PVH Corp. (PVH) 2026 Q1 法說會逐字稿

Good morning, everyone, and welcome to today's PVH First Quarter 2026 earnings conference call. (Operations Instructions) Please note, this call may be recorded. (Operations Instructions)

各位早安，歡迎參加 PVH 2026 會計年度第一季財報電話會議。（營運說明）請注意，本通話可能會被錄音。（營運說明）

It is now my pleasure to turn today's program over to Cait Howard, Senior Director of Investor Relations.

現在我很榮幸將今天的議程交給投資人關係資深總監 Cait Howard。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. First Quarter 2026 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. This webcast and conference call is being recorded on behalf of PVH and consists of copyrighted material.

謝謝，接線員。各位早安，歡迎參加 PVH Corp. 2026 會計年度第一季財報電話會議。今天由執行長 Stefan Larsson，以及臨時財務長兼全球財務規劃與分析執行副總裁 Melissa Stone 主持。本網路直播與電話會議係代表 PVH 錄製，並包含受著作權保護之內容。

It may not be recorded, rebroadcast or otherwise transmitted without PVH's written permission. Your participation constitutes your consent to having anything you say appear on any transcript or replay of this call. The information to be discussed includes forward-looking statements that reflect PVH's view as of June 3, 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. PVH does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimates regarding revenue or earnings.

未經 PVH 書面許可，不得錄製、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出現在本通話的任何逐字稿或重播中。將討論的資訊包含前瞻性陳述，反映 PVH 截至 2026 年 6 月 3 日對未來事件與財務表現的看法。此等陳述受公司向 SEC 提交文件所揭露之風險與不確定性，以及本通話所涉新聞稿中所載之安全港聲明所影響。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的估計。

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 first quarter 2026 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. At this time, I am pleased to turn the conference over to Stefan Larsson.

一般而言，將討論的財務資訊與預測將以非 GAAP 基礎呈現（依 SEC 規則之定義）。與 GAAP 金額之調節表已包含於 PVH 2026 會計年度第一季財報新聞稿中，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。此刻，我很高興將會議交給 Stefan Larsson。

Thank you, Cait, and good morning, everyone, and thank you for joining our call today. I want to start by thanking our teams around the world for their hard work this quarter as we build Calvin Klein and Tommy Hilfiger in to their full potential. For the first quarter, we achieved our guidance across all key metrics and delivered EPS above our guidance. Total revenue for the quarter was $2 billion, up 2% on a reported basis and exceeding guidance and down 2% in constant currency, in line with our expectations. We grew our direct-to-consumer business 3% in constant currency across both Calvin Klein and Tommy Hilfiger, driven by strength in e-commerce across both brands and all regions.

謝謝你，Cait。各位早安，也謝謝大家今天加入我們的電話會議。我想先感謝全球各地的團隊在本季的辛勤付出，因為我們正將 Calvin Klein 與 Tommy Hilfiger 打造至其完整潛力。第一季，我們在所有關鍵指標上達成指引，且 EPS 高於指引。本季總營收為 20 億美元，以報告基礎計年增 2%，高於指引；以固定匯率計年減 2%，符合我們的預期。我們的直營消費者（DTC）業務以固定匯率計成長 3%，涵蓋 Calvin Klein 與 Tommy Hilfiger，主要由兩品牌、各區域電商表現強勁所帶動。

As we discussed last quarter, we strategically increased our marketing spend, and this stepped up investment, together with a sharper focus on our target consumer segments is cutting through, attracting new consumers, driving online traffic up and delivering mid-single-digit e-commerce growth in constant currency. We also grew multiple full hero categories in D2C, underwear and denim for Calvin and sweaters and outerwear for Tommy as we scale the impact of our stronger product cut through campaigns and improved consumer experience. Wholesale was down mid-single digits in constant currency driven by the timing effects we discussed last quarter, together with cautious partner positioning. Importantly, we delivered flat gross margins in the quarter versus last year, reflecting year-over-year improvement in all regions, excluding tariffs. We also delivered an operating margin of 6.5% for Q1 at the high end of our non-GAAP guidance, including the impact of tariffs.

如同我們上季所討論的，我們策略性提高行銷支出；這項加碼投資，加上對目標消費族群更聚焦的策略，正在產生穿透力，吸引新客、帶動線上流量上升，並以固定匯率計帶來中個位數的電商成長。我們也在 DTC 的多個核心（hero）品類實現成長：Calvin 的內著與丹寧，以及 Tommy 的毛衣與外套；這反映我們更強的產品穿透式行銷活動與改善的消費者體驗正在擴大影響力。批發業務以固定匯率計下滑中個位數，主要受我們上季提到的時點因素影響，加上合作夥伴採取較為保守的備貨/陳列配置。重要的是，本季毛利率與去年持平，反映除關稅外，各區域皆較去年改善。我們也在第一季交出 6.5% 的營業利益率，位於非 GAAP 指引區間的高端，且已包含關稅影響。

Globally. In Q1, we further invested in the shopping experience across digital shop-in-shops and store concepts, completing more than 140 refurbishments and new store openings combined. We continue to strengthen our supply chain in the quarter with good inventory levels, down 5% versus last year, supported by improvements in availability, better on-time deliveries and going margins on plan for both brands. We also continue to make important progress in becoming more data and demand-driven, enabled by our enterprise data platform and strengthen through our partnerships with open AI and sales force. Together, these capabilities are helping us connect consumer product and operational insights across the value chain so we can move faster, get closer to demand and make more data-driven decisions.

在全球層面，第一季我們持續投資購物體驗，涵蓋數位店中店（shop-in-shops）與門店概念，合計完成超過 140 件翻新與新店開幕。我們本季也持續強化供應鏈，庫存水位良好，較去年下降 5%，並受惠於供貨可得性改善、準時交付提升，以及兩品牌的在途毛利（going margins）符合計畫。我們也持續在「更數據化、以需求驅動」方面取得重要進展，這得益於我們的企業資料平台，並透過與 OpenAI 與 Salesforce 的合作而進一步強化。這些能力正協助我們在價值鏈各環節串聯消費者、產品與營運洞察，使我們能更快行動、更貼近需求，並做出更以數據為基礎的決策。

At the highest level for the quarter, we delivered on all our commitments across the P&L. Despite the increasingly challenging consumer and macroeconomic environment in EMEA, driven by the prolonged Middle East conflict. As we look forward, we are balancing 2 opposing forces. The first is increasing business momentum we are building in both Calvin and Tommy. When we last spoke at our full year earnings call, we have started 2026 with higher spring season sell-through trends across both brands and all 3 regions.

就本季整體而言，我們在損益表（P&L）各項承諾上皆有達成，儘管 EMEA 的消費與總體經濟環境日益具挑戰性，主要受中東衝突延宕所致。展望未來，我們正在平衡兩股相反力量。第一股力量，是我們在 Calvin 與 Tommy 兩品牌所建立的業務動能持續增強。上次在全年財報電話會議時我們提到，2026 年開局時，兩品牌在三大區域的春季銷售售罄率（sell-through）趨勢皆更佳。

This momentum has since continued in the Americas and APAC with strong new consumer acquisition growth and e-commerce growth in all our regions. The second force is the prolonged effects of the Middle East conflict, now extending beyond the third month, which is putting increasing pressure on our EMEA business in 3 ways. First, our direct Middle East business is seeing notably lower wholesale demand. Second, we have seen a knock-on effect in Turkey as reduced tourism and macro factors weigh on demand there. And third, we are seeing a broader macro effect on consumer purchasing behavior in the EMEA region, including the effects of higher fuel costs, which is leading to lower consumer sentiment and fewer drives to stores.

此一動能在美洲與亞太（APAC）持續延伸，我們在所有區域皆看到強勁的新客獲取成長與電商成長。第二股力量，是中東衝突的延宕效應，如今已延伸至第三個月以後，並以三種方式對我們的 EMEA 業務造成愈來愈大的壓力。第一，我們在中東的直營業務看到批發需求明顯降低。第二，我們在土耳其也看到連帶影響，因觀光減少與總體因素拖累當地需求。第三，我們在 EMEA 區域看到更廣泛的總體效應影響消費者購買行為，包括燃油成本上升的影響，導致消費者信心下降、到店動機減少。

With these 2 forces at play, we are leaning into the areas where we have already built momentum. We plan to grow our APAC and Americas business overall, fueled our e-commerce strength in all regions. And continue to invest in our effective marketing, where we are increasing our spend by 50 basis points versus last year. In our operations, we are making sure that we keep optimizing our inventory levels, further improving on-time deliveries and keeping going margins on plan. And we will keep investing in elevating the consumer experience across e-commerce.

在這兩股力量同時作用下，我們將更聚焦於已建立動能的領域。我們計畫整體成長亞太與美洲業務，並以各區域的電商優勢作為驅動力。同時持續投資於有效的行銷活動，我們的支出將較去年增加 50 個基點。在營運方面，我們將確保持續最佳化庫存水位、進一步提升準時交付，並讓在途毛利維持符合計畫。我們也將持續投資於提升電商端的消費者體驗。

And this year, through our new store concepts in both brands we are significantly ramping up our upgrades to key shop-in shops and stores globally. As we shared last quarter, we did not include the prolonged effects of the Middle East conflict in our original guidance, which we now expect to feel the impact of for the full 3-month period in the second quarter as well as through the back half of this year. As a result, we have to reduce our EMEA outlook, and we are updating our overall full year outlook. We now expect the company to be flat for the full year and down slightly in constant currency. We are reaffirming our full year EBIT margin and EPS guidance, which includes offsets from tariff refunds.

此外，今年我們將透過兩品牌的新店型概念，在全球大幅加速對關鍵店中店與門店的升級。如同上季分享的，我們在原先指引中未納入中東衝突延宕的影響；目前我們預期第二季也將感受到完整 3 個月期間的影響，且影響將延續至今年下半年。因此，我們必須下調 EMEA 展望，並更新公司全年展望。我們目前預期公司全年營收將持平，以固定匯率計將小幅下滑。我們重申全年 EBIT 利潤率與 EPS 指引，其中包含關稅退稅（tariff refunds）的抵銷效果。

Melissa will share more details on this shortly. It's important to note that while we adapt to the prolonged effects of the Middle East conflict, we are continuing to fuel our business and brand momentum and keeping our long-term perspective. Let me now come back to how we drove the business in Q1, where a key piece of how we continue to build the brand momentum for both Calvin and Tommy in the quarter, is the sharpened focus we have on our consumer power segments, the status shopper for Calvin and the style and enthusiasts for Tommy. These consumers shop more often have higher order values and are more loyal. Step by step, we are bringing this strategic consumer lens and discipline to every aspect of our commercial plans.

