威富公司 (VFC) 2009 Q3 法說會逐字稿

Good day and welcome to the VF Corporation's third quarter 2009 earnings conference call.

美好的一天，歡迎來到威富公司 2009 年第三季度收益電話會議。

Please be aware that today's conference is being recorded.

請注意，今天的會議正在錄製中。

At this time, I would like to turn the conference over to Jean Fontana of ICR.

此時，我想將會議轉交給 ICR 的 Jean Fontana。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝你。

Good afternoon.

下午好。

Thanks for participating in VF Corporation's third quarter 2009 conference call.

感謝您參加威富公司 2009 年第三季度的電話會議。

By now you should have received today's earnings press release.

到現在為止，您應該已經收到了今天的收益新聞稿。

If not, please call 203-682-8200, and we will send you a copy immediately following the call.

如果沒有，請致電 203-682-8200，我們會在通話後立即向您發送一份副本。

Hosting the call this afternoon is Mr.

今天下午主持電話會議的是 Mr.

Eric Wiseman, Chairman and CEO of VF.

VF 董事長兼首席執行官 Eric Wiseman。

Before we begin, we would like to remind participants certain statements included in today's remarks in the Q&A session may constitute forward-looking statements within the meaning of the Federal Securities laws.

在我們開始之前，我們想提醒參與者今天在問答環節中的某些陳述可能構成聯邦證券法意義上的前瞻性陳述。

Forward-looking statements are not guarantees, and actual results may differ materially from those expressed or implied in the forward-looking statements.

前瞻性陳述並非保證，實際結果可能與前瞻性陳述中明示或暗示的結果存在重大差異。

Important factors that could cause actual results, collaborations or financial conditions of the Company to differ are discussed in the documents filed with the Company and the SEC.

向公司和 SEC 提交的文件中討論了可能導致公司的實際結果、合作或財務狀況不同的重要因素。

At this time, I would like to turn the call over to Eric Wiseman.

在這個時候，我想把電話轉給 Eric Wiseman。

Thanks, Jean, and good afternoon, everyone.

謝謝，讓，大家下午好。

Thank you for joining us today.

感謝您今天加入我們。

Our third quarter results clearly signal that the worst effects of the recession may be behind us, and they tell us that even during incredibly difficult conditions VF's diversified business model and operating discipline can enable to performance that is superior to many companies both within and outside our industry.

我們第三季度的業績清楚地表明，經濟衰退的最壞影響可能已經過去，它們告訴我們，即使在極其困難的條件下，VF 的多元化業務模式和運營紀律也可以實現優於我們內外許多公司的業績行業。

For example, excluding foreign currency effects, our revenues were down only 3%, and excluding the dual impacts of pension expense and currency in this year's quarter, as well as the $0.07 in unusual items in last year's quarter, on an apples to apples basis our earnings per share would actually have been up 4% from last year's third quarter.

例如，排除外匯影響，我們的收入僅下降了 3%，並排除了今年季度養老金支出和貨幣的雙重影響，以及去年同期 0.07 美元的異常項目，在同類基礎上我們的每股收益實際上比去年第三季度增長了 4%。

I think that speaks volumes about our ability to leverage the strength of our brands while remaining laser-focused on managing costs and remaining liquidity.

我認為這充分說明了我們有能力利用我們品牌的優勢，同時繼續專注於管理成本和保持流動性。

To reiterate the high points of the quarter, two of our powerhouse brands, The North Face and Vans, continue to show very good momentum in the face of what is arguably the worst period of consumer spending in recent history in, and this momentum is the result of creative and disciplined brand management and prudent investment, not short-term changes in pricing or distribution.

重申一下本季度的高點，我們的兩個強大品牌 The North Face 和 Vans 在可以說是近代歷史上最糟糕的消費支出時期繼續表現出非常好的勢頭，這種勢頭是創造性和紀律嚴明的品牌管理和審慎投資的結果，而不是定價或分銷的短期變化。

Two of our other powerhouse brands, Wrangler and Lee, are also continuing to perform well here in the US.

我們的另外兩個強大品牌 Wrangler 和 Lee 在美國也繼續表現良好。

Wrangler continues to be an important mainstay for our big mass market and Western Specialty store customers who rely on the brand's reputation, quality and innovation to drive traffic and repeat purchases, and Lee plays a similar role with its mid-tier customer where it continues to outperform its competitors with consumer-driven product innovation.

Wrangler 仍然是我們大型大眾市場和西方專賣店客戶的重要中流砥柱，他們依靠品牌的聲譽、質量和創新來推動流量和重複購買，而 Lee 在其中端客戶中扮演著類似的角色，它繼續通過消費者驅動的產品創新超越競爭對手。

It's no secret that Nautica has not performed up to our expectations during the past couple of years, and you have rightly questioned the prospects and timing of a turnaround.

Nautica 在過去幾年沒有達到我們的預期，這已經不是什麼秘密了，您對扭虧為盈的前景和時機提出了正確的質疑。

So we're also very pleased to report that our Sportswear operating margins rose nearly 400 basis points in the quarter to 15.8%, driven by higher margins in our Nautica wholesale business.

因此，我們也非常高興地報告，在我們的 Nautica 批發業務利潤率較高的推動下，我們的運動服營業利潤率在本季度增長了近 400 個基點，達到 15.8%。

Revenue comparisons also improved in the quarter, yet we noted that we continue to expect mid-single digit declines for the second half of the year in total.

本季度的收入比較也有所改善，但我們注意到，我們繼續預計下半年總體收入將出現中等個位數的下降。

We don't expect much near-term improvement in the overall retail conditions, but we do believe our work to improve Nautica's products, brand positioning and profitability has significantly strengthened the brand's foundation.

我們預計整體零售狀況近期不會有太大改善，但我們確實相信我們在改善 Nautica 的產品、品牌定位和盈利能力方面所做的工作大大加強了品牌的基礎。

Our retail revenues continued to rise in the quarter, as we continued to selectively add new stores across our strongest brand concepts.

我們的零售收入在本季度繼續增長，因為我們繼續根據我們最強大的品牌概念有選擇地增加新店。

We remain very disciplined in our approach to new store openings, choosing to expand only those concepts that will drive both top and bottom line growth.

我們對新店開張的方法仍然非常嚴格，選擇只擴展那些將推動收入和利潤增長的概念。

And last, our financial position remains extremely strong.

最後，我們的財務狀況仍然非常強勁。

We are beating our inventory reduction targets.

我們正在超額完成我們的庫存削減目標。

We will end the year with a healthy cash balance, and we are raising our projection for cash flow from operations to near record levels.

我們將在今年年底保持健康的現金餘額，並且我們將對運營現金流的預測提高到接近創紀錄的水平。

But to be sure, challenges remain.

但可以肯定的是，挑戰依然存在。

Our European jeans business remains under pressure.

我們的歐洲牛仔褲業務仍然面臨壓力。

While conditions in Europe have stabilized, the market for higher aimed jeans like Lee and Wrangler remains difficult, as it does here.

雖然歐洲的情況已經穩定，但 Lee 和 Wrangler 等高端牛仔褲的市場仍然困難重重，就像這裡一樣。

Similarly, our contemporary brands business in the US continues to feel the effect of very weak conditions in upper tier department and specialty stores.

同樣，我們在美國的當代品牌業務繼續受到上層百貨和專賣店非常疲軟的影響。

However, our 7 For All Mankind brand revenues are likely to be only slightly below prior year levels, and that includes the planned double-digit decrease in their offprice business -- and the brand should continue to enjoy mid-teen operating margins this year.

然而，我們的 7 For All Mankind 品牌收入可能僅略低於上年水平，其中包括計劃中的非價格業務兩位數下降——該品牌今年應繼續享有中等水平的營業利潤率。

The growth opportunities we identified at the time we purchased the brand -- international expansion, retail store growth and product line extensions -- remain intact, and we continue to see excellent long-term potential for the brand.

我們在購買該品牌時確定的增長機會——國際擴張、零售店增長和產品線擴展——保持不變，我們繼續看到該品牌的卓越長期潛力。

Our Imagewear business is in a tough spot.

我們的 Imagewear 業務處境艱難。

Its uniform business is very sensitive to employment conditions, and until those improve this business is likely to remain challenging.

它的製服業務對就業條件非常敏感，在這些條件改善之前，該業務可能仍然充滿挑戰。

But the team there deserves much credit for keeping customer relationships strong and for aggressively managing costs that have kept the operating margins of that business at healthy double-digit levels.

但那裡的團隊值得讚揚，因為他們保持了牢固的客戶關係，並積極管理成本，使該業務的營業利潤率保持在兩位數的健康水平。

So we have excellent leverage in place for when conditions do improve.

因此，當情況確實改善時，我們擁有出色的槓桿作用。

We're looking forward to ending 2009 on a solid note, with both revenue comparisons and double-digit growth in fourth quarter earnings per share.

我們期待 2009 年以穩健的基調收尾，收入比較和第四季度每股收益均實現兩位數增長。

For the year, we strengthened our guidance on both the top and bottom lines.

這一年，我們加強了對頂線和底線的指導。

We now anticipate that revenues will be down about 6%, including a 2% currency impact, and we are establishing a new range for earnings per share of $4.85 to $5, which is the high end of our prior guidance.

我們現在預計收入將下降約 6%，包括 2% 的貨幣影響，我們正在將每股收益設定為 4.85 美元至 5 美元的新範圍，這是我們先前指導的上限。

One other area I'd like to touch on before turning the call over to Bob.

在將電話轉給鮑勃之前，我想談談另一個領域。

In the last several weeks, there have been a tremendous amount of buzz about the potential for reorders and replenishment, given leaner inventories of retail and improving comp store comparisons.

在過去的幾周里，鑑於零售庫存減少和商店比較的改善，人們對重新訂購和補貨的可能性進行了大量的討論。

It's true that inventories at retail are down a lot from prior year levels.

零售庫存確實比上一年的水平下降了很多。

It's also true the comp store comparisons, while still negative, are becoming less bad.

comp store 比較也是真實的，雖然仍然是負面的，但正在變得不那麼糟糕。

Both of those factors bode well for stronger retail industry margins near-term.

這兩個因素都預示著零售業近期利潤率將走強。

However, we're going to continue to adopt a cautious approach to planning our business as we believe consumer spending will remain challenged as unemployment continues to rise, credit remains tight and saving rates remain above historic levels.

然而，我們將繼續採取謹慎的方式來規劃我們的業務，因為我們認為，隨著失業率持續上升、信貸仍然緊張以及儲蓄率仍高於歷史水平，消費者支出仍將面臨挑戰。

We don't believe the global economy is out of the woods just yet.

我們認為全球經濟尚未走出困境。

Despite these challenges, I have great confidence that we have the right strategies in place to emerge from these very difficult times stronger than ever.

儘管存在這些挑戰，但我非常有信心，我們已經制定了正確的戰略，能夠比以往任何時候都更強大地擺脫這些非常困難的時期。

We have great brands with lots of runway for growth still ahead.

我們有很多偉大的品牌，還有很多增長的跑道。

Our profitability is strong, with operating margins at double-digit levels, and our balance sheet is in great shape.

我們的盈利能力很強，營業利潤率達到兩位數，資產負債表狀況良好。

Let's hear more on the quarter now from Bob Shearer.

現在讓我們從 Bob Shearer 那裡聽到更多關於本季度的信息。

Okay, thanks, Eric.

好的，謝謝，埃里克。

And I'm going start with revenues, which were down by 5% or 3% in constant dollars, and that's an improvement over the declines reported in both the first and second quarters of this year.

我將從收入開始，按固定美元計算，收入下降了 5% 或 3%，這比今年第一季度和第二季度報告的下降有所改善。

Now moving down the P&L, we're pleased to report another quarter of strong gross margins.

現在向下移動損益表，我們很高興地報告另一個季度的強勁毛利率。

In fact, at 44.3% gross margins are only slightly below the record level of 44.4% that we achieved in last year's third quarter.

事實上，44.3% 的毛利率僅略低於我們在去年第三季度創下的 44.4% 的創紀錄水平。

This continued strength in gross margins can be attributed to expanding gross margins in our Outdoor and Action Sports and US jeans businesses, as well as the positive impact of our growing full price retail business with its higher margins.

毛利率的持續增長可歸因於我們的戶外和極限運動以及美國牛仔褲業務毛利率的擴大，以及我們不斷增長的全價零售業務的積極影響以及更高的利潤率。

In fact, we expect this momentum in gross margins to continue into the fourth quarter when our margin percentage should exceed 45%.

