PVH Corp. (PVH) 2025 Q4 法說會逐字稿

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

各位早安，歡迎參加今日 PVH 2025 會計年度第四季及全年財報電話會議。(接線員指示) 請注意，本通話可能會被錄音。(接線員指示)

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

現在我很榮幸將今日的議程交給投資人關係資深副總裁 Sheryl Freeman。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. fourth quarter and full year 2025 earnings conference call. Leading the call today will be Stefan Larsson, Chief Executive Officer; and Melissa Stone, Interim Chief Financial Officer and Executive Vice President, Global Financial Planning and Analysis.

謝謝，接線員。各位早安，歡迎參加 PVH Corp. 2025 會計年度第四季及全年財報電話會議。今日由執行長 Stefan Larsson，以及代理財務長兼全球財務規劃與分析執行副總裁 Melissa Stone 主持。

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

本網路直播與電話會議係代表 PVH 進行錄製，並包含受著作權保護之內容。未經 PVH 書面許可，不得錄音、轉播或以其他方式傳輸。您參與本通話即表示同意，您所說的任何內容可能出現在本通話的逐字稿或重播中。

The information to be discussed includes forward-looking statements that reflect PVH's view as of March 31, 2026, 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. 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 initiatives to drive more efficient and cost-effective ways of working across the organization. PVH does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimates regarding revenue or earnings.

本次將討論之資訊包含前瞻性陳述，反映 PVH 截至 2026 年 3 月 31 日對未來事件及財務表現之看法。此等陳述受公司向 SEC 申報文件所揭露之風險與不確定性，以及本通話所涉新聞稿中「安全港」聲明之影響。其中包括 PVH 變更其策略、目標、預期與意圖之權利，以及公司自資產剝離、重組及類似計畫（例如為主要聚焦 Calvin Klein 與 Tommy Hilfiger 業務所採取之行動，以及推動全組織更高效率、更具成本效益之工作方式的各項倡議）中實現預期效益與節省之能力。PVH 不承擔公開更新任何前瞻性陳述之義務，包括但不限於任何關於營收或獲利之估計。

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 fourth-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.

一般而言，將討論之財務資訊與預測將以 SEC 規則所定義之非 GAAP 基礎呈現。與 GAAP 金額之調節表載於 PVH 2025 會計年度第四季財報新聞稿中，可於 www.pvh.com 以及公司就該新聞稿向 SEC 提交之 Form 8-K 當期報告中查閱。

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

此刻，我很高興將會議交給 Stefan Larsson。

Thank you, Sheryl. Good morning, everyone, and thank you for joining our call today. I want to start by thanking our teams around the world for delivering a strong fourth quarter and finish to the year on our multiyear journey to build Calvin Klein and Tommy Hilfiger into their full potential and make PVH one of the highest performing brand groups in our sector. While there is, of course, more work to do, we have made important progress on this journey, and I will discuss this more in a moment.

謝謝你，Sheryl。各位早安，感謝各位今天加入我們的電話會議。我想先感謝全球各地的團隊，交出強勁的第四季表現並為全年畫下良好句點；在我們多年期的旅程中，持續將 Calvin Klein 與 Tommy Hilfiger 打造成其完整潛力，並讓 PVH 成為本產業表現最優異的品牌集團之一。當然仍有更多工作要做，但我們在這段旅程上已取得重要進展，我稍後會再進一步說明。

In the fourth quarter, we exceeded our guidance across revenue, operating profit, and EPS. Total revenue for the company was up mid-single digits on a reported basis, above our guidance, and flat in constant currency. Importantly, we drove better-than-expected gross margin performance in the quarter with sequential improvement across all regions.

第四季，我們在營收、營業利益與每股盈餘（EPS）方面皆超越指引。公司總營收以報告基礎計算年增中個位數百分比，高於我們的指引；以固定匯率計算則持平。更重要的是，本季毛利率表現優於預期，且各區域皆呈現逐季改善。

We continue to manage our operating expenses thoughtfully while strategically increasing marketing spend behind our two iconic brands, and we drove a 10% non-GAAP operating margin, which would have been 11.7% without the gross tariff impact. For the full year, we delivered on our financial guidance across both the top and bottom line. And as planned, we returned to revenue growth for the year.

我們持續審慎管理營業費用，同時策略性提高對兩大經典品牌的行銷投入；我們推動非 GAAP 營業利益率達 10%，若不計入關稅對毛利的影響，則為 11.7%。就全年而言，我們在營收端與獲利端皆達成財務指引。並且如計畫所示，我們全年重回營收成長。

Despite the choppy consumer and macroeconomic environment, we delivered a non-GAAP operating margin of 8.8% for the full year, above our guidance, including the impact of tariffs. When excluding the impact of gross tariffs, operating margin was 9.6%. We continue to simplify our operating model and drive more efficient ways of working, generating over 200 basis points of annualized cost savings.

儘管消費者與總體經濟環境起伏不定，我們全年非 GAAP 營業利益率達 8.8%，高於指引，且已包含關稅影響。若排除關稅對毛利的影響，營業利益率為 9.6%。我們持續簡化營運模式並推動更高效率的工作方式，創造超過 200 個基點的年化成本節省。

We further strengthened our supply chain, ending the year with a good inventory position, up 5% versus last year or up 1% when adjusted for tariffs, positioning us well for spring 2026. Finally, we returned over $560 million of capital to shareholders through our share repurchases, representing 15% of our shares outstanding.

我們進一步強化供應鏈，年底庫存水位良好，較去年增加 5%；若就關稅因素調整後則增加 1%，使我們在 2026 年春季具備良好準備。最後，我們透過庫藏股回購向股東返還超過 5.6 億美元資本，相當於已發行在外股數的 15%。

Looking ahead, while the macroeconomic environment remains uncertain, we have started 2026 with positive momentum and higher spring season sell-through trends across both brands in all three regions. While wholesalers remain cautious and the consumer macro environment continues to be uneven, our fall 2026 order books for Europe are positive.

展望未來，儘管總體經濟環境仍不確定，我們在 2026 年開局展現正向動能；兩大品牌在三大區域的春季銷售季節 sell-through 趨勢皆更為強勁。雖然批發客戶仍偏保守、消費者總體環境仍不均衡，但我們在歐洲的 2026 年秋季訂單簿表現為正向。

As we speak, we're in the middle of some of the most important weeks of the quarter with Easter this coming weekend, which fall three weeks earlier than last year. For Calvin Klein, we have strengthened our global product capabilities and have addressed the translator operational challenges we faced in 2025.

此刻我們正處於本季最關鍵的幾週之一，因為復活節就在本週末，且較去年提前三週。就 Calvin Klein 而言，我們已強化全球產品能力，並已解決 2025 年所面臨的 translator 營運挑戰。

Our deliveries are now on time, and our going margins are back on plan. This year, we will strategically increase marketing spend and further invest in the shopping experience across digital, shop-in-shops, and store concepts.

我們的出貨如今已準時，且我們的 going margins 已回到計畫水準。今年，我們將策略性提高行銷支出，並進一步投資於數位、店中店（shop-in-shops）與門市概念等各通路的購物體驗。

For fiscal 2026, we expect to grow total revenue slightly on a reported basis and be flat to up slightly in constant currency with planned growth in direct-to-consumer across both brands and all three regions. We expect our non-GAAP operating margins to hold steady at 8.8% or 11% excluding the gross impact from tariffs. Additionally, we intend to continue to return capital to shareholders with a target of at least $300 million this year.

就 2026 會計年度而言，我們預期以報告基礎計算的總營收將小幅成長；以固定匯率計算則持平至小幅成長，並規劃在兩大品牌與三大區域的直面消費者（DTC）業務帶動成長。我們預期非 GAAP 營業利益率將維持在 8.8%；若排除關稅對毛利的總體影響，則為 11%。此外，我們計畫持續向股東返還資本，今年目標至少 3 億美元。

Now let me share a brief update on what drove our performance for the fourth quarter and full year 2025. Starting with Calvin Klein. In 2025, we continue to drive strong brand relevance for Calvin in both product and marketing. We sharpened our focus on our core categories strategically infusing innovation and newness in the worlds of underwear and denim supported by full funnel 360 marketing. We reinvented our biggest underwear franchises with the launch of the icon cotton stretch, amplified with Bad Bunny and Rosalia, which grew 20% in men's and 13% in women's driving our broader underwear business up low single digits versus last year.

接下來我簡要更新一下，第四季與 2025 全年表現的主要驅動因素。先從 Calvin Klein 開始。在 2025 年，我們持續在產品與行銷兩方面推動 Calvin 的強勁品牌關聯性。我們更聚焦於核心品類，策略性地在內衣與丹寧領域注入創新與新鮮感，並以全漏斗 360 行銷加以支持。我們推出 icon cotton stretch，重新打造我們最大的內衣系列，並透過 Bad Bunny 與 Rosalia 擴大聲量；男裝成長 20%、女裝成長 13%，帶動整體內衣業務較去年呈現低個位數成長。

We also grew our fashion denim category, which represents over 50% of our denim business with high single digits. In addition, Calvin returned to the runway, creating a strong halo for the brand. And during the year, we opened new Calvin Klein flagship stores in both Tokyo and New York City. In the fourth quarter, we leveraged key consumer moments and deliver strong engagement and results, generating higher full price sales versus last year and sequential improvements in gross margin.

我們的時尚丹寧品類亦實現高個位數成長；該品類占我們丹寧業務逾 50%。此外，Calvin 重返伸展台，為品牌帶來強勁的光環效應。同時，我們於年度期間在東京與紐約市開設新的 Calvin Klein 旗艦店。第四季，我們把握關鍵消費者時點並取得強勁互動與成果，較去年創造更高的正價銷售，且毛利率逐季改善。

Turning to Tommy Hilfiger. Throughout the year, we took Tommy's iconic DNA of classic American cool and cut through in major cultural moments from the Met Gala to F1: The Movie. We also launched our new partnership with Cadillac Formula 1 in Q4 with a positive consumer response. In addition, we announced one of the most significant new global partnerships for Tommy, our first football partnership with Liverpool Football Club. This news was the number one most engaged post ever to go out on Tommy's social channels with strong resonance across Europe and driving immediate spikes in e-commerce traffic.

接著談 Tommy Hilfiger。全年期間，我們以 Tommy 經典的「美式酷感」品牌 DNA，在從 Met Gala 到《F1: The Movie》等重大文化時刻中成功突圍。我們也在第四季推出與 Cadillac Formula 1 的全新合作夥伴關係，消費者反應正向。此外，我們宣布了 Tommy 最重要的全新全球合作之一：與利物浦足球俱樂部（Liverpool Football Club）的首個足球合作。此消息成為 Tommy 社群渠道史上互動最高的貼文，在歐洲引發強烈共鳴，並立即帶動電商流量激增。

In the marketplace, we further improved our e-commerce experience, opened new stores globally, and in wholesale, we unveiled our new shop-in-shop concept at the iconic Galeries Lafayette in Paris. And finally, in the fourth quarter, just like in Calvin, we leaned into our best product categories where we drove strong growth for our iconic cable knit sweater franchise with sales up over 50%.

在市場端，我們進一步提升了電商體驗、在全球開設新店；在批發方面，我們在巴黎具代表性的老佛爺百貨（Galeries Lafayette）發表了全新的店中店（shop-in-shop）概念。最後，在第四季，就像在 Calvin 一樣，我們聚焦於表現最佳的產品類別；我們的經典麻花針織毛衣系列（cable knit sweater franchise）帶動強勁成長，銷售成長超過 50%。

Overall, when I look at our global business for the holiday, we navigated an uneven macro environment across both brands. And I was particularly pleased to see that where we brought newness into key product categories, we were able to drive growth with higher full price sell-through.