Melissa 稍後將分享更多細節。需要強調的是，儘管我們正在因應中東衝突延宕的影響，我們仍持續推動業務與品牌動能，並保持長期視角。接著回到我們第一季如何推動業務：本季我們持續為 Calvin 與 Tommy 建立品牌動能的關鍵之一，是更聚焦於我們的「消費者核心動力族群」（consumer power segments）——Calvin 的「地位型購物者」（status shopper）以及 Tommy 的「風格與熱衷者」（style and enthusiasts）。這些消費者購買更頻繁、客單價更高且忠誠度更強。我們正一步一步把這個策略性的消費者視角與紀律，導入我們商業計畫的每一個面向。

We are increasingly targeting these power segments and are focused on the hero categories where we have the right to play and win. These include underwear, denim, outerwear and knits for Calvin and sweaters, outerwear, shirts and knits for Tommy. We continue to put innovation and newness into creating the best product franchises within those categories, and we are increasingly driving full funnel 360 activations. As we scale this disciplined approach, we see increasing commercial impact across both brands. In Calvin Klein, throughout Q1, we continue to focus on Calvin's greatest areas of brand authority underwear and denim, leveraging stronger operational execution to drive measurable commercial impact in bigger and bigger parts of the product assortment.

我們愈來愈鎖定這些核心動力族群，並聚焦於我們具備競爭優勢、能夠參與並取勝的核心（hero）品類。對 Calvin 而言，包括內著、丹寧、外套與針織；對 Tommy 而言，包括毛衣、外套、襯衫與針織。我們持續在這些品類中投入創新與新品，打造最佳的產品系列（franchises），並愈來愈多地推動全漏斗（full funnel）的 360 度行銷啟動。隨著我們擴大這套有紀律的方法，我們看到兩品牌的商業成效持續提升。在 Calvin Klein，本季期間我們持續聚焦於 Calvin 最具品牌權威的領域——內著與丹寧，並運用更強的營運執行力，在愈來愈大的產品組合範圍內帶來可衡量的商業影響。

During the quarter, we delivered a stronger and more consistent drumbeat of new product innovation and campaign moments, featuring culturally relevant talent, including Dakota Johnson John Cook and FC Barcelona Star refine. These full funnel brand activations help strengthen the connection from brand impact to conversion and we delivered mid-single-digit growth in global underwear and double-digit growth in denim in our direct-to-consumer business. The strength we are building in these key growth categories is meaningful since they account for a significant portion of the total Calvin business globally. We also saw strong momentum across digital channels, particularly in share of search and e-commerce, where we continue to see our full funnel approach translate into consumer action with increased traffic across all regions. As we discussed last quarter, we also continue to capitalize on the ongoing '90s inspired trends that Calvin Klein help define, leaning into the iconic silhouettes and styling made current for today's consumers.

本季我們帶來更強且更一致的新產品創新與行銷活動節奏，並邀請具文化相關性的名人參與，包括 Dakota Johnson、John Cook，以及 FC Barcelona 球星 refine。這些全漏斗的品牌啟動有助於強化從品牌影響力到轉換（conversion）的連結；我們在直營消費者業務中，全球內著以固定匯率計實現中個位數成長，丹寧則達到雙位數成長。我們在這些關鍵成長品類所建立的強勢相當重要，因為它們在全球 Calvin 總業務中占有顯著比重。我們也在數位通路看到強勁動能，特別是在搜尋占比（share of search）與電商方面；我們持續看到全漏斗策略轉化為消費者行動，帶動各區域流量提升。如同上季所討論的，我們也持續把握 Calvin Klein 協助定義的 90 年代復古潮流，聚焦於經典輪廓與造型，並以符合當代消費者的方式重新演繹。

In addition, just a few weeks ago, we launched Jon Cook for Calvin Klein. A capsule collaboration that blends John Cook's style with Calvin's iconic '90s aesthetic. This is John Cook's first fashion collaboration, and it's already our most successful Calvin collaboration to date. Through teaser content, immersive pop-ups, digital-first storytelling, we tapped into John Cooks and Calvin's global following and built excitement and authentic consumer connections. The response has been incredible across all channels, with lines forming outside stores around the world on launch day and impressive sell-through rates across all regions with 99% sell-through on Tmall in China and a complete sellout at our pop-up store in L.A.

此外，就在幾週前，我們推出了 Jon Cook for Calvin Klein。這是一個膠囊系列合作，將 John Cook 的風格與 Calvin 標誌性的 90 年代美學融合在一起。這是 John Cook 的首次時尚合作，而且已經成為我們迄今最成功的 Calvin 合作。透過前導內容、沉浸式快閃活動、以數位為先的敘事，我們觸及 John Cook 與 Calvin 的全球粉絲群，並建立了熱度與真實的消費者連結。各通路反應都非常驚人，上市當天全球各地門市外大排長龍，各區域的售罄率也十分亮眼，其中中國天貓售罄率達 99%，我們在洛杉磯的快閃店更是全數售罄。

In the marketplace, we are about to launch a new store concept for Calvin Klein, and you will see some of those new elements in the flagship store we just opened in Seoul, Korea, representing another step forward in modernizing our global fleet and bringing the brand to life in even more immersive and aspirational ways. In Tommy, we continue to make great progress in unlocking the full potential of Tommy and its classic American cool DNA. We're doubling down on our target consumer and strengthening our focus on Tommy's iconic product categories. This focus came to life with the launch of our Tommy Spring campaign in the quarter which we executed with more powerful storytelling and a more elevated consumer journey, including a stepped up digital experience, driving much higher engagement than last year and delivering mid-single-digit D2C growth in our core categories with sweaters and outerwear, both up double digits. On a more granular level, we also expanded our product storytelling with an emphasis on our iconic product franchises like transitional outerwear, cable sweaters and sweater polos to name a few.

在市場端，我們即將為 Calvin Klein 推出全新的店舖概念；你們也會在我們剛於韓國首爾開幕的旗艦店看到其中一些新元素，這代表我們在現代化全球店舖版圖、並以更沉浸、更具向往感的方式讓品牌具象化方面又向前邁進一步。在 Tommy 方面，我們持續在釋放 Tommy 及其經典美式酷感 DNA 的全部潛力上取得重大進展。我們加碼聚焦目標消費者，並強化對 Tommy 標誌性產品品類的專注。這項聚焦在本季推出的 Tommy 春季行銷活動中具體呈現：我們以更有力的敘事與更升級的消費者旅程來執行，包括更強化的數位體驗，帶動較去年顯著更高的互動，並在核心品類帶來 D2C 中個位數成長；其中毛衣與外套皆為雙位數成長。在更細部層面，我們也擴展了產品敘事，並著重於我們的標誌性產品系列，例如換季外套、麻花毛衣與針織 Polo 等。

The brand's momentum in sports culture continues through its partnership with Liverpool Football Club, Cadillac Formula 1 and U.S. SailGP. In Q1, we leveraged several exciting consumer moments, including our Miami Formula 1 activation, where we launched our fan wear capsule, the first drop in a series inspired by the most iconic cities on the Formula 1 calendar. When we last spoke, we had just announced Travis Kelce, American football icon and 3 times Super Bowl Champion as a global brand ambassador and creative collaborator. He's a huge star on and off the field, and we are excited to partner with him in a series of campaigns starting with our Fall '26 campaign shot at The Plaza Hotel in New York.

品牌在運動文化中的動能，持續透過與利物浦足球俱樂部、凱迪拉克一級方程式（Formula 1）以及美國 SailGP 的合作延續。在第一季，我們把握多個令人振奮的消費者時刻，包括邁阿密 F1 活動，我們在此推出了球迷服飾膠囊系列，這是以 F1 賽曆上最具代表性的城市為靈感的一系列發售中的第一波。上次我們交流時，我們剛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。他在場上場下都是超級巨星，我們很期待與他合作一系列行銷活動，首先是於紐約廣場飯店（The Plaza Hotel）拍攝的 2026 年秋季（Fall '26）形象廣告。

Travis loves the Tommy brand, and we are seeing significant and sustained earned media already with the social reach of the announcement itself reaching hundreds of millions of people across social platforms. In the marketplace, we also continue to elevate the consumer experience and are now rolling out our new Tommy shop-in-shop and store concept globally, with several new openings in Q1, including Herald Square in New York City and MK in Stockholm with additional new stores planned for this year. We will continue to address top Liverpool football club players ahead of key matches, focusing on personal and distinct styling and shopability for each look. Last week, with the World Cup just about to start. Tommy and LFC unveiled the summer of football, presenting Liverpool football clubs, most recognizable players in the summer 2026 collection.

Travis 非常喜愛 Tommy 品牌，而我們已經看到顯著且持續的口碑媒體（earned media）效益；僅公告本身在社群平台的觸及就已達數億人次。在市場端，我們也持續提升消費者體驗，並正於全球推進全新的 Tommy 店中店（shop-in-shop）與門市概念；第一季已有多家新開幕，包括紐約市的 Herald Square 以及斯德哥爾摩的 MK，且今年還規劃更多新店。我們將在關鍵賽事前持續為利物浦足球俱樂部的頂尖球員打造造型，聚焦於每套造型的個人化、辨識度與可購買性。上週，在世界盃即將開打之際，Tommy 與 LFC 發表「足球之夏」，呈現利物浦足球俱樂部最具辨識度的球員身著 2026 年夏季系列。

Looking ahead to Q2, we continue to maintain our sharper consumer and category focus. We are further expanding innovation and newness across our core product franchises and we are delivering cut through full funnel marketing that connects with culture and our target consumer. Now let me turn to our regional performance, starting with Europe. Revenue decreased mid-single digits in constant currency, in line with our expectations with positive spring season momentum offset by lower D2C performance in April due to the prolonged direct and indirect effects of the Middle East conflict as I previously discussed. Despite these effects, especially on traffic to stores, we drove strong e-commerce traffic improvement in the quarter, which translated into low single-digit e-commerce growth supported by our marketing investments and enhanced execution.