事實上，我們預計毛利率的這種勢頭將持續到第四季度，屆時我們的利潤率應超過 45%。

Once again, our retail growth will play a role in this improvement, but we also expect to see expanded margins across many of our businesses across the globe in the quarter, reflecting operating efficiencies and the strength of our brands.

再一次，我們的零售增長將在這一改善中發揮作用，但我們也預計本季度我們全球許多業務的利潤率都會擴大，這反映了運營效率和我們品牌的實力。

SG&A as a percent of revenues rose 60 basis points, and that includes the impact of our higher pension expense which represented an increase of 100 basis points to the quarter.

SG&A 佔收入的百分比上升了 60 個基點，其中包括我們較高的養老金支出的影響，該支出比本季度增加了 100 個基點。

Retail growth with its higher SG&A relationships also increased the overall expense rate to revenues, while our cost management efforts reduced the percentage.

零售業務的增長及其較高的 SG&A 關係也提高了總費用佔收入的比例，而我們的成本管理工作降低了這一比例。

Regarding the fourth quarter, the SG&A relationship to revenues will remain relatively flat to up slightly from the prior year period.

關於第四季度，SG&A 與收入的關係將保持相對平穩，甚至比去年同期略有上升。

For the quarter the SG&A percent will be helped or lowered by the absence of the restructuring charge in Q4 2008 and the related benefits from those actions.

由於 2008 年第四季度沒有重組費用以及這些行動帶來的相關收益，本季度的 SG&A 百分比將得到幫助或降低。

However, the quarter will also reflect increases from higher pension expense and growth in our retail business.

然而，本季度還將反映養老金支出增加和零售業務增長帶來的增長。

Now our lower tax rate in the quarter reflects the reduction in our anticipated annual effective tax rate.

現在我們本季度較低的稅率反映了我們預期的年度有效稅率的降低。

In last quarter's call we said we expected a tax rate of about 27% for the year.

在上一季度的電話會議中，我們表示我們預計今年的稅率約為 27%。

We currently expect our annual effective tax rate to approximate 26%.

我們目前預計我們的年度有效稅率約為 26%。

We expect that our lower tax rate for 2009 will be sustainable going forward.

我們預計 2009 年較低的稅率將在未來持續下去。

And that brings us to earnings per share, which were $1.94 in the quarter.

這給我們帶來了每股收益，本季度為 1.94 美元。

Earnings per share in the quarter included a combined $0.17 per share impact from pension and currency.

本季度的每股收益包括來自養老金和貨幣的合計每股 0.17 美元的影響。

In addition, as we disclosed last year, the prior period's quarter included a net $0.07 per share benefit from unusual items, primarily one-time tax benefits and restructuring.

此外，正如我們去年披露的那樣，上一季度包括來自不尋常項目的每股淨收益 0.07 美元，主要是一次性稅收優惠和重組。

So on a more comparable basis, for excluding these items, earnings per share would have increased by 4% in the quarter.

因此，在更具可比性的基礎上，如果不包括這些項目，本季度每股收益將增長 4%。

Now taking a quick look at our coalition results, and I'll start with Outdoor and Action Sports, revenues were about flat with those of the prior year's quarter, but up 3% in constant dollars, driven by strong growth in our North Face and Vans brands.

現在快速瀏覽一下我們的聯盟結果，我將從戶外和極限運動開始，收入與去年同期持平，但按不變美元計算增長 3%，這主要得益於我們的 North Face 和范斯品牌。

Our direct to consumer business continues to be an important growth driver for us, with revenues up 17% overall and double-digit growth in our North Face, Vans and (Inaudible) brands.

我們直接面向消費者的業務仍然是我們重要的增長動力，我們的 North Face、Vans 和（聽不清）品牌的整體收入增長了 17%，並且實現了兩位數的增長。

We were especially pleased to report record operating income and margins for the coalition in the quarter.

我們特別高興地報告本季度該聯盟創紀錄的營業收入和利潤率。

It's a real achievement by our Outdoor and Action Sports teams, especially given the challenging environment.

這是我們的戶外和極限運動團隊的真正成就，尤其是在充滿挑戰的環境下。

And we expect this strength to continue in the fourth quarter as well, with even higher revenue growth and continued operating margin expansion in the quarter versus prior year levels.

我們預計第四季度也將繼續保持這種勢頭，與去年同期相比，本季度的收入增長更高，營業利潤率繼續擴大。

Now in terms of our Jeanswear business, as anticipated, revenue comparisons improved in the third quarter versus the second.

現在就我們的牛仔服業務而言，正如預期的那樣，第三季度的收入比較與第二季度相比有所改善。

On a constant currency basis, revenues were down 7% in the third quarter compared with the 12% decline in the second quarter.

按固定匯率計算，第三季度收入下降 7%，而第二季度下降 12%。

The improvement is especially evident in our domestic business, which was down 6% in the third quarter compared with a decline of 12% in the second quarter.

我們國內業務的改善尤為明顯，第三季度下降了 6%，而第二季度下降了 12%。

In the US, our Lee brand continues to gain share, with revenues down only slightly or by about 1%.

在美國，我們的 Lee 品牌繼續獲得份額，收入僅略微下降或下降約 1%。

We're also pleased that our Wrangler brand remains in a very strong position in the mass market, with enhanced brand signage now in place with our largest mass market customer.

我們也很高興我們的 Wrangler 品牌在大眾市場中仍然處於非常強大的地位，我們最大的大眾市場客戶現在已經有了增強的品牌標牌。

Our overall mass market revenue comparisons, however, continue to be hurt by the loss of certain non-core Riders brand programs, as we discussed in the second quarter.

然而，正如我們在第二季度討論的那樣，我們的整體大眾市場收入比較繼續受到某些非核心 Riders 品牌計劃損失的影響。

But just as we indicated then, our core Riders missy business continues to gain share.

但正如我們當時所指出的那樣，我們的核心 Riders missy 業務繼續獲得份額。

Now as Eric noted, our European jeans business continues to be challenging due to weak market conditions that seem to be impacting most players in the Jeanswear sector.

現在，正如 Eric 指出的那樣，由於疲軟的市場環境似乎影響了牛仔服行業的大多數參與者，我們的歐洲牛仔褲業務繼續面臨挑戰。

In fact, industry reports indicate that total European retail sales fell for a 16th consecutive month in September, while unemployment continues to rise.

事實上，行業報告顯示，9 月份歐洲零售總額連續第 16 個月下降，而失業率繼續上升。

Our international Jeanswear revenues declined 10% in constant dollars in the quarter, with declines in our European business partially offset by continued strong growth in Asia, where our Jeanswear revenues rose 17%.

我們的國際牛仔服收入在本季度以不變美元計算下降了 10%，我們歐洲業務的下滑部分被亞洲持續強勁的增長所抵消，我們的牛仔服收入增長了 17%。

Now despite the revenue declines in our Jeanswear businesses, our global Jeanswear organization has done a great job of maintaining operating margins at historically strong levels, and we should see this again in the fourth quarter with margins nearly double those of the prior year's quarter.

現在，儘管我們的牛仔業務收入下降，但我們的全球牛仔組織在將營業利潤率保持在歷史最高水平方面做得很好，我們應該會在第四季度再次看到這種情況，利潤率幾乎是去年同期的兩倍。

Expanding gross margins in our US jeans businesses in both the third and fourth quarters and for our international businesses in the fourth quarter are playing an important role in our overall strength and Jeanswear profitability.

我們美國牛仔褲業務在第三季度和第四季度以及國際業務在第四季度擴大的毛利率對我們的整體實力和 Jeanswear 盈利能力發揮了重要作用。

Now to be sure, operating margins last year were impacted by charges related to cost reduction actions.

現在可以肯定的是，去年的營業利潤率受到與成本削減行動相關的費用的影響。

But on an apples-to-apples basis -- that is, taking out the impact of the charge -- our Jeanswear operating margins will still reflect a healthy increase driven by the stronger gross margin comparisons.

但在蘋果對蘋果的基礎上——也就是說，剔除費用的影響——我們的牛仔褲營業利潤率仍將反映出在更強的毛利率比較推動下的健康增長。

Now no doubt you have all noted the big improvement in our Sportswear coalition results this quarter.

毫無疑問，你們都注意到本季度我們的 Sportswear 聯盟業績有了很大改善。

Sportswear revenues rose 4% in the quarter, with a 52% increase in operating income and operating margins reaching nearly 16%.

本季度運動服收入增長 4%，營業收入增長 52%，營業利潤率達到近 16%。

Now we did note that the revenue increase was helped by a shift in the timing of our product shipments, but we are on track to achieve overall better comparisons in the second half compared with the first and operating margins should remain at double-digit levels in the fourth quarter.

現在我們確實注意到，收入的增長得益於我們產品發貨時間的改變，但我們有望在下半年實現比上半年更好的整體比較，營業利潤率應保持在兩位數的水平第四季。

We have made a lot of improvements in the operating model for our Nautica business in particular, as reflected in our second half profit projections.

正如我們下半年的利潤預測所反映的那樣，我們尤其對 Nautica 業務的運營模式進行了大量改進。

And I also wanted to add a comment about our Kipling US business during the quarter.

我還想對本季度我們的 Kipling 美國業務發表評論。

We agreed to distribute Kipling handbags on an exclusive basis to Macy's department stores in the US starting spring, 2010.

我們同意從 2010 年春季開始在美國的梅西百貨公司獨家經銷 Kipling 手袋。

We'll roll out Kipling handbags and accessories to about 375 stores by the first quarter, and expect to roll out to all doors within a year's time.

到第一季度，我們將在大約 375 家商店推出 Kipling 手袋和配飾，並預計在一年內推出到所有門店。

Turning now to our contemporary brands business, revenues rose again this quarter, with the increase due to this year's acquisition of the Splendid and Ella Moss brands.

現在轉向我們的當代品牌業務，本季度收入再次增長，這是由於今年收購了 Splendid 和 Ella Moss 品牌。

It should be no surprise that given conditions in upper tier department and special stores, our 7 for All Mankind brand revenues declined in the quarter.

鑑於上層百貨和專賣店的情況，本季度我們的 7 for All Mankind 品牌收入下降也就不足為奇了。

But as we pointed out in the release, despite the challenges presented by this environment, our 7 For All Mankind global teams will achieve strong double-digit operating margins for the year, reflecting the overall strength of this brand and its potential moving forward.

但正如我們在新聞稿中指出的那樣，儘管這種環境帶來了挑戰，但我們的 7 For All Mankind 全球團隊今年將實現強勁的兩位數營業利潤率，反映出該品牌的整體實力及其未來發展潛力。

Bright spots for the brand in this environment were our direct-to-consumer and Asia businesses, both of which experienced strong growth in the quarter.

在這種環境下，該品牌的亮點是我們的直接面向消費者的業務和亞洲業務，這兩項業務在本季度都實現了強勁增長。

Globally year-to-date, we've opened 13 retail stores and expect a total of 20 new store openings for the year in total.

年初至今，我們在全球範圍內開設了 13 家零售店，預計今年總共將開設 20 家新店。

In the release, we stated that we expect much stronger revenue and operating margin comparisons in the fourth quarter for our contemporary brands coalition as a whole.

在新聞稿中，我們表示，我們預計整個當代品牌聯盟在第四季度的收入和營業利潤率比較會更高。

Revenues for our 7 for All Mankind brands actually should be up in the quarter as we benefit from new store openings and continued growth internationally.

我們的 7 for All Mankind 品牌的收入實際上應該在本季度增加，因為我們受益於新店開張和國際持續增長。

For the coalition overall, we anticipate a return to double-digit operating margins in the fourth quarter.

對於整個聯盟，我們預計第四季度的營業利潤率將恢復到兩位數。

And finally, a few words on our Imagewear business.

最後，談談我們的 Imagewear 業務。

The story here remains pretty much as it has in the past couple of quarters.

這裡的故事與過去幾個季度幾乎一樣。

High and rising unemployment levels is affecting our uniform business, while poor attendance at major league sporting events and the highly discretionary nature of sports-related apparel products has dampened sales of our licensed team apparel products.

居高不下且不斷上升的失業率正在影響我們的製服業務，而主要聯賽體育賽事的出席率低以及與運動相關的服裝產品的高度自由裁量權性質抑制了我們特許團隊服裝產品的銷售。

Eric pointed out in his opening that we've maintained double-digit margins in our image or uniform business, despite the challenged topline.

埃里克在開場白中指出，儘管營收面臨挑戰，但我們的形像或制服業務仍保持兩位數的利潤率。

That means that when conditions improve, our cost structure should provide good leverage for profitability improvements.

