D2C turned to positive growth with notable improvements in China, Japan and Australia. Highly relevant global activations across both brands, amplified by regional talent, drove continued e-commerce growth up high single digits.

遷往亞太地區。我們連續第二個季度實現了超乎預期的業績。以固定匯率計算，營收與上一季持平，較第二季有所改善，這主要得益於D2C和批發業務的改善，毛利率也較去年有所提高。重要的是，D2C業務已轉為正成長，在中國、日本和澳洲均有顯著改善。兩大品牌在全球範圍內開展了極具針對性的行銷活動，並藉助區域人才的力量，推動電子商務持續實現接近兩位數的成長。

Driven by our hero products, tommy delivered double-digit growth in key categories with transitional outerwear and sweaters both up approximately 20% across men's and women's. Calvin saw sequentially stronger growth in fall product driven by the newly launched underwear programs in both men's and women's.

在明星產品的推動下，tommy 在關鍵品類中實現了兩位數的增長，其中過渡季外套和毛衣的男裝和女裝銷量均增長了約 20%。卡爾文秋季產品銷售季增強勁，這主要得益於新推出的男女內衣系列。

We generated strong results during key consumer moments such as Golden Week and Chinese Valentine's Day. And we just finished Double 11, the largest consumer moment of fiscal 2025, where we drove gross merchandise revenue 15% higher than last year and Calvin and Tommy again ranked among the top international brands on Tmall.

我們在黃金週和中國情人節等重要消費時期取得了強勁的業績。我們剛結束了2025財年最大的消費盛事——雙十一購物節，商品交易總額比去年增長了15%，Calvin and Tommy再次躋身天貓國際品牌前列。

Through strong execution, we continue to deliver sequential improvements in performance. We have increased investments in marketing to activate the full funnel and continue to expand new stores across APAC, all reflecting the importance of the region as one of our key growth drivers. In addition, both Calvin and Tommy were proud to participate as first-time exhibitors at the China International Import Expo, building on our long-standing presence and commitment to the market.

透過強而有力的執行，我們不斷取得業績的持續提升。我們加大了對行銷的投入，以激活整個銷售漏斗，並繼續在亞太地區開設新店，所有這些都體現了該地區作為我們關鍵成長驅動力之一的重要性。此外，Calvin 和 Tommy 都非常榮幸能夠首次作為參展商參加中國國際進口博覽會，這鞏固了我們長期以來對市場的承諾和影響力。

Turning to our licensing business. Revenues in licensing were lower versus last year, reflecting the transition of previously announced women's North America wholesale categories. As we have shared before, our large and diversified global licensing business is a key competitive advantage. When we ourselves lean into our core categories to turn the brand-building consumer flywheel, our long-term partners bring their expertise across multiple complementary categories.

接下來談談我們的授權業務。授權收入較去年有所下降，反映了先前宣布的北美女性批發類別的過渡情況。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。當我們本身專注於核心品類以推動品牌建立的消費者飛輪時，我們的長期合作夥伴則在多個互補品類中貢獻他們的專業知識。

Consistent with the outerwear category classification business for the US wholesale channel, we recently entered into a new licensing agreement for the women's dress classification with an expected launch in spring 2027. Both categories live outside of our brand-specific lifestyle paths.

與美國批發通路的外套品類分類業務一致，我們最近簽訂了一項新的女裝連身裙品類授權協議，預計將於 2027 年春季推出。這兩個類別都與我們品牌特定的生活方式路徑無關。

Additionally, in Q3, we held a Global Licensing Summit here in New York with all our partners, where each of our brands share their key growth strategies and where our key partners showcased how they, from those brand strategies, drive consumer engagement and growth in the categories they are the experts in.

此外，在第三季度，我們與所有合作夥伴在紐約舉辦了全球授權高峰會，我們每個品牌都分享了其關鍵成長策略，而我們的主要合作夥伴則展示了他們如何利用這些品牌策略，在他們擅長的領域推動消費者參與和成長。

Next, a quick moment on leadership. We are excited to welcome Patricia Gabriel, who joined us last month as Chief Supply Chain Officer and Global Head of Operations. She is succeeding David Savman, who earlier this year took over the Global Brand President role for Calvin Klein. Patricia is a consumer-centric leader with a strong proven track record, and she will help further accelerate our PVH+ Plan progress.

接下來，我們簡單談談領導力。我們很高興地歡迎 Patricia Gabriel 加入我們，她上個月擔任首席供應鏈長兼全球營運主管。她接替了今年稍早接任 Calvin Klein 全球品牌總裁的 David Savman。Patricia 是一位以消費者為中心的領導者，擁有良好的業績記錄，她將幫助進一步加快我們的 PVH+ 計劃的進展。

And a few weeks ago, we announced that Zac Coughlin, our Chief Financial Officer, will be departing for a new opportunity outside of our industry. I want to thank Zac for his partnership and contributions to the business and to me personally. Over the past several years, Zac has played an integral role in advancing our PVH+ Plan progress and driving important efficiencies across the company. Thank you, Zac, and we wish you all the best in your next chapter.

幾週前，我們宣布財務長扎克·考夫林將離開公司，去尋求行業外的新發展機會。我要感謝 Zac 對公司和我個人的合作與貢獻。在過去的幾年裡，Zac 在推進我們的 PVH+ 計劃進度和提高公司整體效率方面發揮了不可或缺的作用。謝謝你，扎克，祝你在人生的下一個階段一切順利。

Zac will stay with us through the end of December, and we have already begun a global search for our next CFO. In the interim, Melissa Stone will serve as our CFO. Melissa has over two decades of PVH financial leadership experience across accounting, controlling and FP&A, giving her a deep understanding of our global business. And I would like to thank her and our full finance leadership team for stepping up during this time.

Zac 將留任至 12 月底，我們已經開始在全球尋找下一任財務長。在此期間，梅麗莎·斯通將擔任我們的財務長。Melissa 在 PVH 擁有超過 20 年的財務領導經驗，涵蓋會計、控制和財務規劃與分析，這使她對我們的全球業務有了深刻的了解。我還要感謝她和我們整個財務領導團隊在這段時間挺身而出。

In closing, we are fully geared up to deliver the rest of the holiday season and the full year as we continue to step by step and season by season build Calvin Klein and Tommy Hilfiger into their full potential. There are only a small handful of globally iconic brands like Tommy Hilfiger and Calvin Klein and we have two of them. In any consumer backdrop, we remain relentlessly focused on the levers within our control to keep leaning into our iconic brands and, through our PVH+ Plan, continue to strengthen our product, marketing and marketplace experience in a systematic and repeatable way.