展望第二季，我們將持續維持更聚焦的消費者與品類策略。我們進一步在核心產品系列擴大創新與新品力度，並透過全漏斗行銷打造更強的穿透力，與文化及目標消費者建立連結。接下來我轉向各區域表現，先從歐洲開始。以固定匯率計，營收中個位數下滑，符合我們預期；春季動能為正，但如我先前所述，因中東衝突造成的直接與間接影響延續，使得 4 月 D2C 表現較弱而相互抵銷。儘管這些影響（尤其是對門市來客數），我們在本季仍推動電商流量顯著改善，進而帶動電商低個位數成長，並受惠於我們的行銷投資與更強的執行力。

Importantly, while we see the effects of the Middle East conflict extending into Q2 and the full year. We have seen Europe D2C performance improved in May quarter-to-date, partly supported by positive calendar timing. We also continue to see growth in our consumer base, increased consideration and purchase intent and stronger engagement with our key campaigns and core product stories. For both Calvin and Tommy, we continue to see that where we lean in and introduce newness and product innovation into our core categories, the consumer responds and we drive growth. Our focus continues to be on scaling this across bigger parts of the assortment while adjusting our outlook to reflect the prolonged Middle East contract.

重要的是，雖然我們看到中東衝突的影響延伸至第二季及全年，但歐洲 D2C 表現於 5 月截至目前已出現改善，部分受惠於正向的日曆時點因素。我們也持續看到消費者基礎成長、品牌考慮度與購買意圖提升，以及對關鍵行銷活動與核心產品敘事的更強互動。對 Calvin 與 Tommy 兩個品牌而言，我們持續觀察到：只要我們加大投入、在核心品類導入新品與產品創新，消費者就會回應並帶動成長。我們的重點仍是將此擴大到更大範圍的商品組合，同時調整我們的展望以反映中東合約（contract）延長的情況。

Importantly, we expect to maintain our marketing investment plan in the region, drive higher ROI and conversion of our e-commerce traffic and strengthen the overall consumer brand experience in the region across all channels to deliver commercial impact for both today and the long term. Next, turning to the Americas. In the first quarter, we delivered low single-digit growth in our D2C channels, driven by our e-commerce business with significant AUR gains in the high single digits. Our e-commerce channels continue to grow quarter-over-quarter and year-over-year, supported by higher traffic and average order value. This D2C growth was offset by a decline in wholesale as expected due to timing shift.

同樣重要的是，我們預期將維持該區域的行銷投資計畫、提升 ROI，並提高電商流量的轉換，同時在所有通路強化整體消費者品牌體驗，以在當下與長期都為兩個品牌帶來商業影響。接著看美洲地區。第一季，我們在 D2C 通路實現低個位數成長，主要由電商業務帶動，且 AUR（平均單價）在高個位數顯著提升。我們的電商通路持續季對季與年對年成長，受惠於更高的流量與更高的平均訂單金額。這項 D2C 成長如預期被批發業務的下滑所抵銷，主要因時點移轉所致。

And overall revenue was down slightly in the Americas year-over-year, in line with our plan. Product-wise, spring newness and seasonal categories outperformed in the high single digits across men's and women's in both brands. We also expanded our Linen lifestyle assortment launching earlier in the season this year, building upon success last year. Denim also continued to outperform, up double digits, benefiting from increased newness, more strategic investments in core fits and strong execution across consumer touch points. We will continue to focus on strengthening the in-store brand experience and further step-up remodels this year.

整體而言，美洲營收年對年小幅下滑，符合我們的計畫。在產品面，春季新品與季節性品類在兩個品牌的男裝與女裝中皆以高個位數表現優於整體。我們也在今年更早於季初擴充亞麻生活風格（Linen lifestyle）商品組合，延續去年成功。丹寧亦持續優於整體、成長達雙位數，受惠於更多新品、更具策略性的核心版型投資，以及在各消費者接觸點的強勁執行。我們將持續聚焦於強化門市品牌體驗，並在今年進一步加大門市翻新（remodel）力度。

Within wholesale, we launched Tommy Hilfiger women's sportswear in Macy's in over 200 doors with sell-through outperforming plans and are investing in building out a new shopping experience, including a remodel in Herald Square flagship opening later this month. Importantly, while the overall wholesale channel declined year-over-year, driven by timing, sell-through with key partners was positive in the quarter. Moving to Asia Pacific. We delivered a strong start to the year with growth ahead of plan, driven by our D2C channels. Revenue was up mid-single digits in constant currency, supported by favorable Lunar New Year timing and strong spring performance with seasonal campaigns featuring APAC relevant talent.

在批發方面，我們於 Macy's 超過 200 個門店推出 Tommy Hilfiger 女裝運動休閒（women's sportswear），售罄表現優於計畫；我們也投資打造全新的購物體驗，包括本月稍晚將於 Herald Square 旗艦店開幕的翻新工程。重要的是，雖然整體批發通路年對年下滑（主要由時點因素驅動），但與關鍵合作夥伴的售罄在本季為正成長。接著看亞太地區。我們在年初取得強勁開局，成長優於計畫，主要由 D2C 通路帶動。以固定匯率計，營收中個位數成長，受惠於農曆新年時點有利，以及春季表現強勁；季節性行銷活動亦採用更貼近 APAC 的相關人才（talent）。

D2C was up double digits year-over-year, led by strength in brick-and-mortar and continued high single-digit e-commerce growth, while wholesale remains more cautious. Importantly, we delivered strong double-digit growth in our core categories of men's underwear and denim. All our markets in Asia strengthened their top line growth versus last quarter, continuing the sequential improvement trends from 2025 with strong traffic and sales momentum in China and Southeast Asia. This was partially offset by headwinds in Australia, where the consumer is under pressure from high fuel prices and interest rates. Looking ahead, we expect to sustain our momentum in APAC with growth led by D2C and strength in key consumer moments together with disciplined marketplace execution, offsetting the challenging macro in Australia.

D2C 年對年成長達雙位數，主要由實體門市的強勁表現與電商持續高個位數成長帶動，而批發端仍較為審慎。重要的是，我們在核心品類——男士內著與丹寧——實現強勁的雙位數成長。亞洲各市場的營收成長相較上季皆有所強化，延續自 2025 年以來的逐季改善趨勢；中國與東南亞的來客與銷售動能強勁。這部分被澳洲的逆風所部分抵銷，當地消費者受到高油價與高利率的壓力。展望未來，我們預期 APAC 將維持動能，成長由 D2C 帶動，並把握關鍵消費者時刻、以紀律性的市場執行來對沖澳洲具挑戰性的總體環境。

For Q2, our APAC team is continuing to drive strong consumer engagement, leveraging the excitement around key local activations. First, the John Cook Calvin Klein collaboration we just had, where we had over 85 in-store activations. The important upcoming 618 shopping festival in China and the sole flagship store opening. In our licensing business, we continue to work very closely with our long-term strategic partners who are fully aligned with our brand direction and help bring our vision to life across multiple complementary categories where they are experts from watches and fragrance to eyewear. These partnerships are a critical part of how we drive sustainable, profitable growth through the PVH+ Plan.

在第二季，我們的 APAC 團隊持續透過關鍵在地活動所帶來的熱度，推動強勁的消費者互動。首先是我們剛推出的 John Cook 與 Calvin Klein 聯名合作，我們在門市端進行了超過 85 場活動。接著是中國重要的 618 購物節，以及該唯一旗艦店的開幕。在授權業務方面，我們持續與長期策略夥伴密切合作；他們與我們的品牌方向高度一致，並在他們擅長的多個互補品類中協助將我們的願景落地，從手錶、香氛到眼鏡等。這些合作關係是我們透過 PVH+ 計畫推動可持續、具獲利性的成長之關鍵一環。

While revenues in licensing were lower versus last year, reflecting the transition of previously announced women's wholesale categories in North America we still expect a go-forward licensing business to grow over the full year. In conclusion, for the first quarter, we delivered on our guidance across all key financial metrics, reflecting our disciplined PVH+ Plan execution and the momentum we are building in our 2 iconic global brands, Calvin Klein and Tommy Hilfiger. We grew our D2C business across both Calvin and Tommy, driven by strength in e-commerce. We expanded our product strength in both brands and drove D2C growth in key growth categories like underwear and denim in Calvin and sweaters and outerwear in Tommy. We increased our marketing spend and are cutting through, attracting our power consumer segments and driving strong e-commerce traffic.

雖然授權營收較去年下降，反映先前已公告的北美女性批發品類轉換，但我們仍預期未來的授權業務在全年將實現成長。總結而言，第一季我們在所有關鍵財務指標上皆達成指引，反映我們以紀律執行 PVH+ 計畫，以及我們在兩個標誌性的全球品牌——Calvin Klein 與 Tommy Hilfiger——所建立的動能。我們在 Calvin 與 Tommy 兩個品牌的 D2C 業務皆實現成長，主要由電商的強勁表現帶動。我們強化了兩個品牌的產品力，並在關鍵成長品類推動 D2C 成長，例如 Calvin 的內著與丹寧，以及 Tommy 的毛衣與外套。我們提高了行銷支出並成功穿透市場，吸引我們的核心消費者族群，並帶動強勁的電商流量。

We delivered stable gross margins in the quarter, reflecting year-over-year improvement in all regions, excluding tariffs, and we continue to invest in the shopping experience. As we look forward, we continue to fuel the positive brand and business momentum in both Calvin and Tommy globally, driving growth in both APAC and Americas and driving e-commerce growth in all regions, while having to reduce our EMEA outlook to the prolonged effects of the conflict in the Middle East. In Calvin and Tommy, we have 2 of the most beloved brands in our sector globally. And every quarter, we will continue to strengthen the consumer offering as we build them into their full potential. And with that, I'll turn the call over to Melissa.

