PVH Corp (PVH) 2021 Q4 法說會逐字稿

Good day and welcome to the PVH Q4 2021 Earnings Call. Today's conference is being recorded.

美好的一天，歡迎來到 PVH 2021 年第四季度財報電話會議。今天的會議正在錄製中。

At this time, I would like to turn the conference over to Dana Perlman. Please go ahead.

在這個時候，我想把會議轉交給 Dana Perlman。請繼續。

Thank you, operator. Good morning, everyone, and welcome to the PVH Corp. Fourth Quarter and Full Year 2021 Earnings Conference Call. Leading the call today will be Stefan Larsson, PVH's Chief Executive Officer; and Jim Holmes, EVP, Interim Chief Financial Officer and Corporate Controller.

謝謝你，運營商。大家早上好，歡迎來到 PVH Corp. 2021 年第四季度和全年收益電話會議。 PVH 首席執行官 Stefan Larsson 將主持今天的電話會議；執行副總裁、臨時首席財務官兼公司財務總監 Jim Holmes。

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 in the question-and-answer session constitutes your consent to having anything you say appear on any transcript or replay of this call.

此網絡廣播和電話會議是代表 PVH 錄製的，由受版權保護的材料組成。未經 PVH 書面許可，不得錄製、轉播或以其他方式傳播。您參與問答環節即表示您同意您所說的任何內容出現在本次通話的任何文字記錄或重播中。

The information to be discussed includes forward-looking statements that reflect PVH's view as of March 29, 2022, 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 risks and uncertainties include PVH's right to change its strategies, objectives, expectations and intentions and its need to use significant cash flow to service its debt obligations.

將要討論的信息包括反映 PVH 截至 2022 年 3 月 29 日對未來事件和財務業績的看法的前瞻性陳述。這些聲明受公司提交給美國證券交易委員會的文件中指出的風險和不確定因素以及作為本次電話會議主題的新聞稿中包含的安全港聲明的影響。這些風險和不確定性包括 PVH 改變其戰略、目標、預期和意圖的權利，以及它需要使用大量現金流來償還債務。

Significantly, at this time, the COVID-19 pandemic continues to have and global inflationary pressures and the war in Ukraine have begun to have impacts on the company's business, cash flow and results of operations. There is significant uncertainty about the duration and extent of the impact of these events. The dynamic nature of the circumstances means what is said on this call could change materially at any time. Therefore, the operation of the company's business and its future results of operations could differ materially from historical practices and results or current descriptions, estimates and suggestions. PVH does not undertake any obligation to update publicly any forward-looking statement, including, without limitation, any estimates or suggestions regarding revenue or earnings.

值得注意的是，此時 COVID-19 大流行仍在繼續，全球通脹壓力和烏克蘭戰爭已開始對公司的業務、現金流和經營業績產生影響。這些事件影響的持續時間和程度存在很大的不確定性。情況的動態性質意味著在這次電話會議上所說的內容可能隨時發生重大變化。因此，公司業務的運作及其未來的經營業績可能與歷史慣例和結果或當前的描述、估計和建議存在重大差異。 PVH 不承擔任何義務公開更新任何前瞻性陳述，包括但不限於有關收入或收益的任何估計或建議。

Generally, the 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 2021 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.

通常，要討論的信息和預測將基於 SEC 規則定義的非 GAAP 基礎。 PVH 2021 年第四季度收益發布（可在 www.pvh.com 上找到）以及公司就該發布向美國證券交易委員會提供的 8-K 表格當前報告中包含與 GAAP 金額的對賬。

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

此時，我很高興將會議轉交給 Stefan Larsson。

Thank you, Dana, and good morning, everyone. Thank you for joining our call today. Looking back on my first year as CEO for PVH, I'm proud of the progress we have made and the strong performance of the business. In 2021, we intensified our focus on our 2 globally iconic brands, Calvin Klein and Tommy Hilfiger, and drove an accelerated recovery while successfully navigated continued COVID-19 disruption. These efforts resulted in very strong financial performance for the fourth quarter and full year.

謝謝你，達娜，大家早上好。感謝您今天加入我們的電話會議。回顧我擔任 PVH 首席執行官的第一年，我為我們取得的進步和強勁的業務表現感到自豪。 2021 年，我們加強了對 Calvin Klein 和 Tommy Hilfiger 這兩個全球標誌性品牌的關注，並在成功應對 COVID-19 持續中斷的同時推動了加速復蘇。這些努力使第四季度和全年的財務業績非常強勁。

For the year, we delivered double-digit consolidated revenue growth led by international, which exceeded prepandemic levels. We also generated record gross margins and earnings per share and delivered a non-GAAP EBIT margin of 10.7%, which is over 100 basis points above 2019 prepandemic levels, all while positioning PVH to win with the consumer in the new normal and deliver sustainable, profitable, long-term growth.

今年，我們在國際業務的帶動下實現了兩位數的綜合收入增長，超過了大流行前的水平。我們還創造了創紀錄的毛利率和每股收益，非美國通用會計準則息稅前利潤率為 10.7%，比 2019 年大流行前水平高出 100 個基點以上，同時將 PVH 定位為在新常態下贏得消費者的青睞並實現可持續發展，盈利，長期增長。

This was the first full year driven by the execution of our accelerated recovery priorities. And across PVH, we see time and time again that when we lean into our 2 iconic brands, continue to move closer to the consumer, deliver the most relevant products in the market and supercharge digital to meet the consumer where they want to shop, we deliver top-tier market performance, and we do it in a high-quality and sustainable way.

這是我們執行加速恢復優先事項所推動的第一個完整年度。在 PVH 中，我們一次又一次地看到，當我們專注於我們的 2 個標誌性品牌，繼續更貼近消費者，提供市場上最相關的產品並增強數字化以滿足消費者想要購物的地方時，我們提供一流的市場表現，我們以高質量和可持續的方式做到這一點。

You can see it in Europe through our strong product execution and owned and operated e-commerce growth and in brand building partnerships with digital pure players. You can also see it increasingly in Asia, where we lean into big consumer moments like Chinese New Year and win with strength in product on the most important e-commerce and social platforms. And step by step, you'll see more of that in North America as well, where we are focused on driving higher-quality, digital-led growth and improving product and channel execution.

您可以通過我們強大的產品執行、擁有和經營的電子商務增長以及與純數字玩家的品牌建設合作夥伴關係在歐洲看到它。你也可以在亞洲越來越多地看到它，我們在中國農曆新年等重要的消費時刻，在最重要的電子商務和社交平台上以產品實力取勝。一步一步，你會在北美看到更多這樣的事情，我們在那裡專注於推動更高質量、數字化主導的增長，並改善產品和渠道執行。

Our company-wide focus on key growth categories, hero products and cutting the unproductive assortment tail is yielding strong results. We drove increased pricing power and margin expansion in both Calvin and Tommy across our largest markets and channels. We supercharged our digital business, which increased over 30% in 2021 on top of over 40% growth in 2020, with digital now representing 25% penetration, double prepandemic levels. And we continue to invest in high-growth, high-return areas to support our future growth, while at the same time, starting to drive cost efficiencies.

我們全公司對關鍵增長類別、主打產品和削減低效產品組合的關注正在產生強勁的成果。我們在我們最大的市場和渠道中提高了 Calvin 和 Tommy 的定價能力和利潤率。我們增強了我們的數字業務，在 2020 年增長超過 40% 的基礎上，該業務在 2021 年增長了 30% 以上，數字業務現在的滲透率為 25%，是大流行前水平的兩倍。我們繼續投資於高增長、高回報領域以支持我們未來的增長，同時開始提高成本效率。

In addition, underscoring our strong financial position and cash flow generation, we paid down over $1 billion of debt to reduce our leverage to below prepandemic levels. We reinstated our quarterly cash dividend and repurchased approximately $350 million of stock. Moving forward, we will continue investing in our business to fuel our growth while, at the same time, deploying our excess cash to maximize shareholder returns.

此外，為了強調我們強大的財務狀況和現金流生成，我們償還了超過 10 億美元的債務，以將我們的槓桿率降至大流行前水平以下。我們恢復了季度現金股息並回購了大約 3.5 億美元的股票。展望未來，我們將繼續投資於我們的業務以推動我們的增長，同時部署我們的多餘現金以最大化股東回報。

I'd like to thank all of our associates around the world for your hard work and critical contributions, which helped us to deliver on what we set out to do this year and more. And as we continue to closely monitor the war in Ukraine, I also want to extend my gratitude to our associates for their continued support and compassion for each other in the face of this tragic humanitarian crisis.

我要感謝我們在世界各地的所有同事的辛勤工作和重要貢獻，他們幫助我們實現了今年及以後的目標。在我們繼續密切關注烏克蘭戰爭的同時，我還要感謝我們的同事在這場悲慘的人道主義危機中繼續給予彼此支持和同情。

As we look ahead to 2022, we are excited by the strong momentum in the business, but also mindful that the market is experiencing unprecedented volatility from the heightened impacts of a number of macroeconomic and geopolitical challenges. These include the war in Ukraine as well as inflationary pressures, which impact both our own business and the overall consumer spending. We also continue to navigate ongoing pandemic headwinds, particularly supply chain and logistics delays, especially in North America, in addition to the recent virus resurgences in Asia.

