威富公司 (VFC) 2009 Q4 法說會逐字稿

Good day and welcome to the VF Corporation fourth quarter 2009 earnings conference call.

美好的一天，歡迎來到威富公司 2009 年第四季度收益電話會議。

Please be aware today's conference is being recorded.

請注意今天的會議正在錄製中。

At this time, for opening remarks and introductions I would like to turn the conference over to Jean Fontana.

現在，為了開場白和介紹，我想將會議轉交給讓·豐塔納 (Jean Fontana)。

Please go ahead.

請繼續。

Thank you, good morning.

謝謝你，早上好。

Thanks for participating in VF Corporation's fourth quarter and full 2009 conference call.

感謝您參加威富公司 2009 年第四季度和整個電話會議。

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

到目前為止，您應該已經收到今天的收益新聞稿。

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

如果您還沒有，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 today this morning is Mr.

今天早上主持電話會議的是先生。

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，我們想提醒與會者，今天在問答環節的評論中包含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。

I would like to turn the call over to Eric Wiseman.

我想將電話轉給 Eric Wiseman。

Good morning everyone.

大家，早安。

Thank you for joining us.

感謝您加入我們。

Following my opening comments, you are going to hear a recap of the quarter's results and 2010 outlook from Bob Shearer.

在我的開場白之後，您將聽到 Bob Shearer 對本季度業績和 2010 年展望的回顧。

Karl Heinz Salzburger, who is President of our International Business is also on our call today from Italy and he is going to comment on the international performance in the 2009 and key international priorities for 2010.

我們國際業務總裁 Karl Heinz Salzburger 今天也從意大利接到我們的電話，他將對 2009 年的國際業績和 2010 年的主要國際優先事項發表評論。

As you saw in the release this morning our fourth quarter and therefore our year came in much stronger than was anticipated.

正如您在今天早上發布的新聞稿中看到的那樣，我們的第四季度以及我們這一年的表現比預期的要好得多。

I will comment on the impairment charge in a moment.

我稍後會評論減值費用。

But for now, I will base my comments on our results excluding that charge.

但就目前而言，我將根據不包括該費用的結果發表評論。

The upside in the quarter was fairly broad based in nature.

本季度的上行空間在本質上是相當廣泛的。

Our outdoor action sports, jeanswear America, sportswear and imagewear is contributed.

我們的戶外極限運動、美國牛仔裝、運動裝和形象裝均有貢獻。

You are well aware of a variety of factors impacting the comparisons this year including last year's $0.30 per share charge to reduce costs and this year's higher pension expense as well as the impairment.

您很清楚影響今年比較的各種因素，包括去年為降低成本而收取的每股 0.30 美元費用和今年更高的養老金支出以及減值。

In the release we noted that if you adjusted for all these factors our fourth quarter earnings per share would be up 28%.

在新聞稿中，我們指出，如果針對所有這些因素進行調整，我們第四季度的每股收益將增長 28%。

In terms of our full year earnings picture it's important to remember that the $5.16 per share in 2009 included twin head winds of higher pension expense and foreign currency translation which combined impacted our earnings per share by $0.66.

就我們的全年收益情況而言，重要的是要記住，2009 年每股收益為 5.16 美元，其中包括養老金支出增加和外幣換算的雙重不利因素，它們共同影響了我們的每股收益 0.66 美元。

We also noted in the release that if you compared 2009 with 2008, and excluded the 2008 charge as well as this year's pension, foreign currency and impairment, 2009 earnings per share would have risen 2% from 2008 levels on an apples-to-apples basis.

我們還在新聞稿中指出，如果將 2009 年與 2008 年進行比較，並排除 2008 年的費用以及今年的養老金、外幣和減值，2009 年每股收益將比 2008 年水平增長 2%基礎。

2009 was a year unlike any other we've experienced.

2009 年與我們經歷過的任何一年都不一樣。

Looking back, I believe we struck the right balance between cautiousness, related to managing costs and inventories and assertiveness relating to investing behind our brands to keep them strong and healthy and investing in growth markets.

回顧過去，我相信我們在與管理成本和庫存相關的謹慎與與投資支持我們的品牌以保持其強大和健康以及投資增長市場相關的自信之間取得了正確的平衡。

Let me take just a moment to recap the many accomplishments achieved by our outstanding teams during this very challenging year.

讓我花點時間回顧一下我們優秀團隊在這充滿挑戰的一年中取得的許多成就。

First we continued the momentum in our outdoor and action sports businesses globally.

首先，我們在全球範圍內繼續保持戶外和極限運動業務的勢頭。

Next, we gained share in our core Wrangler and Lee brands in the US.

接下來，我們在美國的核心 Wrangler 和 Lee 品牌中獲得了份額。

In Asia, VF's total revenues grew by 28%.

在亞洲，VF 的總收入增長了 28%。

During the year we extended our contemporary brands portfolio by completing the acquisition of Splendid and Ella Moss brands and we are thrilled to have these brands and these people as part of VF Corporation.

在這一年中，我們通過完成對 Splendid 和 Ella Moss 品牌的收購，擴展了我們的現代品牌組合，我們很高興這些品牌和這些人成為 VF Corporation 的一部分。

We continued to grow our direct to consumer business with a 6% increase in direct to consumer revenues and the addition of 90 new stores.