我們在本季度維持穩定的毛利率，反映出在排除關稅影響後，各地區皆較去年同期有所改善，同時我們也持續投資於購物體驗。展望未來，我們將持續推動 Calvin 與 Tommy 兩大品牌在全球的正向品牌與業務動能，在亞太與美洲雙雙帶動成長，並在所有地區推動電商成長；但由於中東衝突的長期影響，我們必須下調對 EMEA 的展望。在 Calvin 與 Tommy 方面，我們擁有本產業全球最受喜愛的兩個品牌之一。且每一季，我們都將持續強化消費者產品與體驗，將品牌推向其完整潛力。接下來我把電話交給 Melissa。

Thanks, Stefan. Good morning. For the first quarter, we delivered 2% reported revenue growth, slightly better than our guidance with constant currency revenue down 2%, in line with our plan. We drove D2C growth in total, both in stores and online across both Calvin Klein and Tommy Hilfiger. Operating margin was 6.5% and at the top end of our previous guidance range, with gross margin stable versus last year and better than planned and SG&A roughly in line with our expectations.

謝謝你，Stefan。各位早安。第一季我們實現 2% 的報告營收成長，略優於我們的指引；以固定匯率計算營收下降 2%，符合我們的計畫。我們推動整體 D2C 成長，涵蓋 Calvin Klein 與 Tommy Hilfiger 的實體門市與線上通路。營業利益率為 6.5%，位於先前指引區間的上緣；毛利率與去年持平且優於原先規劃，SG&A 亦大致符合我們的預期。

EPS was better than our plan, primarily driven by lower tax and interest expense. As we look forward, we are updating our full year outlook, which now includes the prolonged x of the Middle East conflict together with offsetting benefit from tariff refunds. I will take you through these changes shortly, but first, I will discuss our first quarter results in more detail. From a regional perspective, EMEA revenue was up 2% reported and down 5% in constant currency. Both direct-to-consumer and wholesale revenue declined mid-single digits in constant currency as we lap stronger prior year comparisons and the macro environment became increasingly challenging due to the conflict in the Middle East.

每股盈餘（EPS）優於我們的計畫，主要受惠於較低的稅負與利息費用。展望未來，我們更新了全年展望，現已納入中東衝突的長期影響，並同時反映關稅退稅所帶來的抵銷效益。我稍後會帶各位了解這些變動，但首先我將更詳細說明第一季的業績。以地區來看，EMEA 營收以報告基礎成長 2%，以固定匯率計算下降 5%。由於去年同期比較基期較強，加上中東衝突使總體環境日益嚴峻，D2C 與批發營收以固定匯率計算皆呈現中個位數下滑。

The impact of the conflict in the Middle East was felt more sharply in April. And as Stefan mentioned, negatively impacted our wholesale business in the region our business in Turkey and consumer traffic and spending more broadly across EMEA amid higher fuel costs. Wholesale revenue also reflected negative shipping timing effects as a larger portion of our spring season shipped in Q4 last year than in Q1 this year. Revenue in Americas was down 1% as low single-digit growth in D2C was more than offset by a mid-single-digit decrease in wholesale revenue. Importantly, we continue to drive growth in our e-commerce business, which was up low double digits.

中東衝突的影響在 4 月更為明顯。如 Stefan 所提，該衝突對我們在該地區的批發業務、我們在土耳其的業務，以及在燃油成本上升下 EMEA 更廣泛的消費者人流與支出造成負面影響。批發營收亦反映出出貨時點的不利影響：相較於今年第一季，去年第四季出貨的春季商品占比更高。美洲地區營收下降 1%，其中 D2C 低個位數成長被批發營收中個位數下滑所抵銷。重要的是，我們持續推動電商業務成長，電商營收成長達低雙位數。

The decrease in wholesale revenue reflected a first half to second half timing shift compared to 2025 and partly offset by an increase in wholesale revenue driven by the North America license transitions. In Asia Pacific, revenue was up 10% reported and up 6% in constant currency, which included an approximately 4% benefit from the timing of Lunar New Year compared to last year. We grew D2C revenue by low teens in constant currency and by mid-single digits, excluding the Lunar New Year timing effect, reflecting strong execution around key consumer moments during the quarter. Wholesale revenue declined high single digits in constant currency as our wholesale partner in the region continued to take a cautious approach. Within the region, we drove strong high single-digit growth in constant currency in our China business following a challenging first quarter last year with double-digit growth in D2C, both in stores and online, including the Lunar New Year timing impact.

批發營收的下滑反映出相較於 2025 年出現上半年到下半年的時點移轉，並部分被北美授權轉換帶動的批發營收增加所抵銷。亞太地區營收以報告基礎成長 10%，以固定匯率計算成長 6%，其中約有 4% 受惠於農曆新年時點相較去年不同。我們以固定匯率計算的 D2C 營收成長達低十位數；若排除農曆新年時點影響，仍有中個位數成長，反映我們在本季關鍵消費時點的強勁執行力。批發營收以固定匯率計算下降高個位數，因為我們在該地區的批發合作夥伴仍採取審慎策略。在區域內，我們的中國業務以固定匯率計算實現強勁的高個位數成長；去年第一季基期具挑戰性，而本季 D2C（含門市與線上）呈現雙位數成長，亦包含農曆新年時點影響。

Growth in China and other key markets was partly offset by lower revenue in Australia, where high fuel prices and interest rates are weighing on consumer spending. In our licensing business, revenue was down 7%, primarily due to the North America license transitions. Excluding the impact of these transitions, the go-forward licensing business was down 1% due to timing that will offset later in the year. Turning to our Global Brands. Calvin Klein revenues were up 1% as reported and down 3% in constant currency.

中國及其他關鍵市場的成長，部分被澳洲營收下滑所抵銷；在澳洲，高油價與利率正抑制消費支出。在我們的授權業務中，營收下降 7%，主要由北美授權轉換所致。若排除這些轉換影響，後續持續性的授權業務下降 1%，主要為時點因素，將在今年稍晚抵銷回來。接著談我們的全球品牌。Calvin Klein 營收以報告基礎成長 1%，以固定匯率計算下降 3%。

Tommy Hilfiger revenues were up 3% as reported and down 2% in constant currency. From an overall PVH channel perspective, direct-to-consumer revenue was up 6% reported and up 3% in constant currency which included an approximately 2% tailwind from the timing of Lunar New Year compared to the first quarter last year. Sales in our retail stores were up 5% reported and up 2% in constant currency, driven by increases in Americas and APAC, partly offset by a decline in EMEA. We Sales in our e-commerce business were up 11% reported and up 6% in constant currency, with growth in both Calvin Klein and Tommy Hilfiger and across all 3 regions. Total wholesale revenue was flat as reported and down 6% in constant currency, with declines in all regions, as I just discussed.

Tommy Hilfiger 營收以報告基礎成長 3%，以固定匯率計算下降 2%。從 PVH 整體通路角度來看，D2C 營收以報告基礎成長 6%，以固定匯率計算成長 3%，其中約有 2% 受惠於農曆新年時點相較去年第一季的順風。零售門市銷售以報告基礎成長 5%，以固定匯率計算成長 2%，主要由美洲與亞太的增長帶動，部分被 EMEA 的下滑所抵銷。我們的電商業務銷售以報告基礎成長 11%，以固定匯率計算成長 6%，Calvin Klein 與 Tommy Hilfiger 皆成長，且三大地區全面成長。總批發營收以報告基礎持平，以固定匯率計算下降 6%，各地區皆下滑，如我剛才所述。

In the first quarter, our gross margin was 58.6% and unchanged compared to 58.6% last year despite a significant gross tariff headwind and approximately 50 basis point impact from the ongoing North America license transitions and the impact of an increased promotional environment. Notably, excluding the impact of increased tariffs, we drove gross margin expansion in all regions, reflecting our operational improvements and supported by healthy inventory levels. Inventory at quarter end was down 5% compared to Q1 last year. SG&A as a percent of revenue increased 160 basis points versus last year to 52.1% and included a 70 basis point increase in marketing spend compared to the first quarter of last year, as well as other investments in our business and our brands. In sum, EBIT for the first quarter was $131 million.

第一季毛利率為 58.6%，與去年同期的 58.6% 持平，儘管面臨顯著的關稅毛利逆風、持續進行的北美授權轉換約 50 個基點影響，以及促銷環境加劇的影響。值得注意的是，若排除關稅上升的影響，我們在所有地區皆推動毛利率擴張，反映營運改善，並受惠於健康的庫存水位。季末庫存較去年第一季下降 5%。SG&A 佔營收比重較去年上升 160 個基點至 52.1%，其中包含相較去年第一季行銷支出增加 70 個基點，以及對業務與品牌的其他投資。總結而言，第一季 EBIT 為 1.31 億美元。

Earnings per share was $2.01. Interest expense was $16 million, and our tax rate was approximately 19%. Now moving to our outlook. Our full year outlook reflects 2 key updates. First, recall that our previous guidance excluded any potential impact from a prolonged or expanded conflict in the Middle East.

每股盈餘為 2.01 美元。利息費用為 1,600 萬美元，稅率約為 19%。接著談展望。我們的全年展望反映兩項關鍵更新。第一，請回想我們先前的指引未納入中東衝突長期化或擴大的任何潛在影響。

Our updated outlook now reflects the direct and indirect impacts to our revenue and earnings that we already felt in the first quarter and assumes an impact to our full year 2026 revenue and earnings with a more pronounced effect expected in the second quarter, including impacts to our wholesale business in the Middle East, to our business in Turkey as well as a broader impact to consumer spending in EMEA. Second, we are updating our tariff outlook. Our outlook continues to assume a negative impact from tariffs on goods coming into the U.S. but now also assumes a positive impact from tariff refunds. With respect to tariff rates, there continues to be uncertainty and our assumption of a full year blended rate of approximately 15% is unchanged, as is our expectation of an approximately $195 million gross tariff cost and EBIT or an approximately 215 basis points unfavorable impact to operating margin, which we will partly offset with our planned mitigation actions.