這意味著當情況改善時，我們的成本結構應該為提高盈利能力提供良好的槓桿作用。

For the fourth quarter, coalition operating margins should be relatively stable -- a significant improvement from prior quarter comparisons this year.

對於第四季度，聯盟運營利潤率應該相對穩定——與今年前一季度相比有了顯著改善。

Our press release touched on our retail and international performance, and I had a couple of comments here.

我們的新聞稿談到了我們的零售和國際業績，我在這裡發表了幾條評論。

On the international side first, revenues declined on a constant currency basis, with a decline of 6% in our European business, which accounted for 70% of total international revenues in the quarter.

首先在國際方面，收入按固定匯率計算下降，我們的歐洲業務下降了 6%，佔本季度國際總收入的 70%。

Partially offsetting that was an increase of 32% in our Asian business, which accounted for about 12% of total international revenues in the third quarter.

部分抵消了我們亞洲業務增長 32% 的影響，該業務佔第三季度國際總收入的 12% 左右。

In the fourth quarter, we do expect to see an increase in our international revenues on both a constant currency and reported basis.

在第四季度，我們確實希望看到我們的國際收入在固定匯率和報告的基礎上都有所增長。

And we see continued momentum in our business in Asia, with the revenue increase comparable to that which we achieved in the third quarter.

我們看到我們在亞洲的業務持續增長，收入增長與我們在第三季度實現的收入增長相當。

And in terms of our retail business, our direct-to-consumer revenues rose 6% in the quarter, with 23 new stores opened in the period, primarily full price formats.

就我們的零售業務而言，本季度我們的直接面向消費者的收入增長了 6%，在此期間新開了 23 家門店，主要是全價模式。

We now expect to open over 80 stores this year.

我們現在預計今年將開設 80 多家門店。

It's a bit more than previously planned, and as Eric noted, we're being selective in our store openings.

這比之前計劃的要多一些，正如 Eric 指出的那樣，我們在開店時是有選擇性的。

We're investing in those concepts that provide strong financial returns and strengthen our brands equity with consumers.

我們正在投資那些能提供豐厚財務回報並增強我們品牌在消費者心目中的價值的概念。

Our focus on inventory management is really paying off for us this year.

今年我們對庫存管理的關注確實為我們帶來了回報。

Inventories were down 13% in the quarter, and are now expected to be down by this same amount over year-end 2008 levels.

本季度庫存下降了 13%，目前預計將比 2008 年底的水平下降相同的數量。

This has contributed to even stronger than anticipated cash flow from operations, and you probably saw that we raised our cash flow guidance, which we now think could approach $800 million -- very close to our prior record of $834 million achieved in 2007.

這促成了比預期更強勁的運營現金流，您可能已經看到我們提高了現金流指導，我們現在認為它可能接近 8 億美元——非常接近我們在 2007 年創下的 8.34 億美元的先前記錄。

I also should point out that during the quarter, we put our strong cash flow to work, purchasing 750,000 shares of VF stock.

我還應該指出，在本季度，我們將強勁的現金流投入使用，購買了 750,000 股 VF 股票。

We expect to purchase a similar amount in the fourth quarter as well, bringing the total to 1.5 million shares for the year.

我們預計第四季度也將購買類似數量的股票，使全年總數達到 150 萬股。

I think Eric covered our revised guidance pretty well.

我認為 Eric 很好地介紹了我們修訂後的指南。

But just to reiterate, full year revenues should decline by about 6% versus our prior guidance of 5 to 7% decline.

但重申一下，全年收入應下降約 6%，而我們之前的預測為下降 5% 至 7%。

Foreign currency rates will account for 2% of the decline.

外幣匯率將佔降幅的 2%。

The full year earnings per share are expected to come in between $4.85 and $5, which is at the higher end of our previous range of $4.70 and $5.

全年每股收益預計在 4.85 美元至 5 美元之間，處於我們先前 4.70 美元至 5 美元區間的較高端。

We've given ourselves $0.15 worth of flexibility for the fourth quarter, given that there remains much uncertainty regarding consumer spending for the upcoming important holiday season.

鑑於即將到來的重要假日季節的消費者支出仍然存在很多不確定性，我們為第四季度提供了價值 0.15 美元的靈活性。

In this environment, we believe in staying on the side of caution.

在這種環境下，我們相信保持謹慎。

And with that, we'll take questions.

然後，我們將接受提問。

(Operator Instructions).

（操作員說明）。

And our first question is from Robert Drbul from Barclays Capital.

我們的第一個問題來自巴克萊資本的 Robert Drbul。

Hi, good afternoon.

嗨，下午好。

Hey, Bob.

嘿，鮑勃。

A couple of questions.

幾個問題。

First on the Nautica business, can you maybe just give us an update year-to-date what you guys have done well, or where your shortfalls are?

首先是關於 Nautica 業務，您能否向我們介紹一下年初至今你們做得好的地方，或者你們的不足之處？

And sort of as you think about the business for next year for the Nautica business, any ideas in terms of will both topline and bottom line be high are for next year as well?

就像您考慮 Nautica 業務明年的業務一樣，關於明年的收入和利潤都會很高的想法也適用於明年嗎？

And then on the 7 business, can you give us a dollar number around the offprice business and sort of the negative impact that has had on the business being negative right now or down sales, and percentage of sales -- or '09 versus '08, sort of how to think about that business?

然後在 7 業務上，你能給我們一個關於低價業務的美元數字嗎，以及對業務產生的負面影響，現在是負面的還是銷售額下降，以及銷售額的百分比——或者 09 年與 08 年的對比，如何看待該業務？

I'll start with the Nautica comments and talk to you about what changed this year.

我將從 Nautica 的評論開始，並與您談談今年發生的變化。

You might remember, Bob, that going back in the first part of this year, we rebooted the Nautica business coming into 2009 with updated products that were more expensive in price point and better built.

Bob，你可能還記得，早在今年上半年，我們就在 2009 年重新啟動了 Nautica 業務，推出了價格更高、製造更好的更新產品。

They were worth more money, but not in this environment.

他們更值錢，但不是在這種環境下。

And that really affected the first half of this year, because we took our average price points up -- or we tried to --which was the right thing to do going into what we didn't know was going to be a recession.

這確實影響了今年上半年，因為我們提高了平均價格點——或者我們試圖——在我們不知道會出現衰退的情況下，這是正確的做法。

The change for the back half of the year has been we have adopted more value price points and more value products, and that's working much better for us, as you might imagine in this environment.

今年下半年的變化是我們採用了更多的價值點和更多價值的產品，這對我們來說效果更好，正如您在這種環境中想像的那樣。

I can't comment specifically on 2010 at this point, but we'll do that in February when we cover 2010.

我現在不能具體評論 2010 年，但我們會在 2 月份討論 2010 年時發表評論。

On the 7 For All Mankind question, I don't know if we have that information available.

關於 7 For All Mankind 問題，我不知道我們是否有可用的信息。

Bob do, we have that?

鮑勃，我們有嗎？

Well, not the specific dollars, Bob, but what I can tell you is this, that the reduction in the offprice channel is about 15% of -- from the prior year.

好吧，鮑勃，不是具體的美元，但我可以告訴你的是，與前一年相比，折扣渠道的減少約為 15%。

And I know you're looking for a specific number, but it has impacted our year overall, and we think it's absolutely the right thing to do for the brand.

我知道你在尋找一個特定的數字，但它影響了我們整個年度，我們認為這對品牌來說絕對是正確的事情。

Okay.

好的。

And then just a longer-term more philosophical question in terms of looking at the numbers, I guess going forward into 2010 without sort of talking specifically to 2010 guidance, Eric, when you look at the various puts and takes of the business -- pension versus foreign exchange and the benefit of not having the $0.30 issue in the fourth quarter of this year -- when you plan forward in the next few years, how should we think about it from a core operations perspective in terms of long-term VF targets versus the pension or foreign exchange issues that you've had as we look to, let's say, 2010?

然後就看數字而言，這是一個更長期的更具哲學性的問題，我想進入 2010 年而無需專門討論 2010 年的指導，Eric，當你查看業務的各種看跌期權時 - 養老金與外匯相比，以及今年第四季度沒有發行 0.30 美元的好處——當你計劃未來幾年時，我們應該如何從核心運營的角度考慮長期 VF 目標與我們所期待的養老金或外匯問題相比，比方說，2010 年？

How should we think about that?

我們應該如何考慮？

I'm not quite sure, Bob, what you're looking for.

我不太確定，鮑勃，你在找什麼。

In terms of FX as we look forward, in the early part of next year, assuming that especially the Euro versus a dollar holds where it is, could be some impact there -- some benefit there, because as you know, our first quarter and our third quarters are by far our largest international quarters.

就我們展望的外匯而言，在明年年初，假設尤其是歐元兌美元匯率保持不變，可能會在那裡產生一些影響 - 那裡會帶來一些好處，因為如你所知，我們的第一季度和我們的第三宿舍是迄今為止我們最大的國際宿舍。

So it could help the first quarter somewhat.

所以它可以對第一季度有所幫助。

And the third quarter right now we'd have to say not a big impact one way or the other.

而現在我們不得不說第三季度不會以某種方式產生重大影響。

But those are clearly the two largest quarters and where we may see some impact next year.

但這顯然是最大的兩個季度，明年我們可能會看到一些影響。

And what else -- so in terms of other factors, what else is it that you're looking for?

還有什麼 - 那麼就其他因素而言，您還在尋找什麼？

So I guess the question that I'm sort of looking at is when we consider our numbers for 2010 and you look at what you guys have reported thus for for 2009, let's say there's about 0.70 of numbers -- $0.70 of earnings impact from this year.

所以我想我正在研究的問題是，當我們考慮 2010 年的數據時，看看你們對 2009 年的報告，假設有大約 0.70 個數字——0.70 美元的收益影響來自這個年。

Is it fair to look at the business and say long-term VF is an 8% -- targeted 8 to 10% grower, and we could get to core operations of 8% plus getting back some of the pension hits or the foreign exchange hits that we had this year?

看看業務並說長期 VF 是 8% 是否公平 - 目標是 8% 到 10% 的增長，我們可以達到 8% 的核心業務加上收回一些養老金沖擊或外匯衝擊我們今年有什麼？

Well, I'll comment on 2010 related to the pension, because it's obviously been a factor in this year's numbers.

好吧，我將評論與養老金相關的 2010 年，因為這顯然是今年數據的一個因素。

As we look forward, if the market held where it is today -- and as we've explained in the past, the increase in pension expense for this year obviously driven by the value of the assets in our plan -- and right now, if the market stayed where it is right now, that would reduce our overall expense next year by something like 15 or $20 million.

正如我們展望的那樣，如果市場保持今天的水平——正如我們過去所解釋的那樣，今年養老金支出的增加顯然是由我們計劃中的資產價值驅動的——而現在，如果市場保持現在的水平，明年我們的總支出將減少大約 15 或 2000 萬美元。

So that would be a favorable impact for us as we look at next year, just like the currency piece that we just talked about.

因此，這對我們明年來說將是一個有利的影響，就像我們剛才談到的貨幣一樣。

Great.

偉大的。

Thank you very much.

非常感謝。

Okay.

好的。

Our next question is from Jim Duffy from Thomas Weisel Partners.

我們的下一個問題來自 Thomas Weisel Partners 的 Jim Duffy。

Hi, Jim.

嗨，吉姆。

Jim, your line is open.

吉姆，你的線路是開放的。

Oh, sorry.

哦對不起。

I was on mute.

我是靜音的。

Could I ask you to speak to the same store performance of your owned stores as you progress through third quarter and what kind of expectations for comps you have built into the fourth quarter outlook?

我能否請您談談在第三季度取得進展時您自有商店的相同商店業績，以及您對第四季度展望中的補償有什麼樣的期望？

Well, as you know, Jim, we don't provide specific comp store data -- haven't.

好吧，正如你所知，吉姆，我們不提供具體的公司商店數據——沒有。

And as we look into the next quarter, clearly we are expecting an improvement.

當我們展望下一個季度時，顯然我們期待有所改善。

We're beginning to see that in our stores.

我們開始在我們的商店中看到這一點。

So overall, I mean ,the one business -- our largest business in terms of retail, which represents about 1/3 of the number of stores that we have from a retail standpoint in the third quarter -- showed comp store increases in the mid-single digits.

所以總的來說，我的意思是，一項業務——我們在零售方面最大的業務，從第三季度的零售角度來看，約占我們擁有的商店數量的 1/3——顯示 comp 商店在中期有所增長-個位數。

So we were really pleased with that overall.

所以我們對整體情況非常滿意。

Overall for VF, the comps were flat to down just slightly.