我們繼續發展直接面向消費者的業務，直接面向消費者的收入增長了 6%，並新增了 90 家門店。

We improved the profitability of our sportswear coalition achieving double digit margins for both the quarter and the year.

我們提高了運動服聯盟的盈利能力，在本季度和年度均實現了兩位數的利潤率。

Our gross margins reached record levels.

我們的毛利率達到了創紀錄的水平。

We committed to and achieved $100 million in cost reductions.

我們承諾並實現了 1 億美元的成本削減。

We reduced inventories by 17%, well above our prior guidance of a 13% reduction.

我們將庫存減少了 17%，遠高於我們之前的減少 13% 的指導。

We achieved an all time high in cash flow from operations of $973 million.

我們實現了 9.73 億美元的運營現金流，創歷史新高。

And we delivered our 37th year of higher dividend payments to shareholders.

我們已經連續第 37 年向股東支付更高的股息。

We are real proud of these accomplishments but we also saw our share of challenges and disappointments during the year.

我們為這些成就感到自豪，但我們也看到了我們在這一年中面臨的挑戰和失望。

Our revenues declined 6% or 4% on a constant currency basis in 2009 reflecting recessionary conditions around the world.

2009 年我們的收入下降了 6% 或 4%（按固定匯率計算），反映了全球經濟衰退的情況。

Our European jeans business had a much more difficult year than we envisioned.

我們歐洲牛仔褲業務的這一年比我們預想的要困難得多。

Particularly in eastern Europe, where we had experienced significant growth in recent years.

特別是在東歐，我們近年來在那裡經歷了顯著增長。

Our image, or our uniform business was hurt disproportionately during this downturn by higher than anticipated levels of unemployment in key sectors.

在這次經濟低迷期間，我們的形像或我們的製服業務因關鍵部門的失業率高於預期而受到不成比例的傷害。

While we are encouraged by the profit improvement in sportswear, our revenue trend is still not where we want it to be.

雖然我們對運動服裝利潤的改善感到鼓舞，但我們的收入趨勢仍未達到我們想要的水平。

And, our earnings were meaningfully impacted by higher pension and foreign currency translation rates and finally our year end impairment analysis resulted in a charge to earnings in the fourth quarter which substantially reduced our earnings on a GAAP basis.

而且，我們的收入受到更高的養老金和外幣換算率的顯著影響，最後我們的年終減值分析導致第四季度的收入支出，這大大減少了我們按 GAAP 計算的收入。

In terms of the impairment charge, we noted in the release that the charge is related to our Nautica, Lucy and Reef brands, where results since acquisition not met our expectations, due in part to the pressures imposed by the global recession.

在減值費用方面，我們在新聞稿中指出，該費用與我們的 Nautica、Lucy 和 Reef 品牌有關，這些品牌自收購以來的業績未達到我們的預期，部分原因是全球經濟衰退帶來的壓力。

As you are all aware VF Corporation is a Company with a decades long history of growth through acquisitions and acquisitions will continue to play an important part in our growth plans for the future.

眾所周知，VF Corporation 是一家擁有數十年通過收購實現增長的公司，收購將繼續在我們未來的增長計劃中發揮重要作用。

We are committed to improving the performance of our Nautica, Lucy and Reef brands and we are encouraged about the opportunities for improved performance in each.

我們致力於改善我們的 Nautica、Lucy 和 Reef 品牌的表現，我們對每個品牌都有改善表現的機會感到鼓舞。

So with 2009 finally behind us, we are energized about our opportunities for 2010 and very focused in our approach to delivering solid top and bottom line growth.

因此，隨著 2009 年終於過去，我們對 2010 年的機會充滿活力，並非常專注於我們實現穩固的收入和利潤增長的方法。

We have a lot to look forward to this year.

今年我們有很多期待。

Bob will talk you through a number of points related to our guidance for 2010.

Bob 將向您介紹與我們 2010 年指南相關的一些要點。

I do want to spend a minute though on a very important point highlighted in the release.

不過，我確實想花一分鐘時間來談談發布中強調的一個非常重要的問題。

That's the fact we are ramping up investment behind our brands to fuel market share gains and accelerated growth now and into the future.

這就是我們正在加大品牌背後的投資，以推動市場份額增長並加速現在和未來的增長。

The release noted that we are increasing spending this year by $50 million.

該新聞稿指出，我們今年將增加 5000 萬美元的支出。

The bulk of the spending will be concentrated in brand marketing but we also plan to invest behind building our product, innovation and sustainability platforms.

大部分支出將集中在品牌營銷上，但我們也計劃投資建設我們的產品、創新和可持續發展平台。

Our spending is going to be very focused on specific initiatives within our most important and most profitable businesses.

我們的開支將非常集中在我們最重要和最賺錢的業務中的具體舉措上。

Let me give you just a couple of examples.

讓我舉幾個例子。

Vans has been our most successful brand to date in leveraging social media to enable a richer more interactive relationship with consumers.

Vans 是我們迄今為止在利用社交媒體與消費者建立更豐富互動關係方面最成功的品牌。

In fact, the Vans brands was recently recognized as part of the Facebook 50 -- the ranking of brands that are making the best use of the Facebook social networking site.