最後，我們已做好充分準備，迎接接下來的假期季節和全年的挑戰，我們將繼續一步一步、一季一季地將 Calvin Klein 和 Tommy Hilfiger 打造成其全部潛力。像 Tommy Hilfiger 和 Calvin Klein 這樣具有全球標誌性的品牌屈指可數，而我們擁有其中兩個。無論在何種消費環境下，我們始終專注於我們可控的因素，繼續發揮我們標誌性品牌的優勢，並透過我們的 PVH+ 計劃，以系統化和可重複的方式繼續加強我們的產品、行銷和市場體驗。

Everywhere we do this, combining our iconic brand strength with innovation and newness, we're already driving increasingly profitable growth with the consumer today. And with that, I'll turn the call over to Zac.

無論在哪個領域，只要我們這樣做，將我們標誌性的品牌實力與創新和新穎性相結合，我們已經在推動消費者不斷增長的獲利能力。接下來，我將把電話交給札克。

Thanks, Stefan, and good morning. First, on a personal note, as this marks my last earnings call at PVH, I want to thank the PVH team as well as our customers and shareholders. I am truly grateful for the time that I have spent at PVH, working closely with Stefan and all our colleagues around the globe to help drive our two iconic brands forward through the execution of the PVH+ Plan. My comments are based on non-GAAP results and are reconciled in our press release.

謝謝你，斯特凡，早安。首先，就我個人而言，由於這是我在 PVH 的最後一次財報電話會議，我要感謝 PVH 團隊以及我們的客戶和股東。我非常感激在 PVH 工作的這段時間，與 Stefan 和我們全球各地的同事緊密合作，透過執行 PVH+ 計劃，推動我們兩個標誌性品牌向前發展。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。

As Stefan discussed, this quarter, we continue to make progress 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 nearly all key financial metrics for third quarter, maintaining our strong cost discipline to offset a slightly higher-than-anticipated tariff headwind in the quarter. We delivered our overall revenue plan and a sequential improvement in operating margin despite some choppiness in the quarter and an uneven global consumer backdrop.

正如 Stefan 所討論的，本季度，我們繼續朝著將 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目標邁進，在第三季度幾乎所有關鍵財務指標方面都達到或超過了預期，並保持了嚴格的成本控制，以抵消本季度略高於預期的關稅不利因素。儘管本季市場波動較大，且全球消費環境不均衡，但我們仍實現了整體營收目標，且營業利潤率也實現了環比成長。

As a result, our EPS was better than expected. Looking forward, following our third quarter results and on plan start to holiday, we are reaffirming our full year constant currency revenue and operating margin guidance and narrowing our reported revenue and EPS guidance to the high end of the previous ranges.

因此，我們的每股盈餘優於預期。展望未來，繼第三季業績公佈和假期按計劃開始之後，我們重申全年按固定匯率計算的收入和營業利潤率預期，並將報告收入和每股收益預期收窄至先前預期範圍的高端。

Importantly, we also ended the quarter with inventory up 3% compared to third quarter last year, including a 2% increase due to tariffs. This reflects a significant improvement as compared to the increase in the second quarter of 2025 as we continue to tightly manage inventories. Our inventory is fresh and current and well positioned headed into holiday, and we remain on track to land the year with inventory aligned to our sales plan excluding tariffs.

值得注意的是，本季末庫存比去年第三季成長了 3%，其中包括關稅導致的 2% 的成長。與 2025 年第二季的成長相比，這反映出一個顯著的改善，因為我們繼續嚴格管理庫存。我們的庫存新鮮且符合時效性，為即將到來的假期季節做好了充分準備，我們仍有望在不計關稅的情況下，實現年底庫存與銷售計劃相符的目標。

I will now discuss our third quarter results in more detail and then move on to our outlook. Revenue for the third quarter was up 2% on a reported basis and down less than 1% on a constant currency basis, in line with our guidance. Starting from a regional perspective, our EMEA business was up 4% on a reported basis and down 2% in constant currency for the quarter. As Stefan discussed, sales were on track through August, but coming into September, we saw a tougher start to the fall season.

接下來我將更詳細地討論我們第三季的業績，然後再展望一下我們的前景。第三季營收以報告匯率計算成長 2%，以固定匯率計算下降不到 1%，與我們的預期一致。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 4%，以固定匯率計算下降了 2%。正如斯特凡所說，8 月的銷售情況進展順利，但進入 9 月後，秋季的開局就比較艱難了。

The lower trend continued through the balance of the quarter with the overall result for the quarter being sales in the direct-to-consumer business down mid-single digits in constant currency. Our wholesale business was down less than 1% in constant currency as positive fall order book growth was offset by lower-than-planned in-season replenishment.

本季剩餘時間裡，下滑趨勢仍在持續，本季整體業績為：以固定匯率計算，直接面向消費者業務的銷售額下降了個位數中段。由於秋季訂單量成長強勁，但當季補貨量低於預期，我們的批發業務以固定匯率計算下降不到 1%。

As Stefan discussed, EMEA results reflected a combination of factors, including muted consumer activity driven by a tougher backdrop in Europe, lower cold weather outerwear performance and delays related to the transitory Calvin global product challenges.

正如 Stefan 所討論的那樣，EMEA 的業績反映了多種因素的綜合影響，包括歐洲市場環境較為嚴峻導致的消費者活動疲軟、寒冷天氣外套性能下降以及與 Calvin 全球產品暫時性挑戰相關的延誤。

In our Americas business, revenue was up 2% driven by mid-single-digit growth in wholesale due to the impact of Calvin Klein women's sportswear and jeans wholesale transition in-house. Excluding this impact, wholesale shipments were lower than last year as expected due to a more balanced timing of first half, second half shipments versus last year when shipments were more heavily weighted to the back half.

在美洲業務方面，由於 Calvin Klein 女式運動服和牛仔褲批發業務轉為內部運營，批發業務實現了中等個位數的成長，推動了營收成長 2%。排除這一影響，批發出貨量如預期般低於去年同期，因為今年上半年和下半年的出貨時間更加平衡，而去年出貨量則更多地集中在下半年。

On a normalized basis, wholesale sales excluding the impact of licensing transitions, are planned up low single digits for the second half. Direct-to-consumer revenue in the Americas business was down low single digits. While we exited Q2 with modest sales growth in stores, the consumer backdrop in the third quarter remained choppy with store revenue down low single digits for the quarter.

正常情況下，不考慮許可過渡的影響，下半年批發銷售額計劃實現個位數低成長。美洲地區的直接面向消費者的收入出現了個位數百分比的下降。雖然第二季末門市銷售額略有成長，但第三季消費者市場環境依然動盪，門市營收本季出現個位數下滑。

This was partially offset by robust performance in both our Tommy Hilfiger and Calvin Klein digital commerce businesses, which in total delivered another quarter of double-digit growth. This marked our fifth consecutive quarter of year-over-year growth, fueled by the investments we've made to elevate the online consumer experience.