展望 2022 年，我們對業務的強勁勢頭感到興奮，但同時也注意到，由於一系列宏觀經濟和地緣政治挑戰的影響加劇，市場正在經歷前所未有的波動。其中包括烏克蘭戰爭以及通貨膨脹壓力，這會影響我們自己的業務和整體消費者支出。我們還繼續應對持續的流行病逆風，特別是供應鍊和物流延誤，尤其是在北美，以及最近亞洲的病毒捲土重來。

As such, we're even more focused on what we can control. And just like we demonstrated through our strong performance in 2021, we are confident in the underlying strength across our business. Through the disciplined execution of our strategic priorities, we are driving underlying double-digit top and bottom line growth for 2022 while maintaining our strong gross margins.

因此，我們更加專注於我們可以控制的事情。就像我們在 2021 年的強勁表現所證明的那樣，我們對我們業務的潛在實力充滿信心。通過嚴格執行我們的戰略重點，我們正在推動 2022 年基本兩位數的收入和利潤增長，同時保持我們強勁的毛利率。

Our international business continued to perform very well and will drive our growth this year. In North America, we're in the early phases of a multiyear positioning of the region to win more with the domestic consumer. As a reminder, the tourist consumer that was 30% to 40% of our total North America business pre-pandemic has not yet returned. And we are taking proactive measures to set ourselves up for long-term, sustainable and much more profitable growth in the region. As a result, we expect our business in the region to remain below prepandemic levels.

我們的國際業務繼續表現出色，並將推動我們今年的增長。在北美，我們正處於該地區多年定位的早期階段，以贏得更多國內消費者。提醒一下，在大流行前占我們北美業務總量 30% 到 40% 的旅遊消費者尚未返回。我們正在採取積極措施，為該地區的長期、可持續和利潤更高的增長做好準備。因此，我們預計我們在該地區的業務將保持在大流行前的水平以下。

Let me now turn to our regional update, starting with Europe. Despite COVID resurgences, which resulted in renewed restrictions, the region delivered another quarter of very strong execution, which completed an outstanding year of performance. Revenues increased double digits against prepandemic levels for both the quarter and year, combined with gross margin expansion driven by strong full price sell-through. When we connect our brands as close to the consumer as we do in Europe, we deliver market-leading performance and win with strength in product, increased pricing power and across the digitally led marketplace.

現在讓我談談我們的區域更新，從歐洲開始。儘管 COVID 捲土重來導致新的限制，但該地區又交付了一個非常強勁的執行力，完成了出色的一年表現。本季度和本年度的收入都比大流行前的水平增長了兩位數，加上強勁的全價銷售推動了毛利率的增長。當我們像在歐洲一樣將我們的品牌與消費者聯繫起來時，我們將提供市場領先的性能，並憑藉產品實力、更高的定價能力以及在數字化主導的市場中取勝。

We continue to gain market share across both Tommy and Calvin, driven by strong consumer demand, including Tommy's focus on elevated casual, seasonal categories and iconic must-haves, combined with accelerating elevated hero products at Calvin from the brand's lifestyle expansion. We remain focused on driving the digital business across our owned and operated sites as well as with pure players, with the region generating significantly stronger overall digital penetration well in excess of the company average.

在強勁的消費者需求的推動下，我們繼續在 Tommy 和 Calvin 獲得市場份額，包括 Tommy 專注於高級休閒、季節性類別和標誌性必備品，再加上 Calvin 從品牌生活方式擴張中加速提升主打產品。我們仍然專注於推動我們擁有和運營的網站以及純參與者的數字業務，該地區的整體數字滲透率大大超過公司平均水平。

Our connected retail capabilities enabled us to capture digital demand, which mitigate the lower brick-and-mortar trends driven by COVID. While reported revenue in the region in 2022 will be impacted by the lack of business in Ukraine and Russia, overall consumer demand for our brands has remained on plan so far in the first quarter. Momentum in our future order book remains strong for both brands with fall 2022 planned up double digits versus the prior year, which was on top of double-digit order books we experienced for spring.

我們的互聯零售能力使我們能夠捕捉到數字需求，從而緩解了由 COVID 驅動的較低的實體店趨勢。雖然該地區 2022 年的報告收入將受到烏克蘭和俄羅斯業務缺乏的影響，但第一季度到目前為止，消費者對我們品牌的總體需求仍按計劃進行。我們兩個品牌未來訂單的勢頭依然強勁，2022 年秋季計劃比去年增長兩位數，高於我們春季的兩位數訂單。

Moving on to Asia. We drove revenues above prepandemic levels for both the fourth quarter and full year. While certain cities in China are currently facing COVID measures, we are pleased with the recovery in markets such as Australia and Korea, where recovery trends are strong. We're seeing real strength from our efforts to accelerate the region's growth and remain excited about the progress and underlying performance.

繼續前往亞洲。我們將第四季度和全年的收入推高至大流行前水平以上。雖然中國的某些城市目前正面臨 COVID 措施，但我們對澳大利亞和韓國等市場的複蘇感到高興，這些市場的複蘇趨勢強勁。我們從加速該地區增長的努力中看到了真正的力量，並對取得的進展和潛在表現感到興奮。

We saw considerable gains in brand awareness for both Tommy and Calvin, especially in China, compared to prepandemic levels, driven by our progress in creating strong hero product with locally relevant capsules and collaborations, supported by regional marketing. We continue to drive strong activations during key consumer moments in the region to generate engagement. For example, we experienced double-digit sales growth this past quarter for Chinese Lunar New Year. We are driving comp growth through optimized product allocations, and our spring hero product, supported by digital campaigns, is resonating with consumers in the region as highlighted by strong comps over Valentine's Day.

與大流行前的水平相比，我們看到 Tommy 和 Calvin 的品牌知名度有了顯著提高，尤其是在中國，這得益於我們在區域營銷的支持下，通過與當地相關的膠囊和合作創造強大的英雄產品方面取得的進展。我們繼續在該地區的關鍵消費時刻推動強大的激活，以產生參與度。例如，我們在上個季度的農曆新年期間實現了兩位數的銷售額增長。我們通過優化產品分配來推動 comp 增長，我們的春季英雄產品在數字營銷活動的支持下引起了該地區消費者的共鳴，情人節期間的強勁 comp 突顯了這一點。

We continue to connect with consumers wherever and however they want to shop. Our digital business drove double-digit growth in 2021, and we are leveraging CRM collaborations with pure players like Tmall, investing to expand with new digital platforms such as Douyin and growing our presence on WeChat with interactive gaming. Off-line, we are engaging our consumers through in-store VIP events and unique pop-up store locations.

我們繼續與消費者保持聯繫，無論他們想在哪裡購物。我們的數字業務在 2021 年實現了兩位數的增長，我們正在利用與天貓等純玩家的 CRM 合作，投資以通過抖音等新數字平台進行擴張，並通過互動遊戲擴大我們在微信上的影響力。在線下，我們通過店內 VIP 活動和獨特的快閃店位置吸引消費者。

Looking ahead, COVID resurgences in China are certainly impacting our growth near term. But as markets reopen, we're seeing a strong bounce back in trends, which is evidence of the underlying strength of our business in China. And we also see that in our other markets such as Australia, Korea and increasingly, in Japan. Overall, we remain optimistic in the region's ability to drive long-term growth.

展望未來，中國的 COVID 復甦肯定會影響我們的短期增長。但隨著市場重新開放，我們看到趨勢出現強勁反彈，這證明了我們在中國業務的潛在實力。我們在其他市場也看到了這一點，例如澳大利亞、韓國以及越來越多的日本。總體而言，我們對該地區推動長期增長的能力保持樂觀。

Turning to North America. As I mentioned, the lack of tourism has further highlighted the importance of our renewed efforts to win more with the domestic consumer in a more sustainable and more profitable way. We are currently navigating supply chain and logistics delays, which are more pronounced in North America and significantly negatively impacting our inventory flows across channels. Nevertheless, we are making sure that all decisions we take now are positioning our 2 iconic brands for the long term.

轉向北美。正如我所提到的，旅遊業的缺乏進一步凸顯了我們重新努力以更可持續和更有利可圖的方式贏得更多國內消費者的重要性。我們目前正在應對供應鍊和物流延誤，這在北美更為明顯，並對我們跨渠道的庫存流動產生了重大負面影響。儘管如此，我們確保我們現在做出的所有決定都是為了長期定位我們的 2 個標誌性品牌。

While for the fourth quarter, both Calvin and Tommy drove improved revenue trends sequentially compared to prepandemic levels, the significant COVID-related supply chain challenges resulted in inventory delays that we will be navigating through, with the biggest impact in the first half of 2022.

雖然在第四季度，與大流行前的水平相比，Calvin 和 Tommy 都推動了收入趨勢的連續改善，但與 COVID 相關的重大供應鏈挑戰導致了我們將要應對的庫存延遲，其中影響最大的是 2022 年上半年。

As I just shared, we are doubling down on our engagement with the domestic consumer by driving increased product strength with pricing power and focusing on growth in the digitally led marketplace in a balanced way across channels. We are sharpening our execution with more targeted assortments across key accounts and channels and ensuring our brands are appropriately positioned in brand-enhancing channels.