我們更新後的展望，已反映我們在第一季已感受到的對營收與獲利的直接與間接影響，並假設其將影響 2026 全年營收與獲利，且預期第二季影響更為明顯，包括對中東地區批發業務、土耳其業務，以及對 EMEA 消費支出的更廣泛影響。第二，我們更新關稅展望。我們的展望仍假設進口至美國的商品將受到關稅的負面影響，但現在也假設關稅退稅帶來正面影響。就關稅稅率而言，仍存在不確定性；我們對全年加權平均稅率約 15% 的假設維持不變，同時也維持對約 1.95 億美元的關稅毛額成本及其對 EBIT 的影響、或對營業利益率約 215 個基點的不利影響之預期；我們將以既定的緩解措施部分抵銷。

Our outlook now also includes an approximately $100 million benefit to EBIT or an approximately 100 basis point favorable impact to operating margin related to tariff refunds not contemplated in our previous guidance. We expect to record these rebounds in the second quarter. As a result of our revised expectations related to the Middle East conflict, we are revising our reported revenue guidance to approximately flat to the prior year compared to guidance of a slight increase previously. We are also revising our constant currency revenue guidance to down slightly compared to guidance of flat to up slightly previously. Our operating margin outlook remains unchanged at approximately 8.8%.

我們的展望現在也納入約 1 億美元的 EBIT 受益，或對營業利益率約 100 個基點的有利影響，該影響與關稅退稅相關，先前指引未予以考量。我們預期將在第二季認列這些回沖。由於我們對中東衝突相關影響的預期已修正，我們將報告營收指引調整為約與去年持平，先前指引為小幅成長。我們也將固定匯率營收指引調整為小幅下滑，先前指引為持平至小幅成長。我們的營業利益率展望維持不變，約為 8.8%。

Regionally, we now expect revenue for our EMEA region will decrease mid-single digits in constant currency versus last year. Our revenue outlook for Americas and APAC remains unchanged, and we continue to expect to grow in both businesses. Our revenue outlook for licensing also remains unchanged. We expect gross margin to be up approximately 100 basis points versus last year, compared to up slightly previously, including the favorable tariff refund benefit of approximately 100 basis points, not contemplated in our prior guidance, partially offset by the negative impacts of the Middle East conflict. We expect SG&A as a percentage of revenue to be up approximately 100 basis points compared to last year compared to guidance of up slightly previously, reflecting further SG&A deleveraging resulting from our updated revenue guidance, which we will work to offset with other SG&A efficiencies.

以地區來看，我們目前預期 EMEA 地區營收以固定匯率計算將較去年下降中個位數。我們對美洲與亞太的營收展望維持不變，並仍預期兩項業務皆將成長。我們對授權業務的營收展望亦維持不變。我們預期毛利率將較去年上升約 100 個基點，先前指引為小幅上升；其中包含約 100 個基點的關稅退稅有利影響（先前指引未納入），並部分被中東衝突的負面影響所抵銷。我們預期 SG&A 佔營收比重將較去年上升約 100 個基點，先前指引為小幅上升，反映在更新後的營收指引下 SG&A 去槓桿效應進一步擴大；我們將努力透過其他 SG&A 效率提升來加以抵銷。

We Importantly, we continue to invest in our business and our brands to drive our business in the near term where we see strength, fueling the momentum in Americas and APAC and our e-commerce business globally. And for the long term, as we continue our multiyear journey to build Calvin Klein and Tommy Hilfiger into their full potential. As such, we continue to expect that we will increase marketing by at least 50 basis points to approximately 6% of sales in the full year 2026, consistent with the plan we set forth at the beginning of the year. Turning to below-the-line items. Interest expense is now expected to be approximately $75 million, and our expectation for taxes is unchanged from our prior guidance.

我們很重要地持續投資於我們的業務與品牌，以在短期內於我們看到具備強勁動能的領域推動業務成長，進一步助燃美洲與亞太地區以及我們全球電商業務的動能。就長期而言，隨著我們持續展開多年期旅程，將 Calvin Klein 與 Tommy Hilfiger 打造至其完整潛力。因此，我們仍預期在 2026 全年將行銷費用至少提高 50 個基點至約占銷售額的 6%，與我們在年初提出的計畫一致。接著談到損益表下方項目。利息費用目前預期約為 7,500 萬美元，而我們對稅負的預期與先前指引一致，沒有改變。

Taken together, we continue to expect EPS in a range of $11.80 to $12.10. With respect to capital investment, we continue to project capital spending of approximately $250 million this year as we invest globally in e-commerce as well as store and shop renovations. We also remain committed to returning excess cash to stockholders through share repurchases as part of a PVH+ plan. Our expectation to repurchase at least $300 million of our shares for the full year remains unchanged. Next, turning to our second quarter outlook.

綜合而言，我們仍預期每股盈餘（EPS）落在 11.80 美元至 12.10 美元的區間。就資本投資而言，我們仍預估今年資本支出約為 2.5 億美元，用於全球電商投資以及門市與店中店翻新。我們也仍致力於透過股票回購，作為 PVH+ 計畫的一部分，將多餘現金回饋股東。我們對全年至少回購 3 億美元自家股票的預期維持不變。接下來，談談我們對第二季的展望。

We are projecting revenue to be down 3% to 4% on a reported basis and down 4% to 5% on a constant currency basis compared to 2025. In EMEA, we expect revenue to be down mid-single digits in constant currency with continued declines in both D2C and wholesale revenue as the region is expected to be meaningfully impacted by the conflict in the Middle East in the second quarter. In Americas, we are planning revenue down slightly as slight growth in D2C is offset by lower wholesale resulting from the planned first half to second half timing shift that I discussed previously. In Asia Pacific, we expect revenue to increase slightly in constant currency as growth in D2C is offset by continued caution on wholesale. And in our licensing business, revenue is expected to be down low teens overall, driven by the previously mentioned North America license transitions with growth expected in the balance of the business.

我們預估營收以報表基礎計將年減 3% 至 4%，以固定匯率基礎計將較 2025 年年減 4% 至 5%。在 EMEA，我們預期以固定匯率計營收將下滑中個位數百分比，D2C 與批發營收皆將持續下滑，因為該區預期在第二季將受到中東衝突的顯著影響。在美洲，我們規劃營收小幅下滑，因 D2C 的些微成長將被批發下滑所抵銷，而批發下滑源自我先前提到的上半年到下半年之間的時點移轉。在亞太地區，我們預期以固定匯率計營收將小幅成長，因 D2C 的成長將被批發端持續審慎所抵銷。而在授權業務方面，整體營收預期將下滑低十位數百分比，主要由前述北美授權轉換所致，而其餘業務預期將呈現成長。

We expect our second quarter gross margin to increase approximately 470 basis points compared to last year, resulting from the recognition of tariff refunds in the second quarter. Excluding the impact of tariff refunds, gross margin is expected to be relatively flat to last year, in line with first quarter trends. SG&A expense as a percent of revenue is expected to increase over 300 basis points in the second quarter compared to last year, including an approximately 100 basis point increase in marketing spend. As we've discussed, 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. The increase in Q2 also reflects a slight shift in timing of marketing investments from Q1 into Q2 compared to our original expectations.

我們預期第二季毛利率將較去年提升約 470 個基點，主要來自第二季認列關稅退稅。若排除關稅退稅影響，毛利率預期將與去年大致持平，與第一季趨勢一致。SG&A（銷售、一般及行政）費用占營收比重預期在第二季將較去年增加超過 300 個基點，其中包含行銷支出約增加 100 個基點。如同我們先前討論的，今年我們將行銷支出更偏重配置在上半年，以放大我們的穿透式行銷活動並在年初就帶動品牌熱度。第二季的增加也反映出相較於我們原先預期，部分行銷投資時點從第一季略為移轉至第二季。

Overall, we expect our second quarter operating margin with approximately 9.5%, reflecting the benefit of approximately $100 million of tariff refunds partially offset by a meaningful impact from the Middle East conflict on our wholesale business in the region, our business in Turkey and consumer spending more broadly in EMEA, which we expect to be more pronounced in Q2 than in Q1. Second quarter earnings per share is expected to be in a range of $3 to $3.10. Our tax rate is estimated at approximately 22% and interest expense is projected to be approximately $18 million. Before we open it up for questions, I want to reiterate that while we are navigating the prolonged effects of the Middle East conflict, we are continuing to work relentlessly to unlock the full potential of our 2 iconic brands through the disciplined execution of the PVH+ Plan. We are strengthening our data and demand-driven operating model, improving inventory productivity and balancing a disciplined approach to managing expenses with continued high-value brand accretive investments to support the long-term growth of Calvin Klein and Tommy Hilfiger.

整體而言，我們預期第二季營業利益率約為 9.5%，反映約 1 億美元關稅退稅帶來的效益，但部分被中東衝突對該區批發業務、我們在土耳其的業務，以及更廣泛的 EMEA 消費支出所造成的顯著影響所抵銷；我們預期這些影響在第二季將比第一季更為明顯。第二季每股盈餘預期落在 3.00 美元至 3.10 美元的區間。我們估計稅率約為 22%，利息費用預估約為 1,800 萬美元。在開放提問之前，我想再次強調，儘管我們正因應中東衝突的長期影響，我們仍持續不懈地透過嚴謹執行 PVH+ 計畫，釋放我們兩個指標性品牌的完整潛力。我們正在強化以數據與需求驅動的營運模式、提升庫存生產力，並在嚴謹控管費用與持續進行高價值、能增厚品牌資產的投資之間取得平衡，以支持 Calvin Klein 與 Tommy Hilfiger 的長期成長。

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

那麼，接線員，我們想開放提問。

(Operations Instructions) Jay Sole, UBS.

（操作說明）UBS 的 Jay Sole。

Stefan, I want to ask about the PVH+ Plan. It sounds like you're scaling the Plus plan across the business, applying it to different categories, having success. Can you just talk about where you are in that journey? How much of the assortment has been is now being executed the way that design and the PVH+ Plan? How much more is there left to go?

Stefan，我想問 PVH+ 計畫。聽起來你們正在把 Plus 計畫擴大到整個業務，套用到不同品類，而且取得成效。你能談談你們目前在這段旅程中的進度嗎？目前有多少商品組合已經是依照設計與 PVH+ 計畫的方式在執行？還剩下多少要完成？

And also on inventory, I think with the slowdown in the EMEA region, it would be fair to think that maybe there would be an inventory overhang that you'd be looking at some pretty significant markdowns and discounts over the next couple of months, if not next couple of quarters. But based on the inventory being down 5% in the guidance that most just gave, it sounds like that inventory is in pretty good shape. So if you can just talk about the PVH+ Plan in that demand-driven supply chain that you've been using to keep inventory under control and if you do expect markdowns? And if not, like how have you been able to avoid that?