整體而言，回顧假期期間我們的全球業務，我們在兩個品牌上都成功因應了不均衡的總體經濟環境。我尤其欣慰的是，在我們於關鍵產品類別導入新品與新意之處，我們得以透過更高的正價售罄率（full price sell-through）帶動成長。

Now I will turn to our regional performance, starting with Europe. For the full year, the region declined 1% in constant currency, with two quarters of strong D2C growth in the first half, followed by a more muted consumer in the second half. In wholesale, we delivered sequentially improving order books each season in Europe returning to growth beginning with our fall '25 season.

接下來我將說明各區域表現，先從歐洲開始。全年以固定匯率計，該區下滑 1%；上半年有兩季強勁的 D2C 成長，之後下半年消費者動能較為疲弱。在批發方面，我們在歐洲每一季的訂單簿（order book）皆呈現逐季改善，並自 2025 年秋季（fall '25）起回到成長。

In the fourth quarter, revenue was down low single digits in constant currency, in line with guidance and against the muted backdrop. In constant currency, wholesale was down 1% as positive order book growth was offset by lower in-season replenishment and D2C was down mid-single digits. For both Calvin and Tommy, the areas where we have introduced the most product innovation into key categories continue to drive growth and our focus continues to be on scaling that innovation across bigger parts of the assortment.

第四季以固定匯率計，營收呈現低個位數下滑，符合指引，亦反映疲弱的市場背景。以固定匯率計，批發下滑 1%，因訂單簿成長被當季補貨（in-season replenishment）減少所抵銷；D2C 則下滑中個位數。對 Calvin 與 Tommy 而言，我們在關鍵類別導入最多產品創新的領域仍持續帶動成長；我們的重點也持續放在將這些創新擴大到更大範圍的商品組合中。

We also continue to work more closely than ever with our wholesale partners. And in January, we held our second annual Global Partner Day to kick off the fall '26 market launch. We had over 500 key partners in attendance and received the strongest and most positive feedback yet.

我們也持續以前所未有的緊密程度與批發合作夥伴協作。並且在 1 月，我們舉辦第二屆年度全球合作夥伴日（Global Partner Day），為 2026 年秋季（fall '26）市場發表揭開序幕。現場有超過 500 位關鍵合作夥伴出席，並收到迄今最強且最正面的回饋。

Next, turning to the Americas. For the full year, we delivered mid-single-digit growth driven by our wholesale channel and strength in our e-commerce business. The consumer backdrop has been uneven. And in stores, industry traffic trends were increasingly challenged, resulting in our total D2C business down low single digits for the year.

接著看美洲。全年我們實現中個位數成長，主要由批發通路帶動，並受惠於電商業務的強勁表現。消費者環境呈現不均衡。而在門市端，產業客流趨勢面臨愈來愈大的挑戰，導致我們全年 D2C 總業務下滑低個位數。

In the fourth quarter, we grew overall revenue by 4% driven by wholesale as well as continued growth in digital. D2C declined mid-single digits due to lower store traffic, partially offset by AUR growth. Product-wise, we saw strength in denim for both men and women. Our wholesale business increased high teens partly driven by the take-back of our women's sportswear and jeans business with underlying growth in wholesale, up mid-single digits. Despite lower traffic, we drove greater full price selling for the region and over 200 basis points in sequential year-over-year gross margin improvement.

第四季整體營收成長 4%，主要由批發帶動，數位業務亦持續成長。D2C 因門市客流下降而下滑中個位數，部分由平均單價（AUR）成長所抵銷。就產品而言，男女裝丹寧皆表現強勁。我們的批發業務成長高十位數（high teens），部分受惠於我們收回（take-back）女裝運動休閒與牛仔褲業務；在此之外，批發的內生成長亦達中個位數。儘管客流較低，我們仍提升了該區的正價銷售占比，並帶來超過 200 個基點的連續年對年毛利率改善。

Moving to Asia Pacific. For the full year, revenue declined mid-single digits in constant currency or down low single digits, excluding the timing impact from the Lunar New Year calendar shift. But importantly, we delivered sequential improvements in our top line performance each quarter over the course of the year.

再來看亞太地區。全年以固定匯率計，營收下滑中個位數；若排除農曆新年日曆移動的時點影響，則為下滑低個位數。但重要的是，我們在全年每一季的營收表現皆呈現逐季改善。

In the fourth quarter, excluding the Lunar New Year calendar shift, our APAC revenue returned to growth and was up low single digits in constant currency. In digital, we delivered the second consecutive quarter of high single-digit growth as we successfully concluded Double 11 and the holiday period.

第四季若排除農曆新年日曆移動影響，我們亞太營收重回成長，以固定匯率計成長低個位數。在數位端，我們連續第二季達成高個位數成長，並成功完成雙 11 與假期檔期。

Overall, we are seeing good conversion and positive traffic improvements across key markets, including China and Japan. We continue to execute with discipline in the region, driving gross margin improvements and reinvesting into marketing with key local talent. Both brands 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.

整體而言，我們在包括中國與日本在內的關鍵市場，看到良好的轉換率（conversion）以及客流改善的正向趨勢。我們持續以紀律在該區執行，推動毛利率改善，並再投資於行銷，合作關鍵在地人才。兩個品牌也很榮幸首次以參展商身分參與中國國際進口博覽會（China International Import Expo），延續我們長期以來在該市場的布局與承諾。

Before we turn to 2026, I would like to take a moment to reflect on the progress we have made through our multiyear PVH+ Plan journey to date. While we have important work still ahead of us, since 2022, we have navigated a series of external headwinds, including exiting our Russia business, the introduction of tariffs, and we have also navigated specific geopolitical dynamics.

在我們談 2026 年之前，我想先花點時間回顧我們迄今在多年期 PVH+ 計畫旅程中所取得的進展。雖然我們仍有重要工作在前方，但自 2022 年以來，我們已因應一連串外部逆風，包括退出俄羅斯業務、關稅的導入，同時也處理了特定的地緣政治動態。

Throughout this period, we have remained steadfastly focused on executing our plan and delivering significant operational progress across all five critical areas of the PVH+ Plan, winning with our hero products and categories, driving strong consumer engagement strengthening our distribution in the marketplace by deepening our partnerships with key wholesale partners and expanding our D2C business, building a global demand-driven operating model and driving operational efficiencies to power our investments in growth and in marketing.

在此期間，我們始終堅定聚焦於執行計畫，並在 PVH+ 計畫五大關鍵領域皆取得顯著的營運進展：以我們的主打（hero）產品與類別取勝、推動強勁的消費者互動、透過深化與關鍵批發夥伴的合作並擴大 D2C 業務來強化市場端的通路布局、建立全球以需求驅動的營運模式，以及推動營運效率提升，以支撐我們對成長與行銷的投資。

Through this work, we have built a more systematic, repeatable approach which is a powerful foundation as part of our continued journey to build Calvin Klein and Tommy Hilfiger into their full potential. As we said we would, we divested profit-dilutive non-core businesses putting 100% of our retention behind our two globally iconic brands, Calvin and Tommy. And on an underlying basis, ex divestiture we have grown those brands at 2% CAGR in constant currencies since 2021. At the same time, we have built a strong leadership team with experience to unlock our brand's full potential.

透過這些工作，我們建立了更系統化、可重複的做法，成為我們持續將 Calvin Klein 與 Tommy Hilfiger 發揮至完整潛力旅程中的強大基礎。正如我們所承諾的，我們剝離了稀釋獲利的非核心業務，將 100% 的資源與留存（retention）聚焦於兩個全球經典品牌：Calvin 與 Tommy。同時，在基礎面（underlying basis）且排除剝離影響（ex divestiture）下，自 2021 年以來，我們以固定匯率計讓這兩個品牌達成 2% 的年複合成長率（CAGR）。此外，我們也建立了一支具備經驗、能釋放品牌完整潛力的強大領導團隊。

Across our regions, we increased our Americas profitability to double digits ex tariffs. We drove higher quality of sales through our initiative in Europe, and in APAC drove a 5% growth CAGR in constant currency over the period.

在各區域方面，我們在美洲（排除關稅影響，ex tariffs）將獲利能力提升至雙位數。我們透過在歐洲的相關舉措提升了銷售品質；而在亞太，期間以固定匯率計推動 5% 的成長年複合成長率（CAGR）。

And as our important work continues, one of the biggest accomplishments is how we have driven brand relevance with the consumers who matters the most going forward. Our most recent consumer research not only confirms that Calvin Klein and Tommy Hilfiger are two of the most recognized and loved brands globally. Both brands also outperformed with the Gen Z and younger millennial consumers.

隨著重要工作持續推進，其中一項最大的成就，是我們在未來最關鍵的消費者族群中提升了品牌關聯性。我們最新的消費者研究不僅確認 Calvin Klein 與 Tommy Hilfiger 是全球最具辨識度且最受喜愛的兩大品牌之一。兩個品牌在 Z 世代與較年輕的千禧世代消費者中也表現更為突出。

And within this, both brands are performing strongly with the highest value consumer segments, the status-oriented shoppers and style enthusiasts. This is important because these consumers shop more often, have higher order values, and are more loyal. This is a direct result of our multiyear work to ignite Calvin's and Tommy's brand DNA and make them even more relevant for today.

此外，兩個品牌在最高價值的消費者族群中也表現強勁，包括重視地位的購物者（status-oriented shoppers）與風格愛好者（style enthusiasts）。這很重要，因為這些消費者購買更頻繁、訂單金額更高，且忠誠度更強。這是我們多年來致力於點燃 Calvin 與 Tommy 的品牌 DNA，並使其更貼近當代需求的直接成果。

A key part in our consumer engagement is the strength we have built on social, where Calvin has the most followers and the highest engagement of our competitive set with 44 million followers across our four biggest platforms. Tommy has the third largest following in the industry with 31 million and the same leading engagement levels as Calvin, approximately 4 times higher than most of our competitors.

在消費者互動方面，一個關鍵要素是我們在社群上的強勢表現；Calvin 在競品中擁有最多追蹤者與最高互動度，在四大主要平台合計擁有 4,400 萬名追蹤者。Tommy 在產業中擁有第三大的追蹤規模，達 3,100 萬，且互動度同樣領先、與 Calvin 相當，約為多數競爭對手的 4 倍。

In addition, our consumer insights confirm clear product authority in some of the biggest and growing categories in the market. For Calvin, this means the right to play and win in underwear, denim, outerwear, and knits. And for Tommy, it means the right to play and win in outerwear, sweaters, shirts, and knits.

此外，我們的消費者洞察也確認，我們在市場中一些最大且持續成長的品類具備明確的產品權威性。對 Calvin 而言，這代表我們有資格參與並取勝於內衣、丹寧、外套與針織品類。對 Tommy 而言，則代表我們有資格參與並取勝於外套、毛衣、襯衫與針織品類。

The strength we have built with the consumer guide our path forward. We are increasingly targeting the best consumer segments for each brand as we expand our product strength across the top five categories. We put innovation and newness into creating the best product franchises, and we drive our consumer engagement with a full funnel 360 approach.

我們與消費者建立的優勢，指引了我們未來的前進方向。隨著我們在前五大品類擴大產品優勢，我們也愈來愈聚焦於各品牌最優質的消費者族群。我們以創新與新意打造最佳的產品系列（product franchises），並以全漏斗（full funnel）的 360 度方法推動消費者互動。

To make this possible, we are leveraging the strong global product and marketing capabilities for both brands that we have worked to establish. We are also well underway to successfully transitioning the licensed women's sportswear business in the US wholesale channel for both brands to ensure that our product creation across both men's and women's are brand right and positioned to drive sustainable, profitable growth.