總體而言，對於 VF，補償持平或略有下降。

Then in the fourth quarter, we do expect to see some improvement from that.

然後在第四季度，我們確實希望看到一些改善。

Okay.

好的。

And what are the comparisons you'll be going against in the fourth quarter from last year?

你將在第四季度與去年相比進行哪些比較？

They were positive, correct, if I remember?

如果我記得的話，他們是積極的，正確的？

Yes.

是的。

By a small amount, Jim -- just a few percentage points.

一點點，吉姆——只有幾個百分點。

Okay.

好的。

And then there's a general expectation in the retail channel that demand could exceed supply of inventory on hand at retail.

然後，零售渠道普遍預期需求可能會超過零售庫存供應。

Can you guys just speak to your opportunity to chase business?

你們能談談您追逐業務的機會嗎？

Which are the business lines, like Jeanswear, where you may be able to capitalize on some of that excess demand, and which are some of the ones where lead times are longer, and if the inventory is gone, there's no business to be done?

哪些業務線，例如 Jeanswear，您可以利用其中的一些過剩需求，哪些業務線的交貨期較長，如果庫存消失，就沒有業務可做？

Yes.

是的。

Jim, I know you appreciate how complicated or how complex VF is.

吉姆，我知道你明白 VF 有多複雜。

So there's not an easy answer to that question, but you're right.

所以這個問題沒有簡單的答案，但你是對的。

Our Jeanswear business is one category where we have lots of capacity in this hemisphere, and it's quick turn capacity.

我們的牛仔服業務是我們在這個半球擁有大量產能的一個類別，而且是快速周轉產能。

We have raw materials held on consignment.

我們有寄售的原材料。

We can go from purchase order to the DC in 20 days for the products that we make here.

對於我們在這裡生產的產品，我們可以在 20 天內從採購訂單到 DC。

The other end of that, of course, is long lead time, equipment and sleeping bags and tents that we make in Asia where we could not react if there was an uptick between now and Christmas.

當然，另一端是我們在亞洲製造的交貨時間長、設備、睡袋和帳篷，如果從現在到聖誕節之間出現上漲，我們無法做出反應。

But we do have a meaningful part of our business here in this hemisphere where we are in the position to react.

但我們在這個半球確實有我們業務的重要部分，我們可以做出反應。

Eric, are there any categories where you wish you had more inventory?

埃里克，有沒有你希望有更多庫存的類別？

Jim, our approach this whole year has been we're going to take inventory out and chase sales, if we are blessed with the opportunity to chase sales.

吉姆，我們這一整年的方法是，如果我們有幸有機會追逐銷售，我們將清空庫存並追逐銷售。

So it looks like that opportunity may be coming true and we'll be thankful to have it, but I'm glad we did not build excess inventory hoping that demand would get better.

所以看起來這個機會可能會成真，我們會很高興擁有它，但我很高興我們沒有建立過剩庫存，希望需求會好轉。

That's great.

那太棒了。

I'll jump back in the queue.

我會跳回到隊列中。

Thank you.

謝謝你。

Thanks, Jim.

謝謝，吉姆。

The next question is from Kate McShane from Citi Investment Research.

下一個問題來自花旗投資研究部的 Kate McShane。

Hi.

你好。

Good afternoon.

下午好。

Hi, Kate.

嗨，凱特。

Could you just help us understand -- Bob's comments at the end addressed this a little bit, but I was wondering if you could go into a little bit more specifics about why there is no increase at the high end of their guidance -- at the high end of your guidance today?

你能不能幫助我們理解——鮑勃最後的評論稍微解決了這個問題，但我想知道你是否可以更具體地說明為什麼他們的指導高端沒有增加——在您今天的指導高端嗎？

And the reason why I ask is it just sound like things are getting much better both on the currency front and in inventory since sequentially your inventories look so much better than last quarter and first quarter.

我問的原因是，這聽起來好像在貨幣方面和庫存方面都變得更好，因為您的庫存順序看起來比上一季度和第一季度好得多。

So can you just explain what has gotten so much better kind of at the low end of your guidance, or what scenario has disappeared, and why isn't there that confidence to raise the guidance on the higher end today?

那麼，您能否解釋一下在您的指導低端是什麼變得更好了，或者什麼情況已經消失了，為什麼沒有信心在今天的高端提高指導？

Well, Kate, relative to the overall range -- and we've eliminated some of the uncertainty that we had -- that's why we gave ourselves a fair amount of flexibility in the $4.70 to the $5 -- after having the quarter behind us and have a little bit better look at the fourth quarter, we obviously felt better about going to the high end of the range.

好吧，凱特，相對於整體範圍——我們已經消除了我們的一些不確定性——這就是為什麼我們在 4.70 美元到 5 美元之間給了自己相當大的靈活性——在我們落後了一個季度之後更好地看待第四季度，我們顯然對進入該範圍的高端感覺更好。

We just -- as we look at the holiday season, we -- as I said, you just mentioned it -- in my final comment, just that there's still a fair level of uncertainty relative to overall consumer spending, unemployment levels, all of those factors.

我們只是——當我們回顧假期時，我們——正如我所說，你剛才提到了——在我的最後評論中，只是相對於整體消費者支出、失業率等所有方面，仍然存在相當程度的不確定性那些因素。

So we are trying to take a cautious approach, and we just think that's the prudent thing to do in this environment.

所以我們正試圖採取謹慎的態度，我們只是認為在這種環境下這是謹慎的做法。

We think that we're well-positioned in terms of overall profitability.

我們認為我們在整體盈利能力方面處於有利地位。

As Eric said, we're in a position we believe to respond a little faster than most in terms of our ability to catch up or chase business and we'll be very, very happy to do that if we have the opportunity to do it, and that would obviously be great for us in the quarter, but just not planning that way.

正如埃里克所說，我們相信在趕上或追逐業務方面我們的反應比大多數人更快，如果我們有機會這樣做，我們將非常非常樂意這樣做，這在本季度顯然對我們來說很好，但只是沒有那樣計劃。

Kate, it is true that we saw, like many, an improvement in consumer spending during the back to school period and that carried over into the early part of October.

凱特，我們確實看到，與許多人一樣，返校期間消費者支出有所改善，而且這種情況一直持續到 10 月初。

But all the information that we have on the economy suggests that there is more unemployment to come.

但我們掌握的所有經濟信息表明，未來還會有更多的失業。

It suggests that the credit problems are severe and not fully recognized.

這表明信用問題嚴重且未得到充分認識。

How that shows up in holiday spending, I don't know.

我不知道這會如何體現在假日消費中。

But it does lead to us say we're not ignoring those hard economic facts, and they're putting us in a position where we're being a little bit cautious about it.

但這確實讓我們說我們沒有忽視那些嚴酷的經濟事實，它們讓我們處於一個我們對此有點謹慎的境地。

Okay.

好的。

That's great.

那太棒了。

Thank you.

謝謝你。

And then I wondered if you could just comment or give some commentary around The North Face and the backlogs that you're seeing for The North Face for spring?

然後我想知道你是否可以就 The North Face 和你看到的 The North Face 春季的積壓情況發表評論或發表一些評論？

Yes, the spring order positions are stronger in the mid-single digit area.

是的，春季訂單頭寸在中個位數區域更強。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

And that's a global number maybe even -- yes, maybe even a little stronger on the international side.

這甚至可能是一個全球數字——是的，在國際方面甚至可能更強一些。

Okay, great.

好，太棒了。

Thank you.

謝謝你。

All right.

好的。

The next question is from Omar Saad from Credit Suisse.

下一個問題來自瑞士信貸的 Omar Saad。

Thanks.

謝謝。

Good afternoon.

下午好。

Hey, Omar.

嘿，奧馬爾。

Hi, Omar.

嗨，奧馬爾。

Can you hear me?

你能聽到我嗎？

Yes, we can.

我們可以。

Okay, great.

好，太棒了。

Wanted to ask a follow-up question on the SG&A kind of operating expense line.

想問一個關於 SG&A 類運營費用項目的後續問題。

I mean, you guys did a great job on the gross margin line this quarter, pretty healthy gross margins.

我的意思是，你們本季度在毛利率方面做得很好，毛利率相當健康。

I know your supply chain is one of the most sophisticated and efficient out there, so congratulations on that.

我知道你們的供應鍊是目前最複雜、最高效的供應鏈之一，所以祝賀你。

But I was a little bit surprised at the expense number.

但我對費用數字感到有點驚訝。

If I look at kind of what you tracked at in the first half, your year-over-year spending was down something on the order of 50, 60, $70 million, whereas in the third quarter it looks like your spending was maybe down a little bit, a few million dollars.

如果我看看你在上半年跟踪的情況，你的同比支出下降了大約 50、60、7000 萬美元，而在第三季度看起來你的支出可能下降了一點點，幾百萬美元。

Is there something kind of structurally different about the third quarter?

第三季度在結構上有什麼不同嗎？

Is something -- is there some new expenses coming on?

是不是有一些新的開支？

I know you've been focused on expense discipline all year, and kind of given some of the commentary about the overarching environment, I was a little bit surprised to see spending not a little bit tighter in the quarter.

我知道你一整年都在關注支出紀律，並且考慮到一些關於總體環境的評論，我有點驚訝地看到本季度的支出沒有一點點緊張。

Omar, I look at it obviously in terms of the ratios to revenues, and a couple factors, obviously.

奧馬爾，我顯然是從與收入的比率和幾個因素的角度來看待它的。

The pension, which I know you're very aware of, represented about 100 basis points, so that's moving the ratio up, and the retail business as well.

養老金，我知道你很清楚，代表了大約 100 個基點，所以這提高了比率，零售業務也是如此。

And again, we expect to see very strong gross margin improvement in the fourth quarter and really see the retail investments pay off.

同樣，我們預計第四季度的毛利率將有非常強勁的改善，並且真正看到零售投資得到回報。

But the retail business and the growth in our retail business is pushing the SG&As up as well.

但零售業務和我們零售業務的增長也在推動 SG&As 上升。

So as we look at the fourth quarter, as I indicated in my comments, we're anticipating very strong gross margin growth in the fourth quarter.

因此，當我們看第四季度時，正如我在評論中指出的那樣，我們預計第四季度的毛利率增長非常強勁。

Some of that's due to retail.

其中一些是由於零售。

Some of that's due to a number of other factors in terms of inventory controls and that kind of thing.

其中一些是由於庫存控制等方面的許多其他因素造成的。

But retail is a factor.

但零售是一個因素。

So we've got pension.

所以我們有養老金。

We've got the retail piece.

我們有零售片。

We have the overall cost management efforts as well going the other way in the third quarter, so we net out to a bit up.

我們在第三季度進行了整體成本管理工作，並採取了相反的方式，所以我們淨賺了一點。

Okay.

好的。

But it doesn't sound like anything specific.

但這聽起來不像是什麼具體的東西。

No.

不。

There's nothing -- no, there's nothing that really stands out in the quarter.

沒有什麼——不，沒有什麼在本季度真正脫穎而出。

Are you doing anything in the marketing, advertising front?

你在營銷、廣告方面做過什麼嗎？

I mean, you're still maintaining that kind of high level investment that you had been in the past.

我的意思是，你仍然保持著過去的那種高水平投資。

We are.

我們是。

I mean, and that's the point in terms of the advertising spend.

我的意思是，這就是廣告支出的重點。

So we were -- as a percent of revenue, we were down 50 or 60 basis points but still spending at a fairly high level, particularly as on a ratio to revenues.

所以我們 - 作為收入的百分比，我們下降了 50 或 60 個基點，但仍處於相當高的水平，特別是與收入的比率。

Okay.

好的。

All right.

好的。

Also wanted to kind of talk about sales, the philosophy of sales versus inventory.

還想談談銷售，銷售與庫存的哲學。

Inventories keep getting cleaner and cleaner for you guys.

對你們來說，庫存越來越乾淨。

Do you feel like -- I mean, is there -- it seems to me at some point you can't grow sales without inventory.

你是否覺得——我的意思是，是不是——在我看來，在某些時候，如果沒有庫存，你就無法增加銷售額。

Is anybody out there willing to take a little bit more of a risk on inventory?

有沒有人願意在庫存上承擔更多的風險？

It doesn't sound like it's you guys, and there's some ability to chase, of course.

聽上去不像是你們，當然也有追逐的本事。

But philosophically, it's hard to grow sales without inventory, and wanted to kind of see how you feel about that.

但從哲學上講，沒有庫存就很難增加銷售額，我想看看你對此有何看法。

Well, I think we want to be in the position to react to that.

好吧，我認為我們希望能夠對此做出反應。

If you look at our inventory in total, we have around 100 days of inventory -- I'm looking for confirmation on that from Bob, but that's about the number.