事實上，Vans 品牌最近被公認為 Facebook 50 的一部分 - 充分利用 Facebook 社交網站的品牌排名。

The inaugural ranking was developed by Slate magazine's The Big Money -- it's an online business news site.

首次排名是由 Slate 雜誌的 The Big Money 開發的——這是一個在線商業新聞網站。

We are going to continue to build our social and digital media capabilities this year, by investing behind proprietary content on our web sites, creating new mobile applications and ramping up our social media networking.

今年，我們將通過投資支持我們網站上的專有內容、創建新的移動應用程序和擴大我們的社交媒體網絡，繼續增強我們的社交和數字媒體能力。

On the product development side, Vans will be introducing a new line of footwear in the surf category that is extremely lightweight packable and washable.

在產品開發方面，Vans 將在衝浪類別中推出一個新的鞋類系列，該系列極其輕巧，可打包和可清洗。

We also a new upscale collection, that's called the California collection with upgraded design and materials that's designed to extend the reach of the brand.

我們還有一個新的高檔系列，稱為 California 系列，採用升級的設計和材料，旨在擴大品牌的影響力。

In terms of The North Face we will significantly increase our North American marketing investment in 2010, to drive brand equity and growth.

就 The North Face 而言，我們將在 2010 年大幅增加北美營銷投資，以推動品牌資產和增長。

We've identified a dozen markets across the US where we are going to concentrate regional advertising featuring the brand's premier athletes and products in outdoor, performance, action sports and youth.

我們已經在美國確定了十幾個市場，我們將在這些市場集中投放區域廣告，展示該品牌在戶外、表演、極限運動和青年領域的主要運動員和產品。

And, for the first time, we are adding TV and on line video to our marketing mix.

而且，我們首次將電視和在線視頻添加到我們的營銷組合中。

Like Vans, North Face has continued to expand its social media and mobile marketing efforts.

與 Vans 一樣，North Face 繼續擴大其社交媒體和移動營銷力度。

For example North Face's iPhone snow report app was one of the top rated applications on Apple's iTunes stores in 2009.

例如，North Face 的 iPhone 雪情報告應用程序是 2009 年 Apple iTunes 商店中評價最高的應用程序之一。

In 2010, we will invest in upgrades here and in other mobile communication tools to expand the reach of our social media.

2010 年，我們將投資升級這里和其他移動通信工具，以擴大我們社交媒體的覆蓋範圍。

We are also planning a substantial increase in marketing for our brands in Asia.

我們還計劃大幅增加我們品牌在亞洲的營銷力度。

Where we are focusing on the Lee, North Face and Vans brands.

我們專注於 Lee、North Face 和 Vans 品牌。

For example, we will be making a substantial invest in retail fixturing and visual merchandising to support our planned 40% increase in distribution in China.

例如，我們將對零售固定裝置和視覺營銷進行大量投資，以支持我們計劃在中國增加 40% 的分銷。

Which will be mainly via shop in shops.

這將主要通過商店中的商店進行。

We are also funding a new media campaign for Lee in a number of key cities and rolling out additional North Face sponsored events such as 100-kilometer race in Beijing.

我們還在一些主要城市為 Lee 的新媒體宣傳活動提供資金，並推出更多由 North Face 贊助的活動，例如在北京舉行的 100 公里比賽。

Complimenting our brand initiatives in the US will significantly expand Vans consumer marketing into tier one cities focusing primarily on digital and event marketing.

與我們在美國的品牌舉措相得益彰，將使 Vans 消費者營銷顯著擴展到主要關注數字和事件營銷的一線城市。

These are the right investments to make and this is the right time to make them.

這些都是正確的投資，現在正是進行這些投資的正確時機。

And the good news is that we can fund these investments and we expect to deliver earnings per share growth of 9% to 11% this year.

好消息是我們可以為這些投資提供資金，我們預計今年每股收益將增長 9% 至 11%。

Those of you who heard our presentation last month at the ICR Xchange heard us talk about our long-term priorities for growth and investment.

那些上個月在 ICR Xchange 上聽過我們演講的人聽到了我們談論我們增長和投資的長期優先事項。

To reiterate, we have a clearly identified list of priorities, they include maintaining momentum in outdoor and action sports brands, super charging growth in China, growing and gaining share in Europe, a disciplined expansion of our retail initiatives, intensified e-Commerce and digital media support, building on our best in class talent management and development, intensifying and integrating innovation, consumer insight and brand building across VF and developing and implementing a global approach to sustainability.

重申一下，我們有一份明確確定的優先事項清單，其中包括保持戶外和極限運動品牌的勢頭、在中國實現快速增長、在歐洲增長並獲得市場份額、有條不紊地擴展我們的零售計劃、加強電子商務和數字化媒體支持，以我們一流的人才管理和發展為基礎，加強和整合 VF 的創新、消費者洞察和品牌建設，並製定和實施全球可持續發展方法。

With that I will turn the call over to Bob.

有了這個，我會把電話轉給鮑勃。

Thanks Eric, good morning everyone.

謝謝埃里克，大家早上好。

I will make a few comments about the quarter before moving on to specific points regarding our outlook for 2010.

在繼續討論有關我們 2010 年展望的具體要點之前，我將對本季度發表一些評論。

First, related to the noncash impairment charge, Eric pretty well covered the details.