為了實現這一點，我們正運用我們已建立的、兩個品牌強大的全球產品與行銷能力。同時，我們也正順利推進，將兩個品牌在美國批發通路的授權女裝運動休閒業務成功轉型，以確保我們在男女裝的產品創造都符合品牌定位（brand right），並能帶動可持續且具獲利性的成長。

In the marketplace, we have both increased our focus on our key wholesale partners and have meaningfully strengthened our D2C execution, which now represents approximately half of our sales, up from 44% in 2021. We have done this while elevating the brand experience across digital and stores, delivering digital penetration that is nearly doubled pre-COVID levels.

在市場上，我們一方面更加聚焦於關鍵的批發合作夥伴，另一方面也大幅強化了我們的 D2C 執行力；目前 D2C 約占我們銷售額的一半，較 2021 年的 44% 提升。我們在提升數位與門市的品牌體驗的同時達成上述成果，數位滲透率幾乎較 COVID 前水準翻倍。

We have also made significant operational progress in our journey to become a more data and demand-driven company, improving inventory management and building new capabilities, including in AI. Our new collaboration with OpenAI, which we announced in January, will accelerate that progress.

我們也在邁向成為更以數據與需求驅動的公司之路上，取得了顯著的營運進展，改善庫存管理並建立新能力，包括在 AI 方面。我們於 1 月宣布與 OpenAI 的新合作，將加速這一進展。

Importantly, we drove over 300 basis points of cost savings, including 200 basis points of annualized cost savings from our cost efficiency initiatives. Over the past few years through the disciplined PVH+ execution and despite the multiple external headwinds, we have built a strong foundation in both Calvin Klein and Tommy Hilfiger to be able to drive sustainable profitable growth with increasing pricing power across all three regions.

重要的是，我們推動了超過 300 個基點的成本節省，其中包括來自成本效率計畫的 200 個基點年化成本節省。過去幾年，透過嚴謹的 PVH+ 執行，儘管面臨多重外部逆風，我們已在 Calvin Klein 與 Tommy Hilfiger 兩大品牌建立了堅實基礎，得以在三大區域全面提升定價能力，推動可持續的獲利成長。

As I've said before, every season, you will see us expand on this further. Now as we look ahead, I want to share our actions for 2026 that will help us do just that. Let me start with Calvin Klein. We can't talk about Calvin Klein today without referencing Love Story, the TV show, the cultural resonance of Love Story reinforces the timeless power of the Calvin Klein brand and its authentic place in American fashion with a premier driving a search in online interest in Calvin.

如我先前所說，每一季你都會看到我們在此基礎上進一步擴展。現在展望未來，我想分享我們為 2026 年所採取的行動，這些行動將幫助我們做到這一點。先從 Calvin Klein 談起。今天談 Calvin Klein，不能不提《Love Story》這部影集；《Love Story》的文化共鳴強化了 Calvin Klein 品牌的永恆力量，以及其在美國時尚中的真實定位，並在網路對 Calvin 的搜尋熱度上帶來顯著推升。

We're capitalizing on the Love Story effect in multiple ways that are true to the brand, leveraging the '90s focus in our product assortment and marketing and supercharging it in e-commerce and stores with a spring '90s edit on calvinklein.com that is driving above-average social engagement and click-through rates.

我們正以多種方式把握《Love Story》效應，且都忠於品牌本質：在產品組合與行銷上運用對 90 年代的聚焦，並在電商與門市進一步加速推進；我們在 calvinklein.com 推出春季「90 年代精選」專區，帶動高於平均的社群互動與點擊率。

We are also styling key talent, including actress Sara Pigeon, who plays Carolyn Bessette-Kennedy at the recent Vanity Fair Oscar party, and we hosted a New York Magazine pop-up collaboration at our new SoHo store, achieving our highest daily sales and visitors to date.

我們也為關鍵藝人造型，包括女演員 Sara Pigeon——她在近期《Vanity Fair》奧斯卡派對上飾演 Carolyn Bessette-Kennedy；同時我們在全新 SoHo 門市與《New York Magazine》合作舉辦快閃活動，創下迄今單日最高銷售與來客數。

We are continuing to lead the '90s style conversations globally, a look that we help define by leaning into the stars driving the trend today across our platform. You will see this across our spring campaign featuring global ambassador, Jung Kook, which pairs cultural influence with the hero product storytelling to drive consumer demand. Here, strong social engagement is driving fantastic sell-throughs with sales of campaign items up over 50% after launch and the jacket Jung Kook wore reaching 60% sell-through in just two weeks.

我們持續在全球引領 90 年代風格的討論——這種風格由我們協助定義，並透過我們的平台，聚焦於當今帶動趨勢的明星來強化聲量。你將在我們以全球品牌大使 Jung Kook 主演的春季形象廣告中看到這一點；該企劃將文化影響力與主打產品的敘事結合，以帶動消費者需求。在此，強勁的社群互動帶來極佳的售罄表現：活動商品上市後銷售成長超過 50%，而 Jung Kook 所穿的外套在短短兩週內即達到 60% 的售罄率。

In March, we launched a new spring campaign featuring FC Barcelona and Brazilian national team soccer star Raphinha, debuting our most recent underwear innovations, Icon Active Mesh and Icon Cotton Stretch with a stitch-free infinity bond waistband. We drove social engagement up 62% and sales of featured products were up 11% versus a similar campaign last year.

3 月，我們推出全新春季形象廣告，邀請 FC Barcelona 與巴西國家隊足球明星 Raphinha 參與，首度亮相我們最新的內衣創新：Icon Active Mesh 與 Icon Cotton Stretch，並採用無縫縫線的 Infinity Bond 腰帶。我們帶動社群互動提升 62%，主打產品銷售較去年同類活動成長 11%。

Our most recent runway show at New York Fashion Week once again placed Calvin Klein at the center of the cultural conversation, supported by top global talent, including Jennie, Dakota Johnson, Brooke Shields, and Lily Collins. The fall 2026 show was once again the number one in share of voice and number one in earned media value from all of New York Fashion Week.

我們最近在紐約時裝週的伸展台大秀，再次讓 Calvin Klein 站上文化對話的核心，並由多位全球頂尖名人助陣，包括 Jennie、Dakota Johnson、Brooke Shields 與 Lily Collins。2026 年秋季大秀在紐約時裝週中，再度拿下聲量占比第一，並在所有紐約時裝週活動中獲得最高的贏得媒體價值（earned media value）。

Finally, we just unveiled Calvin's latest spring campaign starring actor Dakota Johnson, styled in new underwear and denim styles. Since the campaign launch, website traffic has been up double digits versus last year in Europe, sell-through has also been strong. Sales in key featured items shot up 4 times versus the time prior.

最後，我們剛發布 Calvin 最新春季形象廣告，由演員 Dakota Johnson 擔綱，演繹全新內衣與丹寧風格。自活動上線以來，歐洲地區網站流量較去年呈現雙位數成長，售罄表現同樣強勁。重點主打單品的銷售較活動前期間暴增 4 倍。

For Tommy in 2026, we are doubling down on our core product categories and set out to create the best product franchises in the market. Moving forward, you see us expand our category acceleration across sweaters, outerwear and knits and shirts. We have started the new fiscal year with a healthy momentum with the launch of the brand spring 2026 campaign, which features an invitation to Tommy's aspirational world.

至於 2026 年的 Tommy，我們將加倍聚焦核心產品類別，並致力打造市場上最強的產品系列（franchises）。展望未來，你將看到我們在毛衣、外套、針織與襯衫等品類持續加速擴張。我們以良好動能開啟新的會計年度，並推出品牌 2026 年春季形象廣告，邀請消費者走進 Tommy 令人嚮往的世界。

The campaign has been very well received across markets, serving as both a brand beacon and amplifying our 2026 product priorities. We will continue to leverage our partnerships with Liverpool Football Club and Cadillac F1 throughout the year with a steady drumbeat of consumer engagement.

該活動在各市場反響熱烈，既是品牌的指標性燈塔，也放大了我們 2026 年的產品優先事項。我們將在全年持續運用與利物浦足球俱樂部及 Cadillac F1 的合作夥伴關係，以穩定節奏推動消費者互動。

As part of our new multiyear Liverpool partnership, Tommy Hilfiger will address the full team from match arrivals six to eight per season, and each tunnel walk represents an opportunity to drive scaled brand visibility and product sales as we style players in our most aspirational Tommy icons and offer shop to look access. In our first tunnel walk, we drove a 200% increase in sales for these products in Europe compared to the prior week.

作為我們與利物浦全新多年合作的一部分，Tommy Hilfiger 將在每季 6 到 8 場比賽的球員入場（match arrivals）環節為全隊造型；而每一次走過球員通道（tunnel walk）都代表一個擴大品牌能見度與帶動產品銷售的機會——我們將以最具代表性的 Tommy 經典單品為球員造型，並提供「看造型即購買」（shop the look）的入口。在我們首次的 tunnel walk 中，歐洲地區這些產品的銷售較前一週成長 200%。

For Cadillac Formula 1, we're activating the partnership with store pop-ups, driver appearances, and local influencer styling. Following the first 2 races of the season in Melbourne and Shanghai, where we activated with Valtteri Bottas and Chinese driver Zhou Guanyu, together with local Tommy ambassadors, our China Tommy D2C sales were up double digits in March versus last year.

針對 Cadillac Formula 1，我們透過門市快閃、車手出席活動，以及在地影響者穿搭造型來啟動合作。在墨爾本與上海賽季前兩站賽事後——我們與 Valtteri Bottas 及中國車手周冠宇，並結合在地 Tommy 品牌大使共同推廣——我們 3 月在中國的 Tommy D2C 銷售較去年呈現雙位數成長。

Our expanded partnership with Sergio Checo Perez also continues to drive a consistent uplift in traffic. In the US, the Tommy icons Checo has worn so far this season, such as our cable knit polo, have seen double-digit sales increases. Overall, our exclusive Tommy partnerships are driving scaled global engagement with our consumers, generating over 700 million impressions and an increase of over 300% in media value versus prior campaigns.

我們與 Sergio「Checo」Perez 擴大的合作也持續帶來穩定的流量提升。在美國，Checo 本賽季迄今所穿的 Tommy 經典單品（例如我們的麻花針織 Polo 衫）銷售均出現雙位數成長。整體而言，我們的 Tommy 獨家合作夥伴關係正推動與消費者的大規模全球互動，累計帶來超過 7 億次曝光，且媒體價值較先前活動提升超過 300%。

And earlier this week, Tommy announced Travis Kelce, American football icon, three-time Super Bowl champion, as a global brand ambassador and creative collaborator. One of sport's biggest stars on and off the field, Kelce will bring his unique perspective to Tommy Hilfiger as part of a series of campaigns kicking off in fall 2026.

而在本週稍早，Tommy 宣布美式足球指標人物、三屆超級盃冠軍 Travis Kelce 擔任全球品牌大使與創意合作夥伴。作為場上場下皆具影響力的體壇巨星，Kelce 將以其獨特視角加入 Tommy Hilfiger，並參與一系列自 2026 年秋季起啟動的形象企劃。

Looking ahead for our regions, we have started fiscal 2026 with momentum, which has continued through quarter to date, where we see spring product season do better than last year same time. In Europe, following a tough second half last year, this year, we are expecting a gradual improvement in top line trajectory as we progress through the year. You will see our investments in marketing and the consumer experience start to cut through in the marketplace.