Tommy Hilfiger 和 Calvin Klein 數位商務業務的強勁表現部分抵消了這一影響，這兩個業務合計又實現了一個季度的兩位數成長。這標誌著我們連續第五個季度實現同比增長，這得益於我們為提升線上消費者體驗而進行的投資。

In our Asia Pacific business, we delivered revenue better than planned and flat on a constant currency basis, showing the strength of our Asia Pacific business and marking another quarter of sequential improvement in the region.

在亞太地區業務方面，我們實現了比預期更好的收入，按固定匯率計算則與預期持平，這展現了亞太地區業務的強勁勢頭，也標誌著該地區連續第二個季度業績有所改善。

Notably, direct-to-consumer revenue grew low single digits in constant currency in both brands with a return to growth in our retail store business and continued growth in our digital commerce business. Direct to consumer revenue also grew mid-single digits in China, driven by strength in digital commerce. Higher DTC revenue for the region was offset by lower wholesale revenue.

值得注意的是，兩個品牌的直接面向消費者的收入按固定匯率計算均實現了個位數低增長，其中零售店業務恢復增長，數位商務業務持續增長。在中國，受數位商務強勁成長的推動，直接面向消費者的收入也實現了中等個位數的成長。該地區較高的直接面向消費者（DTC）收入被較低的批發收入所抵消。

Revenue for our Asia Pacific business was down 1% on a reported basis. In our licensing business, revenue was down 11% versus last year, primarily due to the previously mentioned transition of Calvin Klein women's sportswear and jeans in-house.

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，營收比去年下降了 11%，這主要是由於前面提到的 Calvin Klein 女式運動服和牛仔褲業務內部化轉型所致。

Turning to our global brands. Tommy Hilfiger revenues were up 1% as reported and down 2% in constant currency. Calvin Klein revenues were up 2% as reported and flat in constant currency. The decrease in revenue on a constant currency basis in EMEA weighed more heavily on our Tommy Hilfiger business, as Stefan discussed. From an overall PVH channel perspective, our direct-to-consumer revenue was flat as reported and down 1% in constant currency.

接下來，讓我們來看看我們的全球品牌。Tommy Hilfiger 的營收按報告顯示成長了 1%，以固定匯率計算下降了 2%。根據報告顯示，Calvin Klein 的營收成長了 2%，以固定匯率計算則與前一年持平。正如 Stefan 所討論的那樣，EMEA 地區以固定匯率計算的收入下降對我們的 Tommy Hilfiger 業務造成了更大的影響。從 PVH 整體通路的角度來看，我們的直接面向消費者的收入按報告持平，按固定匯率計算下降了 1%。

Sales in our retail stores were flat as reported and down 2% in constant currency as modest growth in APAC was more than offset by low single-digit declines in Americas and EMEA. Sales in our owned and operated e-commerce business were up 1% as reported and flat in constant currency as strong growth in APAC and Americas was offset by a decline in EMEA.

根據報道，我們零售店的銷售額持平，按固定匯率計算下降了 2%，原因是亞太地區的溫和增長被美洲和歐洲、中東及非洲地區的個位數低降幅所抵消。我們自有和經營的電子商務業務的銷售額按報告增長了 1%，按固定匯率計算則持平，原因是亞太地區和美洲地區的強勁增長被歐洲、中東和非洲地區的下滑所抵消。

Total wholesale revenue was up 4% as reported and up 1% in constant currency, which reflects the previously mentioned transition of Calvin Klein women's sportswear and jeans in-house, partially offset by the decreases in EMEA and APAC.

以報告計算，批發總收入成長了 4%，以固定匯率計算成長了 1%，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，但部分被 EMEA 和 APAC 地區的下降所抵消。

In the third quarter, our gross margin was 56.3%, a decrease of 210 basis points compared to last year. Progress on working through the Calvin Klein operational challenges continued, but our third quarter gross margin was lower than planned due to the unfavorable impact of timing and mix of the new higher tariffs.

第三季度，我們的毛利率為 56.3%，比去年同期下降了 210 個基點。儘管在解決 Calvin Klein 營運挑戰方面取得了進展，但由於新的較高關稅的時機和組合帶來的不利影響，我們第三季的毛利率低於預期。

In third quarter, gross margin reflected approximately 110 basis points due to the unmitigated impact of tariffs. And as we have previously discussed, approximately 50 basis points of the decrease in gross margin was the impact of our North American license transitions. The remaining 50 basis points decrease was primarily due to higher promotions and the impact of Calvin Klein product shipment delays, which included a shorter full price fall selling season in Europe, as Stefan discussed.

第三季度，由於關稅的影響無法緩解，毛利率下降了約 110 個基點。正如我們之前討論過的，毛利率下降約 50 個基點是由於北美許可證變更的影響。剩餘的 50 個基點下降主要是由於促銷力度加大以及 Calvin Klein 產品發貨延遲的影響，其中包括歐洲秋季全價銷售季縮短，正如 Stefan 所討論的那樣。

SG&A spending was down in constant currency and SG&A as a percent of revenue was lower than planned, improving 40 basis points versus last year to 47.5%, reflecting both our growth driver actions and a favorable impact from the timing of expenses.

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低於預期，比去年提高了 40 個基點，達到 47.5%，這既反映了我們推動增長的措施，也反映了費用發生時間帶來的有利影響。

As we discussed last quarter, we will invest more into marketing in the second half of this year to capitalize on key consumer moments and to support our brand building cut-through campaigns amplified by mega talent. Marketing was up in third quarter versus last year but lower than we initially planned as we decided to shift some of the spending into fourth quarter to maximize our holiday impact and build positive momentum into 2026.

正如我們上個季度討論的那樣，我們將在今年下半年加大對行銷的投入，以把握關鍵的消費時刻，並支持我們藉助頂尖人才推動的品牌建設突破性活動。第三季度的行銷支出比去年同期有所增長，但低於我們最初的計劃，因為我們決定將部分支出轉移到第四季度，以最大限度地提高假期季節的影響力，並為 2026 年建立積極的發展勢頭。

EBIT for the quarter was $202 million and operating margin was 8.8%. Earnings per share was $2.83, reflecting a negative impact of $0.37 related to tariffs and a positive impact of $0.14 related to exchange. Interest expense was $21 million, and our tax rate for the quarter was 25.5%.

本季息稅前利潤為 2.02 億美元，營業利益率為 8.8%。每股收益為 2.83 美元，其中關稅帶來 0.37 美元的負面影響，匯率帶來 0.14 美元的正面影響。利息支出為 2,100 萬美元，本季稅率為 25.5%。

Additionally, during the quarter, we were pleased to complete our previously announced accelerated share repurchase program, reducing our share count by 2.3 million additional shares and bringing the total amount of shares purchased under the agreement to 6.9 million and bringing our year-to-date total, including open market purchases, to 7.7 million shares.