首先，關於非現金減值費用，埃里克很好地涵蓋了細節。

I will just reiterate that we are confident that these businesses will deliver improved operating results going forward.

我只想重申，我們相信這些業務將在未來提供更好的經營業績。

In fact in the case of Nautica and Reef, that progress has already begun.

事實上，就 Nautica 和 Reef 而言，這種進展已經開始了。

I will also point out my comments that follow will mostly relate to VF's operating results before the impact of the charge.

我還將指出，我接下來的評論主要與 VF 在收費影響之前的經營業績有關。

Revenues came in stronger than expected and we are a bit above last year's fourth quarter, continuing the improvement in comparisons that we have been seeing throughout the year.

收入強於預期，我們略高於去年第四季度，繼續我們全年看到的比較改善。

Gross margins reached a record 46.3% for the quarter.

本季度毛利率達到創紀錄的 46.3%。

Representing an increase of 380 basis points over the prior year quarter.

比去年同期增加 380 個基點。

Full year gross margins also expanded over the prior year to 44.3%, also represents a historical high for VF.

全年毛利率也比上年擴大到 44.3%，這也創下了 VF 的歷史新高。

We are particularly pleased considering the pressures faced in this challenging environment that each of our coalitions achieved higher gross margins in the quarter.

考慮到在這個充滿挑戰的環境中所面臨的壓力，我們感到特別高興的是，我們的每個聯盟在本季度都實現了更高的毛利率。

Our direct to consumer business which expanded the 22% of total revenues in the quarter, continues to be a significant factor in driving these gross margin improvements.

我們直接面向消費者的業務擴大了本季度總收入的 22%，這仍然是推動這些毛利率提高的重要因素。

Our direct to consumer business provides considerably stronger gross margin percentages than VF averages.

我們直接面向消費者的業務提供了比 VF 平均水平高得多的毛利率百分比。

In addition, our reductions in inventories not only provide a source of cash, but translated to gross margin improvement, due to the lower risk of obsolescence.

此外，我們減少庫存不僅提供了現金來源，而且由於過時風險較低，還轉化為毛利率的提高。

SG&A as a percent of revenue has declined by 40 basis point in the quarter.

本季度 SG&A 佔收入的百分比下降了 40 個基點。

There are a couple unusual factors influencing this comparison.

有幾個不尋常的因素會影響這種比較。

This year's SG&A included 110 basis point impact from higher pension expense, while last year's fourth quarter reflected a 190 basis point impact from the charge to reduce costs.

今年的 SG&A 包括養老金支出增加帶來的 110 個基點影響，而去年第四季度則反映了為降低成本而收取的費用帶來的 190 個基點影響。

In addition our SG&A ratios continued to reflect the changing mix of our business particularly related to our growing direct to consumer business where the ratios are higher.

此外，我們的 SG&A 比率繼續反映我們不斷變化的業務組合，尤其是與我們不斷增長的直接面向消費者業務相關的比率更高的業務。

Our operating margin excluding the impairment charge rebounded to 13.6% in the quarter, which was stronger than we initially anticipated.

本季度扣除減值費用後的營業利潤率反彈至 13.6%，強於我們最初的預期。

The improvement over last year's quarter was driven by the factors I just discussed in addition to our intense focus on expense control in the SG&A area, throughout 2009.

除了我們在整個 2009 年對 SG&A 領域的費用控制的強烈關注外，去年季度的改善還受到我剛才討論的因素的推動。

Our full year operating margin again excluding the impairment charge was 11.9%.

扣除減值費用後，我們的全年營業利潤率為 11.9%。

Our higher pension expense impacted the full year 2009 margin, as it did in the fourth quarter by 110 basis points.

我們較高的養老金支出影響了 2009 年全年的利潤率，第四季度影響了 110 個基點。

Excluding unusuals, specifically the cost reduction charge in 2008, and the higher pension expense in 2009, we are seeing improvements in our operating margin comparisons despite the challenges created by a difficult economic environment.

排除異常情況，特別是 2008 年的成本削減費用和 2009 年更高的養老金支出，儘管困難的經濟環境帶來了挑戰，但我們的營業利潤率比較有所改善。

Our effective tax rate for the year was about.

我們當年的有效稅率大約是。

30%.

30%。

That included a negative impact for a rate increase from the impairment charge.

這包括減值費用對加息的負面影響。

Our tax rate on earnings excluding the impairment charge approximated 26%, which is in line with our prior guidance.

我們扣除減值費用後的收益稅率約為 26%，這與我們之前的指導一致。

Our tax rate has been declining over past several years.

我們的稅率在過去幾年一直在下降。

For 2010, we expect our rate to again be at about the 26% level.

對於 2010 年，我們預計我們的利率將再次保持在 26% 左右的水平。

We also provided comparisons in the release, that took into account the unusual items, specifically the charge for cost reduction actions in 2008, and the impairment charge pension expense increase and impact from foreign currency in 2009.

我們還在發布中提供了比較，其中考慮了不尋常的項目，特別是 2008 年的成本削減行動費用，以及 2009 年減值費用養老金費用增加和外匯影響。

Excluding these items, fourth quarter earnings per share would have increased by 28%.

排除這些項目，第四季度每股收益將增長 28%。

Full year earnings per share would be up by 2%.