正如我剛剛分享的那樣，我們正在加倍努力與國內消費者互動，通過提高產品實力和定價能力，並以跨渠道平衡的方式專注於數字主導市場的增長。我們正在通過跨關鍵客戶和渠道的更有針對性的分類來加強我們的執行力，並確保我們的品牌在品牌提升渠道中得到適當定位。

Despite the challenges the region is facing, we are seeing green shoots of progress, including controlled inventory levels and lower promotions enabled us to drive higher gross margins and AURs in the fourth quarter. As we further expand our assortment of hero products, we are seeing positive reads on new updated products, although the inventory challenges are impacting trends. For Calvin, hero products in underwear continue to outperform, and we've seen sequential improving trends in key men's apparel categories. And for Tommy, focus categories and seasonal key items are driving performance.

儘管該地區面臨挑戰，但我們看到了進展的萌芽，包括受控的庫存水平和較低的促銷活動使我們能夠在第四季度推動更高的毛利率和 AUR。隨著我們進一步擴大主打產品的種類，我們看到了對新更新產品的積極解讀，儘管庫存挑戰正在影響趨勢。對 Calvin 來說，內衣領域的主打產品繼續表現出色，而且我們已經看到主要男裝類別的連續改善趨勢。對於 Tommy 而言，重點類別和季節性關鍵項目正在推動績效。

Looking ahead for the region, we remain focused on positioning and strengthening our business in North America for more sustainable and more profitable growth over time, all while we are step-by-step making progress. 2022 will be a year of transition on a multiyear effort to unlock our full potential in the market.

展望該地區，我們將繼續專注於定位和加強我們在北美的業務，以隨著時間的推移實現更可持續和更有利可圖的增長，同時我們正在逐步取得進展。 2022 年將是我們多年努力釋放市場全部潛力的過渡年。

Next, I'll share a few brief global brand highlights, beginning with Calvin Klein. Brand awareness remains very high, and we continue to see increases in relevance and consideration. We are deepening our engagement with consumers with culturally relevant talent. During the holiday season, we had a few surprise guests hack our regular scheduled content for Calvin Klein on Instagram, including Squid Games' HoYeon Jung, who set a record for our Instagram post with over 6 million likes.

接下來，我將分享一些簡短的全球品牌亮點，首先是 Calvin Klein。品牌知名度仍然很高，我們繼續看到相關性和考慮度的增加。我們正在加深與具有文化相關人才的消費者的互動。在節日期間，我們在 Instagram 上為 Calvin Klein 定期安排了一些內容，其中包括 Squid Games 的 HoYeon Jung，他為我們的 Instagram 帖子創造了超過 600 萬個讚的記錄。

Last month, we launched our spring collection and All Together campaign, featuring an international cast, including Jennie Kim and Euphoria Star, Dominic Fike. The collection reinterprets the brand's iconic past for the future, refreshing archival pieces. Looking ahead, the brand will continue to build out our collaboration strategy with the announcement of a second global collaboration partner already in April this year, further driving our connection to the consumer and driving cultural relevance.

上個月，我們推出了春季系列和 All Together 活動，邀請國際演員，包括 Jennie Kim 和 Euphoria Star、Dominic Fike。該系列為未來重新詮釋了該品牌標誌性的過去，讓經典單品煥然一新。展望未來，該品牌將繼續制定我們的合作戰略，並於今年 4 月宣布第二個全球合作夥伴，進一步加強我們與消費者的聯繫並推動文化相關性。

Moving on to Tommy Hilfiger. Similar to Calvin, brand awareness remains strong and above prepandemic levels. Our product strategies drive relevance with aspirational and younger consumers. Through our collaborations, we continue to drive brand AAPE. Our global TOMMY JEANS AAPE BY *A BATHING APE collaboration generated strong performance across regions as highlighted by a sell-through rate of over 90% in Europe and North America within the first week on tommy.com with high AURs. In addition, we saw very strong media coverage.

轉到 Tommy Hilfiger。與 Calvin 類似，品牌知名度仍然很高，並且高於大流行前的水平。我們的產品策略推動與有抱負的年輕消費者的相關性。通過我們的合作，我們繼續推動品牌 AAPE。我們的全球 TOMMY JEANS AAPE BY *A BATHING APE 合作在各個地區產生了強勁的表現，突出表現在歐洲和北美的銷售率在 tommy.com 的第一周內超過 90%，並獲得了高 AUR。此外，我們看到了非常強烈的媒體報導。

Tommy also stepped into the metaverse with online game platform, Roblox, through the capsule launch of must-have digital fashion items that people can use to dress their avatars within their Roblox virtual world. Lastly, for spring, the brand's Make Your Move campaign recently launched, featuring our first hashtag challenge on TikTok, #MoveWithTommy, and led by Anthony Ramos, bringing together the world of music and pop culture. With increased media investments, the campaign spans multiple consumer touch points in innovative ways.

Tommy 還通過在線遊戲平台 Roblox 進入了元宇宙，通過膠囊推出必備的數字時尚物品，人們可以用這些物品在他們的 Roblox 虛擬世界中為他們的化身打扮。最後，在春季，該品牌最近推出了 Make Your Move 活動，以我們在 TikTok 上的第一個標籤挑戰#MoveWithTommy 為特色，由安東尼·拉莫斯 (Anthony Ramos) 領導，將音樂世界和流行文化融為一體。隨著媒體投資的增加，該活動以創新的方式跨越了多個消費者接觸點。

In closing, we had a very strong 2021, where we show that our increased focus on our 2 globally iconic brands, Calvin Klein and Tommy Hilfiger, and connecting them closer to where the consumer is going than any time before is paying off. When we do that really well, like we do today in our international markets, we're able to deliver market-leading performance. We are continuing to build on that strength in both Europe and Asia and will over time unlock the same type of strength in North America. While there are regional differences, the key value drivers are the same: brand and product relevance with pricing power, combined with strong consumer engagement and a focus on winning in the digitally led marketplace.

最後，我們有一個非常強勁的 2021 年，我們表明我們更加關注我們的兩個全球標誌性品牌 Calvin Klein 和 Tommy Hilfiger，並將它們與消費者的去向聯繫起來比以往任何時候都更近，這正在取得回報。當我們真正做到這一點時，就像我們今天在國際市場上所做的那樣，我們就能夠提供市場領先的業績。我們將繼續在歐洲和亞洲建立這種優勢，並隨著時間的推移在北美釋放同樣的優勢。雖然存在地區差異，但關鍵價值驅動因素是相同的：品牌和產品與定價權的相關性，以及強大的消費者參與度和對在數字主導的市場中獲勝的關注。

We are looking forward to sharing our multiyear growth plan with you at our Investor Day in just a couple of weeks on April 13. It will be our first Investor Day in over 10 years, you can imagine how much we're looking forward to it.

我們期待在 4 月 13 日短短幾週後的投資者日與您分享我們的多年增長計劃。這將是我們 10 多年來的第一個投資者日，您可以想像我們有多麼期待.

I'm also pleased to welcome Zac Coughlin to PVH as our new CFO, effective April 4. Zac comes most recently from DFS, part of the LVMH Group, and brings over 20 years of high-performance financial and operational leadership with best-in-class global brands, and he will be a key leader when we build out our next growth chapter.

我也很高興地歡迎 Zac Coughlin 加入 PVH，成為我們的新首席財務官，4 月 4 日生效。Zac 最近來自 LVMH 集團旗下的 DFS，並帶來了超過 20 年的高績效財務和運營領導以及最佳一流的全球品牌，當我們開啟下一個增長篇章時，他將成為關鍵領導者。

Before I hand it over to Jim for the financial update, I would like to thank him for his critical leadership and strong support during the transition period as interim CFO. You did a great job, Jim. Thank you.

在我將財務更新交給吉姆之前，我要感謝他在過渡期間作為臨時首席財務官的關鍵領導和大力支持。你做得很好，吉姆。謝謝。

Thanks, Stefan. The comments I'm about to make are based on non-GAAP results and are reconciled in our press release. 2021 was a year of very strong financial performance driven by the disciplined execution of our accelerated recovery priorities. We successfully navigated the COVID-19 pandemic to drive double-digit revenue growth versus 2020 led by our international businesses, which significantly exceeded 2019 prepandemic levels. We ended the year with revenue over $9 billion and drove record financial performance in gross margin and earnings per share with very strong operating margins, which significantly exceeded 2019 prepandemic levels.

謝謝，斯特凡。我即將發表的評論基於非 GAAP 結果，並在我們的新聞稿中進行了核對。 2021 年是財務業績非常強勁的一年，這得益於我們嚴格執行加速復蘇優先事項。我們成功地度過了 COVID-19 大流行，與 2020 年相比，我們的國際業務帶動了兩位數的收入增長，這大大超過了 2019 年大流行前的水平。到年底，我們的收入超過 90 億美元，毛利率和每股收益的財務業績創下歷史新高，營業利潤率非常強勁，大大超過了 2019 年大流行前的水平。

While we continue to navigate unprecedented macroeconomic volatility as we enter 2022, we remain confident in the power of our 2 global brands, Calvin Klein and Tommy Hilfiger, and in the fundamental strength of our business. And we believe that the disciplined execution of our strategic priorities will drive underlying double-digit top and bottom line growth for 2022 while maintaining our strong gross margins.