如果你看一下我們的總庫存，我們大約有 100 天的庫存——我正在尋找 Bob 的確認，但這就是這個數字。

So we could supply three months of incremental sales without making another piece of product.

因此，我們可以在不生產另一件產品的情況下提供三個月的增量銷售。

We think that puts us in a reasonable position to chase.

我們認為這使我們處於合理的追逐位置。

We're going to react to that pretty quickly.

我們會很快對此做出反應。

Fortunately, our supply chain engine, as you commented on, is well developed and we are in a position to react very quickly if we need to.

幸運的是，正如您所評論的那樣，我們的供應鏈引擎非常發達，如果需要，我們能夠非常迅速地做出反應。

Okay.

好的。

And then last question, cold weather?

最後一個問題，天氣冷嗎？

I mean, it's been freezing the last few weeks.

我的意思是，過去幾週一直很冷。

We've been hearing things about undersupply of coats and jackets.

我們一直聽說外套和夾克供應不足。

Anything you're seeing in The North Face business or any of your other businesses that can kind of corroborate that?

你在 The North Face 業務或任何其他業務中看到的任何可以證實這一點的東西？

Yes.

是的。

The cold weather always helps The North Face business, and this year is no exception.

寒冷的天氣總是有助於 The North Face 的生意，今年也不例外。

Great, thanks.

太謝謝了。

Good luck.

祝你好運。

Thank you.

謝謝你。

Thanks, Omar.

謝謝，奧馬爾。

And the next question is from Eric Tracy from FBR Capital Markets.

下一個問題來自 FBR Capital Markets 的 Eric Tracy。

Good afternoon.

下午好。

Actually, just wanted to touch on pricing, if I could.

實際上，如果可以的話，我只是想談談定價。

Obviously, a trend towards moving towards lower price point value oriented product.

顯然，趨勢是轉向低價位價值導向的產品。

Can you talk about a little bit about which brands or coalitions are best positioned to possibly capitalize on that and pick up incremental volume, and then in which might be sort of negatively impacted from a margin perspective?

你能談談哪些品牌或聯盟最有可能利用這一點並增加銷量，然後從利潤率的角度來看，哪些品牌或聯盟可能會受到負面影響？

Complicated question, Eric.

複雜的問題，埃里克。

The -- all of our brands have reacted to this economic environment by introducing value prices -- value products to their consumer base.

我們所有的品牌都通過引入超值價格來應對這種經濟環境——向他們的消費者群提供超值產品。

In some cases, that's meant a reduction in prices.

在某些情況下，這意味著價格下降。

In some cases, we're just seeing the velocity in the brands at a slightly lower price point than it was last year, bringing us to an effectively -- a lower AUR -- not necessarily a lower margin, but a lower AUR on the products that we're selling.

在某些情況下，我們只是看到品牌的速度比去年略低，這使我們有效地 - 較低的 AUR - 不一定是較低的利潤率，而是較低的 AUR我們銷售的產品。

So we can maintain our gross margin rate.

所以我們可以維持我們的毛利率。

The challenge becomes in maintaining the topline if your AUR is down, which we are seeing.

如果您的 AUR 下降，我們就會面臨維持收入的挑戰，這是我們所看到的。

I don't think we have a brand that's unable to react to that.

我不認為我們有一個品牌無法對此做出反應。

They just react to it differently and in different orders of magnitude, because our big mid-tier and mass businesses have less of a need to react to that because in this environment there's been more shopping in those channels.

他們只是以不同的數量級對此做出不同的反應，因為我們的大中型和大眾企業不太需要對此做出反應，因為在這種環境下，這些渠道的購物量增加了。

Okay.

好的。

But I would imagine there would be some -- be it The North Face or even 7 For All Mankind -- that sort of the incremental volume play that you can pick up by maybe squeezing out some of those lesser brands within a given channel, may drive some incremental volume.

但我想會有一些 - 無論是 The North Face 還是 7 For All Mankind - 你可以通過在給定渠道中擠出一些較小的品牌來獲得這種增量播放量，可能驅動一些增量量。

Is that fair?

這公平嗎？

Over time.

隨著時間的推移。

Over time throughout this recession, we've lost retail customers through this recession, and there are competitors who are weak where our brands are strong, and we do think we're taking share in many of our brands, in many product categories.

隨著時間的推移，在整個經濟衰退期間，我們在經濟衰退中失去了零售客戶，並且在我們品牌強大的地方存在弱勢競爭對手，我們確實認為我們在許多產品類別中的許多品牌中都佔有一席之地。

Okay.

好的。

Fair enough.

很公平。

And then just turning to retail real quick, the incremental doors that you're now looking through 80 this year, could you, Bob, any breakouts what the difference is full price versus outlet?

然後快速轉向零售，你今年正在尋找 80 家增量門，Bob，任何突破，全價與直銷店的區別是什麼？

Yes.

是的。

It's about 80% full price.

大約是全價的80%。

So it's clearly -- our expansion in retail right now is clearly driven by full price stores.

所以很明顯——我們現在的零售擴張顯然是由全價商店推動的。

The outlets -- any outlet store openings are only driven by our capacity to move excess product.

奧特萊斯——任何奧特萊斯店的開張都是由我們轉移過剩產品的能力驅動的。

So the balance -- or I guess I could say the imbalance -- in terms of our overall store count is clearly getting more and more heavily weighted toward the full price stores.

因此，就我們的整體商店數量而言，平衡 - 或者我想我可以說不平衡 - 顯然越來越傾向於全價商店。

Okay.

好的。

And then geographically speaking, domestic versus international?

然後從地理上講，國內還是國際？

Yes.

是的。

Still by far -- because of the retail formats and also because of the partnership arrangements that we have outside of the US, the US continues to comprise a much higher percentage.

到目前為止 - 由於零售形式以及我們在美國以外的合作夥伴關係安排，美國繼續佔據更高的百分比。

They have this year in terms of new store openings.

他們今年有新店開張。

And in terms of total store counts, they still represent something like 75% or even a little bit higher of total -- of our total stores.

就商店總數而言，它們仍然占我們商店總數的 75% 甚至更高一點。

Okay.

好的。

Great.

偉大的。

Thanks, guys.

多謝你們。

Best of luck.

祝你好運。

All right.

好的。

Thanks.

謝謝。

And the next question is from [Sean Naughton] from Piper Jaffray.

下一個問題來自 Piper Jaffray 的 [Sean Naughton]。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

Hi, Sean.

嗨，肖恩。

Hi.

你好。

First on the Jeanswear business, obviously Asia looks good, up 17%.

首先是牛仔服飾業務，顯然亞洲看起來不錯，增長了 17%。

US seems to be improving.

美國似乎正在好轉。

But Europe still seems to be a weak spot.

但歐洲似乎仍然是一個薄弱環節。

Can you give us any flavor on which particular countries or areas are seeing the impact in Europe?

您能否介紹一下哪些特定國家或地區在歐洲受到了影響？

Sure.

當然。

My first comment would that be in general, the European jeans business is -- the European jeans market is tough.

我的第一個評論是總的來說，歐洲牛仔褲業務是——歐洲牛仔褲市場很艱難。

It's not something that's unique to VF.

這不是 VF 獨有的東西。

It is a marketwide challenge in Europe.

這在歐洲是一個市場範圍的挑戰。

Our model in Europe is a little different than some of our competitors.

我們在歐洲的模式與我們的一些競爭對手略有不同。

We invested heavily for growth in Eastern Europe in the last several years, and got that growth and built a nice business there.

在過去的幾年裡，我們為東歐的增長投入了大量資金，並在那裡實現了增長並建立了良好的業務。

That business has been challenged by difficulty in the economies and a collapse of currencies, which has resulted in a reported revenue decline that's disproportionate for us.

該業務受到經濟困難和貨幣崩潰的挑戰，這導致報告的收入下降對我們來說是不成比例的。

So while the market in total is tough, the way our business model was constructed over time was we had a disproportionate share in the markets that got the toughest.

因此，儘管整個市場都很艱難，但隨著時間的推移，我們構建商業模式的方式是，我們在最艱難的市場中佔有不成比例的份額。

So -- and that's shown up in our numbers.

所以 - 這顯示在我們的數字中。

Okay.

好的。

Fair enough.

很公平。

And then in terms of the order book for next year, I think you talked about The North Face obviously being up mid-single digits globally.

然後就明年的訂單而言，我想你談到 The North Face 顯然在全球範圍內增長了中個位數。

Last year, you had mentioned that you were seeing a little bit of caution for the spring order book.

去年，你曾提到你看到春季訂單有點謹慎。

Can you talk about in relative terms how you're feeling this year versus last year, heritage brands versus lifestyle, or domestic versus international orders?

您能否相對地談談今年與去年、傳統品牌與生活方式、國內訂單與國際訂單的相對感受？

We don't have the same visibility as we do in our outdoor business relative to those positions, as you know.

如您所知，相對於這些職位，我們在戶外業務中的知名度不高。

A lot of our jeans business -- for example, you mentioned about our more traditional businesses -- are done on a replenishment basis.

我們的很多牛仔褲業務——例如，你提到我們更傳統的業務——都是在補貨的基礎上完成的。

So a very different business model.

所以一個非常不同的商業模式。

So we talk about the outdoor business because we can, and we know there's positions elsewhere we really don't have a lot of good data.

所以我們談論戶外業務是因為我們可以，而且我們知道在其他地方我們確實沒有很多好的數據。

Okay.

好的。

And then lastly, you're building up obviously a significant amount of cash in the balance sheet.

最後，您顯然在資產負債表中積累了大量現金。

Anything on the acquisition front that you guys are looking at right now?

你們現在正在關注收購方面的任何事情嗎？

Can't comment specifically, but can I tell you we're busy and active.

無法具體發表評論，但我能告訴你我們很忙很活躍嗎？

Would like to make some acquisitions, but don't have anything we can talk about now.

想進行一些收購，但我們現在沒有什麼可以談的。

And then last question on -- you recently announced a retail license brand segment.

然後是最後一個問題——你最近宣布了一個零售許可品牌細分市場。

Any thoughts on moving one of your wholesale brands to a licensing model, or has there been any work on that front that has been completed yet so that you're willing to share?

關於將您的批髮品牌之一轉移到許可模式的任何想法，或者在這方面是否有任何已經完成的工作已經完成以便您願意分享？

Yes.

是的。

We hired a leader to lead that effort here, and he is in his first 90 days of his assignment, and we're looking at how could we acquire brands to satisfy that need?

我們聘請了一位領導者來領導這項工作，他的任務剛滿 90 天，我們正在研究如何收購品牌來滿足這一需求？

Are there brands that are active in our portfolio?

我們的產品組合中是否有活躍的品牌？

Are there brands that are no longer active in our portfolio?

我們的產品組合中是否有不再活躍的品牌？

And how do we bring that to market to make sure that as we work with our large customers we add that to part of the mix that we do with them?

我們如何將其推向市場以確保在與大客戶合作時將其添加到我們與他們合作的部分組合中？

So we're going down that path, but nothing to report quite yet.

所以我們正在沿著這條路走下去，但還沒有什麼可報告的。

Still early days.

還很早。

Okay.

好的。

Best of luck in the fourth quarter.

祝第四季度好運。

Thank you.

謝謝你。

Our next question is from Michael [Binetti] from UBS.

我們的下一個問題來自瑞銀的 Michael [Binetti]。

Hey, guys, just wanted to tell you congrats on a good quarter there.

嘿，伙計們，只是想告訴你們，祝賀你們在那裡度過了一個愉快的季度。

A couple questions on the gross margin comments you made on the fourth quarter.

關於您對第四季度的毛利率評論的幾個問題。

Is there any way -- you said that you were looking for 45, which is probably the highest gross margin seen looking back at almost any quarter, and I'm wondering if you could maybe walk us through a bit of the puts and takes that you see drive us above levels of the past there?

有沒有什麼辦法——你說你正在尋找 45，這可能是回顧幾乎任何一個季度以來的最高毛利率，我想知道你是否可以帶我們通過一些看跌期權並接受它你看到我們超越過去的水平了嗎？

Sure.

當然。

I'll do that, Mike.

我會這樣做的，邁克。

And you're right, it is -- it would be high for us.

你是對的，它是 - 這對我們來說會很高。

Yes, so when you look at last year, first of all I'll point out that the restructuring impacts that we had last year had almost no impact on gross margins.

是的，所以當你回顧去年時，首先我要指出，我們去年的重組影響對毛利率幾乎沒有影響。

So last year's number is clean from that standpoint.