全年每股收益將增長 2%。

Our coalition results were pretty well spelled out in the release I won't reiterate them here.

我們的聯盟結果在新聞稿中得到了很好的闡述，我不會在這裡重複它們。

We will be happy to answer questions you may have during the q-and-a session.

我們很樂意回答您在問答環節中可能遇到的問題。

Now a couple of comments regarding our international and direct to consumer businesses.

現在就我們的國際和直接面向消費者的業務發表一些評論。

We noted in the release international revenues were up slightly in the quarter on a constant currency basis.

我們在新聞稿中指出，按固定匯率計算，本季度國際收入略有增長。

Now just to provide more color on that.

現在只是為了提供更多顏色。

International revenues of our outdoor and action sports coalition rose by 9% in constant dollars and 7 For All Mankind's international revenues grew by 23% in constant dollars.

我們的戶外和極限運動聯盟的國際收入以不變美元計算增長了 9%，7 For All Mankind 的國際收入以不變美元計算增長了 23%。

These businesses continued to grow not only in Europe but in Asia as well where our total revenues increased 40%.

這些業務不僅在歐洲而且在亞洲繼續增長，我們的總收入增長了 40%。

Now as indicated in our release offsetting these gains was a decline in our European jeans business, which continues to be affected by a very difficult jeans market across Europe.

現在，正如我們在新聞稿中所指出的那樣，抵消了這些收益的是我們歐洲牛仔褲業務的下滑，該業務繼續受到整個歐洲非常困難的牛仔褲市場的影響。

In terms of our direct to consumer business, we achieved another quarter of strong growth with revenues up 7%.

就我們直接面向消費者的業務而言，我們實現了又一個季度的強勁增長，收入增長了 7%。

We opened 31 new stores in the quarter.

我們在本季度開設了 31 家新店。

We experienced strong growth albeit off of a relatively small base in our e-Commerce business.

儘管我們的電子商務業務基數相對較小，但我們經歷了強勁的增長。

We continue to be really pleased by the return on investment generated by our direct to consumer business which remained above the 20% level in 2009.

我們繼續對我們直接面向消費者業務產生的投資回報率感到非常高興，該回報率在 2009 年保持在 20% 以上的水平。

Turning now to our balance sheet and cash flow.

現在轉向我們的資產負債表和現金流量。

We put a lot of focus on managing our balance sheet and cash flow this year, and our efforts clearly paid off.

今年，我們非常注重管理資產負債表和現金流，我們的努力顯然得到了回報。

Our cash balance which exceeded $700 million at year end, nearly doubled the 2008 level, inventories were reduced by 17%, and our cash flow from operations reached nearly $1 billion in 2009, and that is a new all time high for us.

年末我們的現金餘額超過 7 億美元，幾乎是 2008 年水平的兩倍，存貨減少了 17%，2009 年我們的運營現金流達到近 10 億美元，這對我們來說是歷史新高。

We are particularly pleased with our strong cash flow given that in 2009 we contributed $200 million to our pension plan.

鑑於 2009 年我們為養老金計劃投入了 2 億美元，我們對強勁的現金流感到特別滿意。

In addition our strong cash generation supported a $108 million spend to repurchase 1.5 million shares, and increase in our dividend payments to $262 million.

此外，我們強勁的現金流支持了 1.08 億美元的支出來回購 150 萬股股票，並將我們的股息支付增加到 2.62 億美元。

Our dividend payout ratio for 2009 was 46%.

我們 2009 年的股息支付率為 46%。

So that's a look back at 2009.

回顧一下 2009 年。

Let's move on to 2010.

讓我們繼續前進到2010年。

In today's release we announced expectation for 2% to 3% growth in revenues and 9% to 11% growth in earnings per share.

在今天的新聞稿中，我們宣布預期收入增長 2% 至 3%，每股收益增長 9% 至 11%。

Now I would like to state right up front that our highest currency exposure is to the euro and for purposes of our projections, we assume the 140 rate for the year 2010.

現在我想先聲明，我們最大的貨幣敞口是歐元，為了我們的預測，我們假設 2010 年的匯率為 140。

That means that the impact from translating foreign currencies into US dollars will be about neutral to revenues and earnings in 2010, with some benefit to the first quarter which diminishes throughout the last three quarters of the year.

這意味著將外幣換算成美元對 2010 年的收入和收益的影響將大致為中性，第一季度的一些好處在今年的最後三個季度逐漸減少。

A couple of comments about our pension expense.

關於我們的養老金支出的幾點評論。

We do expect pension expense in 2010 to be $0.20 per share or lower compared to 2009.

與 2009 年相比，我們確實預計 2010 年的養老金支出為每股 0.20 美元或更低。

Which reflects not only the improvement in valuation of our pension assets in 2009, compared with 2008, but also the benefit from a $200 million contribution to our pension plan we made in the latter half of the year.

這不僅反映了我們 2009 年養老金資產估值較 2008 年有所改善，還反映了我們在下半年向養老金計劃供款 2 億美元所帶來的收益。

Despite the improvement, earnings in 2010 will still reflect an incremental $0.30 per share impact from pension expense compared with the more normalized level in 2008.

儘管有所改善，但與 2008 年更為正常的水平相比，2010 年的收益仍將反映出養老金支出每股增加 0.30 美元的影響。

Highlights regarding our guidance.