進入 2022 年，我們將繼續應對前所未有的宏觀經濟波動，但我們仍然對我們兩大全球品牌 Calvin Klein 和 Tommy Hilfiger 的力量以及我們業務的基本實力充滿信心。我們相信，嚴格執行我們的戰略重點將推動 2022 年潛在的兩位數收入和利潤增長，同時保持我們強勁的毛利率。

I will begin by discussing our 2021 results in more detail, and then we'll move on to our outlook for 2022. Overall, revenues for the fourth quarter were up 16% compared to the prior year as reported and 20% on a constant currency basis and above the top end of our guidance, despite continued supply chain and logistics disruptions and the ongoing impacts of the COVID-19 pandemic, particularly the Omicron variant.

我將首先更詳細地討論我們 2021 年的結果，然後我們將繼續討論我們對 2022 年的展望。總體而言，第四季度的收入與報告的去年同期相比增長了 16%，按固定匯率計算增長了 20%儘管供應鍊和物流持續中斷以及 COVID-19 大流行（尤其是 Omicron 變體）的持續影響，但仍處於我們指導的基礎之上並高於我們指導的頂端。

While our underlying business performance was relatively flat compared to 2019 prepandemic levels, our overall revenues for the fourth quarter were down 7% versus 2019 due to the Heritage Brands transaction, the exit from our Heritage retail business and the sale of Speedo. Our results reflected strong performance in our international businesses across both brands primarily driven by Europe. Our international businesses exceeded 2019 prepandemic levels in all regions.

雖然我們的基本業務表現與 2019 年大流行前的水平相比相對持平，但由於 Heritage Brands 交易、退出我們的 Heritage 零售業務以及出售 Speedo，我們第四季度的總收入比 2019 年下降了 7%。我們的業績反映了主要由歐洲推動的兩個品牌的國際業務的強勁表現。我們的國際業務在所有地區都超過了 2019 年大流行前的水平。

And while our North America businesses showed sequential improvement in the fourth quarter compared to prepandemic levels, the business remains challenged due to the lack of international tourism, which was a source of approximately 30% to 40% of prepandemic revenue for the region. In addition, North America has been and continues to be the region most challenged by supply chain disruptions, including higher airfreight costs and suppressed inventory levels.

儘管我們的北美業務在第四季度與大流行前水平相比有所改善，但由於缺乏國際旅遊業，該業務仍然面臨挑戰，國際旅遊業約佔該地區大流行前收入的 30% 至 40%。此外，北美一直並將繼續成為供應鏈中斷挑戰最嚴重的地區，包括空運成本上升和庫存水平受壓。

Gross margin continued to be very strong at 58.3% for the fourth quarter, which is an increase of over 400 basis points compared to the prior year and 2019 prepandemic levels. The improvement was primarily due to more full-price selling and a favorable shift in regional sales mix, which more than offset higher freight costs, including an increase in airfreight to mitigate supply chain and logistics delays.

第四季度毛利率繼續非常強勁，為 58.3%，與去年和 2019 年大流行前水平相比增加了 400 多個基點。這一改善主要是由於更多的全價銷售和區域銷售組合的有利轉變，這足以抵消更高的貨運成本，包括增加空運以緩解供應鍊和物流延誤。

Inventory was down 5% at the end of the quarter compared to the prior year due in part to the Heritage brand sale and the exit from the Heritage Brands retail business. However, within our total inventory, our in-transit inventory levels increased over 30%, primarily due to ongoing supply chain and logistics disruptions.

與去年同期相比，本季度末庫存下降 5%，部分原因是 Heritage 品牌的銷售和 Heritage Brands 零售業務的退出。然而，在我們的總庫存中，我們的在途庫存水平增加了 30% 以上，這主要是由於持續的供應鍊和物流中斷。

SG&A expense as a percentage of revenue for the fourth quarter was down almost 150 basis points versus 2020 as we leverage the increase in revenue, but remained elevated compared to 2019. When comparing to 2019, we continue to drive cost efficiencies across the business. However, these benefits are more than offset by the mix shift in regional sales toward our international businesses, which, although favorable to our overall results, carry higher expenses as well as planned increases in marketing and other investments to fuel our growth in 2022.

由於我們利用收入的增長，第四季度 SG&A 費用佔收入的百分比與 2020 年相比下降了近 150 個基點，但與 2019 年相比仍然較高。與 2019 年相比，我們繼續推動整個業務的成本效率。然而，這些好處被區域銷售向我們國際業務的混合轉變所抵消，儘管這對我們的整體業績有利，但會帶來更高的費用以及計劃增加的營銷和其他投資，以推動我們在 2022 年的增長。

Earnings before interest and taxes in the fourth quarter significantly exceeded 2020 and was up 16% compared to 2019 prepandemic levels driven by the strength in our international businesses. Operating margin was 7.2% for the quarter, exceeding 2019 prepandemic levels by almost 150 basis points.

在我們國際業務強勁的推動下，第四季度的息稅前利潤顯著超過 2020 年，與 2019 年大流行前的水平相比增長了 16%。本季度的營業利潤率為 7.2%，比 2019 年大流行前的水平高出近 150 個基點。

Earnings per share was $2.84 for the fourth quarter compared to a loss per share of $0.38 in the prior year period, also significantly exceeding the 2019 prepandemic amount and the top end of our previous guidance by $0.90.

第四季度每股收益為 2.84 美元，而去年同期為每股虧損 0.38 美元，也大大超過了 2019 年大流行前的金額和我們之前指導的上限 0.90 美元。

We ended the full year 2021 with revenue of $9.2 billion, an increase of 28% versus 2020, led by strength in our international businesses, which exceeded 2019 prepandemic levels, particularly Europe.

截至 2021 年全年，我們的收入為 92 億美元，比 2020 年增長 28%，這得益於我們國際業務的實力，超過了 2019 年大流行前的水平，尤其是歐洲。

Earnings before interest and taxes was $983 million in 2021 compared to a loss in 2020 and was up over $50 million or 6% compared to 2019 prepandemic levels. Operating margin was 10.7%, which significantly exceeded our expectations and was 130 basis points higher than 2019 prepandemic levels, driven by record gross margins of 58.2% and a successful execution of our accelerated recovery priorities.

與 2020 年的虧損相比，2021 年的息稅前利潤為 9.83 億美元，與 2019 年大流行前的水平相比增加了 5000 萬美元或 6%。營業利潤率為 10.7%，大大超出我們的預期，比 2019 年大流行前的水平高 130 個基點，這得益於創紀錄的 58.2% 毛利率和我們加速復蘇優先事項的成功執行。

Our tax rate for the year was 17.1% and included the benefit of a favorable tax agreement in the Netherlands as well as benefits from tax treatments related to the purchase of Calvin Klein, both of which expired at the end of 2021. Overall, we delivered record earnings per share of $10.15 compared to a loss in 2020 and $9.54 in 2019. Additionally, to further strengthen our balance sheet, we made over $1 billion of voluntary term loan payments for the full year of 2021.

我們當年的稅率為 17.1%，其中包括荷蘭稅收優惠協議的好處以及與購買 Calvin Klein 相關的稅收待遇的好處，這兩項都於 2021 年底到期。總體而言，我們交付了創紀錄的每股收益為 10.15 美元，而 2020 年為虧損，2019 年為 9.54 美元。此外，為了進一步加強我們的資產負債表，我們在 2021 年全年自願支付了超過 10 億美元的定期貸款。

Moving on to our outlook. We are providing our 2022 outlook despite the significant uncertainty due to the war in Ukraine and its broader macroeconomic implications, inflationary pressures, the pandemic and supply chain and logistics disruptions. Our outlook assumes no material worsening of current conditions.

繼續我們的展望。儘管烏克蘭戰爭及其更廣泛的宏觀經濟影響、通脹壓力、大流行病以及供應鍊和物流中斷導致存在重大不確定性，但我們仍提供 2022 年展望。我們的展望假設當前狀況不會出現實質性惡化。

Our international businesses continued to demonstrate strength and are expected to build on strong growth from 2021, underpinned by systematic execution of our strategic priorities. Momentum continues in our Europe business. And while COVID is currently most severely impacting our business in China, we are encouraged by the underlying performance of our overall business in Asia.

我們的國際業務繼續展現實力，預計將從 2021 年開始強勁增長，這得益於我們戰略重點的系統執行。我們的歐洲業務繼續保持勢頭。雖然 COVID 目前對我們在中國的業務影響最為嚴重，但我們對亞洲整體業務的基本表現感到鼓舞。

North America remains challenged due to the lack of international tourism and ongoing supply chain pressures, and we do not assume international tourism will return to any meaningful levels in 2022. Supply chain and logistics disruptions are expected to continue to impact our business, primarily in North America through most of the year, with the first half being most severely impacted.