另外關於庫存，我想隨著 EMEA 區域放緩，合理的推論可能是你們會面臨庫存壓力，接下來幾個月、甚至接下來幾季可能需要做相當大幅度的降價與折扣。但根據你們剛剛給的指引，庫存下降 5%，聽起來庫存狀況相當不錯。所以你能談談 PVH+ 計畫中那個需求驅動的供應鏈，你們如何用它來控制庫存，以及你們是否預期會有降價？如果不預期，那你們是如何避免的？

Yes, thank you, Jay. Let's start with the progress of the PVH + Plan because you're right, this quarter, I would say it's one of the quarters where we put the most proof points on the board. So it's really tough to see the prolonged effect of the war hitting us. But if we look at the underlying strength and the momentum we are driving in Calvin and Tommy is really seen in for both brands up 3%. E-commerce up mid-single digit both brands or regions.

好的，謝謝你，Jay。我們先從 PVH+ 計畫的進展談起，因為你說得沒錯，我會說本季是我們拿出最多成果證據點的季度之一。所以看到戰爭的長期影響衝擊我們，確實很艱難。但如果看基本面實力與我們在 Calvin 與 Tommy 所推動的動能，兩個品牌都呈現 3% 成長。電商在兩個品牌或各區域皆為中個位數成長。

And what's really -- how we are driving that connecting to the PVH+ Plan is we are leaning into the strength we have built over the past few years with the Gen Z and young millennial consumers. So we are really leaning into the power segment. And we see that in the quarter, underlying the performance, we see significant strength in e-commerce traffic and then we translate that to e-commerce growth. And then from a product innovation perspective, to your point, we continue to scale it in the quarter. So when we in Calvin prior to this quarter, we're able to give you proof points of saying part of underwear that we drove innovation is growing part of denim is now scaled.

而真正的重點——我們如何把這些成果與 PVH+ 計畫連結起來——在於我們正加碼運用過去幾年在 Z 世代與年輕千禧世代消費者中建立的優勢。因此我們正大力聚焦於「主力（power）」品類。我們在本季看到，在業績表現的基本面之下，電商流量顯著走強，並進一步轉化為電商成長。從產品創新角度來看，如你所提，我們在本季持續擴大規模。因此在 Calvin，在本季之前，我們能提供的證據點是：我們推動創新的部分內衣品類在成長，而部分丹寧品類如今也已擴大規模。

So it's all of underwear in Calvin is up mid-single digits. This is D2C. All of denim is up double digit. Same in Tommy, so leaning into spring sweaters, transitional outerwear, both those power categories are up double digit. So it's really the connection between the increased consumer focus and winning with the Gen Z and young millennials, scaling the product innovation investing more in marketing.

因此，Calvin 的內衣整體呈現中個位數成長，這是在 D2C。丹寧整體呈現雙位數成長。Tommy 也是如此，我們聚焦於春季毛衣、換季外套，這兩個主力品類皆為雙位數成長。所以這確實是：更聚焦消費者、在 Z 世代與年輕千禧世代中勝出、擴大產品創新規模並加大行銷投資之間的連結。

So we are investing 50 basis points more in marketing this year and really see the effect of the traffic. And then we see the effect, not only in revenue in D2C up, but we see gross margin, as Melissa said, gross margin outside of tariff effect is up across the company. And then we invest in the shopping experience. So you'll see our social and e-commerce experience continue to improve. But you also see a growing number of rebuilds and new stores.

因此今年我們在行銷上多投資 50 個基點，並確實看到流量的效果。接著我們看到的效果不僅反映在營收上（D2C 成長），也反映在毛利率上；如 Melissa 所說，排除關稅影響後，公司整體毛利率是上升的。然後我們也投資於購物體驗。因此你會看到我們的社群與電商體驗持續改善。同時你也會看到更多的重建門市與新開門市。

So combined for the quarter, we had 140 rebuilds and new stores. And then back to your question about the inventory, yes, so we feel really good about the way we strengthen our supply chain, we get closer to demand. So inventory now is down 5%. So we feel really good about the inventory now and how we are positioned going forward. We worked hard last year on improving on-time deliveries.

因此就本季合計而言，我們完成了 140 家重建門市與新店。回到你關於庫存的問題，是的，我們對於強化供應鏈、讓供應更貼近需求的方式感到非常有信心。因此目前庫存下降 5%。我們對目前的庫存狀況以及未來的布局都感到很有把握。去年我們也努力改善準時交付表現。

We worked hard to improve the growing margin across both brands. So it's really the 2 forces we are talking about. You see that the positive effect beyond what we have seen in any other quarter in the underlying momentum we are driving for Calvin and Tommy. And then you see the big effect given our size and disproportionate exposure to the Middle East and Europe.

我們也努力提升兩個品牌的毛利率。因此這就是我們談到的兩股力量：你看到在 Calvin 與 Tommy 的基本面動能上，正面效果比我們在任何其他季度看到的都更明顯；同時你也看到，考量我們的規模以及在中東與歐洲相對更高的曝險，所帶來的重大影響。

We'll now move on to Brooke Roach with Goldman Sachs.

接下來我們請 Goldman Sachs 的 Brooke Roach。

Stefan, can you unpack the trends that you're seeing with the consumer in both Europe and the Middle East today and the plans that you have to mitigate this pressure. And Melissa, as a follow-up, you laid out 3 key areas of pressure, the Middle East, Turkey and core Europe. Can you quantify the headwind that you're seeing from each as well as your assumptions for these businesses going forward?

Stefan，你能否拆解一下你們目前在歐洲與中東看到的消費者趨勢，以及你們為了緩解這些壓力所制定的計畫。Melissa，作為追問，你提出了 3 個主要壓力來源：中東、土耳其與歐洲核心市場。你能否量化各自帶來的逆風幅度，以及你們對這些業務未來的假設？

Yes. Thanks, Brooke. So let's start with taking a step back. And so what's changed since last quarter. The only thing that has changed which is the European outlook is the prolonged effect of the war.

是的。謝謝你，Brooke。那我們先退一步來看。那麼自上季以來有什麼改變？唯一改變、也就是歐洲展望的變數，是戰爭影響的延長效應。

So we didn't have that last quarter. And since then, we have, to your point, seen it in 3 different ways. We see the effect directly on the Middle East region, where we see lower wholesale demand. We see a knock-on effect on Turkey, which is a big and important market for us. reduced tourism macro slowdown.

所以上季我們還沒有這個因素。而從那之後，正如你所說，我們以三種不同方式看到它的影響。我們看到它對中東地區的直接影響，那裡的批發需求較低。我們也看到對土耳其的連鎖效應——土耳其對我們而言是個龐大且重要的市場——旅遊業下滑、總體經濟放緩。

And then we see it in the EMEA consumer. So coming back to last quarter, again, we started spring season, including in Europe, better than last year. Then we saw a big slowdown in April. And then since April, as I mentioned, we have seen an improvement in the D2C trends in May. But when we look at the take down in Europe because of the prolonged effects, you can see it in 2 different buckets.

接著我們也在EMEA的消費者端看到影響。回到上季，我們再次看到春季檔期的開局（包括歐洲）比去年更好。然後我們在4月看到明顯放緩。而自4月以來，如我提到的，我們在5月看到D2C趨勢有所改善。但當我們看歐洲的下修（take down）時，因為延長效應，你可以把它分成兩個不同的區塊來看。

The first one is the direct effect from the Middle East and Turkey, approximately half. And then approximately half is the indirect effect on the European consumer backdrop. And we see it most pronounced in traffic to physical stores and doors. So we saw it in April, again, better in May, but May we also had a few positive calendar shifts, but it's improved in May. But we then take a prudent outlook and say we will most likely live with these effects for the rest of Q2 and the rest of the year.

第一個是來自中東與土耳其的直接影響，約占一半。另一半則是對歐洲消費者大環境的間接影響。而我們看到最明顯的是實體店與門店（doors）的來客數（traffic）。所以我們在4月看到這點，5月又好一些；但5月也有一些正面的行事曆位移因素，不過確實在5月有所改善。但我們採取審慎展望，認為在Q2剩餘期間以及今年剩餘時間，我們很可能都要承受這些影響。

And we look at the way we have estimated the effects is we look at April and May and then extend it. So -- and then, of course, we work really hard in Europe and across the company to mitigate this. So first of all, leading into the momentum we have in APAC and Americas. So continue to drive growth with both APAC and Americas. And we see the consumer in America holding up well, we see the consumer strengthening in APAC.

我們估算影響的方式，是先看4月與5月，然後把它延伸推估。當然，我們在歐洲以及全公司都非常努力去緩解這些影響。首先，延續我們在APAC與美洲的動能——持續推動APAC與美洲的成長。我們看到美國消費者表現仍然穩健，也看到APAC的消費者在轉強。

We lean into fueling the e-commerce strength because even though we see the overhang of the war, having an effect in Europe, we see e-commerce up in Europe and traffic to e-commerce up. We continue to invest in the marketing. And as I shared to Jay's question, we see increasing effect on how we lean into our power consumer segment. And then we are very disciplined on keeping our inventories in check. We keep improving our on-time deliveries.

我們也加大力道去推動電商的強勢表現，因為即使我們看到戰爭陰影對歐洲造成影響，我們仍看到歐洲電商成長、電商流量也上升。我們持續投資行銷。如同我在回覆Jay的問題時分享的，我們看到我們加大投入「核心高價值消費者（power consumer）」族群的效果正在提升。同時我們在控管庫存方面非常自律，也持續改善準時交付（on-time deliveries）。

So when we come into fall, our on-time deliveries are better, and the go-in margins are on plan for both brands. So that's at large how we mitigate it.

因此當我們進入秋季時，我們的準時交付更好，而兩個品牌的go-in毛利也符合計畫。整體而言，我們就是這樣來緩解影響。

Yes. Yes. And I think Stefan mentioned it, but we're thinking of the overall impact of the 3 reasons that he mentioned is about half directly in the Middle East as well as the overhang in Turkey and then about half the impact to the broader European region. And I would just add, from a total top line perspective for PVH we are maintaining our expectation for growth in Americas and APAC. We really see the momentum continuing in those business businesses, we expect to grow DTC in both Q2 and for the full year.