所以從這個角度來看，去年的數字是乾淨的。

We talk a lot about retail.

我們經常談論零售。

In term of our retail business, it will move the margins up by about 100 basis points, so that's part of the improvement.

就我們的零售業務而言，這將使利潤率提高約 100 個基點，這是改進的一部分。

And then the rest of the improvement again to the 45%, or even a little above the 45% level, is primarily driven by operations, and I guess the things that pleased us the most are we're seeing the expansion in gross margins in our largest businesses.

然後其餘的改善再次達到 45%，甚至略高於 45%，這主要是由運營驅動的，我想最讓我們高興的是我們看到毛利率在增長我們最大的企業。

And in my commentary I talked about the Jeanswear businesses both in the US as well as on the international side, and that's very important.

在我的評論中，我談到了美國和國際上的牛仔服飾業務，這非常重要。

There were some questions earlier about the European business -- challenged to be sure, but we do expect to see a much better quarter in the fourth quarter, and a lot of that driven by stronger gross margins.

早些時候有一些關於歐洲業務的問題 - 可以肯定的是，挑戰，但我們確實預計第四季度會出現更好的季度，其中很大一部分是由更高的毛利率推動的。

So those are the kind of things that we're looking at that are particularly strong, and obviously the kind of things that we're looking for in the fourth quarter.

所以這些是我們正在尋找的特別強大的東西，顯然是我們在第四季度尋找的東西。

So about 100 basis points, and then the rest driven by the expansion I just talked about, and then just overall improvements in the efficiencies of running our business with very clean inventories.

所以大約 100 個基點，然後是我剛才談到的擴張驅動的其餘部分，然後是我們在非常乾淨的庫存下經營業務的效率的整體提高。

And if I could just ask a quick follow-up -- thanks for that -- and just a quick follow-up to that.

如果我可以問一個快速跟進——謝謝——並且只是一個快速跟進。

I want to ask you maybe a higher level about the supply chain.

我想問你關於供應鏈的更高層次的問題。

I think you guys still own about 25% of your own manufacturing?

我想你們仍然擁有自己製造的 25% 左右？

That's about right.

這是對的。

Mostly in jeans, I believe.

我相信主要是牛仔褲。

Is that right?

那正確嗎？

That's right.

這是正確的。

That's right.

這是正確的。

And when you think about owning that process with comments we've heard today, with Jeanswear revenues continuing to be down, and your comments, it seems like you expect a relatively slow snapback overall for the economy.

當你考慮擁有我們今天聽到的評論的過程時，牛仔褲的收入繼續下降，以及你的評論，你似乎預計整體經濟將出現相對緩慢的回彈。

And when you think about the new normal level of purchasing at retail in your markets, do you think that calls for any kind of capacity reduction in those lines that you guys own in your own factories?

當您考慮到您所在市場零售採購的新常態水平時，您認為這需要對您自己工廠中擁有的生產線進行任何形式的產能削減嗎？

We don't see that in our current forecasts.

我們在當前的預測中看不到這一點。

While we do own that capacity -- and it's mostly organized around our jeans business -- jeans also sources a large amount of what they produce.

雖然我們確實擁有這種能力——而且它主要圍繞我們的牛仔褲業務組織——牛仔褲也大量採購他們生產的產品。

I think close to half of the jeans we sell are sourced.

我認為我們銷售的牛仔褲中有近一半是採購的。

So we have a balanced approach to our total supply chain that includes the owned capacity and sourced goods.

因此，我們對包括自有產能和採購商品在內的整個供應鏈採取平衡的方法。

So we're flexible.

所以我們很靈活。

Okay.

好的。

Thank you.

謝謝你。

The next question is from Robbie Ohmes from Banc of America, Merrill Lynch.

下一個問題來自美銀美林的 Robbie Ohmes。

Hi, Robbie.

嗨，羅比。

Oh, hey, how are you guys?

哦，嘿，你們好嗎？

Hey, I just had a quick question that maybe you could help us with.

嘿，我只是有一個簡短的問題，也許你可以幫助我們。

As you look across all your businesses, you look at Jeanswear, and Sportswear, and North Face and Vans, et cetera, can you just talk about what you're seeing the consumers respond to?

當你審視你所有的業務時，你會看看 Jeanswear、Sportswear、North Face 和 Vans 等等，你能談談你看到消費者的反應嗎？

Are there any shifts towards lower price points?

是否有向更低價格點的轉變？

Are you seeing your key customers focus more on entry level price point programs with you?

您是否看到您的主要客戶更關注您的入門級價格點計劃？

Have you seen any shift in the relative strengths of the channels you deal with?

您是否發現您處理的渠道的相對優勢發生了任何變化？

Is the -- is your mix of business outside of D to C skewing towards Wal-Mart and Kohl's and the moderate channel?

您的 D 到 C 之外的業務組合是否偏向沃爾瑪和 Kohl's 以及中等渠道？

If you could just gives you some color about what's going on in the world out there, that would be terrific.

如果你能給你一些關於外面世界正在發生的事情的顏色，那就太棒了。

Sure.

當然。

My first reaction to that is innovation.

我對此的第一反應是創新。

Every time we launch an innovative product, it works, and consumers are paying a fair price for it.

每次我們推出創新產品時，它都會奏效，而且消費者會為此付出合理的價格。

The key thing that we're working throughout our organization is to be innovative in our products and offer things that consumers haven't seen before and charge them a fair price for it.

我們在整個組織中所做的關鍵事情是在我們的產品中進行創新，提供消費者以前從未見過的東西，並為此向他們收取合理的價格。

In some cases -- in the Lee brand this year, our average unit retail in the mid-tier channel is actually up, and we're taking share there with higher average unit retail because we have innovative new products at both Kohl's and J.C.

在某些情況下——在今年的 Lee 品牌中，我們在中端渠道的平均單位零售量實際上有所上升，我們正在以更高的平均單位零售量佔據份額，因為我們在 Kohl's 和 J.C. 都有創新的新產品。

Penney and at Sears, and that's really working for us.

Penney 和 Sears，這真的對我們有用。

The second thing is value and we're seeing across our brands consumers who maybe last year spent $179 for a product, maybe are shopping in the $159 price point this year, and there has been some tradedown to just price value.

第二件事是價值，我們看到我們品牌的消費者可能去年花了 179 美元購買了一種產品，今年可能以 159 美元的價格購物，並且已經出現了一些折衷到價格價值的問題。

But the more important piece, really, is the innovation piece.

但實際上，更重要的部分是創新部分。

That's why I led with that.

這就是我帶頭的原因。

In terms of channels of distribution, we're seeing the same thing in our own stores that you see when you read the comp stores that are out there that are published every month.

就分銷渠道而言，我們在自己的商店中看到的情況與您閱讀每月發布的商店時看到的相同。

The higher end of the price spectrum in regular retail -- and by that I mean the Neiman Marcuses and (Inaudible) and Saks -- their comps have been weaker than the comps at the mass and the mid-tier, and that suggests that consumers are either shopping down or the higher end shopper is just flat out shopping for less.

常規零售價格範圍的高端——我指的是 Neiman Marcuses 和（聽不清）和 Saks——他們的比較弱於大眾和中端的比較，這表明消費者要么是低價購物，要么是高端購物者只是花更少的錢購物。

And we're seeing that consistently across our brands, and we're seeing it in our own owned retail as well.

我們在我們的品牌中始終看到這一點，我們也在我們自己的零售店中看到它。

Does that help you?

這對你有幫助嗎？

It does.

確實如此。

So it might be tough to look at it this way, but just collectively, the pressure on your revenues, do you think it's more unit volume or do you think it's more price that's sort of pressured your global revenues?

因此，以這種方式看待它可能很難，但總的來說，你的收入壓力，你認為是更多的單位數量還是更多的價格對你的全球收入造成了壓力？

Well --

出色地 -

FX neutral?

外匯中性？

Yes.

是的。

Our global revenues for the year we're currently calling to be down FX neutral, right?

我們今年的全球收入我們目前呼籲保持外匯中性，對嗎？

And quite frankly, I think we're really pleased with that.

坦率地說，我認為我們對此非常滿意。

If you look at how deep this recession is and you look at the fact that last year was an all-time record revenue for us, to come up against an all-time record revenue and only have a 4% decline in this recession is something I think we're pretty proud of.

如果你看看這次經濟衰退有多嚴重，你看看去年是我們創紀錄的收入這一事實，面對創歷史記錄的收入並且在這次衰退中僅下降 4% 是一件很了不起的事情我認為我們很自豪。

We are seeing, however, a lower AUR, which suggests that there is a price piece on top of the unit reduction in sales.

然而，我們看到較低的 AUR，這表明在銷量下降的基礎上還有價格因素。

That's very helpful, Eric.

這很有幫助，埃里克。

Thanks so much.

非常感謝。

You're very welcome.

不客氣。

And the next question is from Chris Svezia from Susquehanna Financial Group.

下一個問題來自 Susquehanna Financial Group 的 Chris Svezia。

Good afternoon, gentlemen.

下午好，先生們。

I guess first just on the inventory, with inventories down 13% at the end of the quarter, just kind of how should we be looking at inventory by year-end?

我想首先只是關於庫存，本季度末庫存下降了 13%，我們應該如何看待年底的庫存？

And any thoughts as to how you might be planning inventory as you head into spring, 2010?

在進入 2010 年春季時，您對如何規劃庫存有什麼想法嗎？

First on the inventories, I should -- just as a follow-up comment.

首先關於庫存，我應該——作為後續評論。

Where we reduced our inventories the most is where they were the highest.

我們減少庫存最多的地方是庫存最高的地方。

And that may seem very obvious, but the point is in terms of our ability to service the business, we had some areas that the inventories were higher than they absolutely needed to be.

這看起來很明顯，但關鍵是我們為業務提供服務的能力，我們在某些領域的庫存高於絕對需要的水平。

Some were from newer acquisitions and we knew that that was an opportunity for us all along, so we've been working those inventories down.

有些來自較新的收購，我們知道這對我們來說一直是一個機會，所以我們一直在努力減少這些庫存。

And to that same point, as we go forward, we think there's still some opportunity in 2010 to pull the inventories down perhaps somewhat more -- maybe not to the same levels that we're seeing this year, but I can tell you we do that with a very, very close eye on our ability to service the business.

同樣地，隨著我們的前進，我們認為 2010 年仍有機會進一步降低庫存——也許不會達到我們今年看到的相同水平，但我可以告訴你我們做到了非常非常密切地關注我們為企業提供服務的能力。

And even though our inventories have been pulled down, our service levels have never been higher.

儘管我們的庫存已經減少，但我們的服務水平卻從未如此之高。

Okay.

好的。

And as you look into -- as you think about that as you move to spring, is there any particular segment of the business where there is more of an opportunity to continue to rationalize that inventory relative to others?

當你調查時——當你考慮到春季時，是否有任何特定的業務部門有更多機會繼續使該庫存相對於其他部門合理化？

I mean, after you've gone through 2009 and you made those adjustments where necessary as you start to enter into2010, are there other areas or elements of the business where you could just be more efficient, or just opportunity to continue to reduce that inventory piece?

我的意思是，在經歷了 2009 年並在開始進入 2010 年時在必要時進行了這些調整後，是否還有其他業務領域或要素可以提高效率，或者只是有機會繼續減少庫存片？

There's just opportunity to reduce it overall.

只是有機會整體減少它。

Again, we went after a lot of the low hanging fruit at this point in time, but always some ability to refine.

同樣，我們在這個時間點追求了很多唾手可得的成果，但總是有一些改進的能力。

Okay.

好的。

And then, Eric, just when I think about Europe for a second -- and I know you talked about the Jeanswear business continued to be challenging, specifically obviously in Eastern Europe that continues there, but I guess maybe what gives you the confidence, at least from a -- if at all -- from a topline perspective, if you think about Western Europe -- and not just in the Jeanswear business but across your other businesses as well -- in terms of when we can start to see some improvement?

然後，埃里克，就在我想一想歐洲的時候——我知道你談到了牛仔服業務仍然充滿挑戰，特別是在東歐，這種情況顯然仍在繼續，但我想也許是什麼讓你有信心，在至少從——如果有的話——從頂線的角度來看，如果你考慮西歐——不僅是牛仔服業務，還有其他業務——就我們什麼時候可以開始看到一些改善而言？

And I don't know if you can break out that decline of 6% in Europe -- if you can break it out between Eastern and Western and anything like that, that would be helpful, too.

而且我不知道你是否能打破歐洲 6% 的下降——如果你能在東西方之間打破它以及類似的東西，那也會有幫助。

I'm afraid I can't break it out between East and West.