展望各區域，我們以動能開啟 2026 會計年度，且這股動能延續至本季迄今；我們看到春季產品季的表現優於去年同期。在歐洲，去年下半年表現艱難之後，今年我們預期隨著年度推進，營收（top line）走勢將逐步改善。你將看到我們在行銷與消費者體驗上的投資開始在市場上產生穿透力。

In wholesale, we closed our fall 2026 order book up low single digit, marking the third consecutive season of growth. When taken all together, we expect our overall revenue for the region to be up slightly in 2026 compared to 2025.

在批發方面，我們的 2026 年秋季訂單簿以低個位數成長結案，這是連續第三季成長。綜合來看，我們預期該區域 2026 年整體營收將較 2025 年小幅成長。

In the Americas, we continue to work towards unlocking our full potential and expect to grow across all channels by elevating the brand experience, including targeted remodels, strengthening the marketplace distribution, and driving pricing power. Overall, we expect modest growth for D2C 2026, and we expect continued growth in e-commerce as we continue to further strengthen our digital position. And in wholesale, we expect to see growth driven by the transition of previously licensed Tommy Hilfiger women's sportswear in-house.

在美洲地區，我們持續致力於釋放全部潛力，並預期透過提升品牌體驗（包括針對性的門市改裝）、強化市場通路布局，以及推動定價能力，在所有通路實現成長。整體而言，我們預期 2026 年 D2C 將溫和成長，且隨著我們持續進一步強化數位布局，電商也將延續成長。而在批發方面，我們預期成長將由先前授權的 Tommy Hilfiger 女裝運動休閒系列轉為自營（in-house）所帶動。

In Asia Pacific, we're off to a great start with Lunar New Year, where we launched a dedicated capsule featuring brand ambassador and global K-pop superstar Jisoo, exceeding expectations. We expect to continue to drive growth in the region in 2026, up low single digits in constant currency, powered by D2C. The region will continue to be a growth engine for us long term, and we expect to return to growth for the full year.

在亞太地區，我們以農曆新年檔期取得良好開局；我們推出由品牌大使、全球 K-pop 超級巨星 Jisoo 參與的專屬膠囊系列，表現超出預期。我們預期 2026 年將持續推動該區域成長，以固定匯率計算為低個位數成長，並由 D2C 驅動。該區域長期而言將持續成為我們的成長引擎，我們也預期全年將恢復成長。

Turning to our licensing business, we continue to build out our already strong licensing business, where our licensing partners help bring our vision to life across multiple lifestyle categories, from watches and fragrances to eyewear, and are critically important to how we drive sustainable, profitable growth.

談到我們的授權業務，我們持續擴展本已強勁的授權業務；我們的授權合作夥伴協助在多個生活風格品類中將我們的願景化為現實，從手錶、香氛到眼鏡等，並且對我們如何推動可持續且具獲利性的成長至關重要。

In conclusion, our focus is clear. To unlock the full potential of Calvin Klein and Tommy Hilfiger by building on the strong foundation we created and drive next-level execution of our PVH+ Plan. While we're seeing early momentum in 2026, we remain conscious of the current macroeconomic environment, and we are laser-focused on building out further strength in the consumer offerings in both of our brands.

總結而言，我們的聚焦方向非常明確。在我們所建立的堅實基礎上，釋放 Calvin Klein 與 Tommy Hilfiger 的全部潛力，並推動我們 PVH+ 計畫的更高一階執行力。儘管我們在 2026 年已看到初步動能，我們仍留意當前的總體經濟環境，並高度專注於進一步強化兩大品牌的消費者產品供給。

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

接下來，我把電話會議交給 Melissa。

Thanks, Stefan. Good morning. My comments are based on non-GAAP results and are reconciled in our press release.

謝謝你，Stefan。各位早安。我的評論係以非 GAAP（Non-GAAP）結果為基礎，並已在我們的新聞稿中進行調節（reconciled）。

As Stefan discussed, our fourth quarter and full year results delivered or exceeded expectations across key financial metrics. In the fourth quarter, we generated 6% reported revenue growth, flat in constant currency, drove sequential improvement in our year-over-year gross margin percent and continued our focus on strong SG&A discipline.

如 Stefan 所提及，我們第四季與全年業績在關鍵財務指標上達成或超越預期。第四季，我們實現 6% 的報告營收成長；以固定匯率計則持平；毛利率（百分比）年對年比較呈現逐季改善，並持續聚焦於嚴謹的 SG&A（銷售、一般及行政費用）控管。

We drove significant sequential improvement in our operating margin, reaching 10% for the quarter despite a negative 170 basis point gross tariff impact and ahead of plan. EPS was 17% higher than the prior year.

我們的營業利益率逐季顯著改善，儘管毛利端受到關稅帶來 170 個基點的負面影響，本季仍達到 10%，且優於計畫。每股盈餘（EPS）較去年同期高出 17%。

For the full year, we delivered 3% reported revenue growth, up slightly in constant currency both in line with our guidance, with 8.8% operating margin for the year despite a negative 80 basis point gross tariff impact and EPS of $11.40. Throughout the year, we drove quarterly sequential improvements in our gross margin comparisons as we set out to do and exited the year with over 200 basis points of annualized cost savings from our growth driver cost savings actions.

就全年而言，我們實現 3% 的報告營收成長；以固定匯率計亦小幅成長，兩者皆符合我們的指引；全年營業利益率為 8.8%，儘管毛利端受到關稅帶來 80 個基點的負面影響；EPS 為 11.40 美元。

We ended the year with healthy inventory levels, up 5% compared to last year and 1% excluding the impact of tariffs, well positioned heading into 2026. We delivered strong free cash flow for the year of over $500 million and returned over $560 million to shareholders through the repurchase of nearly 8 million shares of common stock through our accelerated repurchase program and open market purchases.

我們在年底的庫存水位健康，較去年增加 5%；若排除關稅影響則增加 1%，為邁入 2026 年做好良好準備。全年我們創造超過 5 億美元的強勁自由現金流，並透過加速回購計畫及公開市場買回，回購近 800 萬股普通股，合計向股東回饋超過 5.6 億美元。

Looking ahead to 2026, we are planning full year reported revenue up slightly compared to 2025 and flat to up slightly in constant currency. We project operating margin to be approximately 8.8%, in line with 2025, even with a negative 215 basis point gross tariff impact as we drive underlying gross margin strength and tariff mitigation actions while investing in our brands through full funnel marketing.

展望 2026 年，我們規劃全年報告營收較 2025 年小幅成長；以固定匯率計則持平至小幅成長。我們預估營業利益率約為 8.8%，與 2025 年一致；即便毛利端將受到關稅帶來 215 個基點的負面影響，我們仍將在強化基礎毛利率與推動關稅緩解措施的同時，透過全漏斗行銷投資於我們的品牌。

I will now discuss our 2025 results in more detail and then move to our 2026 outlook. Reported revenue for the fourth quarter was up 6% and flat in constant currency, exceeding our guidance. From a regional perspective, EMEA was up 8% reported and down 3% in constant currency. Direct-to-consumer trends from Q3 generally continued in Q4, down mid-single digits in constant currency with wholesale down 1%.

我將先更詳細說明我們 2025 年的業績，接著談 2026 年展望。第四季報告營收成長 6%，以固定匯率計持平，優於我們的指引。以區域來看，EMEA（歐洲、中東及非洲）報告營收成長 8%，以固定匯率計下滑 3%。直營消費者（D2C）趨勢大致延續第三季表現，固定匯率計為中個位數下滑；批發（wholesale）則下滑 1%。

Revenue in Americas was up 4% driven by high-teens growth in wholesale, reflecting a mid-single-digit increase in the base business, the impact of bringing Calvin Klein women's sportswear and jeans wholesale in-house and initial shipping related to the Tommy Hilfiger women's sportswear and performance wholesale transition in-house. D2C revenue in Americas was down mid-single digits in total and in stores partially offset by continued growth in our e-commerce business.

美洲地區營收成長 4%，主要由批發業務的高十位數成長所帶動，反映基礎業務中個位數成長、將 Calvin Klein 女裝運動休閒與牛仔褲批發業務收回自營（in-house）的影響，以及 Tommy Hilfiger 女裝運動休閒與機能（performance）批發業務轉為自營初期的出貨。美洲 D2C 營收整體及門市皆為中個位數下滑，但部分被我們電商業務持續成長所抵銷。

In Asia Pacific, revenue was flat as reported and down 2% in constant currency, which included an approximately 4% headwind from the timing of Lunar New Year compared to the fourth quarter last year. Excluding the Lunar New Year impact, Asia Pacific returned to growth in the fourth quarter. D2C revenue was down low single digits in constant currency, but up excluding the Lunar New Year timing effect with continued growth in our e-commerce business, driven by strong Double 11 performance in China. Wholesale revenue was down mid-single digits in constant currency as our wholesale partners in the region continued to take a cautious approach. In our licensing business, revenue was up 10%, primarily due to the impact of nonrecurring contractual royalties in the quarter.

亞太地區營收按報告口徑持平、以固定匯率計下滑 2%；其中包含相較去年第四季，農曆新年時點差異帶來約 4% 的不利影響。若排除農曆新年影響，亞太在第四季恢復成長。D2C 營收以固定匯率計為低個位數下滑，但若排除農曆新年時點效應則為成長；在中國「雙 11」表現強勁帶動下，我們的電商業務持續成長。批發營收以固定匯率計為中個位數下滑，因本區域的批發合作夥伴仍採取審慎態度。在授權業務方面，營收成長 10%，主要來自本季一次性（非經常性）的合約權利金影響。

Turning to our global brands. Tommy Hilfiger revenues were up 7% as reported and up 1% in constant currency. Calvin Klein revenues were up 3% as reported and down 1% in constant currency. From an overall PVH channel perspective, our direct-to-consumer revenue was up 1% as reported and down 3% in constant currency, which included an approximately 1% headwind from the timing of Lunar New Year compared to the fourth quarter last year.

接著談我們的全球品牌。Tommy Hilfiger 營收按報告口徑成長 7%，以固定匯率計成長 1%。Calvin Klein 營收按報告口徑成長 3%，以固定匯率計下滑 1%。從 PVH 整體通路角度來看，我們的 D2C 營收按報告口徑成長 1%，以固定匯率計下滑 3%；其中包含相較去年第四季，農曆新年時點差異帶來約 1% 的不利影響。

Sales in our retail stores were flat as reported and down 4% in constant currency. Sales in our owned and operated e-commerce business were up 5% as reported and flat in constant currency as strong growth in Asia Pacific and Americas was offset by the decline in EMEA. Total wholesale revenue was up 11% as reported and up 4% in constant currency, which reflects the North America license transitions, partially offset by the decreases in EMEA and Asia Pacific.

我們零售門市銷售按報告口徑持平，以固定匯率計下滑 4%。我們自營電商業務銷售按報告口徑成長 5%，以固定匯率計持平；亞太與美洲的強勁成長被 EMEA 的下滑所抵銷。批發營收總計按報告口徑成長 11%，以固定匯率計成長 4%，反映北美授權轉換（license transitions）的影響，但部分被 EMEA 與亞太的下滑所抵銷。

In the fourth quarter, our gross margin was 57.6%, stronger than planned, reflecting significant sequential improvement across all regions as compared to the third quarter. The decrease of 60 basis points compared to last year includes a decrease of approximately 170 basis points due to the growth impact of tariffs, a decrease of approximately 50 basis points from our North America license transitions, as we've previously discussed and a marginally higher promotional environment. These decreases were largely offset by our proactive tariff mitigation actions, enabling us to mitigate over 40% of the increased tariffs in the quarter and our efforts to lower product costs as well as favorable foreign exchange.