關於我們指導的要點。

We are looking forward to first, continued momentum in outdoor and action sports coalition and strong growth in our contemporary brands coalition We expect relatively stable revenues in jeanswear, sportswear, imagewear with higher margins in each.

首先，我們期待戶外和極限運動聯盟的持續發展勢頭，以及我們當代品牌聯盟的強勁增長。我們預計牛仔服、運動服、形象服的收入相對穩定，每一個都有更高的利潤率。

Next expect another year of higher gross margins.

接下來預計又是一年更高的毛利率。

In 2010 we are projecting gross margin expansion of more than 100 basis points largely driven by the continued change in our mix towards higher growth, higher margin lifestyle brands, and our growing direct to consumer business.

2010 年，我們預計毛利率將增長超過 100 個基點，這主要是由於我們的組合繼續向更高增長、更高利潤的生活方式品牌以及我們不斷增長的直接面向消費者業務的方向轉變。

As was the case in our fourth quarter of 2009, we expect to see gross margin expansion across all of our coalitions in 2010.

與我們 2009 年第四季度的情況一樣，我們預計 2010 年我們所有聯盟的毛利率都會擴大。

Lower product costs will play a part in driving the improvement in gross margin ratios.

較低的產品成本將在推動毛利率改善方面發揮作用。

Eric talked about this as well but just to reiterate we will step up our investments to drive future growth.

埃里克也談到了這一點，但只是重申我們將加大投資以推動未來增長。

These investments totaling $50 million will be very targeted and concentrated in those businesses with the strongest opportunities for growth including The North Face, Vans and 7 For All Mankind brands and our business in Asia.

這些總計 5000 萬美元的投資將非常有針對性地集中在那些具有最強增長機會的企業，包括 The North Face、Vans 和 7 For All Mankind 品牌以及我們在亞洲的業務。

A portion of these investments will be targeted at further strengthening our product innovation and sustainability platforms.

這些投資的一部分將用於進一步加強我們的產品創新和可持續發展平台。

These investments together with the higher level of expenses associated with the growing base of retail stores will result in an increase in the ratio of SG&A as a percent of sales compared with last year's level.

這些投資以及與零售店基數不斷增長相關的更高水平的支出將導致 SG&A 佔銷售額的比例與去年的水平相比有所上升。

Now I know this is an area of particular interest, so let's take a moment to talk about our SG&A comparisons.

現在我知道這是一個特別感興趣的領域，所以讓我們花點時間談談我們的 SG&A 比較。

In 2009 our SG&A expense ratio to revenues was 32.4%.

2009 年，我們的 SG&A 費用佔收入的比例為 32.4%。

In 2010 the SG&A ratio is expected to be about 33%.

2010 年，SG&A 比率預計約為 33%。

Or a 60 basis point increase over the 2009 ratio.

或者比 2009 年的比率增加 60 個基點。

Pension expense is estimated to be $35 million lower in 2010 than in 2009.

2010 年的養老金支出估計比 2009 年減少 3500 萬美元。

Which will benefit the year-over-year ratio by about 50 basis points.

這將使同比增長約 50 個基點。

So on an adjusted basis, that would point to more than a full point increase in the SG&A ratio in 2010.

因此，在調整後的基礎上，這將表明 2010 年 SG&A 比率增加了一個多點。

Here is the break down of that increase.

這是增加的細分。

The $50 million in investment spending translates to roughly 70 basis points of the increase.

5000 萬美元的投資支出相當於增加了大約 70 個基點。

The remainder relates to the higher level of direct to consumer business in our mix.

其餘部分與我們組合中更高水平的直接面向消費者的業務有關。

Our direct to consumer business provides higher gross margins, and yes, higher SG&A ratios as well.

我們直接面向消費者的業務提供了更高的毛利率，當然，還有更高的 SG&A 比率。

But most importantly, stronger operating margins than VF averages.

但最重要的是，營業利潤率高於 VF 平均水平。

So the growth in our store base over the last couple of years has and will continue to impact SG&A expense ratios.

因此，過去幾年我們門店數量的增長已經並將繼續影響 SG&A 費用比率。

However we also expect our store growth to continue to positively impact our gross margin and operating margin ratios.

然而，我們也預計我們的門店增長將繼續對我們的毛利率和營業利潤率產生積極影響。

We believe our overall cost structure is in very good shape and is reflected in our expanding margin expectations.

我們相信我們的整體成本結構處於非常良好的狀態，並反映在我們不斷擴大的利潤率預期中。

Cost reduction is an every day exercise at VF Corporation and we continue to scrutinize all aspects of our businesses for cost efficiencies.

降低成本是 VF Corporation 的日常工作，我們繼續審查我們業務的各個方面以提高成本效率。

Now to summarize our margin expectations, gross margin should expand, operating expense ratios will also increase the result of our planned investment spend and some impact from our direct to consumer business as I just discussed, and operating margins should improve by 50 to 60 basis points.

現在總結一下我們的利潤率預期，毛利率應該會擴大，營業費用比率也會增加我們計劃投資支出的結果以及我剛才討論的直接面向消費者業務的一些影響，營業利潤率應該提高 50 到 60 個基點.

Internationally we expect revenues to grow in line with total revenues.