由於缺乏國際旅遊業和持續的供應鏈壓力，北美仍然面臨挑戰，我們認為國際旅遊業不會在 2022 年恢復到任何有意義的水平。預計供應鍊和物流中斷將繼續影響我們的業務，主要是在北美美國一年中的大部分時間，上半年受到的影響最為嚴重。

For the full year, while we are projecting double-digit revenue growth in our underlying businesses, our overall revenue is projected to grow approximately 2% to 3% as reported at approximately 6% to 7% on a constant currency basis compared to 2021. Our overall revenue projection reflects a 2% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands retail business and a 2% reduction from our decision to temporarily close our stores and pause commercial activity in Russia and Belarus, along with reduction in wholesale shipments to Ukraine as a result of the war.

全年，雖然我們預計基礎業務的收入將實現兩位數增長，但與 2021 年相比，我們的總收入預計將增長約 2% 至 3%，按固定匯率計算約為 6% 至 7%。我們的整體收入預測反映了 Heritage Brands 交易和退出 Heritage Brands 零售業務導致的 2% 的減少，以及我們決定暫時關閉我們的商店並暫停在俄羅斯和白俄羅斯的商業活動導致的減少 2%，以及減少由於戰爭而批發到烏克蘭。

While we are projecting underlying growth in both our international and North America businesses versus 2021, our international businesses are projected to significantly exceed 2019 prepandemic levels, while our North America businesses remain challenged and are not expected to return to 2019 prepandemic levels in 2022.

雖然我們預計我們的國際和北美業務與 2021 年相比都有潛在增長，但我們的國際業務預計將大大超過 2019 年大流行前的水平，而我們的北美業務仍面臨挑戰，預計不會在 2022 年恢復到 2019 年大流行前的水平。

We expect our full year gross margin rate to remain at record levels and flat to 2021 despite rising inflationary costs in all regions, including higher cost of commodities and raw materials and increased freight, as we plan to mostly mitigate inflationary pressures with price increases and continued less promotional activity. Additionally, we expect a favorable shift in regional sales mix compared to 2021 with our higher-margin international businesses making up a larger portion of total revenue.

我們預計全年毛利率將保持在創紀錄的水平，並持平至 2021 年，儘管所有地區的通脹成本都在上升，包括商品和原材料成本上漲以及運費增加，因為我們計劃主要通過價格上漲來緩解通脹壓力，並繼續促銷活動較少。此外，我們預計與 2021 年相比，區域銷售組合將發生有利轉變，我們利潤率較高的國際業務將佔總收入的更大比例。

SG&A expense as a percentage of revenue for the full year is expected to increase approximately 70 basis points compared to 2021. We continue to drive cost efficiencies across the business. However, these benefits are being more than offset by the mix shift in regional sales toward our international businesses, which, although favorable to our overall results, carry higher expenses as well as benefits in 2021 from temporary store closures that are not expected to repeat in 2022.

與 2021 年相比，全年 SG&A 費用佔收入的百分比預計將增加約 70 個基點。我們將繼續推動整個企業的成本效率。然而，這些好處被區域銷售向我們國際業務的混合轉變所抵消，儘管這對我們的整體業績有利，但在 2021 年會帶來更高的費用以及預計不會在 2021 年重複的臨時關閉商店帶來的好處2022.

We expect our full year operating margin will continue to exceed 2019 prepandemic levels and will be approximately 10%. While we are projecting double-digit growth in our underlying business earnings as we execute against our accelerated recovery priorities, we expect that our overall earnings before interest and taxes in 2022 will decrease low single digits versus 2021. Our overall EBIT expectation reflects negative impacts due to FX translation of 7% and a 6% reduction from our decision to temporarily close our stores and pause commercial activity in Russia and Belarus, along with the reduction in wholesale shipments to Ukraine as a result of the war.

我們預計我們的全年營業利潤率將繼續超過 2019 年大流行前的水平，約為 10%。雖然我們預計在執行加速復蘇優先事項時我們的基礎業務收益將實現兩位數增長，但我們預計我們 2022 年的息稅前總收益將比 2021 年下降低個位數。我們的整體息稅前利潤預期反映了由於以下原因造成的負面影響我們決定暫時關閉我們的商店並暫停在俄羅斯和白俄羅斯的商業活動，以及由於戰爭導致對烏克蘭的批發出貨量減少，從而減少了 7% 的外匯換算和 6% 的減少。

Our tax rate for the year is estimated at 29% to 30% compared to 17.1% in 2021. The increase is explained by the expiration of a favorable tax agreement in the Netherlands, the conclusion of tax treatments related to the purchase of Calvin Klein and the shift in our geographic earnings mix. The result is a tax rate consistent with the statutory rates where we do business.

我們今年的稅率估計為 29% 至 30%，而 2021 年為 17.1%。增加的原因是荷蘭的優惠稅收協定到期、與購買 Calvin Klein 和我們地域收入組合的轉變。結果是稅率與我們開展業務的法定稅率一致。

For the full year in 2022, we are projecting earnings per share to be approximately $9. While we are projecting underlying double-digit growth in revenue and business earnings, our overall earnings per share reflects a decrease compared to $10.15 in 2021 due to the negative impact of approximately $1.35 per share due to FX translation and our decision to temporarily close our stores and pause commercial activity in Russia and Belarus, along with a reduction in wholesale shipments to Ukraine. And also negatively impacting 2022 is $1.55 from taxes. Partially offsetting these negative impacts is a positive impact of approximately $0.70 due to lower interest in shares.

對於 2022 年全年，我們預計每股收益約為 9 美元。雖然我們預計收入和業務收益將實現兩位數的潛在增長，但我們的整體每股收益與 2021 年的 10.15 美元相比有所下降，這是由於外匯換算帶來的每股約 1.35 美元的負面影響以及我們暫時關閉門店的決定並暫停俄羅斯和白俄羅斯的商業活動，同時減少對烏克蘭的批發運輸。對 2022 年產生負面影響的還有 1.55 美元的稅收。由於對股票的興趣降低，部分抵消了這些負面影響的積極影響約為 0.70 美元。

For the first quarter, while we are projecting double-digit revenue growth in our underlying businesses, our overall revenue is projected to be relatively flat as reported and to increase approximately 4% on a constant currency basis compared to the prior year. Our overall revenue projection reflects a 5% reduction resulting from the Heritage Brands transaction and the exit from the Heritage Brands retail business and a 1% reduction from our decision to temporarily close our stores and pause commercial activity in Russia and Belarus, along with a reduction in wholesale shipments to Ukraine.

對於第一季度，雖然我們預計我們的基礎業務收入將實現兩位數增長，但我們的整體收入預計將與報告的情況相對持平，與去年同期相比將增長約 4%（按固定匯率計算）。我們的整體收入預測反映了 Heritage Brands 交易和退出 Heritage Brands 零售業務導致的 5% 的減少，以及我們決定暫時關閉我們的商店並暫停在俄羅斯和白俄羅斯的商業活動導致的減少 1%，以及減少批發到烏克蘭。

First quarter earnings per share is expected to be between $1.55 to $1.60, which reflects negative impacts of approximately $0.35 due to FX translation and our decision to temporarily close our stores and pause commercial activity in Russia and Belarus, along with a reduction in wholesale shipments to Ukraine. As stated earlier, supply chain disruptions are expected to most significantly impact the North America business in the first half of the year. Our tax rate for the first quarter is estimated at 29% to 30%, consistent with the full year.

第一季度每股收益預計在 1.55 美元至 1.60 美元之間，這反映了大約 0.35 美元的負面影響，這是由於外匯換算和我們決定暫時關閉我們的商店並暫停在俄羅斯和白俄羅斯的商業活動，以及批發出貨量減少到烏克蘭。如前所述，供應鏈中斷預計將在今年上半年對北美業務產生最顯著的影響。我們第一季度的稅率估計為 29% 至 30%，與全年一致。

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

有了這個，運營商，我們想公開提問。

(Operator Instructions) We will now take our first question from Bob Drbul from Guggenheim.

（操作員說明）我們現在將回答來自古根海姆的 Bob Drbul 的第一個問題。

Just a couple of questions. Really, can you expand upon the underlying strength of the business in Europe, around Europe and really just how you're planning the business with so much uncertainty there this year?

只是幾個問題。真的，您能否擴展歐洲業務的潛在實力，以及歐洲各地的業務，以及今年您如何在如此多的不確定性下規劃業務？

Thank you, Bob. As we alluded to in our prepared remarks, we see incredible strength in Europe. So we come out of 2021, where we had to navigate a lot of COVID disruption and executed truly market-leading performance, and we see that business trend continues. So what drives that will be the strength of Calvin and Tommy in Europe and how close we connect those 2 brands to the European consumer and how we're able to drive product strength, consumer engagement and winning digitally led, that's what makes the difference. And that's why we are taking market share. And that's why when we look a number of years back and looking forward, we see the strength of our ability to navigate even tougher macro times. And we also have -- looking forward, we see the order books being very strong for the rest of the year as far out as we can see. So lots of reasons to be positive when it comes to Europe.