是的。是的。我想Stefan提到了，但我們對他提到的三個原因所造成的整體影響的看法是：大約一半是中東的直接影響以及土耳其的陰影效應，另一半則是對更廣泛歐洲地區的影響。我再補充一點：就PVH整體營收（top line）而言，我們仍維持對美洲與APAC成長的預期。我們確實看到那些業務的動能持續，我們預期Q2與全年DTC都會成長。

And we do see strength in e-com in all 3 regions, continuing.

而且我們確實看到電商在三個地區都持續展現強勢。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

This is [Jay Catsicas] on for Bob. Just maybe keeping with the EMEA region. Can you talk about how the trends progressed in the quarter, maybe by brand specifically. And then that may and DTC improvement that you cited, was that kind of broad-based across both brands? Or would you maybe call out Calvin or Tommy as kind of leading that?

我是代替Bob的[JAY CATSICAS]。延續EMEA地區的話題，你們能談談本季趨勢如何演進嗎？也許可以按品牌更具體說明。然後你們提到5月DTC改善，那是兩個品牌都普遍改善嗎？還是你們會指出Calvin或Tommy其中一個是主要帶動者？

Thanks, Jay. We see the positive momentum in e-commerce, we see across both brands. So when we look at what's fully in our control, the brand momentum and continuing to increase that we see that for both brands. And we see, despite the overhang from the prolonged war we see, including in Europe, growth in our consumer base, growth in e-commerce traffic increased consideration, increase purchase intent. But then we see the 3 effects, which are real for Q2 and the back half.

謝謝你，Jay。我們看到電商的正向動能，兩個品牌都有。因此當我們看那些完全在我們掌控之內的部分——品牌動能以及持續提升——我們在兩個品牌上都看得到。並且我們看到，儘管延長戰爭帶來陰影影響，我們仍看到（包括在歐洲）消費者基礎成長、電商流量成長、品牌考慮度提升、購買意圖提升。但同時我們也看到那三個影響，這些在Q2與下半年都是真實存在的。

And that's why we have to take down our outlook to adjust for that. But it's really -- I keep coming back to those 2 different forces. The force of brand momentum that we are driving ourselves, including in Europe, and then the force of the direct Middle East effect and the indirect effect. And then as I mentioned, we have seen May strengthening to April but we are prudent looking out at the rest of the year. So we are not extending May for the rest of the year.

這也是為什麼我們必須下修展望來反映這些因素。但我一直回到那兩股不同的力量：一股是我們自己推動的品牌動能（包括在歐洲），另一股是中東的直接影響與間接影響。如我提到的，我們看到5月相較4月有所轉強，但我們對今年剩餘時間仍保持審慎。因此我們不會把5月的表現外推到全年。

We look at April and May together.

我們會把4月與5月一起看。

We'll move on now to Michael Binetti with Evercore.

接下來我們請Evercore的Michael Binetti提問。

Melissa, would you talk us through the bridge to the margin improvement in the second half? I think EBIT margins are guided to get back to about flat year-over-year after being down maybe 300 basis points or more in the second quarter if we exclude the tariff refund. Anything you could give us on the pieces to the bridge or if any ways we can try to think about quantification of that bridge. And then if you wouldn't mind, if you could talk through some of the mechanics on how the tariffs will work, the -- how you think the best use of the refund funding and the cash that you're going to get from that?

Melissa，你能帶我們走一遍下半年毛利率改善的橋接（bridge）嗎？我想如果排除關稅退稅（tariff refund），第二季EBIT利潤率指引可能年減約300個基點或更多，但下半年指引看起來EBIT利潤率會回到大約與去年同期持平。你能否提供橋接的各個組成，或我們可以如何思考量化這個橋接？另外，如果你不介意，也請談談關稅的運作機制——以及你認為退稅資金與你們將收到的現金，最佳的使用方式是什麼？

Yes. Sure, Michael. Thanks for your question. So on the bridge first. So for the year, like we talked about, we're maintaining our overall operating margin guidance at 8.8%, and that outlook now includes the benefit of tariff refunds, enabling us to absorb the prolonged effects of the Middle East conflict, which we had not factored into our previous guidance.

好的。當然可以，Michael。謝謝你的問題。先談橋接。就全年而言，如同我們討論過的，我們維持整體營業利益率（operating margin）指引在8.8%，而這個展望現在包含關稅退稅的利益，使我們得以吸收中東衝突延長效應——這在我們先前的指引中並未納入。

while continuing our planned investments in our brands and our business. So as we think about the trajectory for the first half versus the second half, what's new is that we see the pressure related to the effects of the prolonged conflict with the most acute deleverage impact in Q2, and that's offset by the benefit from the tariff refund, which is also in Q2. Otherwise, I think what we shared when we met last quarter still really holds. So I'll break it down into 3 main pieces. First, on the top line, we have some timing shifts, which we have spoken about, particularly in wholesale for Americas, which will benefit us in the second half as well as the ramping impact of our strategic initiatives.

同時我們仍會持續按計畫投資於我們的品牌與業務。當我們思考上半年相對下半年的走勢時，新的變化是：我們看到與延長衝突效應相關的壓力，其中最明顯的去槓桿（deleverage）影響出現在Q2，而這會被同樣在Q2認列的關稅退稅利益所抵銷。除此之外，我認為我們上季會面時分享的內容仍然成立。我把它拆成三個主要部分。第一，在營收端，我們有一些時點移轉（timing shifts），我們已談過，特別是美洲的批發（wholesale），這將在下半年帶來助益，另外還有我們策略性計畫的爬坡效應（ramping impact）。

And then second, in gross margin. The first half is burdened by tariff costs, which had really only a very small impact in the first half last year. And then in inventory cost, we see the favorable impact, including FX building as the year progresses, and that comes through as strength in our gross margins. And then third, in SG&A, Overall, for the year, as we've talked about, we're increasing our marketing investment, and that's going to be up over 50 basis points as a percentage of sales to about 6%. And in line with what we had originally planned, we really strategically weighted that investment to the first half to drive brand heat early in the year.

第二，在毛利率方面。上半年承受關稅成本壓力，而去年上半年關稅成本的影響其實非常小。另外在庫存成本上，我們看到有利影響，包括匯率（FX）因素，會隨著年度推進而逐步建立，並反映為毛利率的走強。第三，在SG&A方面。整體而言，就全年來看，如同我們談過的，我們會提高行銷投資，作為銷售額百分比將增加超過50個基點至約6%。而且符合我們原先的規劃，我們策略性地把這項投資比重放在上半年，以便在年初就推升品牌熱度（brand heat）。

So you remember that in the second half of 2025, we had already stepped up our marketing investment. And so that step-up continues into this year, and then we lap that in the second half. And then as we work to offset the effects of the Middle East conflict with our ongoing very strong cost discipline, you'll see those SG&A efficiencies start to grow and the impact in the second half as well. And so overall, as you mentioned, our guidance implies about year-over-year second half EBIT margin to be flat. And I think we have clear line of sight into the seasonality of our business and these gross margin and SG&A impacts that will get us there.

你會記得在2025年下半年，我們已經提高了行銷投資。因此這個提高幅度延續到今年，而在下半年我們會形成去年同期的比較基期（lap）。同時，當我們以持續且非常嚴格的成本紀律來抵銷中東衝突的影響時，你會看到這些SG&A效率在下半年開始擴大並帶來更明顯的影響。因此整體而言，如你所提到的，我們的指引意味著下半年EBIT利潤率年對年大致持平。我認為我們對業務季節性，以及這些毛利率與SG&A影響如何帶我們達成目標，都有清楚的能見度。

And then on your question on tariff refunds. So yes, our outlook now includes approximately $100 million benefit from tariff refunds to our EBIT, and that's about 100 basis point favorable impact to our full year operating margin, which was not contemplated in our previous guidance. Important to note that we expect to fully recognize that in Q2, which is worth about 470 basis points to our gross margin and our operating margin. So I think that really enables us in this difficult backdrop to balance our disciplined approach to managing costs with the need to continue to invest behind our strategy and our brands and build for the future. So we expect to continue our marketing investments and our other investments in the consumer shopping experience across all channels and all regions.

再來談你關於關稅退稅的問題。是的，我們的展望現在包含約1億美元的關稅退稅對EBIT的利益，這對全年營業利益率約有100個基點的正面影響，而這在我們先前的指引中並未考量。重要的是，我們預期會在Q2一次性完整認列，約相當於對毛利率與營業利益率各帶來約470個基點的貢獻。我認為在這樣艱困的環境下，這確實讓我們能在維持嚴謹成本管理的同時，也能持續投入我們的策略與品牌，為未來打底。因此我們預期將持續行銷投資，以及在所有通路與所有地區的消費者購物體驗上的其他投資。

And in terms of the cash, we'll follow our standard capital allocation approach, balancing our investments with return to shareholders. Our current outlook assumes at least $300 million of share repurchases for the year. And we're also planning $250 million in capital expenditures, which is a stepped-up investment in digital stores and shop-in-shops, and that remains unchanged.

至於現金運用方面，我們將遵循一貫的資本配置方法，在投資與回饋股東之間取得平衡。我們目前的展望假設今年至少進行3億美元的股票回購。同時，我們也規劃2.5億美元的資本支出，這是對數位門市與店中店的加碼投資，且該規劃維持不變。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey Group。

As you think about the marketing, Stefan, that's helping to drive the funnel of sales in the back half of the year, number one, what do you see as most impactful for Calvin and Tommy in the back half of the year? And then also the marketing spend in the back half of this year versus last year? And then just any progress update on the license take-backs and how you're progressing with those.

Stefan，談到行銷，這有助於在今年下半年推動銷售漏斗。第一，你認為今年下半年對 Calvin 和 Tommy 來說最具影響力的是什麼？第二，今年下半年的行銷支出相較去年下半年如何？另外，關於授權收回（license take-backs）的進展，以及你們推進的情況，也請更新一下。

Yes. Thanks, Dana. When it comes to the first half, second half for both Calvin and Tommy, you'll see a continuation of the marketing that's really effective for us and really works for us. So if you look at look at the first quarter in Calvin Klein that why it's so important that we drive growth in all of the world of underwear, the world of denim, mid-single-digit growth, double-digit growth it's really connected to, one, a stronger and more consistent drumbeat of new product innovation. And then how we can -- how we build campaigns around those product innovation, and we leverage it with talent to shape culture whether in Q1, it was Dakota Johnson, John Cook, [indiscernible], the soccer star from Barcelona.