東西方之間恐怕斷不了。

I just don't have the information in front of me.

我只是沒有我面前的信息。

But the European economy in general is still weak like the US economy is.

但總體而言，歐洲經濟仍像美國經濟一樣疲軟。

It is worse in pockets, the Eastern pocket we talked about.

更糟糕的是口袋，我們談到的東部口袋。

It's softer in Southern Europe than it is in Northern Europe as well.

南歐也比北歐柔軟。

So there are -- it's not consistent, but in general the European economy is still having a tough time, and we're hoping as we're hoping for the US economy that it gets better next year.

所以有 - 它並不一致，但總的來說歐洲經濟仍然處於艱難時期，我們希望明年美國經濟會好轉。

Okay.

好的。

So as we look to that fourth quarter is, it more of an opportunity on the margin, lesser degree really from a top line perspective?

因此，當我們看到第四季度時，從頂線的角度來看，它更多的是邊緣機會，程度更小？

I know it's a smaller piece of the business, but just as we look at that fourth quarter?

我知道這是業務的一小部分，但就像我們看第四季度一樣？

Are you talking just on the Jeanswear piece?

你是在談論牛仔服飾嗎？

No.

不。

I guess overall.

估計總體吧

Well, overall we expect -- we do expect gross margin expansion in our international businesses, and I pointed out specifically in the European jeans business -- again, over some tougher numbers last year.

好吧，總體而言，我們預計 - 我們確實預計我們的國際業務的毛利率會增長，我特別指出歐洲牛仔褲業務 - 再次超過去年的一些更艱難的數字。

Okay.

好的。

All right.

好的。

Thank you very much.

非常感謝。

Thank you.

謝謝你。

And the next question is from Mitch Kummetz from Robert W.

下一個問題來自 Robert W.

Baird.

貝爾德。

Yes, thank you.

是的，謝謝。

Just a follow-up on The North Face spring orders.

只是 The North Face 春季訂單的跟進。

You said up to mid-single digits.

你說最多中個位數。

Is that in constant dollars or reported dollars?

是按不變美元還是報告的美元？

That's in constant dollars, which will be -- right.

這是以不變的美元計算的，這將是 - 正確的。

And I would guess you'd expect that to be up more in reported dollars given where currency is and how you would think that would play out in the first half of next year being, correct?

而且我猜你會期望報告的美元上漲更多，因為貨幣在哪里以及你認為這將如何在明年上半年發揮作用，對嗎？

That's what we were talking about, Mitch.

這就是我們所說的，米奇。

Could be a little bit relative to the spring business and earlier on.

可能與春季業務有關，而且更早一些。

As we have said, the first quarter is a strong quarter for us on the international front, second quarter not so much, third quarter then stronger.

正如我們所說，第一季度對我們來說是國際戰線上的一個強勁季度，第二季度不是那麼多，第三季度則更強勁。

So yes, currency could help us a little bit, especially in that first quarter.

所以是的，貨幣可以幫助我們一點點，尤其是在第一季度。

And could you -- I don't know if you said before or if you're willing to say, but how much of that North Face business is done off of pre-book orders versus at-once?

你能不能——我不知道你之前是否說過，或者你是否願意說，但是 North Face 業務有多少是通過預訂訂單完成的，而不是立即完成的？

Because I would think it would skew more towards pre-book orders.

因為我認為它會更傾向於預訂訂單。

Yes, in the US it's 80% or so.

是的，在美國是 80% 左右。

It varies a little bit with each year, but close to the 80% mark -- 80 to 85%.

它每年都略有不同，但接近 80% 的大關——80% 到 85%。

And it seems like the sales trend at retail is getting better.

零售業的銷售趨勢似乎正在好轉。

The declines are less.

跌幅較小。

There's a sequential improvement that we've seen in the last couple of months.

在過去的幾個月裡，我們看到了連續的改進。

So what is the retailer's ability at this point -- assuming they already placed their spring order -- I mean, is there still room for them to take it up, assuming they wanted to take it up?

那麼此時零售商的能力如何——假設他們已經下了春季訂單——我的意思是，假設他們想接受它，他們是否還有接受它的空間？

Depending on what part of the spring season you're talking about, yes, there's still time in most of our product categories to react to spring.

根據您所談論的春季的哪個部分，是的，我們的大多數產品類別仍有時間對春季做出反應。

Further into the spring -- probably not on that first delivery?

進入春季後——可能不是在第一次交付時？

Correct.

正確的。

And are you seeing retailers pushing out those spring deliveries?

你看到零售商推出那些春季交貨了嗎？

Compared with other companies, your initial delivery might be December, and now that's getting pushed into January because retailers are trying to buy closer to need, assuming that the consumer is buying closer to need?

與其他公司相比，您最初的交貨時間可能是 12 月，現在被推遲到 1 月，因為零售商正試圖在更接近需要的時候購買，假設消費者是在更接近需要的時候購買？

I don't think we've seen -- I don't think that's been a big factor for us.

我認為我們沒有看到——我認為這對我們來說不是一個重要因素。

Okay.

好的。

Not necessarily pushing out, just caution in the orders.

不一定推出，只是謹慎的命令。

Okay.

好的。

And then, Bob, input costs -- I didn't hear you say anything about that impacting your gross margin in the quarter.

然後，鮑勃，投入成本——我沒有聽到你說這會影響你本季度的毛利率。

Is that really playing into your gross margin right now, and how do we kind of think about that going into the fourth quarter or even into next year?

這真的會影響你的毛利率嗎？我們如何看待第四季度甚至明年的毛利率？

The question, Mitch, was on product costs?

米奇，問題是關於產品成本？

Yes.

是的。

Okay.

好的。

Yes, on product costs in the second half of this year, we are seeing some lowering of product costs, and it's a factor in helping our gross margins, to be sure, in the third quarter and especially in the fourth quarter.

是的，在今年下半年的產品成本方面，我們看到產品成本有所下降，這無疑是幫助我們提高毛利率的一個因素，在第三季度，尤其是第四季度。

And as we go forward into next year, I mean, we'll talk about that more; but I guess what I'd say right now is we don't see any reasons to say that the product costs would change significantly, especially in the first half of the year, from where we are today.

隨著我們進入明年，我的意思是，我們會更多地討論這個問題；但我想我現在要說的是，我們沒有看到任何理由說產品成本會發生重大變化，尤其是在今年上半年，從我們今天的情況來看。

Okay, and were they -- remind me, were they a drag in the first half of this year?

好的，他們 - 提醒我，他們是今年上半年的拖累嗎？

Yes, in the first half of the year they were, yes -- which were negotiated in the latter part of 2008 when things were a little bit different.

是的，在今年上半年，他們是，是的——這是在 2008 年下半年談判的，當時情況有點不同。

So you -- assuming they don't really change, I guess you're working through that right now for the first half of next year, that should be a benefit then you would think?

所以你 - 假設他們沒有真正改變，我想你現在正在為明年上半年解決這個問題，那應該是一個好處然後你會想嗎？

Versus the first half of this year, that's right.

與今年上半年相比，這是正確的。

It should help some.

它應該幫助一些。

Okay, all right.

好的，好的。

And then on Asia ,you mentioned up 32%, I think, for the quarter.

然後在亞洲，你提到本季度增長了 32%。

How much of that was China?

其中有多少是中國的？

You've had fairly new businesses with Vans and The North Face in China.

你在中國與 Vans 和 The North Face 有相當新的業務。

Can you talk a little bit about that?

你能談談嗎？

I don't know the exact percentage, but clearly China is our biggest market.

我不知道確切的百分比，但顯然中國是我們最大的市場。

It's our fastest growing market.

這是我們增長最快的市場。

It's where we have -- what we're focused on, particularly behind the Lee, Wrangler, The North Face and Vans brands, and we started building our own platform there in 1995 and that has really turned out to be a good move.

這是我們所擁有的——我們所關注的，特別是在 Lee、Wrangler、The North Face 和 Vans 品牌背後，我們於 1995 年開始在那裡建立我們自己的平台，這確實是一個很好的舉措。

We are in a good position to keep growing there, and we have a great team on the ground there that's moving really nicely in building our brands.

我們處於在那裡保持增長的有利位置，並且我們在那裡擁有一支優秀的團隊，他們在建立我們的品牌方面進展得非常順利。

Okay.

好的。

And then lastly, Bob, you mentioned you thought you could pick up -- I think you said you thought you could pick up 100 basis points on gross margin in the fourth quarter on retail.

最後，鮑勃，你提到你認為你可以回升——我想你說過你認為你可以在第四季度零售毛利率上回升 100 個基點。

Is that just a function of more stores in the quarter versus a year ago, or are you also anticipating that your stores will be less promotional given that retail in general might be less promotional since there seems -- a lot of retailers seem to be under inventory right now, or at least not in the process of clearing goods from being over inventory last year?

與一年前相比，這只是本季度更多商店的功能，還是您也預計您的商店促銷活動會減少，因為一般零售業可能不會促銷，因為似乎 - 許多零售商似乎都在現在有庫存，或者至少沒有在清理去年庫存過剩的貨物？

Yes, we are.

是的，我們是的。

Mitch, to your point we're seeing improvements in growth and in driving that overall gross margin from two standpoints, and this was true in the third quarter as well.

米奇，就你的觀點而言，我們從兩個角度看到了增長和推動整體毛利率的改善，第三季度也是如此。

It does -- it impacts the overall mix, so our gross margins on the retail side are higher, obviously, than overall averages.

它確實 - 它影響了整體組合，因此我們在零售方面的毛利率顯然高於整體平均水平。

And in addition to that, the profitability of our businesses, driven by higher gross margins, is also impacting the numbers.

除此之外，我們業務的盈利能力，在更高的毛利率的推動下，也在影響這些數字。

Got it.

知道了。

So we're seeing a benefit from both sides.

所以我們看到了雙方的利益。

Okay, great.

好，太棒了。

That's helpful.

這很有幫助。

Thanks, and good luck.

謝謝，祝你好運。

Sure, thanks.

當然，謝謝。

Thanks.

謝謝。

Our next question is from Maggie Gilliam from Gilliam and Company.

我們的下一個問題來自 Gilliam and Company 的 Maggie Gilliam。

Yes, Bob, I've got a mechanical question for you, and that is how do you translate the income statement of your international subs?

是的，鮑勃，我有一個機械問題要問你，那就是你如何翻譯國際潛艇的損益表？

Is it done the last day of the quarter?

它是在本季度的最後一天完成的嗎？

Is it done progressively throughout, or how do you do it?

它是在整個過程中逐步完成的，還是如何完成的？

Yes.

是的。

It's based on averages, Maggie.

這是基於平均數，瑪吉。

So to your point, I guess I'd say progressively throughout, but it's based on average rates.

所以就你的觀點而言，我想我會在整個過程中逐步說，但它是基於平均費率。

On the P&L?

在損益表上？

The balance sheet obviously is translated at the rate it exists at the end of the quarter.

資產負債表顯然是按季度末的匯率換算的。

Okay.

好的。

No, but I mean, is it weighted or is it -- do you do it weekly, monthly or something like that?

不，但我的意思是，它是加權的還是——你是每週、每月還是類似的？

Actually it's daily.

其實是日常。

Daily, okay.

日常，還行。

Yes, based on business that's done on a daily basis.

是的，基於每天完成的業務。

Okay, okay.

好吧好吧。

That's helpful.

這很有幫助。

And then on an entirely different subject, you've got a lot of smaller brands that haven't been brought up very much in this call, and sometime smaller brands don't do as well as larger ones during recessions, and I was just wondering if there were any standouts in here one way or the other, and I'm specifically interested in Reef.

然後在一個完全不同的主題上，你有很多小品牌在這次電話會議中沒有被提及，有時在經濟衰退期間小品牌的表現不如大品牌，我只是想知道這裡是否有任何突出的方式，我對珊瑚礁特別感興趣。

Could you comment on it, please?

請你評論一下好嗎？

Sure.

當然。

I'll comment on several of our brands haven't been brought up during this call, and our brands like -- I'll call our Kipling and Napapijri -- have had a great run internationally.

我會評論我們的幾個品牌在這次電話會議中沒有被提及，我們的品牌——我稱之為我們的 Kipling 和 Napapijri——在國際上表現出色。

They are doing quite well.

他們做得很好。

They are very profitable -- and Eastpak I'll throw in with that as well.

他們非常有利可圖——我也會加入 Eastpak。

Reef, you asked about, is a brand that's getting to a much better spot.

Reef，你問過，是一個正在變得更好的品牌。

We have a different approach to that business right now with the new management team.