此外，在本季度，我們很高興完成了先前宣布的加速股票回購計劃，使我們的股票數量減少了 230 萬股，使根據該協議購買的股票總數達到 690 萬股，使我們今年迄今為止的股票總數（包括公開市場購買）達到 770 萬股。

And now moving on to our outlook. Starting with the fourth quarter, we are projecting revenue to be up slightly to up low single digits on a reported basis and down slightly on a constant currency basis compared to the prior year, in line with Q3 trends.

接下來，我們來談談展望未來。從第四季度開始，我們預計按報告匯率計算的收入將略微增長至個位數低段，而按固定匯率計算的收入將略微下降，與上年同期相比，這與第三季度的趨勢一致。

Overall, for the Americas, we are planning fourth quarter revenue up mid-single digits with growth in wholesale, partially offset by low single-digit decline in DTC sales. In EMEA, we expect third quarter trends in constant currency to continue into fourth quarter. And in Asia Pacific, we expect revenue to be down slightly in constant currency.

總體而言，對於美洲地區，我們預計第四季度營收將實現中等個位數成長，批發業務成長將部分抵消 DTC 銷售額的低個位數下降。在歐洲、中東和非洲地區，我們預期第三季的趨勢（以固定匯率計算）將延續到第四季。在亞太地區，我們預計以固定匯率計算的收入將略有下降。

While underlying DTC trends are expected to remain positive, growth is muted by an unfavorable impact due to the timing of Lunar New Year compared to last year. We are expecting fourth quarter gross margin to decline approximately 200 basis points versus the prior year, including an unmitigated tariff impact of approximately 150 basis points, partially offset by the impact of planned mitigation actions.

儘管DTC（直接面向消費者）的潛在趨勢預計仍將保持積極態勢，但由於農曆新年的時間與去年相比產生了不利影響，成長受到抑制。我們預計第四季度毛利率將比上年同期下降約 200 個基點，其中包括約 150 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。

As we discussed last quarter, the impact of tariffs will be felt much more heavily in the fourth quarter than the third quarter as more inventory sells through at the new higher rate. We expect SG&A as a percentage of revenue to be down 50 basis points compared to last year, reflecting the increased marketing investments I spoke of earlier, more than offset by our Growth Driver five Actions, which will continue to deliver efficiencies.

正如我們上個季度討論的那樣，由於更多庫存將以新的較高稅率售出，關稅的影響在第四季度將比第三季度更加嚴重。我們預計銷售、一般及行政費用佔收入的百分比將比去年下降 50 個基點，這反映了我之前提到的營銷投入增加，但這將被我們的五項增長驅動措施所抵消，這些措施將繼續提高效率。

Overall, we are projecting our fourth quarter operating margin to be approximately 9%, down approximately 100 basis points compared to last year. Earnings per share is expected to be in the range of $3.20 to $3.35. Our tax rate for the third quarter is estimated at approximately 22%, in line with our tax projection for the full year, and interest expense is projected to be approximately $20 million.

整體而言，我們預計第四季營業利潤率約為 9%，比去年同期下降約 100 個基點。預計每股收益在 3.20 美元至 3.35 美元之間。第三季稅率預計約為 22%，與全年稅收預測一致，利息支出預計約為 2,000 萬美元。

And now moving on to the full year. We continue to operate in an uneven global consumer backdrop. As such, we are reaffirming our constant currency revenue and operating margin guidance and narrowing the range of our reported revenue and EPS guidance to the high end of the previous ranges.

現在進入全年回顧階段。我們依然在全球消費環境不平衡的背景下運作。因此，我們重申以固定匯率計算的營收和營業利潤率預期，並將報告收入和每股盈餘預期範圍縮小至先前預期範圍的高端。

On the top line, we are narrowing our reported revenue outlook to up low single digits compared to increase slightly to low single digits previously. We continue to project revenue to be flat to increase slightly in constant currency. We are reaffirming our operating margin outlook of approximately 8.5% and narrowing our EPS outlook to a range of $10.85 to $11 compared to $10.75 to $11 previously.

從營收方面來看，我們將先前預測的營收成長幅度從略微成長至個位數下調至個位數下調。我們仍然預計以固定匯率計算，收入將持平或略有成長。我們重申營業利潤率預期約為 8.5%，並將每股收益預期範圍從先前的 10.75 美元至 11 美元縮小至 10.85 美元至 11 美元。

We continue to expect the tariffs currently in place to 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 compared to previous guidance of $70 million and $1.15 per share.

我們仍然預計，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 6500 萬美元的未緩解影響，或每股約 1.05 美元，而此前的預期為 7000 萬美元和每股 1.15 美元。

We have begun to mitigate some of these costs through strategic actions this year and expect to 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.

今年我們已經開始透過策略措施來減輕其中一些成本，並期望隨著時間的推移完全減輕其影響。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。

Regionally, our revenue outlook remains unchanged for Americas and APAC. 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. In EMEA, we expect the lower third quarter trends to continue in the fourth quarter and, as a result, we are now planning full year revenue and constant currency to be down slightly compared to last year.

從區域來看，我們對美洲和亞太地區的收入預期保持不變。在美洲，我們計劃實現收入中等個位數成長，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。在歐洲、中東和非洲地區，我們預計第三季的下滑趨勢將在第四季持續，因此，我們現在預計全年營收（以固定匯率計算）將比去年略有下降。

We continue to expect gross margin to decrease approximately 250 basis points versus last year. On SG&A, we continue to expect expense to be lower in constant currency in 2025 compared to 2024 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 five Actions. Our interest expense projection is unchanged at approximately $80 million, and our tax rate for 2025 continues to be estimated at approximately 22%.

我們仍然預計毛利率將比去年下降約 250 個基點。關於銷售、一般及行政費用，我們繼續預期 2025 年以固定匯率計算的費用將比 2024 年更低，銷售、一般及行政費用佔收入的百分比將下降約 100 個基點，這反映了與我們五項成長驅動措施相關的顯著成本節約。我們的利息支出預測保持不變，約為 8,000 萬美元，2025 年的稅率預計仍約為 22%。

Before we open up for questions, I just want to conclude by saying that while we are navigating a dynamic and uneven global consumer backdrop, within that, we continue to focus on taking proactive actions within our control and making progress across all dimensions of the business through execution of the PVH+ Plan, building momentum into 2026 to deliver sustainable and increasingly profitable growth for the long term.

在正式開始提問之前，我想總結一下，儘管我們正面臨著一個動態且不平衡的全球消費環境，但我們將繼續專注於在我們可控的範圍內採取積極主動的行動，並透過執行 PVH+ 計劃在業務的各個方面取得進展，為 2026 年積累勢頭，從而實現可持續且利潤不斷增長的長期發展。

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

操作員，接下來我們將開放提問環節。

(Operator Instructions)

（操作說明）

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Zac, best of luck. Congratulations, and thanks for everything in the last few years.