是的。謝謝你，Dana。就 Calvin 和 Tommy 的上半年、下半年而言，你會看到我們延續那些對我們非常有效、也確實奏效的行銷作法。所以如果你看第一季的 Calvin Klein，就會明白為什麼推動內衣全品類、丹寧全品類的成長如此重要——中個位數成長、雙位數成長——這其實與兩件事高度相關：第一，更強且更一致的新產品創新節奏；第二，我們如何——我們如何圍繞這些產品創新打造行銷活動，並結合名人／人才（talent）來塑造文化。比如在第一季，我們合作的是 Dakota Johnson、John Cook、[聽不清]，以及來自巴塞隆納的足球明星。

So you'll just see us continue to do this. And you see -- you will see us in Calvin how we build out the dimensions of the campaign. But they will all be focused on our power consumer segments, our key growth categories product innovation within those categories and then full funnel activation. And one really exciting example from Q1 is Calvin has done a lot of collaborations over the years, but the most successful ever was a few weeks ago when we collaborated with a superstar from BTS John Cook. So we invited him in as a co-creator but very focused around the key growth categories, the denim jackets, the hoodies, the logo, et cetera.

所以你會看到我們持續這樣做。而且你會——你將會看到我們在 Calvin 如何把活動的各個面向延伸擴大。但所有活動都會聚焦在我們的核心消費者族群、關鍵成長品類、這些品類中的產品創新，並進行全漏斗（full funnel）的啟動。其中一個第一季非常令人振奮的例子是：Calvin 多年來做過很多聯名合作，但幾週前我們與 BTS 的超級巨星 John Cook 的合作，是史上最成功的一次。我們邀請他以共同創作者（co-creator）的身分參與，但非常聚焦在關鍵成長品類上，例如丹寧外套、連帽衫、Logo 等等。

So very true to the iconic '90s Calvin with the fresh take and the eyes of John Cook, and it sold out too fast. But you will see us do more and more of that in a very consistent way. And then in Tommy, what was really exciting to see is that we built out a bigger and more dimensional lifestyle campaign, more product storytelling, more elevated, and you can really see how that drove the growth in our core categories. So core categories in D2C was up mid-single digits, but then transitional outerwear, sweater polos, like hyper-relevant new innovation in product up double digit. And then you see us in the fall, you see us continue to lean into the sports franchises that we have with Tommy, Liverpool Football Club, Cadillac Formula 1.

所以這非常貼近經典的 90 年代 Calvin，同時又透過 John Cook 的新鮮視角帶來全新詮釋，而且很快就售罄。但你會看到我們以非常一致的方式做更多、更多這類合作。至於 Tommy，令人興奮的是，我們打造了更大型、更具多維度的生活風格（lifestyle）行銷活動，產品敘事更完整、更高端，你也能清楚看到這如何帶動核心品類的成長。因此 D2C 的核心品類成長為中個位數；而過渡季外套、針織衫 Polo 等這些高度貼近趨勢的新產品創新則達到雙位數成長。到了秋季，你會看到我們持續加碼 Tommy 既有的運動聯盟合作，包括利物浦足球俱樂部（Liverpool Football Club）、凱迪拉克一級方程式（Cadillac Formula 1）。

And then we have Travis Kelce. So we just shot the Travis cause campaign, as I just shared for fall. And Travis loves Tommy. He is a great ambassador for us. First season, we come out together with him in a campaign is Fall '26, and we just shot it at plus hotel.

另外還有 Travis Kelce。我們剛拍攝了 Travis 的活動——如我剛才分享的——作為秋季檔期。Travis 很喜歡 Tommy，他是我們非常棒的品牌大使。我們與他首次在行銷活動中共同亮相的第一個季度是 26 年秋季（Fall '26），我們剛在 plus hotel 完成拍攝。

But just the announcement in itself drove hundreds of millions of mentions on our social platform. So you'll see a steady -- what you should look for is a steady drumbeat of building out our 360 campaigns, just reinforcing the beloved brand DNA to those power consumer segments in a very disciplined way with the right categories and the right product innovation.

但光是這個宣布本身，就在我們的社群平台上帶來了數億次的提及（mentions）。所以你會看到一個穩定——你應該關注的是：我們會以穩定的節奏打造 360 度整合行銷活動，以非常有紀律的方式，透過正確的品類與正確的產品創新，持續向核心消費者族群強化我們深受喜愛的品牌 DNA。

And that's -- if I look at Q1, that's what I'm most proud of are that the team that we are now -- that's work that started over a year ago that we are putting the different pieces together for the consumer flyway. And on the licensing piece, Dana. So this year, we are through the biggest part of the take-back of our North America women's wholesale license. And this quarter, I'm excited to share that we launched together with Macy's, our women's Tommy product, and we have had better sell-through than planned, very well responded by our partners, the consumers, and we are investing in the shopping experience as well. So this year, you see the biggest part will have been taken back.

而這——如果我回看第一季，我最引以為傲的是：我們現在的團隊——這些工作其實是一年多前就開始的——我們正在把不同的拼圖組合起來，打造面向消費者的完整路徑（consumer flyway）。至於授權部分，Dana，今年我們已完成北美女裝批發授權收回中最大的一部分。本季我也很高興分享：我們與 Macy's 一起推出了 Tommy 女裝產品，實際銷售速度（sell-through）優於原先規劃，合作夥伴與消費者反應都非常好，我們也正在投資提升購物體驗。因此今年你會看到，最大的一部分將已被收回。

And then we continue to grow the licensing, the go-forward licensing business that we have. That's very strong. And we also bring in talent their leadership talent to help bringing best-in-class experience when it comes to licensing and partnerships. So you will see us continue to grow that already today the go-forward license business is growing for this year.

接著我們也會持續擴大我們既有、面向未來的授權業務（go-forward licensing business）。這部分非常強勁。我們也引進具領導力的人才，協助在授權與合作夥伴關係方面帶來同級最佳（best-in-class）的體驗。所以你會看到我們持續成長；而且就今年而言，面向未來的授權業務目前已在成長中。

Blake Anderson, Jefferies.

Blake Anderson，Jefferies。

So I wanted to ask one on Europe to start. So you mentioned Europe D2C had improved in May I think, partially impacted by calendar timing. Can you elaborate more on that rate and what it was excluding the calendar timing and how that compared to April? And then related to that, what are you assuming for Europe D2C for the rest of the year. And any color on stores versus e-com would be really helpful, too.

我想先問一個關於歐洲的問題。你提到歐洲 D2C 在 5 月有所改善，我想部分是受到行事曆時點影響。你能否更詳細說明那個成長率，以及排除行事曆時點影響後的表現，並與 4 月相比如何？另外，相關地，你們對歐洲 D2C 在今年剩餘期間的假設是什麼？如果也能補充一些門市與電商的情況，會很有幫助。

Yes. Thanks, Blake. Yes, what we have seen in May is an improvement versus April. And some of that improvement is connected to Easter ship and different holidays that come after a certain period of time after Easter that have shifted. So that was positive in the beginning of May, but it's underneath of there, there is an improvement versus April.

是的。謝謝你，Blake。是的，我們在 5 月看到相較 4 月有所改善。其中一部分改善與復活節的出貨（Easter ship）以及復活節後一段時間才出現的不同假期時點移動有關。因此 5 月初的表現是正面的；但在此之下，確實也存在相較 4 月的改善。

But as I shared, the outlook for the rest of the year, we have taken a prudent approach with looking at both April and May trends, but definitely encouraging in May. If you look at stores versus e-commerce, as I mentioned, we see the consumer backdrop. And we saw it broad-based in the market in April that traffic where the consumer has to get into their car, we are the most -- we see the most effect. But when we lean into our brand momentum in e-commerce, we see that we are still able to drive growth. So we are leaning into the back half of the year in Europe and supercharging our e-commerce growth.

但如我所分享的，對於今年剩餘期間的展望，我們採取審慎作法，同時參考 4 月與 5 月的趨勢，不過 5 月確實令人鼓舞。若看門市與電商，如我提到的，我們看到消費環境的影響，而且在 4 月市場上是廣泛性的：凡是消費者需要開車前往的那種人流（traffic），我們受到的影響最大。但當我們在電商端加強品牌動能時，我們仍能推動成長。因此在歐洲，我們會在今年下半年加大力道，並加速推進電商成長。

Yes. I would just add that we are expecting growth for e-com in Europe for the full year.

是的。我只想補充，我們預期歐洲電商全年將實現成長。

And with that, I got a sign that we are -- thank you, Blake. I got a sign that we are on time. So thank you, and thanks, everyone, for being on this journey. The 2 biggest takeaways for us right now is the increased momentum we are driving in Calvin and Tommy globally in all the different proof points that we were able to put on the board for Q1. We'll continue to expand those positive proof points towards the rest of the year, while we mitigate the prolonged effect of the war.

另外，我收到提示我們——謝謝你，Blake。我收到提示我們時間剛好。所以謝謝大家，也感謝各位與我們一同走在這段旅程上。對我們而言，目前兩個最大的重點是：我們正在全球範圍內推動 Calvin 與 Tommy 的動能提升，並且在第一季於各項不同的佐證指標（proof points）上交出成果。我們將在今年剩餘時間持續擴大這些正向佐證，同時也會緩解戰爭帶來的長期影響。

And taking 2 steps back is the journey we are on is to build into the consumer love and the strength we have in Calvin Klein and Tommy Hilfiger, 2 of the most beloved brands globally in our sector. And every season, no matter what external headwinds are will -- or positive, we will continue to build relevance into our brands and win more with Gen Z and Young Millennial consumers. So with that, we say thank you, and looking forward to speaking next quarter.

再往後退兩步看，我們正在進行的旅程，是建立在消費者對 Calvin Klein 與 Tommy Hilfiger 的喜愛，以及我們所擁有的品牌實力之上——這兩個品牌是我們產業中全球最受喜愛的品牌之一。每一季，不論外部逆風是——或是順風，我們都會持續提升品牌的相關性（relevance），並在 Z 世代與年輕千禧世代消費者中贏得更多。那麼就此，謝謝大家，也期待下個季度再與各位交流。

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。您現在可以中斷連線。