第四季毛利率為 57.6%，優於計畫，反映相較第三季，各區域皆出現顯著的逐季改善。相較去年下滑 60 個基點，其中包含：關稅對成長的影響導致約 170 個基點的下滑、如先前所述北美授權轉換帶來約 50 個基點的下滑，以及促銷環境略為升溫。上述下滑多數被我們主動的關稅緩解措施所抵銷，使我們在本季得以緩解超過 40% 的關稅增加影響；同時也受惠於我們降低產品成本的努力以及有利的外匯因素。

Importantly, we saw significant sequential improvement in Calvin Klein gross margins in the fourth quarter as we steadily work through the previously discussed transitory operational issues. SG&A as a percent of revenue improved 20 basis points versus last year to 47.7% reflecting efficiencies from our Growth Driver 5 cost savings actions, partially offset by our increased full funnel marketing investments to build momentum heading into 2026.

重要的是，第四季 Calvin Klein 毛利率出現顯著的逐季改善，因我們持續穩步處理先前提及的短期營運問題。SG&A 佔營收比重較去年改善 20 個基點至 47.7%，反映我們「成長驅動 5」成本節省行動帶來的效率提升，但部分被我們增加全漏斗行銷投資、以在邁入 2026 年前建立動能所抵銷。

EBIT for the fourth quarter was $250 million and operating margin was 10% roughly in line with 10.3% operating margin in 2024 despite the 170-basis-point negative gross tariff impact. Fourth quarter EPS was $3.82, a 17% increase over $3.27 last year, reflecting a negative $0.70 growth impact related to tariffs and a positive $0.33 benefit related to exchange. Interest expense was $19 million, and our tax rate was approximately 23%.

第四季 EBIT 為 2.5 億美元，營業利益率為 10%，大致與 2024 年的 10.3% 營業利益率相當，儘管毛利端受到關稅帶來 170 個基點的負面影響。第四季 EPS 為 3.82 美元，較去年 3.27 美元成長 17%，其中反映關稅相關的成長負面影響 0.70 美元，以及匯率帶來的正面效益 0.33 美元。利息費用為 1,900 萬美元，稅率約為 23%。

For the full year 2025, we delivered our overall revenue plan. Regionally, EMEA was down low single digits in constant currency with positive first half D2C trends offset by muted consumer activity in the second half, driven by a tougher backdrop in the region. In the Americas, we delivered a mid-single-digit increase in revenue driven by the North America license transitions and strength in e-commerce. And in Asia Pacific, we drove steady quarterly sequential top line improvement after a challenging start to the year, ending the year overall down mid-single digits in constant currency, including a low single-digit impact from the Lunar New Year timing.

就 2025 全年而言，我們達成整體營收計畫。以區域來看，EMEA 以固定匯率計為低個位數下滑；上半年 D2C 趨勢為正，但被下半年消費活動偏弱所抵銷，主因該區域環境更具挑戰。在美洲，我們實現營收中個位數成長，主要由北美授權轉換及電商強勁表現所帶動。在亞太，我們在年初表現具挑戰後，推動營收逐季穩定改善；全年以固定匯率計整體為中個位數下滑，其中包含農曆新年時點帶來的低個位數影響。

While gross margin of 57.5% was lower than last year, including the approximately 80 basis points negative impact of gross tariffs, of which we mitigated approximately 30% for the year, it was stronger than planned. SG&A as a percentage of revenue improved 70 basis points over the prior year to 48.7% as we drove meaningful savings from our Growth Driver 5 cost savings actions.

雖然毛利率為 57.5%，較去年為低（其中包含毛關稅約 80 個基點的負面影響；我們全年已緩解約 30%），但仍優於原先規劃。SG&A（銷售、一般及行政費用）占營收比重較前一年改善 70 個基點至 48.7%，因我們透過 Growth Driver 5 成本節省行動帶來顯著節省。

We achieved operating margin of 8.8%. Interest expense was $79 million. Taxes were approximately 22% and EPS was $11.40, which included a negative impact of $1.10 from gross tariffs and a positive impact of $0.56 from exchange. This compared to last year's record high non-GAAP earnings per share of $11.74.

我們達成 8.8% 的營業利益率。利息費用為 7,900 萬美元。稅率約為 22%，每股盈餘（EPS）為 11.40 美元，其中包含毛關稅帶來的 1.10 美元負面影響，以及匯兌帶來的 0.56 美元正面影響。相較之下，去年創紀錄的非 GAAP 每股盈餘為 11.74 美元。

And now moving on to our 2026 outlook. As Stefan discussed, in 2026, we will build on the strong foundation we've created and drive the next level of execution of the PVH+ plan. While wholesalers remain cautious and the consumer macro environment continues to be uneven, our European order books are positive, and we are expecting growth in D2C in both brands and in all three regions for the full year.

接下來談我們對 2026 年的展望。如 Stefan 所述，2026 年我們將在已建立的堅實基礎上，推動 PVH+ 計畫下一階段的執行。儘管批發客戶仍偏謹慎、消費者總體環境持續不均衡，我們在歐洲的訂單簿表現正向，且預期全年兩大品牌與三大區域的 D2C（直面消費者）業務皆將成長。

At the same time, we expect to absorb the full impact of US tariffs in 2026. Our outlook assumes a 15% tariff rate on goods coming into the US starting from February 24 of this year, with inventory receipts prior to that at tariff rates previously in place.

同時，我們預期在 2026 年將吸收美國關稅的全部影響。我們的展望假設自今年 2 月 24 日起，進口至美國的商品適用 15% 的關稅稅率；在此之前入庫的存貨則適用先前既有的關稅稅率。

Our guidance does not assume any tariff refunds. We expect an approximately $195 million gross tariff cost and EBIT or approximately $3.30 per share based on these assumptions. We continue to take tariff mitigation actions with the benefit of our actions planned to increase quarter-by-quarter throughout 2026 as we work to fully mitigate tariffs over time.

我們的指引不假設任何關稅退稅。在上述假設下，我們預期毛關稅成本約 1.95 億美元，對 EBIT 的影響約為（或約每股 3.30 美元）。我們將持續採取關稅緩解行動，且隨著我們逐步在時間推移中完全緩解關稅，這些行動的效益預計在 2026 年將逐季提升。

It's important to highlight that significant uncertainty remains around the conflict in the Middle East as well as evolving global trade policies, the broader macroeconomic environment and consumer spending behavior. Our business in the Middle East, excluding Turkey, is about 1% of our total revenue and solely a wholesale business, so the profit impact is disproportionate at approximately 7%. Our guidance is based on current macro and geopolitical conditions and excludes any potential impacts from a prolonged expanded or more intense conflict in the Middle East.

需要強調的是，中東衝突以及全球貿易政策的演變、整體總體經濟環境與消費支出行為，仍存在高度不確定性。我們在中東（不含土耳其）的業務約占總營收 1%，且僅為批發業務，因此對獲利的影響不成比例，約為 7%。我們的指引係基於目前的總體與地緣政治情勢，並排除中東衝突若延長、擴大或更為激烈所可能帶來的任何潛在影響。

For the full year, our overall reported revenue is projected to be up slightly versus 2025 and flat to up slightly in constant currency. We expect full year operating margin will be approximately 8.8%, in line with 2025 and up, excluding the impact of tariffs in each year, as we drive operational gross margin improvements and annualize our growth driver cost savings, some of which we will reinvest in the business, particularly in marketing. We are projecting earnings per share in a range of $11.80 to $12.10 compared to $11.40 in 2025.

就全年而言，我們預估整體報告營收將較 2025 年小幅成長；以固定匯率計則持平至小幅成長。我們預期全年營業利益率約為 8.8%，與 2025 年一致；若排除各年度關稅影響，則將上升，因我們推動營運面毛利率改善並使成長驅動成本節省效益全年化，其中部分將再投資於業務，特別是行銷。我們預估每股盈餘介於 11.80 至 12.10 美元，相較 2025 年的 11.40 美元。

Regionally, in EMEA, where we saw lower traffic and weaker consumer sentiment in the market in the back half of 2025. For 2026, we are planning for a gradual top line improvement as we progress through the year. We expect the first half to continue to be tougher within this backdrop with second half improvement as our investments in marketing and in elevating the consumer experience, drive even greater strength in the region.

就區域而言，在 EMEA（歐洲、中東及非洲），我們於 2025 年下半年看到客流下降與市場消費者信心轉弱。對 2026 年，我們規劃隨著年度推進，營收將逐步改善。在此背景下，我們預期上半年仍將較具挑戰；下半年則將改善，因我們在行銷與提升消費者體驗方面的投資，將帶動該區域更強勁的表現。

In wholesale, as Stefan mentioned, we closed our full 2026 order books up low single digits. At the same time, the overall macro environment remains choppy, and we are planning our revenues prudently. We expect our overall revenue for EMEA will be up slightly in constant currency compared to 2025.

在批發方面，如 Stefan 所提，我們已完成 2026 年全年的訂單簿，年增低個位數。同時，整體總體環境仍然波動，我們以審慎方式規劃營收。我們預期 EMEA 整體營收以固定匯率計將較 2025 年小幅成長。

In the Americas, we are planning revenue up low single digits compared to 2025 with growth in wholesale driven by the Tommy Hilfiger women's sportswear and performance wholesale transition. And in D2C, despite the choppy consumer backdrop and lower traffic trends in stores in 2025, we entered 2026 with momentum, which has continued in the first quarter to date. We also expect continued growth in e-commerce as we continue to further strengthen our digital position. Overall, we are planning modest growth in D2C for 2026.

在美洲，我們規劃 2026 年營收較 2025 年成長低個位數；批發成長主要由 Tommy Hilfiger 女裝運動休閒與機能系列的批發轉換所帶動。而在 D2C 方面，儘管 2025 年消費者環境波動且門市客流趨勢較低，我們進入 2026 年時已具動能，且截至目前第一季仍持續。隨著我們持續強化數位布局，我們亦預期電商將持續成長。整體而言，我們規劃 2026 年 D2C 將溫和成長。

Next, in Asia Pacific, we are planning 2026 revenue up low single digits in constant currency, led by growth in D2C, partially offset by a decrease in wholesale as we expect our partners in the region to continue to take a cautious approach.

接著在亞太地區，我們規劃 2026 年以固定匯率計營收成長低個位數，主要由 D2C 成長帶動；但部分將被批發下滑所抵銷，因我們預期該區域合作夥伴將持續採取謹慎策略。

Our licensing business is expected to be down low teens, reflecting the North America license transitions. Excluding the impact of these transitions, we expect low single-digit growth in the balance of the licensing business. Overall, the impact of the licensing transitions net of the increase in wholesale is expected to result in a less than 1% net increase in our total revenue.

我們預期授權業務將下滑低十位數百分比，反映北美授權轉換。若排除這些轉換的影響，我們預期其餘授權業務將有低個位數成長。整體而言，授權轉換的影響在扣除批發增加後，預期將使我們總營收淨增加不到 1%。

We expect gross margins to be up slightly compared to 2025 as we plan to more than offset an approximately 215-basis-point impact of gross tariffs in 2026, which compares to approximately 80 basis points in 2025 and an approximately 50-basis-point impact from the North America license transitions with gross margin improvements driven by our tariff mitigation actions, favorable product costs, including foreign exchange and other business improvements. We expect to mitigate approximately 60% of the tariff impact for the full year with the impact of our mitigation strategies becoming progressively more meaningful as we move through the year, exiting the year with over 75% mitigation on an annualized basis heading into 2027.