謝謝你，鮑勃。正如我們在準備好的發言中提到的那樣，我們看到了歐洲令人難以置信的力量。因此，我們走出了 2021 年，在那裡我們必須應對大量 COVID 中斷並執行真正市場領先的性能，我們看到業務趨勢仍在繼續。那麼，推動這一切的將是 Calvin 和 Tommy 在歐洲的實力，以及我們將這兩個品牌與歐洲消費者聯繫起來的緊密程度，以及我們如何能夠推動產品實力、消費者參與和以數字為主導贏得勝利，這就是與眾不同的地方。這就是我們搶占市場份額的原因。這就是為什麼當我們回顧多年並展望未來時，我們看到了我們在更艱難的宏觀時代中度過的能力的力量。我們也有 - 展望未來，我們看到今年餘下時間的訂單非常強勁。談到歐洲時，有很多理由保持積極態度。

We will now take our next question from Michael Binetti from Credit Suisse.

我們現在將接受來自瑞士信貸的 Michael Binetti 的下一個問題。

I have one question, and then I have a follow-up. I just want to ask a simple question, Stefan. I know we'll talk about this in a few days at the Analyst Day. But as you look at the business, what are the key factors that result in the profitability in North America when we exclude the licensed businesses, which were very high margin, being well below industry averages?

我有一個問題，然後我有一個跟進。 Stefan，我只想問一個簡單的問題。我知道我們將在幾天后的分析師日討論這個問題。但是當你審視業務時，當我們排除利潤率非常高但遠低於行業平均水平的許可業務時，導致北美盈利的關鍵因素是什麼？

Yes. So thanks, Michael. What we see in North America right now, to start with, is we see still the effect of the delay of the return of the tourism. And that is real. That is 30%, 40% pre-pandemic. And that we saw that starting to come back in November, and then we saw Omicron hit, and now we see it being delayed. And then we see the biggest supply chain challenges as well in North America.

是的。所以謝謝，邁克爾。我們現在在北美看到的是，首先，我們仍然看到旅遊業回歸延遲的影響。那是真的。那是大流行前的 30%、40%。我們看到它在 11 月開始回歸，然後我們看到 Omicron 受到打擊，現在我們看到它被推遲了。然後我們在北美也看到了最大的供應鏈挑戰。

When it comes to -- our focus is what we can -- and that ties directly to answering your question. What our focus is, is on the domestic consumer and winning more with that consumer. And it comes back to product execution. It comes back to pricing power. It comes back to a balanced, high-quality channel distribution.

說到——我們的重點是我們能做的——這與回答你的問題直接相關。我們的重點是國內消費者，並從該消費者那裡贏得更多。它回到產品執行。這又回到了定價權。它回到了平衡的、高質量的渠道分配。

Do you -- I guess, want to follow that, do you -- how much progress do you think you can make on the margins in North America without knowing when tourism will come back?

你——我想，想跟進嗎——你認為在不知道旅遊業什麼時候會回來的情況下，你能在北美的邊緣取得多少進展？

So we see green shoots already, Michael, in terms of our focus on the key growth categories, the categories that matters most to the consumer, and our development of hero products within those categories. We already see very strong sell-throughs. We see pricing power increasing. So we see significant improvement opportunities over time when it comes to operating margin in North America.

因此，邁克爾，就我們對關鍵增長類別的關注、對消費者最重要的類別以及我們在這些類別中開發英雄產品而言，我們已經看到了新芽。我們已經看到非常強勁的銷售。我們看到定價權在增加。因此，在北美的營業利潤率方面，隨著時間的推移，我們看到了顯著的改善機會。

Congrats, guys.

恭喜，伙計們。

Thanks.

謝謝。

We will now take our next question from Jay Sole from UBS.

我們現在將接受來自瑞銀的 Jay Sole 的下一個問題。

I wanted to know if it would be possible to elaborate a little bit on the gross margin guidance for this year. You mentioned some positive factors around mix. Can you just talk about how inflation, specifically on raw materials and supply chain, might negatively impact the gross margin? And if you can sort of quantify some of the puts and takes, that would be super helpful.

我想知道是否可以詳細說明今年的毛利率指導。你提到了一些關於混合的積極因素。您能否談談通貨膨脹，特別是原材料和供應鏈方面的通貨膨脹，可能會對毛利率產生怎樣的負面影響？而且，如果您可以量化一些賣出和賣出，那將非常有幫助。

Yes. I'll take that, Jay. So on average, we're seeing costs increasing from raw materials, freight, all included, about 10%. And our gross margin plans is we are going to pass those costs on to the consumer. Particularly, where we -- in Europe, in Asia, where we have great strength and demand for the brands, we're not necessarily seeing any resistance at all with the consumer. So we feel confident in that.

是的。我會接受的，傑伊。因此，平均而言，我們看到原材料、運費等成本增加了約 10%。我們的毛利率計劃是將這些成本轉嫁給消費者。特別是，在歐洲、亞洲，我們對品牌有強大的實力和需求，我們不一定會看到消費者的任何阻力。所以我們對此充滿信心。

When we turn to North America, the supply chain delays is clouding it a little bit. We are planning on passing the majority of those costs on to the consumer. We are not seeing resistance to date, but we're not going to be able to pass all of it through, particularly for the airfreight that we're deploying, due to the supply chain delay. So a little bit in North America, the gross margins will decrease.

當我們轉向北美時，供應鏈延誤給它蒙上了一層陰影。我們計劃將這些成本的大部分轉嫁給消費者。迄今為止，我們沒有看到阻力，但由於供應鏈延遲，我們無法通過所有阻力，特別是對於我們正在部署的空運。所以在北美一點點，毛利率會下降。

Okay. Got it. And then maybe, Jim, if I can follow up. Can you give us an idea of what your free cash flow outlook for this year is based on your guidance and sort of what the primary uses of the free cash will be sort of after CapEx?

好的。知道了。然後，吉姆，如果我能跟進的話。您能否根據您的指導告訴我們今年的自由現金流展望，以及資本支出後自由現金的主要用途是什麼？

Yes. So look, the guidance we gave is with our earnings, we're going to have EBITDA well over $1 billion. CapEx will be about $400 million. We're also planning on share buyback for the continued use of our remaining authorization for a little over $200 million.

是的。所以看，我們給出的指導是我們的收益，我們的 EBITDA 將遠遠超過 10 億美元。資本支出約為 4 億美元。我們還計劃以 2 億美元多一點的價格回購股票，以繼續使用我們剩餘的授權。

The one thing that's going to happen as we work through 2021 is we are going to have a working capital build -- sorry, in 2022, we're going to have a working capital build. We ended 2021 with just too low of inventory levels. As we work through the year, we're going to get -- hopefully, get back into a better inventory position, really to fuel the growth for 2023. So there'll be a little a little bit of a reversal from '21 into working capital but all in, still generating lots of free cash flow. And just -- I said in my notes, we paid down over $1 billion of debt in 2021. So the balance sheet is as strong in a position as in recent memory.

在我們工作到 2021 年時將會發生的一件事是我們將建立營運資本——抱歉，在 2022 年，我們將建立營運資本。我們在 2021 年結束時庫存水平太低。在我們全年的工作中，我們將 - 希望回到更好的庫存狀況，真正推動 2023 年的增長。因此，從 21 年到營運資金但全部投入，仍然產生大量自由現金流。只是——我在筆記中說過，我們在 2021 年償還了超過 10 億美元的債務。因此，資產負債表的狀況與近期記憶中一樣強勁。

We will now take our next question from Dana Telsey from TAG Advisors.

我們現在將接受來自 TAG Advisors 的 Dana Telsey 的下一個問題。

As you think about the puts and takes of exiting Heritage and FX and the other headwinds, how do you -- Jim, how do you foresee the underlying growth of the business, both on the top line and bottom line going forward? And then Stefan, any update on how you're thinking about, given the digital-first mindset, where you want digital as a percent of sales to be and what it could mean for each of the brands?

當您考慮退出 Heritage 和 FX 以及其他不利因素時，您如何 - 吉姆，您如何預見業務的潛在增長，無論是在頂線還是底線？然後是 Stefan，考慮到數字優先的心態，關於你如何思考的任何更新，你希望數字佔銷售額的百分比是多少，以及它對每個品牌意味著什麼？

Thanks for the question, Dana. So ending 2021, we ended it with a lot of momentum and great strength. We see that continuing in the underlying businesses. It's somewhat masked by the macro challenges we're dealing with. So we guided -- we're guiding 2% to 3% on the revenue line. On a constant currency basis, that comes out to 6% to 7%. If you were to add back the exit of Heritage plus our temporary closure in Russia, we get to a 10% to 11% top line underlying growth.

謝謝你的問題，達娜。所以在 2021 年結束時，我們以巨大的勢頭和強大的力量結束了它。我們看到這種情況在基礎業務中繼續存在。我們正在應對的宏觀挑戰在某種程度上掩蓋了這一點。所以我們指導——我們在收入線上指導 2% 到 3%。按固定匯率計算，這一比例為 6% 至 7%。如果你要加上 Heritage 的退出加上我們在俄羅斯的臨時關閉，我們的潛在增長將達到 10% 到 11%。

And if you also look at EBIT, in my notes, I kind of said we expect the EBIT dollars to be down low single digits year-over-year. But FX is worth about 7% of a decrease and the Russia is worth about 6% on the profitability. That also gets us to a double-digit growth in underlying EBIT.