在國際上，我們預計收入將與總收入同步增長。

That comparison is impacted however by the exit of the mass jeans business in Europe.

然而，這種比較受到歐洲大眾牛仔褲業務退出的影響。

Excluding that impact international revenues would increase by a considerably higher rate than total VF revenues.

排除這一影響，國際收入的增長速度將遠高於 VF 總收入。

Now I'm sure you noted that very importantly, we raised our long-term target for international revenues to 40% of total revenues, up from the 33% we had talked abut in the past.

現在我確定你注意到非常重要的是，我們將國際收入的長期目標提高到總收入的 40%，高於我們過去談到的 33%。

We continue to gain confidence in the opportunities abroad for the strong brands within the VF Corporation portfolio.

我們繼續對 VF Corporation 產品組合中的強大品牌在海外的機會充滿信心。

Important also are the higher operating margins provided by our international businesses.

我們的國際業務提供的更高營業利潤率也很重要。

Our direct to consumer business should increase by more than 10% in 2010.

我們直接面向消費者的業務在 2010 年應該會增長 10% 以上。

We are planning to open 80 to 90 new stores and expect low single digit comp store growth.

我們計劃開設 80 到 90 家新店，並預計同店的低個位數增長。

This expansion should drive direct to consumer revenues up to 19% of total revenues in 2010.

2010 年，這種擴張將直接推動消費者收入佔總收入的 19%。

Over the next several years, we continue to anticipate that our direct to consumer revenues will reach 20% or more of total revenues.

在接下來的幾年裡，我們繼續預計我們直接面向消費者的收入將達到總收入的 20% 或更多。

Important to our expansion plans in this area are higher than average gross margins and operating margins as well as the strong returns on investment of our direct to consumer businesses.

對於我們在這一領域的擴張計劃而言，重要的是高於平均水平的毛利率和營業利潤率，以及我們直接面向消費者業務的強勁投資回報。

For 2010 we expect to generate approximately $800 million in cash from operations.

2010 年，我們預計將從運營中產生大約 8 億美元的現金。

While not at the 2009 level, this would mark another very strong year of cash generation for VF Corporation.

雖然不是 2009 年的水平，但對於 VF Corporation 來說，這將標誌著又一個非常強勁的現金生成年。

Dividends and share repurchases are drivers of TSR or total shareholder return.

股息和股票回購是 TSR 或股東總回報的驅動因素。

Our industry leading dividend payout will exceed 40% of earnings in 2010, and continuing in the share repurchases of the third and fourth quarters of 2009, this year we plan to repurchase at least three million shares.

我們行業領先的股息支付將超過 2010 年收益的 40%，並延續 2009 年第三和第四季度的股票回購，今年我們計劃回購至少 300 萬股。

Which is above the level of the past several years and will reduce our number of average shares outstanding.

這高於過去幾年的水平，將減少我們的平均流通股數量。

In fact we indicated in today's release, that our board has authorized an additional 10 million shares for repurchase, given that only 1.7 million shares remained in the previous authorization at the end of 2009.

事實上，我們在今天的新聞稿中指出，鑑於 2009 年底之前的授權只剩下 170 萬股，我們的董事會已授權額外回購 1000 萬股。

Finally to get in front of a few likely questions, our capital spend will approximate $110 million in 2010, with about half of that total devoted to new store expansion.

最後，為了解決幾個可能的問題，我們在 2010 年的資本支出將約為 1.1 億美元，其中約一半用於新店擴張。

We have $200 million of debt repayments scheduled for October of 2010 that will be repaid from existing cash.

我們計劃在 2010 年 10 月償還 2 億美元的債務，這些債務將從現有現金中償還。

Amortization and depreciation, will approximate $175 million for the year.

本年度的攤銷和折舊約為 1.75 億美元。

So in summary we ended 2009 on a strong note, with better revenue and earnings comparisons, but of particular importance to us was the gross margin expansion that we reported in the fourth quarter.

因此，總而言之，我們以強勁的勢頭結束了 2009 年，收入和盈利比較更好，但對我們來說特別重要的是我們在第四季度報告的毛利率增長。

Especially when considering the economic climate, we look at our expanding gross margins as a sign of strength for our brands and our business model.

特別是在考慮經濟環境時，我們將不斷擴大的毛利率視為我們品牌和商業模式實力的標誌。

We will be making investments in 2010 to further build our brands equities, and provide a platform for industry leading product innovation while still providing solid returns for our share holders.

我們將在 2010 年進行投資，以進一步建立我們的品牌資產，為行業領先的產品創新提供平台，同時仍為我們的股東提供可觀的回報。

And now some final words from Karl Heinz Salzburger on our international business.

現在，Karl Heinz Salzburger 關於我們的國際業務的最後幾句話。

Thank you, Bob and Eric.

謝謝鮑勃和埃里克。

Let me begin by reiterating some highlights for the quarter and for the year specific to our international business outside of North and South America.

首先讓我重申本季度和本年度我們在北美和南美以外的國際業務的一些亮點。

Asia is our primary growth market and we are very encouraged by our results there.

亞洲是我們的主要增長市場，我們對那裡的業績感到非常鼓舞。

Revenues grew by 40% in the fourth quarter with operating income more than doubling.