我們預期毛利率將較 2025 年小幅上升，因我們規劃將在 2026 年不僅抵銷毛關稅約 215 個基點的影響（相較 2025 年約 80 個基點），亦抵銷北美授權轉換約 50 個基點的影響；毛利率改善將由我們的關稅緩解行動、有利的產品成本（包含外匯）及其他業務改善所驅動。我們預期全年可緩解約 60% 的關稅影響；且隨著年度推進，我們的緩解策略影響將逐步更為顯著，並在年底以年化基礎計達到超過 75% 的緩解程度，為 2027 年做準備。

We expect SG&A as a percentage of revenue to be up slightly as we reinvest savings from our growth driver cost savings actions back into the business including an over 50-basis-point increase in marketing as a percentage of sales compared to 2025. We expect our full year operating margin will be approximately 8.8%, including the 215-basis-point growth headwind from tariffs and in line with 2025.

我們預期 SG&A 占營收比重將小幅上升，因我們將成長驅動成本節省行動所節省的費用再投資回業務，其中包含行銷占銷售比重較 2025 年增加超過 50 個基點。我們預期全年營業利益率約為 8.8%，其中包含關稅帶來的 215 個基點成長逆風，並與 2025 年一致。

Interest expense is projected to be approximately flat compared to $79 million in 2025. Our tax rate is estimated at a range of 22% to 23% and EPS is projected to be a range of $11.80 to $12.10.

利息費用預估與 2025 年的 7,900 萬美元大致持平。我們估計稅率介於 22% 至 23%，每股盈餘（EPS）預估介於 11.80 至 12.10 美元。

Looking at the balance sheet, we are projecting capital spending of approximately $250 million as we invest globally to refresh our stores and our shop-in-shops in our wholesale partner stores and continue to strengthen our digital position. And we are planning at least $300 million of share repurchases in 2026.

就資產負債表而言，我們預估資本支出約 2.5 億美元，用於全球投資以翻新門市與批發合作夥伴門市中的店中店，並持續強化我們的數位布局。此外，我們規劃在 2026 年至少回購 3 億美元股份。

Now turning to the first quarter. We are projecting first quarter reported revenue to increase slightly versus 2025 and decreased low single digits in constant currency with growth in D2C offset by lower wholesale. Importantly, as Stefan mentioned, we have started 2026 with positive momentum and higher spring season sell-through trends across both brands and all three regions.

接著談第一季。我們預估第一季報告營收將較 2025 年小幅增加；以固定匯率計則下滑低個位數，其中 D2C 成長將被批發下滑所抵銷。重要的是，如 Stefan 所提，我們以正向動能展開 2026 年，且兩大品牌與三大區域的春季銷售季節 sell-through（售罄率）趨勢皆較佳。

In EMEA, we expect revenue to be down mid-single digits in constant currency overall and in both channels, reflecting the choppy macro environment that has continued into 2026 and wholesale shipping timing including a slightly larger portion of the spring season shipping in Q4 last year than in Q1 this year.

在 EMEA，我們預期以固定匯率計整體營收將下滑中個位數，且兩個通路皆下滑，反映波動的總體環境延續至 2026 年，以及批發出貨時點因素（包括去年第四季春季出貨占比略高於今年第一季）。

In Americas, we expect revenue to be down slightly as growth in D2C is expected to be more than offset by lower wholesale, reflecting a first half to second half timing shift compared to 2025.

在美洲，我們預期營收將小幅下滑，因 D2C 成長預期將被批發下滑所抵銷，反映相較 2025 年由上半年轉向下半年的時點移轉。

And in Asia Pacific, we expect revenue to be up low single digit in constant currency as growth in D2C, including the favorable timing of Lunar New Year compared to the prior year is offset by lower wholesale as our wholesale partners in the region continue to take a cautious approach.

在亞太地區，我們預期以固定匯率計營收將成長低個位數；D2C 成長（包含農曆新年相較前一年較有利的時點）將被批發下滑所抵銷，因該區域批發合作夥伴持續採取謹慎策略。

In our licensing business, revenue is expected to be down mid-single digits, driven by the previously mentioned North America license transitions. The balance of the license business is expected to grow low single digits.

在我們的授權業務中，受前述北美授權轉換的影響，預期營收將下滑中個位數百分比。其餘授權業務預期將成長低個位數百分比。

Tariff impacts will weigh more heavily on our year-over-year gross margin comparisons in the first half due to the timing of when the tariffs were effective in 2025 as well as the sequentially increasing impact of our mitigation strategies.

由於2025年關稅生效時點的影響，以及我們緩解策略影響逐季增加的因素，關稅影響在上半年將對我們的年對年毛利率比較造成更大的壓力。

In Q1, we project a gross tariff impact of approximately 230 basis points, about half of which we expect to offset through our tariff mitigation actions in the quarter. Despite this significant negative impact, we are projecting first quarter gross margin to be nearly flat compared to the prior year as our operational improvements to drive gross margin expansion, including our tariff mitigation actions and favorable product costs are offset by the negative tariff impact and the gross margin differential from transitioning license categories in North America back in-house.

在第一季，我們預估關稅對毛利的總影響約為230個基點，其中約一半預期可透過本季的關稅緩解行動予以抵銷。儘管有這項顯著的負面影響，我們仍預期第一季毛利率相較去年將幾乎持平，因為我們推動毛利率擴張的營運改善（包括關稅緩解行動與有利的產品成本）可抵銷關稅的負面影響，以及北美將授權品類轉回自營所帶來的毛利率差異。

We are projecting first quarter SG&A as a percent of revenue to be up approximately 150 basis points versus 2025. We are reinvesting a portion of our Growth Driver 5 cost savings back into the business, including an approximately 100-basis-point increase in marketing spend compared to Q1 last year.

我們預估第一季SG&A占營收比重將較2025年上升約150個基點。我們將Growth Driver 5的部分成本節省再投資回業務中，包括相較去年第一季行銷支出約增加100個基點。

In the first quarter of 2025, we reduced our marketing spend due to the Calvin Klein product delays and the environment in China. This year, we are more heavily weighting our marketing spend to the first half to amplify our cut-through campaigns and drive brand heat early in the year. While this will drive our first quarter operating margin down, we'll see sequential improvement each quarter throughout 2026.

在2025年第一季，由於Calvin Klein產品延遲以及中國市場環境因素，我們降低了行銷支出。今年，我們將行銷支出更偏重配置在上半年，以放大我們的高穿透力行銷活動並在年初就帶動品牌熱度。雖然這將使第一季營業利益率下降，但我們將在2026年每一季看到逐季改善。

In total, we are projecting our first quarter operating margin to be in a range of 6% to 6.5% including the 230-basis-point gross tariff headwind compared to 8.1% last year, which did not include the higher tariffs. Earnings per share is projected to be in a range of $1.65 to $1.80 compared to $2.30 in the prior year. Our tax rate is estimated at approximately 22% and interest expense is projected to be approximately $20 million.

整體而言，我們預估第一季營業利益率將落在6%至6.5%的區間，其中包含相較去年230個基點的關稅毛利逆風；去年為8.1%，且未包含較高的關稅。每股盈餘預估將落在1.65美元至1.80美元的區間，對比去年為2.30美元。我們的稅率估計約為22%，利息費用預估約為2,000萬美元。

Before we open up for questions, I want to reiterate that while we continue to navigate macro uncertainty, we have a clear focus on what is within our control and driving the next level of execution of the PVH+ Plan. We have started 2026 with positive momentum and are expecting growth in D2C in both brands and in all regions for the full year. We are continuing to invest in our brands and our business throughout the year and expect to drive gross margin up despite the impact of tariffs with operating margin for 2026 at approximately 8.8% in line with 2025 and reflecting underlying strength.

在開放提問之前，我想重申，儘管我們仍在因應總體環境的不確定性，但我們清楚聚焦於我們可控的事項，並推動PVH+計畫下一階段的執行力。我們以正向動能展開2026年，並預期全年兩大品牌、所有地區的D2C都將成長。我們將持續在全年投資於品牌與業務，並預期即使面臨關稅影響仍能推升毛利率；2026年營業利益率約為8.8%，與2025年大致一致，並反映基本面實力。

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

接下來，接線員，我們想開放提問。

(Operator Instructions) Bob Drbul, BTIG.

(接線員指示) Bob Drbul，BTIG。

Stefan, I was just wondering, can you talk about how you leverage the information about your consumer and the brand health across the PVH plan throughout the business?

Stefan，我想請教，你能談談你們如何在整個PVH計畫中，於全公司範圍內運用對消費者與品牌健康度的資訊嗎？

Yes, Bob. And thanks for the question. It's a really important one. So as we shared in our prepared remarks, we do extensive consumer research and really exciting to see that the work that we have done over the past few years result in standing stronger with the Gen Z and Gen Millennial than our peer group.

好的，Bob。謝謝你的提問。這確實非常重要。如同我們在事先準備的發言中分享的，我們進行了大量的消費者研究，很令人振奮的是，過去幾年的努力成果，讓我們在Z世代與千禧世代中的表現比同業更強。

And within the Gen Z and Gen Millennial, it's really the combination between the strength with the Gen Z and Gen Millennial. And within those groups, the segments that the status interested segments, the style-driven consumer segments because we know that they shop more often. They spend more and they're more loyal. So the way we deploy that knowledge is through social, through e-commerce, expanding -- we target these consumers, and we build out our category strength from the two, three categories where we see real strength already today in both Calvin and Tommy to the top five category.

而在Z世代與千禧世代之中，關鍵在於我們同時在這兩個族群都具備優勢。在這些族群裡，我們特別聚焦於重視地位的細分族群、以及風格導向的消費者細分族群，因為我們知道他們購買更頻繁、花費更多，且更具忠誠度。因此，我們運用這些洞察的方式是透過社群、透過電商擴大觸及——我們鎖定這些消費者，並將我們在Calvin與Tommy目前已展現明顯優勢的兩到三個品類，擴展到前五大品類。

Top five categories is over 60% of the business. So it's really targeting the consumers where we are the strongest that spends the most and the most interested in style and status and then driving 360 consumer engagement with that consumer. And then that's how we are starting to turn the consumer flywheel. And that's part of why we delivered a stronger-than-expected Q4 and why we are off to a strong start despite the uncertain macro. That's why we're off to a strong start in the beginning of '26 as well.

前五大品類占整體業務超過60%。因此，這本質上是鎖定我們最具優勢、消費最多、且最重視風格與地位的消費者，並以360度方式推動與該消費者的互動。接著，這就是我們開始帶動消費者飛輪的方式。這也是我們第四季交出優於預期表現的部分原因，以及即使總體環境不確定，我們仍能強勢開局的原因。這也是我們在26年年初同樣強勢開局的原因。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

I guess this might be for Melissa, but maybe on the EBIT margins. So we entered the year with margins down 160 basis points to 200 basis points in the first quarter, but then we get to flat in the year. And I think you said EBIT margin improves each quarter. Could you just clarify, is that the level or the year-over-year? Maybe just give us a little bit of help on how to think about the cadence of EBIT margin through the year after first quarter?

我想這可能是問Melissa的，但也許是關於EBIT利潤率。我們在年初看到第一季利潤率年對年下滑160到200個基點，但全年又回到持平。而且我記得你說EBIT利潤率每一季都會改善。你能否澄清一下，這指的是利潤率的絕對水準，還是年對年的變化？也請你稍微協助我們理解，第一季之後，全年EBIT利潤率的節奏該如何看待？

And then, I guess, backing up, Stefan, on Americas, the revenues planned down slightly in the first quarter, D2C growth, but I think you said wholesale negative. And I would think you would have about a mid-single-digit lift from the licenses. So maybe just a bigger picture thought on why you think -- and we can see all the marketing, and we can see everything with Calvin going viral. I'm just -- I'm curious why you think wholesalers have such a gap to what you're seeing in some of the successes and growth in D2C at this point and in fact, can reconcile itself as we move through the year?