扎克，祝你好運。恭喜，也感謝你過去幾年所做的一切。

Thanks, Bob.

謝謝你，鮑伯。

I guess I was wondering, I think, Stefan, just when you look at the geographic performance of the business this quarter, can you just spend a few more minutes and just unpack a bit more sort of the dynamics that you're seeing across the Americas, across Europe and APAC and, I guess, just how you think about it a little bit more into '26?

我想問的是，Stefan，當你審視本季公司的地域業績時，你能否再花幾分鐘時間，更詳細地分析一下你在美洲、歐洲和亞太地區看到的動態，以及你對2026年的看法？

Absolutely, Bob, and thank you for your question. You're right. Each region this quarter had its own dynamics. So starting with Europe, as I mentioned in my remarks, we started off the quarter on plan. September, we saw a more muted consumer backdrop. And then internally, we worked through our Calvin transitory challenges that was related to setting up the Calvin Klein product capability.

當然可以，鮑勃，謝謝你的提問。你說得對。本季每個地區都有其自身的發展動態。所以，首先從歐洲說起，正如我在演講中提到的，我們本季開局按計劃進行。9月份，我們看到消費市場較低迷。然後，在內部，我們克服了與建立 Calvin Klein 產品能力相關的 Calvin 過渡期挑戰。

And we worked through those as planned, but they had an effect in the quarter. So we had strain on the DC, all expected, but that cut some full price selling a few weeks. Those were the main drivers and then critically coming into the fourth quarter and the start of the holiday season. And looking at Europe now, Black Friday, Thanksgiving week is as important as it is in the US as an indicator for holiday.

我們按計劃解決了這些問題，但它們對本季業績產生了影響。所以，我們的資料中心承受了壓力，這都在預料之中，但這導致幾週內無法全價銷售。這些是主要驅動因素，然後關鍵的是進入第四季度和假期季節的開始。現在看來，歐洲的「黑色星期五」和感恩節假期跟美國一樣，都是假日消費的重要指標。

So we had an on plan start there. So the consumer came back for the start of the holiday. Switching to the Americas, revenue grew 2%. E-com was the big driver there. So we drew e-commerce double digits. Strong conversion, strong consumer recruitment. Americas also had an on plan Black Friday and Thanksgiving week.

所以，我們在那裡按計劃開始了。所以，這位消費者在假期開始時又回來了。轉向美洲市場後，收入成長了 2%。電子商務是主要驅動力。所以我們把電子商務的成長速度控制在了兩位數。轉換率高，使用者招募能力強。美洲的「黑色星期五」和感恩節購物週也按計畫進行。

Then switching into APAC. That's a really great story because we saw this quarter again that we exceeded our plan performance-wise. Notable improvements in China Japan and Australia. And what we saw during the quarter was D2C returned to positive growth driven by digital. Both Calvin and Tommy had very strong Double 11 activations, up 15% versus last year. And we keep seeing Calvin and Tommy at the top of the ranking in Tmall during the big weekend. So very strong execution by our APAC and China team.

然後切換到亞太地區。這是一個非常棒的消息，因為我們本季再次看到，我們在業績方面超出了計劃。中國、日本和澳洲均取得了顯著進展。本季我們看到，在數位化驅動下，D2C業務恢復了正成長。Calvin 和 Tommy 的雙十一活動都非常成功，比去年增加了 15%。在購物節週末期間，我們不斷看到 Calvin 和 Tommy 佔據天貓排行榜榜首。我們的亞太和中國團隊執行力非常強。

Yes. And Bob, just to add some financials to Stefan's comments, when you bring all of that together from a total PVH perspective, our third quarter operating margin ex tariffs was almost 10%. And in our guidance as well for 4Q, our operating margin is 10% ex tariffs as well. And so if you compare that to approximately 8% in the first half, the financials are also following those sequential improvements that Stefan has talked about.

是的。鮑勃，為了補充斯特凡的評論，我補充一些財務數據。從PVH整體的角度來看，我們第三季的營業利潤率（不含關稅）接近10%。此外，我們對第四季的業績預期也顯示，不含關稅的營業利潤率為 10%。因此，如果將其與上半年的約 8% 進行比較，財務狀況也正如 Stefan 所說的那樣，呈現出持續改善的趨勢。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

Great. Two-part question for me. First, Stefan, can you talk about marketing a little bit more and the impact you're seeing from the stepped-up spending that you've done in marketing? And then maybe, Zac, one for you. With the nice control on inventory that you're showing now, how do you think about operating cash flow for the full year?

偉大的。對我來說，這個問題包含兩個部分。首先，Stefan，你能再多談談行銷方面的情況，以及你加大行銷投入後所看到的影響嗎？然後，扎克，也許，還有一杯給你。鑑於你們目前對庫存的控制情況良好，你們認為全年的經營現金流如何？

And what kind of impact on working capital do you see kind of going forward? Do you think you have to step up working capital? Or do you think the operating cash flow trend will continue into 2026?

那麼，您認為未來會對營運資金產生什麼樣的影響呢？你認為你需要增加營運資金嗎？還是您認為經營現金流的趨勢會持續到 2026 年？

Thanks, Jay. Starting with your marketing question, so we are very disciplined in how we approach marketing and where we put additional investments because every season, we invite the consumer into the aspirational world of Calvin and Tommy at the top of the funnel. And we do that connected to our key growth categories and increasingly connected when we expand our innovation into our key product franchises, we build the marketing around that.

謝謝你，傑伊。先回答你的行銷問題，我們在行銷方式和額外投資方面都非常嚴謹，因為每個季度，我們都會在銷售漏斗的頂端，邀請消費者進入 Calvin 和 Tommy 所營造的理想世界。我們這樣做是為了與我們的關鍵成長類別建立聯繫，隨著我們將創新擴展到我們的關鍵產品系列，這種聯繫也越來越緊密，我們會圍繞這些產品系列進行行銷。

So in Calvin, we have done this now for a number of quarters where we lean into underwear and denim. And if you look at underwear, you will hear me talk a lot about underwear and denim in Calvin. But if you look at the world of underwear and world of denim together, it's more than two-third of Calvin Klein. So when we do these marketing campaigns cut through at the top of the funnel, this season with Rosalia introducing our newest innovation in our biggest product franchise in women's, then we see a double-digit growth.