如果你也看一下 EBIT，在我的筆記中，我有點說過我們預計 EBIT 美元將同比下降低個位數。但外匯價值下降約 7%，俄羅斯價值下降約 6%。這也使我們的基礎息稅前利潤實現了兩位數的增長。

Thanks, Jim. And Dana, coming back to your question about digital. So supercharging digital has been one of our key priorities over the past year and one of the key drivers of the success of last year being a record year. So digital today, 25% penetration. Europe, where we are the closest connected with our brands to where the consumer is going, is well over that. Last year, we drove 30% growth on top of 40% growth. So digital will continue to grow faster than the other channels and penetration over time will continue to grow.

謝謝，吉姆。達娜，回到你關於數字的問題。因此，增強數字化一直是我們過去一年的主要優先事項之一，也是去年取得創紀錄成功的關鍵驅動因素之一。所以今天數字化，25% 的滲透率。歐洲是我們與我們的品牌最接近消費者去向的地方，遠不止於此。去年，我們在 40% 的增長基礎上實現了 30% 的增長。因此，數字渠道的增長速度將繼續快於其他渠道，隨著時間的推移，滲透率也將繼續增長。

We will now take our next question from Kimberly Greenberger from Morgan Stanley.

我們現在將接受來自摩根士丹利的 Kimberly Greenberger 的下一個問題。

Stefan, I wanted to ask just about the supply chain impact here in the U.S. And obviously, we can't go back and change history. But knowing what you know now, are there any different strategies that you wish you had deployed perhaps last year just to get through the North American challenges? And then if you're talking about strategizing for supply chain here in 2022, what are the go-forward things that you're doing to try to impact the challenges in supply chain, particularly in North America?

Stefan，我想問一下美國供應鏈的影響。顯然，我們不能回頭改變歷史。但是，了解您現在所知道的，您是否希望去年部署了任何不同的策略來度過北美的挑戰？然後，如果你在談論 2022 年的供應鏈戰略，你正在做哪些前瞻性的事情來試圖影響供應鏈中的挑戰，特別是在北美？

Thank you, Kimberly. And so when it comes to how we navigated through COVID last year, I'm really proud of how we drove to the record performance we did. So overall, when it comes to a crisis like COVID, it's about pivoting and making us -- making decisions that follows how the consumer reacts through the COVID pandemic, and I feel very good about how we did that.

謝謝你，金伯利。因此，當談到去年我們如何度過 COVID 時，我為我們創造了創紀錄的業績感到非常自豪。所以總的來說，當談到像 COVID 這樣的危機時，它是關於調整和讓我們——根據消費者對 COVID 大流行的反應做出決定，我對我們的做法感到非常滿意。

When it comes to the COVID-related supply chain challenges in North America, they are COVID sourcing-related COVID in-sourcing countries. So when we look at where we source from in our 3 regions, North America is more impacted than Europe and Asia, mostly because of different sourcing geographies. And when it comes to going forward, as Jim alluded to, the supply chain delays in North America is something we're going to navigate through over the year, and the biggest effect is in the first half.

當談到北美與 COVID 相關的供應鏈挑戰時，他們是與 COVID 採購相關的 COVID 採購國家。因此，當我們查看 3 個地區的採購來源時，北美比歐洲和亞洲受到的影響更大，這主要是因為採購地理位置不同。談到未來，正如吉姆所暗示的那樣，北美的供應鏈延誤是我們一年中要經歷的事情，而最大的影響是在上半年。

Okay. Great. That's helpful color. And I just had a quick follow-up for Jim on the tax rate. Jim, can you just remind us what is happening in tax rate in 2022 that's causing that to go into the high 20s or 30%? And is this the level we should think about for future years as well? Is this the new normal kind of tax rate?

好的。偉大的。這是有用的顏色。我剛剛對吉姆的稅率進行了快速跟進。吉姆，你能提醒我們 2022 年的稅率會發生什麼，導致稅率達到 20% 或 30% 的高位嗎？這也是我們未來幾年應該考慮的水平嗎？這是新常態的稅率嗎？

Yes. Thanks for your question, Kimberly. So 2 things, really. One is we had a favorable tax treatment on low rates in the Netherlands. That expired in 2021. We also had favorable treatment going back to our acquisition of Calvin Klein, which also expired in 2021. So those 2 things rolled off. And now basically, if you think about where we do business, the U.S. rate is close to 25% after you add in the States. Europe is around 25%. And then when you get into Asia, countries like China and Australia and Japan are 30% plus.

是的。謝謝你的問題，金伯利。所以有兩件事，真的。一是我們在荷蘭享有低稅率的優惠稅收待遇。這在 2021 年到期。我們在收購 Calvin Klein 時也獲得了優惠待遇，後者也在 2021 年到期。所以這兩件事就結束了。現在基本上，如果你考慮我們在哪裡開展業務，加上美國後，美國的稅率接近 25%。歐洲約為25%。然後當你進入亞洲時，像中國、澳大利亞和日本這樣的國家要多出 30%。

So we're basically -- 29% to 30% is somewhat in a zone of our statutory rates. We get a little bit hurt in that our income is a little more weighted -- is much more weighted to international. So some of the U.S. tax reform rules hurt us a little bit.

所以我們基本上 - 29% 到 30% 在某種程度上處於我們的法定稅率範圍內。我們受到了一點傷害，因為我們的收入權重更高——更偏重於國際收入。所以美國的一些稅改規則對我們造成了一點傷害。

So at Investor Analyst Day, we're going to get into it a little further on the forward-looking projections. But I will tell you, we are continuing to always look at optimizing our tax strategy. But those -- with those 2 big things rolling off in 2021, the days of being in the teens are -- may not happen again.

因此，在投資者分析師日，我們將進一步探討前瞻性預測。但我會告訴你，我們將繼續始終著眼於優化我們的稅收策略。但是那些 - 隨著 2021 年這兩件大事的發生，青少年的日子 - 可能不會再發生了。

We will now take our next question from Chris Nardone from Bank of America.

我們現在將接受來自美國銀行的 Chris Nardone 的下一個問題。

So it sounds like your core business remains quite strong in Europe, excluding the impact in Eastern Europe. Does your full year revenue outlook assume any slowdown in European demand trends given the inflationary pressures we're seeing? And then can you talk to us about where you are in your pricing journey across both of your brands in Europe particularly?

所以聽起來您的核心業務在歐洲仍然相當強勁，不包括對東歐的影響。考慮到我們看到的通脹壓力，您的全年收入展望是否假設歐洲需求趨勢放緩？然後你能和我們談談你在歐洲兩個品牌的定價過程中所處的階段嗎？

Yes, Chris. So first, on Europe, no. Our estimates right now, from what we are seeing in Europe, as Stefan mentioned, we still see great strength in demand for our brands, and we do not see any slowdown, and we have not estimated for any slowdown.

是的，克里斯。所以首先，關於歐洲，不。我們現在的估計，正如 Stefan 提到的，從我們在歐洲看到的情況來看，我們仍然看到對我們品牌的需求強勁，我們沒有看到任何放緩，我們也沒有估計任何放緩。

As far as pricing, on average, I mentioned it's going to be up -- our costs are up 10%. We're going to pass that predominantly back to the consumer. We aren't seeing any resistance to date. It will be a little -- it will escalate a little bit more in the fall than in the spring, but not much more.

至於定價，平均而言，我提到它會上漲——我們的成本上漲了 10%。我們將把它主要傳遞給消費者。迄今為止，我們沒有看到任何阻力。它會有點——它會在秋天比春天升級一點，但不會更多。

And when it comes to -- and just to build on what Jim just said, in these inflationary times, what's going to really make a difference is brand strength, brand relevance, product strength, channel execution, channel relevance. And that's why in Europe, we see so much strength in all of that, which positions us really well in order to navigate these inflationary challenges.

當談到——並且只是建立在吉姆剛才所說的基礎上，在這些通貨膨脹的時代，真正發揮作用的是品牌實力、品牌相關性、產品實力、渠道執行、渠道相關性。這就是為什麼在歐洲，我們在所有這些方面都看到瞭如此強大的力量，這使我們能夠很好地應對這些通脹挑戰。

We will now take our next question from Brooke Roach from Goldman Sachs.

我們現在將接受來自高盛的布魯克羅奇的下一個問題。

Stefan, in your prepared remarks, you called 2022 a year of transition for North America. Could you provide some additional context on your plans for the North America marketplace this year to improve the brand momentum that you have across both brands, especially with that domestic consumer?

Stefan，在您準備好的發言中，您稱 2022 年是北美的過渡年。您能否提供一些關於今年北美市場計劃的更多背景信息，以提高您在兩個品牌中的品牌勢頭，尤其是國內消費者？

Yes. Thanks, Brooke. So I'll be able to share the detailed approach in Investor Day that's coming up just in 2 weeks. But high level, we are facing the pressures from the tourist consumer being delayed coming back. Then when it comes to the domestic consumer, the core strength for us is the brand love for the brands. The brands are super strong and super relevant with a North America consumer. We have over-relied on the strength of the tourist consumer. So when that is being delayed coming back, it's getting really clear that we need to focus more on winning more with the domestic consumer. And so tapping into that brand strength and brand love by the American consumer.