另外，我想退一步問，Stefan，關於美洲區，第一季營收規劃是小幅下滑，D2C成長，但我記得你說批發是負成長。而我原本以為授權會帶來約中個位數的提振。所以也許從更宏觀的角度談談，為什麼你認為——我們看到所有行銷投入，也看到Calvin在社群上爆紅——我只是好奇，為什麼你認為批發端與你們目前在D2C看到的一些成功與成長之間會有這麼大的落差？以及隨著今年推進，是否能夠逐步對齊？

Yeah. Thanks, Michael. Let me start, and then Melissa will be able to take you through. There is a timing shift in wholesale to your point, Michael, in Q1, and there are a number of other shifts as well like the tariff impact that starts off higher and then goes down.

是的。謝謝你，Michael。我先回答，接著Melissa可以再帶你深入說明。如你所說，Michael，第一季批發端存在時點上的移轉；另外也有一些其他變動，例如關稅影響一開始較高，之後會下降。

So -- but let me start from a business perspective and just say, so we are quite far into Q1 by now. And we have a positive momentum in the spring season sell-through for both Calvin and Tommy across all regions. So we see the stronger D2C trend across both brands, all regions.

不過我先從業務面來說：目前我們其實已經走過第一季相當一段時間。我們看到Calvin與Tommy在所有地區的春季銷售（sell-through）都呈現正向動能。因此，我們看到兩大品牌、所有地區的D2C趨勢都更強。

And in Q1, one factor that also impacts Q1 is that we are strategically increasing our marketing spend. And some of that spend is somewhat front-loaded in the year. So full year basis, marketing spend is up double digit. But the first quarter, as Melissa mentioned, there are shifts from the market conditions last year to this year that gives us the confidence to invest more early.

而在第一季，另一個影響因素是我們策略性地提高行銷支出。其中一部分支出在年度中相對前置。以全年來看，行銷支出成長為雙位數。但在第一季，如Melissa提到，從去年到今年的市場條件出現變化，使我們更有信心在年初加大投資。

And we see that in Calvin through the strength in the spring campaign. We see it with a fashion show with the amplification of the Love Story interest. In Tommy, we see it through Cadillac Formula 1. We see it with a Liverpool partnership. We see it with the spring campaign. So we're really leaning in to turn that consumer flywheel, but Melissa will be able to take you through more of the quarter-to-quarter timing.

我們在Calvin上，從春季行銷活動的強勁表現看得到。我們也透過時裝秀放大「Love Story」話題熱度。在Tommy方面，我們透過Cadillac一級方程式（Formula 1）。我們透過與利物浦的合作夥伴關係。我們也透過春季行銷活動看得到。因此我們確實正加大力道來帶動消費者飛輪，但Melissa可以再帶你更深入了解各季之間的時點安排。

Yeah, sure. Thank you, Stefan. So as we think about the trajectory for the year, there's several moving parts. Just on the top line, we have started the year, as we talked about with positive momentum with spring season product selling up versus last year in both brands in all three regions. And while the macroeconomic environment remains uncertain, we do expect growth for the full year.

好的，當然。謝謝你，Stefan。因此，當我們思考今年的走勢時，有幾個變動因素。就營收端而言，我們在年初已經如先前所談到的，以正向動能開局：春季產品在三大區域、兩個品牌的銷售都較去年成長。儘管總體經濟環境仍不確定，我們仍預期全年將實現成長。

But in the first half, we're lapping the stronger comparisons in Europe and the Americas from last year. While in the second half, we expect to drive improvement as we continue to focus on what is within our control and see our investments drive strength to consumer.

但在上半年，我們將面臨去年歐洲與美洲較強的比較基期。而在下半年，我們預期將推動改善，因為我們會持續聚焦於我們可控的事項，並看到我們的投資帶動消費端的強勁表現。

And I would just add that in Q1, when you look at our overall revenue on a two-year stacked basis, which takes out some of the wholesale timing that's impacting our comparisons. Our total revenue growth in constant currency is sequentially improving from Q3 to Q4 and then from Q4 to Q1.

我再補充一點：在第一季，若以兩年疊加（two-year stacked）的角度來看我們的整體營收，這能排除部分批發出貨時點對比較造成的影響。我們以固定匯率計的總營收成長率，從第三季到第四季、再從第四季到第一季，呈現逐季改善。

And then when we look at the profit cadence, there are also two main parts that I'd highlight. I mean, first, as Stefan mentioned, there's the tariffs. And in the first half, we are burdened by tariffs, which only had a very small impact in the Q2 last year. And at the same time, we expect that our tariff mitigation actions will become increasingly impactful as the year progresses, and we expect to exit the year with over 75% of the tariff mitigated on an annualized basis.

接著看獲利的節奏，我想強調兩個主要部分。第一，如Stefan提到的，是關稅。在上半年，我們會受到關稅的拖累；而去年第二季關稅的影響其實非常小。同時，我們預期關稅緩解措施將隨著年度推進而愈來愈有成效，並預期在年底時，以年化基礎計，超過75%的關稅將被緩解。

And then the second piece, as Stefan mentioned, is marketing where we've strategically weighted our investment to the first half, particularly Q1 ahead of the key consumer moments to align with our commercial plan and activate the full funnel and drive that heat early in the year. And you'll remember that in the second half of 2025, we had already stepped up our marketing investment versus our original plan and so that we lap that in the second half of '26.

第二個部分，如Stefan提到的，是行銷。我們策略性地將投資比重放在上半年，特別是第一季，在關鍵消費者時點之前，與我們的商業計畫對齊，啟動全漏斗（full funnel）並在年初就帶動熱度。你也會記得，2025年下半年我們相較原始計畫已經提高了行銷投資，因此在2026年下半年會形成比較基期。

And then lastly, from an FX perspective, there's just two things I'd highlight. With translation, we see a favorable impact year-over-year, more heavily weighted to the first half, and you can see that effect in our Q1 revenue guidance. And then on our inventory cost, it's actually opposite where we see the favorable impact building as the year progresses, and that comes through and strength in our gross margins.

最後，從匯率（FX）角度，我想強調兩點。在換算（translation）方面，我們看到年對年有利影響，且較偏重於上半年；你可以在我們第一季營收指引中看到這個效果。而在庫存成本方面則相反：我們看到有利影響會隨著年度推進而逐步累積，並反映在毛利率的走強上。

And importantly, I would just add that on inventory costs overall, we're starting to see the benefit in our product costs as we leverage the scale and the power of PDH and our two global product kitchens. And we saw that benefit start to come through in Q4, and we'll continue to see that benefit in 2026. So a lot of parts. But overall, we expect progressive year-over-year improvement in our operating margins.

而且很重要的是，我還要補充：就整體庫存成本而言，隨著我們運用PDH以及兩個全球產品中樞（product kitchens）的規模與能力，我們開始看到產品成本的效益。我們在第四季已開始看到這項效益逐步反映，並將在2026年持續看到這項效益。所以有很多因素。但整體而言，我們預期營業利益率將呈現逐步的年對年改善。

Jay Sole, UBS.

Jay Sole，瑞銀（UBS）。

Great. I want to ask you about Love Story. I mean it really was a phenomenon. I just want to ask about the learnings from it just because it was it bigger than you expected? And how did it play out? And like I said, what are the learnings that you'll take going forward?

很好。我想問你們關於《Love Story》。它確實是一種現象級的作品。我想問從中得到的學習，因為它是否比你們預期的還要大？它是如何發酵的？以及如我所說，你們未來會帶走哪些學習？

Thanks, Jay. It's almost impossible to have a conversation about Calvin right now without Love Story. So is also a really, really great question. So could we anticipate it? I don't believe anyone could have anticipated the magnitude of the hit it has become globally and across generations. So if you look -- we just got the data yesterday that over 40 million people have watched Love Story, Hulu's most streamed show ever.

謝謝你，Jay。現在幾乎不可能在不提《Love Story》的情況下談論Calvin。所以這也是一個非常、非常好的問題。我們能預見它嗎？我不認為有人能預見它在全球、跨世代成為爆款的規模。如果你看——我們昨天剛拿到數據：超過4,000萬人觀看了《Love Story》，它是Hulu史上串流量最高的節目。

So what's the learning for us and what's the effect? When the show launched, we could see the search -- search for -- the search increase for Calvin Klein, e-commerce traffic, D2C is positive. The consumer is looking for iconic Calvin, starting with iconic underwear and iconic denim, the most sold denim style right now is the '90s fit.

那對我們的學習是什麼、影響是什麼？節目上線時，我們看到搜尋——對Calvin Klein的搜尋量上升，電商流量、D2C表現為正。消費者在尋找經典的Calvin，從經典內衣與經典丹寧開始；目前最暢銷的丹寧版型是「90年代版型（'90s fit）」。

So some of the key learnings here is you can't plan for these things. But what I'm really excited about and is what the team has done over the past three, four years is we have gone back to the DNA of what made Calvin collide with culture back in the '90s when that happened and really taken 100% of that iconic DNA and then working hard to make it 100% current. So when something like Love Story hits, it's just a really nice sync up with where we are with the brand.

因此，這裡的一些關鍵學習是：你無法為這類事情做計畫。但我真正感到興奮的是，團隊在過去三、四年所做的事：我們回到Calvin在90年代與文化碰撞、引發共鳴的品牌DNA，完整取回那100%的經典DNA，並努力讓它100%符合當下。所以當《Love Story》這樣的作品爆紅時，剛好與我們品牌所處的位置形成非常好的同步。

So it also shows the power of the brand. So we are talking about since we started the PVH+ journey that there is something special in Calvin and Tommy because there are one of a handful of brands that have provided with culture and become globally iconic. This is a good example of this because the interest we see spans generations.

這也展現了品牌的力量。我們自PVH+旅程開始就一直在談：Calvin與Tommy之所以特別，是因為它們是少數能與文化互動並成為全球經典的品牌之一。這就是一個很好的例子，因為我們看到的關注橫跨不同世代。

And then one of the biggest audience parts of Love Story is also where we have built the most strength which is within the young millennial and the Gen Z consumer. So Calvin really helped shape American fashion and the '90s look? And yeah, just -- we see it in the demand. We see it in the interest for the brands, but this is something that has been built over the last three, four years. And we just appreciate it. And for those of you who haven't watched Love Story, please do; it's a great show.

而且《Love Story》最大的受眾之一，也正是我們建立最強勢能的族群——年輕的千禧世代與Z世代消費者。Calvin確實幫助塑造了美式時尚與90年代風格。而是的——我們在需求上看得到。我們在對品牌的興趣上也看得到，但這些其實是過去三、四年累積建立起來的。我們非常感謝。也請還沒看過《Love Story》的人務必去看；這是一部很棒的節目。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛（Goldman Sachs）。

Stefan, I was wondering if I could get your latest thoughts on the path to deliver sequentially and sustainably stronger sales momentum in your Europe business. Beyond the easier compares, what are the most important drivers of that sequential improvement that's planned throughout the year? And what is a more appropriate medium-term algorithm for European growth on a go-forward basis?

Stefan，我想請教你對於歐洲業務如何在銷售動能上實現逐季且可持續的增強，你最新的看法是什麼。除了比較基期變得更容易之外，今年規劃中的逐季改善最重要的驅動因素是什麼？以及往前看，歐洲成長在中期更合適的成長算法（algorithm）應該是什麼？

Yeah. Thanks, Brook. As we mentioned, there are two big factors here. One is that the spring product season in both Calvin and Tommy in Europe, is up versus last year. We we're still relatively -- sorry, relatively early in the spring. So we are one week away from Easter. Last year, it was three weeks later. But we have a very good read on early spring product up versus last year. And that is both in D2C and wholesale.