所以，在 Calvin，我們已經連續幾季專注於內衣和牛仔服飾了。如果你有在關注內衣，你會經常聽到我談論 Calvin 的內衣和牛仔服。但如果把內衣界和牛仔界放在一起看，卡爾文·克萊恩的市佔率超過三分之二。所以，當我們進行這些行銷活動，直擊銷售漏斗頂端時，就像本季 Rosalia 推出我們最大的女裝產品系列中的最新創新產品一樣，我們看到了兩位數的成長。

And then the good news as well is looking at men's. So we had Bad Bunny introduced our innovation in our biggest product franchise in men's underwear previous quarter, in the second quarter. In the third quarter, we continued to bring that product franchise to line with NBA star, Jalen Green, with European footballer Trent Alexander-Arnold, and we saw the 20% growth in that product franchise. And overall underwear is now up mid-single digit.

好消息是，看看男性的情況也是如此。所以，我們在上個季度，也就是第二季度，讓 Bad Bunny 在我們最大的產品系列——男士內衣中引入了我們的創新。第三季度，我們繼續將該產品系列與 NBA 球星傑倫·格林和歐洲足球運動員特倫特·亞歷山大-阿諾德聯繫起來，我們看到該產品系列增長了 20%。整體而言，內衣銷售目前上漲了個位數百分比。

And similar in denim, so worked with Jungkook, one of the biggest, if not the biggest K-pop star in the world. And he anchored our denim lifestyle campaign. And we saw it going viral with billions of impact in social within 24 hours. And then we see it driven down to sales increase in our fashion denim.

類似的牛仔布料也運用得恰到好處，因此與柾國（Jungkook）合作，他是世界上最偉大的韓國流行音樂明星之一，甚至可以說是最偉大的。他主導了我們的牛仔生活方式推廣活動。我們看到它在24小時內迅速傳播開來，在社群媒體上產生了數十億次的影響。然後我們看到，這導致我們的時尚牛仔服裝銷售成長。

So you will see both, from a Calvin and a Tommy perspective, every season the continued innovation because part of it is the discipline of driving the brand awareness and consideration into culture and into the front of the eye of the consumer, and then in the middle of the funnel, recruit that consumer with very strong product storytelling and then lower funnel conversion and then building the consumer base, building our target consumer base. And we are starting to build that flywheel and having some real proof points across both Calvin and Tommy.

因此，從 Calvin 和 Tommy 的角度來看，每個季度你都會看到持續的創新，因為其中一部分在於將品牌意識和考慮因素融入文化，並置於消費者的視野中心，然後在銷售漏斗的中段，通過非常強大的產品故事來吸引消費者，然後在漏斗底部進行轉化，然後建立消費者基礎，建立我們的目標消費者基礎。我們正在逐步建立這種良性循環，並且在 Calvin 和 Tommy 身上都取得了一些真正的成果。

And Jay, on your second question, we feel great about where inventory is. We ended Q3 up 3% compared to last year, and that includes 2% impact of tariffs, so effectively flat to last year. We've also spent a lot of time on our inventory purchases over the next couple of seasons. And so we're confident that, that metric will stay a great place well into 2026.

傑伊，關於你的第二個問題，我們對庫存狀況感到非常滿意。第三季我們比去年同期成長了 3%，其中包括 2% 的關稅影響，因此實際上與去年持平。我們也花了很多時間進行未來幾季的庫存採購。因此我們有信心，該指標在 2026 年仍將保持良好水準。

And as that translates to cash flow, we expect to have another strong free cash flow year this year. And we'll enter 2026 with a lot of cash, which we think that gives us optionality as we plan to build on the strength Stefan's talked about into 2026 as well.

而這最終會轉化為現金流，我們預計今年將再次迎來強勁的自由現金流。我們將帶著大量現金進入 2026 年，我們認為這將為我們帶來選擇餘地，因為我們計劃在 2026 年繼續鞏固 Stefan 所說的優勢。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Let me add my congrats to Zac on the new opportunity. I wish you the best of luck at Sirius. As you guys work through the Calvin Klein product design consolidation process, maybe talk to us a little bit about the proof points you've seen around the right path here and if you have -- any early feedback you have from wholesale partners that gives you confidence in the work you're doing.

我也要祝賀扎克獲得了新的機會。祝你在 Sirius 一切順利。在你們推進 Calvin Klein 產品設計整合流程的過程中，能否和我們談談你們在這個正確路徑上看到的證明點，以及如果你們從批發合作夥伴那裡獲得了任何早期反饋，這些反饋是否能讓你們對正在做的工作充滿信心。

And then can you just help us think about the margin recapture opportunity from that work in the spring from the transitional issues that, Stefan, you mentioned a few times now that are on track for spring?

那麼，您能否幫我們思考一下，從春季的工作中，如何重新獲得利潤空間？斯特凡，您已經多次提到，春季將會出現一些過渡性問題，這些問題有望得到解決。

And then just last quick one for me. Can I just ask if the weather improving in Europe now in fourth quarter to date, it sounds like, does that create an opportunity to get caught up on some of the outerwear sales that were a bit of a drag in 3Q?

最後，我還要補充最後一個問題。我想問一下，目前歐洲第四季的天氣似乎有所好轉，這是否為彌補第三季外套銷售的下滑創造了機會？

Thanks, Michael. We're trying to keep track on the three parts of that question. Let me start on the product. The first season product capability buildout effects, the challenges that we have had to go through when we set up the global product capabilities in New York, so as you mentioned, yes, we are on track both from on-time delivery coming into Spring '26 and the margin recapture that we set out to take back. So on both fronts, we are on track, which is really good.

謝謝你，麥可。我們正在努力追蹤這個問題的三個部分。讓我先從產品說起。第一季產品能力建構的影響，以及我們在紐約建立全球產品能力時所面臨的挑戰，正如您所提到的，是的，我們正按計劃推進，既能按時交付到 2026 年春季，又能恢復我們設定的利潤目標。所以，在這兩方面，我們都進展順利，這真的很好。

And why we need it, because when we run into these initial transitory challenges for the team to learn to get it going, I mentioned that it's painful now but we had to do it because in order to build premium products, differentiated product franchises with innovation, we need the global capability to do that. And now we have it for both Calvin and Tommy. And so do all of our best competitors in the premium space also have it. But we had to build that. And now you start to see it.

我們之所以需要它，是因為當團隊在學習啟動過程中遇到這些最初的過渡性挑戰時，我提到過，現在很痛苦，但我們必須這樣做，因為為了打造優質產品、具有創新性的差異化產品系列，我們需要全球能力。現在我們有了Calvin和Tommy的版本。我們在高端市場的所有主要競爭對手也都擁有這項功能。但我們必須自己建造它。現在你開始明白了。

Where do we start to see it, back to your question, we see it in underwear. And just yesterday and the day before, I was with the Calvin product team, David, and the Calvin product team. And they took me through how they, in a very strategic way, build out new expanded product franchises around the product franchises that we already have.