我們現在與新的管理團隊一起對這項業務採取了不同的方法。

And while the business is stable, it has not grown the way we'd like -- has not grown the way we think it can grow, and the team that's there right now is working very hard to enable that.

雖然業務穩定，但它並沒有按照我們希望的方式增長——沒有按照我們認為可以增長的方式增長，而現在那裡的團隊正在非常努力地工作以實現這一目標。

Okay.

好的。

And how is the lucy?

露西怎麼樣了？

Lucy is in a tough spot right now.

露西現在處境艱難。

The lucy business is -- when we acquired that business, we knew that we needed to address the business model of a specialty retail concept, and we have made changes to the business model and we've seen some improvement from that.

Lucy 業務是——當我們收購該業務時，我們知道我們需要解決專業零售概念的業務模型，我們已經對業務模型進行了更改，並且我們已經看到了一些改進。

We've seen several hundred basis points improvement in our gross margin, which tells us that consumers are reacting to the products.

我們已經看到毛利率提高了數百個基點，這告訴我們消費者對產品的反應。

Unfortunately, there's not enough consumers shopping specialty retail right now, and it's small concept for us.

不幸的是，目前沒有足夠的消費者購買專業零售店，這對我們來說是一個小概念。

It's a relatively small business.

這是一個相對較小的企業。

We still believe that that women's performance active space is a place that we want to be.

我們仍然相信女性表演活動空間是我們想要成為的地方。

We're trying to get that model right, and we're doing it in a recession, which hasn't made it easy.

我們正在努力使該模型正確，而且我們是在經濟衰退期間這樣做的，這並不容易。

Okay.

好的。

Thank you.

謝謝你。

Just one final question, if I may.

最後一個問題，如果可以的話。

The changed arrangement for Kipling with Macy's, could you go into a little bit of the thought process behind that?

梅西百貨改變了吉卜林的安排，你能談談這背後的思考過程嗎？

Sure.

當然。

To be clear, Macy's is going to have an exclusive in the handbag side of the business -- which means there's another side of the business, which is around luggage and specialty, that those customers will still exist.

需要明確的是，梅西百貨將在手袋業務方面擁有獨家業務——這意味著業務的另一面，即行李箱和特色產品，這些客戶仍然存在。

We've just taken the department store segment and given that to Macy's, and they're interested in building that out on an exclusive basis, and that will begin in the spring.

我們剛剛將百貨商店部分交給了梅西百貨，他們有興趣在獨家基礎上建立它，這將在春季開始。

The other specialty stores that have carried the brand will continue to carry the brand.

其他已經承載該品牌的專賣店將繼續承載該品牌。

Okay, okay.

好吧好吧。

But I mean, was there any special reason for doing this and excluding other stores?

但我的意思是，這樣做並排除其他商店是否有任何特殊原因？

I mean, like higher end stores?

我的意思是，喜歡高端商店？

We were looking for a retailer to help us communicate what the brand is around the United States.

我們正在尋找一家零售商來幫助我們在美國宣傳該品牌。

We thought Macy's was a great way to do that, and they're going to make it important in their stores, and that will help expand the awareness of the brand across the United States, and they're one of the few retailers who can do that.

我們認為梅西百貨是做到這一點的好方法，他們將在他們的商店中發揮重要作用，這將有助於擴大該品牌在美國的知名度，他們是為數不多的能夠做到這一點的零售商之一去做。

Right.

正確的。

Okay, thank you.

好的謝謝你。

Thank you.

謝謝你。

And the next question is from David Glick from Buckingham Research Group.

下一個問題來自 Buckingham Research Group 的 David Glick。

Good afternoon.

下午好。

Hi, Eric.

嗨，埃里克。

I certainly appreciate your conservatism on how you're planning your business, but it does seem like this retailer restocking scenario is showing some early signs of playing out, whether it's higher replenishment or retailers advancing orders 30 days, lower clearance levels.

我當然很欣賞你在如何規劃你的業務上的保守態度，但看起來這種零售商補貨情況確實顯示出一些發揮作用的早期跡象，無論是更高的補貨量還是零售商提前 30 天的訂單，更低的清倉水平。

But -- we all hope certainly that that translates into sales increases for the suppliers in 2010.

但是——我們當然希望這能轉化為供應商 2010 年的銷售額增長。

We're just trying to figure out at what point that happens.

我們只是想弄清楚什麼時候會發生這種情況。

I mean, retailers have been in your showrooms and committed to Q1.

我的意思是，零售商一直在您的陳列室並致力於第一季度。

They are probably in your showrooms about now depending on the business in Q2.

根據第二季度的業務，它們現在可能在您的陳列室中。

I understand your hesitancy to comment specifically on what your order book looks like beyond North Face, but can you give us some insight into what the mindset is of your big customers?

我理解你不願具體評論你的訂單在 North Face 之外的樣子，但你能給我們一些關於你的大客戶心態的見解嗎？

I know it varies by channel, but what are they waiting to see?

我知道這因渠道而異，但他們在等什麼？

Is it continued to improvement into holiday before they start increasing late spring or early fall orders?

在他們開始增加晚春或初秋訂單之前，它是否會繼續改善到假期？

But what are the sort of top to top discussions in general you've had, and have they changed over the last 90 days?

但是一般來說，您進行過什麼樣的高層討論，在過去的 90 天裡，這些討論是否發生了變化？

David, I'd characterize that this way.

大衛，我會這樣描述。

I would say that people are encouraged by what they've seen during back-to-school, but not confident enough to bet big orders, putting big inventory in the stores assuming that the middle and second half of next year is going to be strong.

我想說的是，人們對他們在返校期間所看到的情況感到鼓舞，但沒有足夠的信心下注大訂單，並假設明年中下半年會很強勁，因此將大量庫存放在商店中.

So while they're encouraged, I think you nailed it.

因此，儘管他們受到鼓勵，但我認為您做到了。

I think people are waiting to see what this holiday season brings; because while there was a little bit of momentum built up during back-to-school, more important to everyone is how the big holiday season goes.

我認為人們正在等著看這個假期會帶來什麼；因為雖然在返校期間建立了一點勢頭，但對每個人來說更重要的是這個重要的假期如何進行。

And I think as we get deeper and deeper into it, people will react appropriately based on what they see playing out.

而且我認為隨著我們越來越深入，人們會根據他們看到的結果做出適當的反應。

And at that point, they still could impact, I would imagine, the second quarter, depending on the category.

到那時，我想，它們仍然可能影響第二季度，具體取決於類別。

Yes, depending on the category, with us they can affect next month.

是的，根據類別，我們可能會影響下個月。

In our Jeanswear business, we can -- if they react on November 1st, by the middle of December we'll have new products in the stores.

在我們的牛仔褲業務中，我們可以——如果他們在 11 月 1 日做出反應，到 12 月中旬，我們將在商店中推出新產品。

That's not true for all of our categories, but that's important for us given the size the Jeanswear is of our total business.

並非我們的所有品類都如此，但考慮到牛仔服飾在我們總業務中的規模，這對我們很重要。

And is it fair to say that the momentum that you said should carry it into October, has that been pretty consistent kind of through the month to date period?

可以公平地說，您所說的勢頭應該會持續到 10 月，在本月迄今的這段時間裡，這種勢頭是否一直保持一致？

First couple of weeks were pretty good, so yes.

前幾周非常好，所以是的。

But we're -- you understand our posture on this.

但我們 - 你了解我們對此的態度。

We're waiting to see it play out.

我們等著看結果。

Okay, thanks very much and good luck.

好的，非常感謝，祝你好運。

Thanks, David.

謝謝，大衛。

And we have a follow-up question from Michael Binetti from UBS.

瑞銀的 Michael Binetti 提出了後續問題。

Hey, guys.

大家好。

Thanks for taking a follow-up.

感謝您跟進。

I wanted to just ask you about the Vans brand for a second, if you don't mind.

如果你不介意的話，我想問一下關於 Vans 品牌的事。

I think that last time we heard from you, that was close to an $800 million business last year.

我想上次我們收到你的消息時，去年的業務接近 8 億美元。

Does that sound about right?

那個聽起來是對的嗎？

About right.

差不多。

Okay.

好的。

And I'm wondering your current thinking as to how big that brand can be longer-term.

我想知道你目前對這個品牌可以長期發展到多大程度的想法。

We haven't had a big analyst day with you guys to get an update on that in a while.

我們有一段時間沒有和你們一起度過一個重要的分析師日來了解最新情況。

Or maybe put it another way, as you think about building out the global infrastructure for that business, what kind of number do you have in mind as you build the infrastructure for that business over time?

或者換句話說，當您考慮為該業務構建全球基礎架構時，隨著時間的推移為該業務構建基礎架構，您會想到什麼樣的數字？

I'm afraid I can't give you a number for what it could be over time.

恐怕我不能給你一個數字，說明隨著時間的推移會發生什麼。

We're working on new five year plans right now.

我們現在正在製定新的五年計劃。

What I can tell you is that that brand has momentum.

我可以告訴你的是，該品牌勢頭強勁。

It hasn't lost momentum during this recession, and we think it has terrific geographic opportunity in Asia in particular.

它在這次經濟衰退期間並沒有失去動力，我們認為它在亞洲尤其是擁有極好的地理機會。

We've launched the brand in China, as we've talked about, in August of 2008.

如前所述，我們已於 2008 年 8 月在中國推出該品牌。

That has vastly exceeded our expectations.

這大大超出了我們的預期。

The brand is strong and growing in Europe.

該品牌在歐洲很強大並且在不斷發展。

It's strong and growing in the United States.

它在美國很強大並且正在增長。

It will clearly pass the billion dollar mark if it stays on this trajectory, which we expect it will.

如果它保持在這條軌道上，它顯然會超過十億美元大關，我們預計它會。

The question is what happens beyond there, and that's a discussion we're having with the Vans team in this room next week.

問題是在那之後會發生什麼，這是我們下週在這個房間裡與 Vans 團隊進行的討論。

And if I could just finalize it with one last question on the jeans business, I think you talked about on your last call that you're still seeing a little bit of an impact from moving some product out of the mass business in Europe in the jeans business, and I was just wondering if you could help us quantify maybe how much of that was in this current quarter and when that rolls off?

如果我能用最後一個關於牛仔褲業務的問題來結束它，我想你在上次電話會議上談到你仍然看到將一些產品從歐洲的大眾業務中轉移出來的一點點影響牛仔褲業務，我只是想知道您是否可以幫助我們量化當前季度的業務量以及何時結束？

No, what I can tell you is that for the full year it's about $45 million.

不，我可以告訴你的是，全年約為 4500 萬美元。

Not really sure what it was in the quarter.

不太確定本季度的情況。

Again, year-to-year, most of that impact occurs next year, right?

同樣，年復一年，大部分影響發生在明年，對嗎？

So what we're saying is we still have about 40, $45 million worth of business this year.

所以我們要說的是，今年我們仍有大約 40、4500 萬美元的業務。

Now that was --

現在那是——

Down about 20 million from last year on a full year basis.

全年比去年減少約2000萬。

It was 65 last year.

去年是65歲。

Okay.

好的。

Thank you.

謝謝你。

Thank you.

謝謝你。

And that concludes today's question-and-answer session.

今天的問答環節到此結束。

At this time, Mr.

這時，先生。

Wiseman, I'll turn the conference back over to you for any additional or closing remarks.

懷斯曼，我會把會議轉回給你，讓你發表任何補充或結束語。

Yes.

是的。

Thanks for joining us today.

感謝您今天加入我們。

We're very encouraged by our relative strength in this environment.

我們對我們在這種環境中的相對實力感到非常鼓舞。

Step back, and we think about the key dimensions of our business -- holding global constant currency revenue to within 4% of what was an all-time record in 2008 is something we're proud of.

退後一步，我們考慮我們業務的關鍵方面——將全球固定貨幣收入保持在 2008 年曆史記錄的 4% 以內，這是我們引以為豪的事情。

And while our earnings per share is below 2008 levels, almost all of that decline is due to currency and pension.

雖然我們的每股收益低於 2008 年的水平，但幾乎所有的下降都歸因於貨幣和養老金。

The operations of our business remain strong.

我們的業務運營依然強勁。

And last, we're expecting operating cash flows at near record levels, in the range of $800 million.

最後，我們預計運營現金流將接近創紀錄水平，在 8 億美元左右。

So in total, we're very pleased with that overall performance.

所以總的來說，我們對整體表現非常滿意。

We're looking forward to getting more than our fair share of consumers' dollars during this holiday season, and we thank you very much for joining us.

我們期待在這個假期期間獲得超過我們公平份額的消費者資金，我們非常感謝您加入我們。

Good-bye.

再見。

That concludes today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。