是的。謝謝你，Brooke。如我們提到的，這裡有兩個主要因素。第一，歐洲市場中Calvin與Tommy兩個品牌的春季產品季，相較去年是成長的。我們仍相對——抱歉——仍相對處於春季初期。距離復活節只剩一週。去年復活節則晚了三週。但我們對春季早期產品相較去年的成長有非常清楚的掌握。這在D2C與批發通路皆是如此。

And then the forward-looking wholesale order book for fall is up low single digits. So you will see that -- you will see the combination of keep building the D2C momentum powered by our increase because also in Europe, we are stepping up the marketing investments, and we see the effect of that. And we will see the effect of that gradually improve over the year.

第二，前瞻性的秋季批發訂單簿（order book）成長為低個位數。因此你會看到——你會看到兩者的結合：在我們加大投入的帶動下，持續建立D2C動能；而且在歐洲，我們也正在提高行銷投資，我們看得到其效果。而這個效果會在全年逐步帶來改善。

So you will see our market presence for Calvin and Tommy step-by-step through the year improve. And then we build on the positive start to spring. And then we have the belief from our partners in the forward-looking order books.

因此你會看到我們在市場上的Calvin與Tommy能見度，會在全年一步一步提升。同時，我們也會在春季良好開局的基礎上持續推進。此外，從前瞻性的訂單簿也能看出合作夥伴對我們的信心。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey Group。

As you think about the uptick in the marketing spend as we go through the year, the first quarter having the most pronounced impact, how do you think of Tommy and Calvin? What we should be watching for newness moving through? On the addition of Travis Kelce to the platform, are there other new celebrities or sports icons that we should be watching for also? And Stefan, how do you think these as sales drivers for the brand?

當您思考我們在今年逐步增加行銷支出、且第一季影響最為明顯之際，您如何看待 Tommy 和 Calvin？在新品推進的過程中，我們應該關注哪些「新鮮感」？關於將 Travis Kelce 納入平台，是否還有其他我們也應留意的新名人或體壇偶像？另外 Stefan，您如何看待這些作為品牌的銷售驅動因素？

Yeah. Thanks, Dana. What's -- so let me start with Tommy this time. So I'm really excited this earlier this week, as you alluded to, we revealed that American football icon, three-time Super Bowl winner Travis Kelce becoming our Tommy brand ambassador and creative collaborator. And we know when we have done these collaborations in the past, how much power there is because there is a lot of love for Travis Kelce out there, a lot of love for Tommy, and then combining those really creates energy and interest.

是的。謝謝你，Dana。那麼——我這次先從 Tommy 談起。所以我非常興奮，就在本週稍早，如你所提到的，我們宣布美式足球偶像、三度超級盃冠軍得主 Travis Kelce 成為我們 Tommy 品牌大使與創意合作夥伴。我們也知道，過去做這些合作時，其影響力有多大，因為外界對 Travis Kelce 有很高的喜愛度，對 Tommy 也有很高的喜愛度，而把兩者結合起來，確實能創造能量與關注。

And the way we build that collaboration is, again, going back to the DNA of Tommy's classic American cool. And then as I mentioned, for Tommy, we're building out and putting innovation into our strongest franchises into our five most important categories. So when looking at categories for Tommy, it's outerwear, sweaters, shirts, knits, as an example. So it's putting innovation and newness. It's almost like internally it's very clear, and I push it all the time with the teams, is it has to be 100% iconic and 100% current. That's what we're going to do through the collaboration with Travis.

而我們打造這項合作的方式，同樣是回到 Tommy 經典「美式酷感」的品牌 DNA。接著如我提到的，對 Tommy 而言，我們正在把創新導入我們最強的系列，聚焦於五個最重要的品類。因此在 Tommy 的品類上，例如外套、毛衣、襯衫、針織等。重點就是導入創新與新鮮感。幾乎在內部這點非常清楚，我也一直推動團隊：必須同時做到 100% 經典標誌性、以及 100% 符合當下潮流。這就是我們將透過與 Travis 的合作來實現的。

We're also doing it in Tommy. So what you will see more of is building out the Cadillac Formula 1 partnership and the Liverpool Football Club partnership. So Liverpool became, as I mentioned, the number one engaged social post ever in the history of the brand.

我們在 Tommy 也會這麼做。因此你們會看到更多的是，持續擴大 Cadillac Formula 1 的合作夥伴關係，以及與利物浦足球俱樂部的合作夥伴關係。如我提到的，利物浦那次成為品牌史上互動度最高的社群貼文。

It was really exciting about how the brand makes these collaborations shoppable is Cadillac Formula 1, we were able to launch the fan wear, the Tommy Cadillac Formula 1 fan wear at around the Super Bowl. And for a few days there, 50% of the sales in our US e-commerce was Cadillac Formula 1 Tommy. So there is an enormous interest in that.

品牌如何把這些合作變得可購買（shoppable），其中一個非常令人興奮的例子是 Cadillac Formula 1：我們在超級盃前後推出了 Tommy Cadillac Formula 1 的球迷服飾系列。而在那幾天，我們美國電商的銷售中有 50% 來自 Cadillac Formula 1 Tommy。因此市場對此有極大的興趣。

And then through the races, we work with the drivers, we work with local influencers and then we have shopped to looks. So when you see Tommy show up with your Formula 1 team that you follow, you see, Tommy, with some of the best footfalls in the world in Liverpool, can shop the look starting from social all the way to e-commerce to e-mails. So some of the biggest impressions we have had since we launched Canada Formula 1 and Liverpool. So you'll just see us build out Tommy's presence through those partnerships.

接著在賽事期間，我們與車手合作、與在地影響者合作，並且提供「一鍵購買同款造型」（shop the look）。所以當你看到你所追隨的 Formula 1 車隊出現 Tommy，或看到 Tommy 與全球最頂尖的人流之一——利物浦——結合時，你可以從社群一路到電商、到電子郵件，直接購買同款造型。因此，自從我們推出 Cadillac Formula 1 與利物浦合作以來，我們獲得了一些最大的曝光量。所以你們會看到我們透過這些合作夥伴關係，持續擴大 Tommy 的品牌能見度。

And then in Calvin, what you will see in Calvin is starting this spring, you just -- already, you have seen the spring campaign with Jung Kook, the famous K-Pop star, campaign items. So what we -- if you look closer at those campaigns, we build out newness and innovation in underwear, in denim, in outerwear, in knits, and you start to see how that drives sales.

而在 Calvin 方面，你們會看到的是從今年春季開始——其實你們已經看到了由知名 K-Pop 明星 Jung Kook 主演的春季形象廣告與相關商品。所以我們——如果你更仔細看那些廣告活動，我們在內衣、丹寧、外套、針織等品類上擴大新鮮感與創新，並且你會開始看到這如何帶動銷售。

So if you look at the Jung Kook featured products, prior to the campaign and after the campaign, they are up 50%. And the outerwear that he wore had a sell-through in two weeks. Dakota Johnson, same thing, what she wore in innovation in underwear was shopped to look and became one of the highest selling underwear styles that we have.

所以如果你看 Jung Kook 主打的商品，在活動前後相比，成長了 50%。而他所穿的外套在兩週內就售罄率（sell-through）非常高。Dakota Johnson 也是同樣情況，她在內衣創新款式上所穿的同款造型可直接購買，並成為我們最暢銷的內衣款式之一。

So when we introduce innovation and newness into our icons, whether it's underwear or denim, et cetera. That's how we drive this 360 engagement. So you will just see a consistent drumbeat of that towards that consumer target, the Gen Z, the young millennial and the standard shopper and the style enthusiasts. So that's over time, you'll just see us build that out.

因此，當我們把創新與新鮮感導入我們的經典標誌性商品——不論是內衣或丹寧等等——這就是我們如何推動這種 360 度的互動參與。所以你們會看到我們持續、穩定地向目標消費者傳遞這樣的節奏：Z 世代、年輕千禧世代、一般消費者以及風格愛好者。因此隨著時間推進，你們會看到我們持續把這些做大。

We have time for one more question. I look at Sheryl now. I guess to signal one more question.

我們還有時間再問一個問題。我現在看向 Sheryl。我想這是在提示還有最後一個問題。

Tom Nikic, Needham.

Needham 的 Tom Nikic。

Just wanted to ask about the expectations for direct-to-consumer growth this year. And I'm wondering how much of that is driven by pricing in order to mitigate tariffs and how much is driven by expectations for improvement in traffic or unit volume.

我想請教今年直營消費者（D2C）成長的預期。我想了解其中有多少是透過調價來因應關稅、以及有多少是來自於對客流或銷量（unit volume）改善的預期。

Yeah. Thanks, Tom. So let me start and then hand over to Melissa. But overall, we are pleased to see in North America, how we are able to take pricing by offering the consumer great value. So you see that in D2C, you see that across channels, really, but your question was about D2C. So you see the pricing power and the tariff mitigation that coming out of this year, we will have mitigated 75% of the tariffs.

好的。謝謝你，Tom。我先回答，然後再交給 Melissa。整體而言，我們很高興看到在北美，我們能夠在為消費者提供高性價比的同時進行調價。你在 D2C 看到這點，你其實在各通路也都看得到，但你的問題是關於 D2C。因此你會看到我們的定價能力以及關稅緩解；到今年結束時，我們將已緩解 75% 的關稅影響。

And then across the board, we make sure that we drive pricing power in multiple ways. But it starts by being really focused on these categories that we accelerate and then putting innovation in the franchises and then cutting the long tail of product. There is a lot of pricing power and margin gain over time that we will tap into more and more and then when we drive the consumer engagement on top of that product strategy and then make it come to life all the way through, that's when we see we're able to drive pricing power.

此外，在各方面我們也確保以多種方式推動定價能力。但起點是非常聚焦在我們要加速的品類，並把創新導入核心系列，同時削減長尾商品。隨著時間推進，我們將能掌握更多的定價能力與毛利提升，並且當我們在這個產品策略之上再推動消費者互動、並把它一路落地執行時，我們就會看到自己能夠推動定價能力。

So it's very much connected to where we strengthen the consumer offering. So in Calvin Klein underwear denim, we're able to drive pricing power because we offer something that's more valuable to the consumer.

所以這與我們在哪些方面強化消費者產品供給是高度連動的。因此在 Calvin Klein 的內衣與丹寧上，我們能推動定價能力，因為我們提供了對消費者而言更有價值的產品。

Yeah. And I would just add to that, Tom, that from a D2C perspective, we're planning our overall B2C business up low single digits in 2026 and that includes growth in both brands and across all regions for the full year, not just in our North America business where we're faced with tariffs.

是的。我也補充一下，Tom，從 D2C 的角度來看，我們規劃 2026 年整體 B2C 業務成長為低個位數（low single digits），其中包含兩個品牌在所有地區的成長，且是全年表現，不僅僅是面臨關稅的北美業務。

All right. Thank you very much, Tom. And thanks, everyone, for joining our call today. Looking forward to reconnecting after Q1, and we are heads down ready for the big Easter period here. So we're going to get back to business and looking forward to speaking with you in a quarter. Thank you.

好的。非常感謝你，Tom。也謝謝各位今天參與我們的電話會議。期待在第一季之後再與各位聯繫，而我們目前正全力以赴，準備迎接這裡重要的復活節檔期。所以我們要回到業務執行上，也期待在下一季再與各位交流。謝謝。

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。感謝各位撥冗與會並參與。您現在可以斷線。