回到你的問題，我們要從哪裡開始看到它？我們從內衣上就能看到。就在昨天和前天，我和 Calvin 產品團隊的 David 以及 Calvin 產品團隊在一起。他們向我詳細介紹了他們如何以非常有策略的方式，圍繞我們現有的產品系列，建立新的擴展產品系列。

And so think about it as the two big product franchises that we put innovation into and think about it season by season, how we will expand that into new and neighboring product franchises that are hyper relevant to the consumer. And then we bring that to market with a cut-through marketing and the product storytelling and then in the marketplace.

因此，不妨將我們投入創新的兩大產品系列視為一個整體，並按季度思考如何將其擴展到與消費者高度相關的新興鄰近產品系列。然後我們透過突破性的行銷和產品故事講述，將產品推向市場。

So what David and our regional leaders are doing now is -- and Lea as well on the Tommy side, working very strategic with here is how we are driving product strength and then all the way into the shop-in-shop and our stores. And one thing, one highlight this quarter for me, being out in all these key markets we have is, beyond engaging with our great team, our partners is to seeing the new shop-in-shops coming into place.

所以，David 和我們的區域領導現在正在做的——Lea 在 Tommy 這邊也是如此——正在非常有策略地研究我們如何提升產品實力，然後一直到店中店和我們的門市。對我來說，本季最值得一提的是，在我們所有重要的市場中，除了與我們優秀的團隊和合作夥伴互動之外，還看到了新的店中店的落成。

So it's a 360. And in order to drive that 360 consistently, and that will drive revenue growth that we see in both underwear and denim, and we see it in style, like on some key categories in Tommy, like sweaters, cable-knit franchise, very successful. But in order to in order to build that 360, we need that strong global product capabilities. So yes, very promising, what I see from the teams on how they are leveraging the strength now of having two global product capabilities.

所以它是360度旋轉。為了持續推動這一 360 度轉變，從而推動我們在內衣和牛仔服領域以及時尚領域（例如 Tommy 的一些關鍵類別，如毛衣、絞花針織系列）所看到的營收成長，我們看到了這一點，這些類別非常成功。但為了建構這種全方位優勢，我們需要強大的全球產品能力。所以，是的，非常有前景，我看到各團隊都在利用他們現在擁有的兩大全球產品能力的優勢。

Yes. And I think, Michael, if we think about gross margin, I think it's actually worth looking at 3Q. We know we've got improvements ready for coming in Spring '26. But if we take a look at third quarter, margin was down 210 basis points versus last year. 110 basis points of that is tariffs, 50 basis points is the women's sportswear license take-back and then 50 basis points of headwind of those other performance drivers.

是的。邁克爾，我認為，如果我們考慮毛利率，那麼實際上值得關註一下第三季。我們知道，我們已經準備好在 2026 年春季推出一些改進措施。但如果我們看一下第三季度，利潤率比去年同期下降了210個基點。其中110個基點是關稅造成的，50個基點是女式運動服授權費的收回造成的，另外50個基點是其他績效驅動因素帶來的不利影響。

As you look ahead at 4Q, the guidance here, 200 basis points down. That's 150 basis points of tariffs and 50 of the women's take-back. And so really zero other performance drivers. And I want to sort of put that in context. If we look at the first half, gross margin was down 260 basis points. 60 basis points was tariff and women's take-back, 200 basis points was those other elements of performance.

展望第四季度，業績指引下調 200 個基點。那相當於 150 個基點的關稅和 50 個婦女退稅額。所以實際上沒有其他任何性能驅動因素。我想把這件事放在具體的脈絡中來理解。如果我們看一下上半年，毛利率下降了260個基點。其中60個基點是關稅和女性員工收入減少造成的，200個基點是其他績效因素造成的。

And so we've gone from down 200 basis points of performance in first half to 50 in third quarter to now flat to last year in the fourth quarter. So we've talked earlier this year about that steady sequential improvement. So yes, we'll see it in Spring '26. We're absolutely seeing it already this year.

因此，我們的業績從上半年的下降 200 個基點，到第三季的下降 50 個基點，再到第四季與去年同期持平。今年早些時候，我們討論過這種穩定的連續改進。是的，我們將在 2026 年春季看到它。今年我們已經明顯看到了這一點。

Sorry. Go ahead, Michael.

對不起。請繼續，邁克爾。

Just the last question. I was just wondering if the weather in Europe improving is helping at all in the fourth quarter.

最後一個問題。我只是想知道歐洲天氣好轉是否對第四季有所幫助。

Yes. Yes. So yes, clearly, I saw it when I was traveling in Europe a few weeks ago that the weather has changed. And that's sounding like we use the farmer's almanac here, but it's, of course, helping when it gets cold to sell cold weather categories.

是的。是的。是的，很明顯，幾週前我在歐洲旅行時就看到了天氣的變化。聽起來我們好像在用農民年鑑，但當然，在天氣變冷的時候，它對銷售耐寒類產品很有幫助。

But it's -- I believe, the most important learning for us and what we see with the consumer is that the consumer is shopping more and more transitional products outerwear very prominently in outerwear as well. And we switched more into transitional outerwear and have good performance, but we see the consumer shifting even more.

但我認為，對我們來說最重要的發現，也是我們從消費者身上看到的，是消費者越來越傾向購買過渡性產品，尤其是外套。我們更轉向生產過渡季節的外套，並且這些外套表現良好，但我們看到消費者的消費習慣正在發生更大的轉變。

Dana Telsey, TAG Advisors.

Dana Telsey，TAG Advisors。

Stefan and also Zac, you've talked a little bit about Black Friday holiday. I'd love some more thoughts what you saw from the consumer, how does it differ whether stores online or wholesale? And how does what happened Black Friday globally in each of the different regions inform you for planning for '26, whether it's first quarter, first half, what you saw, product, pricing, promotionality and channel?

Stefan 和 Zac，你們都稍微談到了黑色星期五購物節。我很想聽聽你從消費者那裡觀察到的更多想法，線上商店和批發商店之間有什麼區別？那麼，黑色星期五在全球各地區發生的情況，對您2026年的第一季、上半年的規劃有何啟示？您觀察到的產品、定價、促銷和通路情況如何？

Thanks, Dana. Yes. So if I look at Black Friday, and I started Black Friday this year being out at 6 AM. Not a lot of traffic going out of New York at 6 AM on Black Friday, but shopping center, almost full parking lots before 7 AM.

謝謝你，達娜。是的。所以，如果我看看黑色星期五，而我今年的黑色星期五是從早上 6 點開始的。黑色星期五早上 6 點，紐約城外的車流量並不大，但購物中心的停車場在早上 7 點前幾乎都停滿了車。

And walking around in the centers, walking around seeing the customer, it's really exciting to see that both our brands have a consumer base of wide range in incomes, wide range in generation, but really seeing the Gen Z consumer being out there at 7:00 AM in the brands that they love. So always great, best day of the year to see the consumer and see what they are interested in and shopping.