是的。謝謝，布魯克。因此，我將能夠在 2 週後即將舉行的投資者日分享詳細方法。但是高層，我們面臨著旅遊消費者延遲回來的壓力。那麼對於國內消費者來說，我們的核心優勢就是品牌對品牌的熱愛。這些品牌非常強大，與北美消費者非常相關。我們過度依賴旅遊消費者的力量。因此，當它被推遲回來時，很明顯我們需要更多地關注贏得更多國內消費者。因此，利用美國消費者的品牌實力和品牌喜愛。

We -- both Calvin and Tommy are top 2 out of the top 4, 5 brands in the sector. So it's all going to come back to product strength, pricing power, investing in where the consumer wants to shop our brands, which is we are underpenetrated in digital, and execute a balanced channel strategy, but much more details when we get to Investor Day.

我們 - Calvin 和 Tommy 都是該行業前 4、5 個品牌中的前 2 名。所以這一切都將回到產品實力、定價能力、投資於消費者想要購買我們品牌的地方，這是我們在數字領域的滲透不足，並執行平衡的渠道戰略，但當我們到達投資者日時會有更多細節.

Great. And just a quick follow-up on that. As you think about the full-price selling that you achieved in 2021, where do you see the biggest opportunities for improving that full-price selling and reduce discounting into 2022?

偉大的。並對此進行快速跟進。當您考慮 2021 年實現的全價銷售時，您認為到 2022 年改善全價銷售和減少折扣的最大機會在哪裡？

Brooke, is that a question overall or North America related?

Brooke，這是一個整體問題還是與北美有關？

Overall for the business.

總的來說適合做生意。

Yes, overall for the business. So it's definitely the strength of our brands when it comes to the key growth categories, the most important product categories in the consumer's wardrobe; that we have 2 lifestyle brands and we have the license to play to win within the most important categories; and our successful ability to develop hero products and evolve hero products, the key products, the most essential products. And then we have the ability to connect them to a core replenishment system. So that makes the lead times come down.

是的，總體而言，對於業務而言。因此，當涉及到關鍵增長類別，即消費者衣櫥中最重要的產品類別時，這絕對是我們品牌的優勢；我們有 2 個生活方式品牌，我們有資格在最重要的類別中取勝；以及我們成功開發英雄產品和發展英雄產品、關鍵產品、最重要產品的能力。然後我們有能力將它們連接到核心補給系統。這樣就可以縮短交貨時間。

So when we look at that loyal consumer that shops both Calvin and Tommy, we see that we have an ability to drive pricing power. We already see it. And we see that others in the market have been able to drive pricing power. And so that's something that -- those are the key reasons why we see the trend continue as strong as we do. And we also see the success in 2021 -- based on these product strategies, we see the pricing power go up, and we see it continue to go up. And then, of course, in really high inflationary periods like this, there is also an efficiency component that we need to drive efficiencies as a company overall as well.

因此，當我們觀察同時購買 Calvin 和 Tommy 的忠實消費者時，我們會發現我們有能力推動定價權。我們已經看到了。我們看到市場上的其他人已經能夠推動定價權。所以這就是 - 這些是我們看到趨勢繼續像我們一樣強勁的關鍵原因。我們也看到了 2021 年的成功——基於這些產品策略，我們看到定價能力上升，而且我們看到它繼續上升。然後，當然，在像這樣的真正高通脹時期，我們還需要一個效率組件來提高整個公司的效率。

(Operator Instructions) We will now take our next question from Ike Boruchow from Wells Fargo.

（操作員說明）我們現在將接受來自富國銀行的 Ike Boruchow 的下一個問題。

Stefan, you guys have given some great detail in the near term next year. I guess bigger picture, you've been at the company for several years. I wanted to ask just about your view of the structure of the business. In your eyes, is there any need for any more meaningful changes? The thing that kind of comes to mind is you've got some pretty big licenses that expire with Calvin next year. Is there anything that you think the business could do more efficiently? Or any reason we should think that there might be some strategic changes that at least you're considering now that you've been in the seat for several years?

Stefan，你們在明年的短期內提供了一些非常詳細的信息。我想大局觀，你已經在公司工作了幾年。我想問問你對公司結構的看法。在您看來，是否需要進行更有意義的改變？我想到的是你有一些相當大的許可證，這些許可證將於明年與 Calvin 一起到期。您認為企業可以更有效地做哪些事情？或者我們應該認為可能會有一些戰略變化的任何原因，至少你現在已經在位幾年了？

Yes. No, so I've been in the seat for a year. So -- and during that year, the biggest structural change we have made is the divestiture of Heritage. So it's to focus -- the intensified focus on Calvin and Tommy. We see again that the strength of having 2 of the most iconic brands, globally most beloved brands in our sector, gives us so much of an opportunity to drive systematic, repeatable value creation over time. And that's what we're going to go through more in detail at the Investor Day.

是的。不，所以我已經坐了一年了。所以——在那一年，我們所做的最大的結構性改變是剝離了 Heritage。所以要集中精力——更加關注 Calvin 和 Tommy。我們再次看到，擁有 2 個最具標誌性的品牌（我們行業中全球最受歡迎的品牌）的實力為我們提供了很多機會，可以隨著時間的推移推動系統的、可重複的價值創造。這就是我們將在投資者日更詳細地討論的內容。

We will now take our next question from Paul Lejuez from Citi Investments.

我們現在將接受來自 Citi Investments 的 Paul Lejuez 的下一個問題。

It's Tracy Kogan filling in for Paul. Two things. I was hoping you guys could quantify the impact of freight in 4Q and then kind of quantify what you're building in for the full year. And then looking at your inventories, I was wondering if you could give us a sense of inventories by brand. I assume also regionally that the U.S. -- I think you alluded to the U.S. being leaner. But if you could just give us a sense of inventory by brand, if you're having more trouble at one brand than the other.

Tracy Kogan 代替了 Paul。兩件事情。我希望你們能量化第四季度貨運的影響，然後量化你們全年的建設。然後看看你的庫存，我想知道你是否可以按品牌給我們一個庫存感。我還假設美國 - 我認為你提到美國正在變得更精簡。但是，如果你能按品牌給我們一種庫存感，如果你在一個品牌上遇到的麻煩比另一個品牌多。

Yes, Tracy. So just on the first piece, on your freight. So we had been projecting about a $20 million increase in 4Q in airfreight. We realized about $10 million of that. $10 million of it actually shifted into the first quarter of 2022. That was on the cusp of the year.

是的，特蕾西。所以就第一件，關於你的運費。因此，我們一直預計第四季度空運將增加約 2000 萬美元。我們實現了其中約 1000 萬美元。其中 1000 萬美元實際上轉移到了 2022 年第一季度。那是一年的風口浪尖。

In 2022, year-over-year, on a full year basis, we're estimating about $10 million to $20 million more in airfreight. But in the first half, there will be much, much more significant increase. Just in the weighting the first half of '22, we'll have a lot of airfreight. The second half of 2021 had a lot of airfreight.

到 2022 年，與去年同期相比，我們估計全年空運收入增加約 1000 萬至 2000 萬美元。但在上半年，會有非常非常顯著的增長。就在 22 年上半年的加權中，我們將有很多空運。 2021年下半年空運量很大。

And as far as the inventories, we're not specifically going to talk by brand. But I mentioned in my notes that we were down 5% at the end of 2021, which is pretty much related to Heritage. If you went back to 2019 levels, we're even that much further down double digits. So as we get through the year, we should start to get back in, particularly once we start getting closer to the fall season.

至於庫存，我們不會專門按品牌討論。但我在筆記中提到，我們在 2021 年底下降了 5%，這與 Heritage 有很大關係。如果回到 2019 年的水平，我們甚至會進一步下降兩位數。因此，當我們度過這一年時，我們應該開始回歸，尤其是當我們開始接近秋季時。

But it is a challenge across the board. We're dealing with delays. But certainly, North America is more impacted. And when -- you will see it by brand a little bit as we report through 2022. North America will be a little more impacted in Tommy Hilfiger than Calvin Klein. If you think about that Calvin Klein business, it has a much higher penetration of replenishment due to the Calvin Klein underwear business. So that's not as seasonally dependent as our Tommy Hilfiger business is.

但這是一個全面的挑戰。我們正在處理延誤。但可以肯定的是，北美受到的影響更大。當我們報告到 2022 年時，您會按品牌看到它。與 Calvin Klein 相比，北美對 Tommy Hilfiger 的影響要大一些。如果你想想 Calvin Klein 業務，由於 Calvin Klein 內衣業務，它的補貨滲透率要高得多。所以這不像我們的 Tommy Hilfiger 業務那樣依賴於季節性。

There appears to be no further questions at this time, sir.

先生，此時似乎沒有其他問題了。

All right. Thank you very much. Thank you, everyone, for joining and looking forward to see you at our Investor Day on April 13. Thank you.

好的。非常感謝。感謝大家加入並期待在 4 月 13 日的投資者日見到您。謝謝。

This concludes today's call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。