在購物中心裡走走，看看顧客，真的很令人興奮，因為我們的兩個品牌都擁有廣泛的消費群體，涵蓋了收入水平和年齡段，尤其令人興奮的是，我們看到 Z 世代消費者早上 7 點就出現在他們喜愛的品牌中。所以，這一天總是很棒，是一年中見到消費者，了解他們感興趣的商品和購物的最佳時機。

And then as we said, in both Europe and North America, we saw that we were on plan. And as I mentioned earlier, that week in itself has become really important, both in North America and equally important in Europe.

正如我們所說，在歐洲和北美，我們都看到我們的計劃進展順利。正如我之前提到的，那一週本身已經變得非常重要，無論是在北美還是在歐洲，都同樣重要。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

So Stefan, maybe on the Calvin brand, beyond the operational issues and the time line that you've laid out, could you speak to the pace of underlying improvement for the brand, new customer acquisition metrics and just performance KPIs or target opportunities you see from enhanced marketing over time at Calvin?

那麼，Stefan，關於 Calvin 品牌，除了營運問題和您制定的時間表之外，您能否談談該品牌的潛在改進速度、新客戶獲取指標以及您認為 Calvin 隨著時間的推移通過加強營銷所能獲得的績效 KPI​​ 或目標機會？

And then, Zac, with cost savings ramping in the fourth quarter, could you walk us through any high-level puts or takes to consider for '26 operating margins relative to performance this year?

那麼，Zac，隨著第四季成本節約力度加大，你能否為我們分析一下，相對於今年的業績，2026 年的營運利潤率有哪些值得考慮的高層次的利好或利空因素？

Yes. Thanks, Matt, and thanks for your question. So yes, so starting on Calvin and the brand desirability that we are building quarter-by-quarter. From a consumer recruiting perspective, in e-commerce, it's the easiest to see in the first to see that we build the consumer base in e-commerce. And you see that in both growth in both North America and APAC. And then you see, on the slower-moving metrics, you see us moving on the strength of awareness, consideration, and then you build that consumer base.

是的。謝謝馬特，也謝謝你的提問。所以，是的，我們從 Calvin 開始，逐季提升品牌吸引力。從消費者招募的角度來看，在電子商務中，最容易看到的是，我們首先在電子商務中建立消費者基礎。這一點在北美和亞太地區的成長中都能看到。然後你會發現，在那些進展較慢的指標上，我們依賴的是認知度、考慮度，然後才能建立起消費者基礎。

And where we see the strength is coming back to the key categories. And again, I speak a lot about underwear and denim, but those two worlds are, again, over two-thirds of Calvin Klein. And we see the progress both in terms of consumer acquisition, how we get that consumer to want to engage in the mid-funnel product storytelling, and we also improve that product storytelling and then we see it in the conversion and the sales. And so you'll see us consistently build that target consumer base and then engage that base through the funnel.

我們看到，成長動能正在回歸關鍵類別。我又一次談到內衣和牛仔服，但這兩個領域又佔據了 Calvin Klein 三分之二以上的市佔率。我們看到，在消費者獲取方面取得了進展，我們如何讓消費者想要參與到銷售漏斗中段的產品故事中來，以及我們如何改進產品故事，然後我們在轉換率和銷售額中看到了這些進步。因此，你會看到我們不斷建立目標消費者群體，然後透過銷售漏斗與該群體互動。

And then you will see us build out strength. Right now, you see it in the world of underwear and the world of denim. And in Tommy, you'll see it in key growth categories for Tommy, key categories for Tommy and key style icons. And you see that across sweaters, you see it in shirts, you see it in pants. You see it in especially transitional outerwear out of the outerwear category.

然後你們將會看到我們不斷壯大自身實力。目前，這種現像在內衣界和牛仔布界都很常見。在 Tommy 品牌中，你會看到它在 Tommy 的關鍵成長類別、Tommy 的關鍵類別和關鍵時尚偶像中的表現。你會發現毛衣上有這種圖案，襯衫上有這個圖案，褲子上也有這種圖案。你尤其能在過渡季節的外套（而非普通外套）中看到這種現象。

But that's how we build the relevance full funnel and then engage the consumer. And in Calvin, last quarter, one thing we did as well was that we refresh our loyalty program, so that we are getting better at taking care of that consumer that we already have.

但這就是我們建立相關性完整漏斗並吸引消費者的方式。在 Calvin，上個季度我們也做了一件事，那就是更新了我們的忠誠度計劃，以便更好地服務我們現有的客戶。

Yes. And Matt, thanks for the question on cost. I think middle of last year, we announced the PVH+ Value Driver five initiative, which was meant to drive 200 basis points to 300 basis points of improvements in SG&A. And I think we're happy to say we've already confirmed greater than 200 basis points of that by the end of 2025. And so that will flow through into 2026 and there will be more to come next year on that.

是的。馬特，謝謝你提出關於成本的問題。我認為在去年年中，我們宣布了 PVH+ 價值驅動五項計劃，旨在推動銷售、一般及行政費用 (SG&A) 降低 200 至 300 個基點。我很高興地宣布，到 2025 年底，我們已經確認將實現超過 200 個基點的目標。因此，這種情況將延續到 2026 年，明年將有更多相關消息公佈。

So a lot of progress on the teams around the world around those initiatives. And for the rest of 2026, we'll have more to talk about, obviously, at the fourth quarter earnings call.

因此，世界各地的團隊在這些專案上都取得了巨大進展。至於 2026 年剩餘時間，我們顯然會在第四季財報電話會議上討論更多內容。

Thank you. This concludes the Q&A portion of today's call. I'll now turn the call back over to Stefan Larsson for any additional or closing remarks.

謝謝。今天的電話會議問答環節到此結束。現在我將把電話轉回給斯特凡·拉爾森，讓他補充或總結發言。

Again, I just want to thank Zac for the partnership over the past four years. It's been a great journey. Wishing you all the best. And then I want to thank you all for joining us on this journey where we build Calvin and Tommy into their full potential. And you see us.

再次感謝 Zac 在過去四年的合作。這是一段很棒的旅程。祝你一切順利。最後，我要感謝大家加入我們，共同踏上這段旅程，幫助 Calvin 和 Tommy 充分發揮他們的潛力。你們看到了我們。

Everything we do is going to go into the strengthening of the consumer offering and driving relevance into these iconic beloved brands. So looking forward to giving you all an update in the beginning of the year. But before that, wishing everybody a great holiday.

我們所做的一切都將致力於加強對消費者的產品和服務，並提升這些標誌性品牌的知名度和影響力。期待在年初為大家帶來最新消息。但在此之前，祝大家假期愉快。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。