第四季度收入增長了 40%，營業收入翻了一番多。

This growth was broad based with very strong increases across our Lee, The North Face, Vans and 7 For All Mankind brands.

這種增長是廣泛的，我們的 Lee、The North Face、Vans 和 7 For All Mankind 品牌的增長非常強勁。

For the year, we noted in our press release that revenues rose by 28%.

今年，我們在新聞稿中指出，收入增長了 28%。

Our outdoor and action sports and our contemporary and sportswear businesses achieved growth in revenues on a constant currency basis in the fourth quarter.

我們的戶外和極限運動以及我們的現代和運動服裝業務在第四季度實現了按固定匯率計算的收入增長。

The strongest growth was in our 7 For All Mankind, Eastpak, Vans, and The North Face brands.

增長最強勁的是我們的 7 For All Mankind、Eastpak、Vans 和 The North Face 品牌。

As you are all well aware, our European jeans business continues to be quite challenging, reflecting market conditions that are affecting not only our brands but also those of our competitors.

眾所周知，我們的歐洲牛仔褲業務仍然充滿挑戰，反映出市場狀況不僅影響我們的品牌，也影響我們競爭對手的品牌。

Our fourth quarter revenues continued to trend over the last several quarters with revenues below those of last year.

我們第四季度的收入在過去幾個季度繼續呈趨勢，收入低於去年。

I will talk about 2010 which is off to a strong start and we are looking forward to making good progress on many fronts.

我要談談 2010 年，它開局良好，我們期待在許多方面取得良好進展。

We are working on five key initiatives in 2010.

2010 年，我們正在開展五項關鍵舉措。

The first is outdoor and action sports growth.

首先是戶外和極限運動的增長。

We are planning a year of solid growth for both The North Face, and Vans brands in both our wholesale and retail businesses as well as in Asia.

我們計劃在一年中讓 The North Face 和 Vans 品牌在我們的批發和零售業務以及亞洲實現穩健增長。

The second key theme is direct to consumer.

第二個關鍵主題是直接面向消費者。

About half of the growth we are targeting in 2010, will come from our direct to consumer businesses including new store openings, including partnership stores and e-Commerce.

我們 2010 年目標增長的一半左右將來自我們直接面向消費者的業務，包括新開的商店，包括合作商店和電子商務。

We continue to invest in building our international infrastructure and systems which will contribute to improvement in profitability.

我們繼續投資建設我們的國際基礎設施和系統，這將有助於提高盈利能力。

Asia of course is a substantial opportunity for us and marks our third big initiative.

亞洲當然是我們的重要機遇，也是我們的第三大舉措。

2010 should be another very good year for us there.

2010 年對我們來說應該是又一個非常好的一年。

We are planning 20% plus growth and a 40% increase indoors for a total of 1400 by year end year end, supported by a substantial increase in marketing investment.

在營銷投資大幅增加的支持下，我們計劃在年底前增加 20% 以上的增長和 40% 的室內增長，到年底總共增加 1400 個。

Given its premium authentic and technical position The North Face brand has a unique opportunity to build and lead the outdoor category in China.

鑑於其優質的正品和技術地位，The North Face 品牌擁有在中國打造和引領戶外品類的獨特機會。

During 2010, we will continue to build the brand's visibility by focusing on core outdoor activities and events, such as 100-kilometer Beijing race cited by Eric earlier.

2010 年，我們將繼續通過專注於核心戶外活動和事件來建立品牌知名度，例如 Eric 之前提到的北京 100 公里比賽。

We continue to open additional partnership stores while at the same time improving the productivity of existing stores with better assortment planning and customized products.

我們繼續開設更多的合作夥伴商店，同時通過更好的分類規劃和定制產品提高現有商店的生產力。

Our Lee brand has been the primary growth driver of our jeans business in China and in 2010 we will leverage our success with a significant increase in advertising and additional store openings.

我們的 Lee 品牌一直是我們在中國牛仔褲業務的主要增長動力，2010 年，我們將利用我們的成功，顯著增加廣告和新開門店。

China is still a relatively new market for Vans, but we have seen tremendous growth since launching the brand in December of '08.

中國對 Vans 來說仍然是一個相對較新的市場，但自 08 年 12 月推出該品牌以來，我們已經看到了巨大的增長。

In 2010 we will double the footprint of the brand to more than 200 doors, still a small number in a big market but the brand has a lot of room to grow.

2010 年，我們將把品牌的足跡翻一番，達到 200 多家門店，這在一個大市場中仍然是一個小數字，但品牌有很大的增長空間。

Our 7 For All Mankind brand has also gotten off to a fast start in Asia.

我們的 7 For All Mankind 品牌也在亞洲快速起步。

We have 15 new free standing partnership stores planned in 2010 and we also have been investing to support our distributors in both China and Korea to build market leadership in the premium jeans category.

我們計劃在 2010 年開設 15 家新的獨立合作夥伴商店，我們還一直在投資以支持我們在中國和韓國的經銷商建立高檔牛仔褲類別的市場領導地位。

Our fourth initiative is addressing the challenges of our European jeanswear business.

我們的第四項舉措是應對我們歐洲牛仔服裝業務的挑戰。

Conditions deteriorated sharply in key markets earlier last year, but have stabilized since and we expect better performance in 2010.

去年早些時候主要市場的情況急劇惡化，但此後已經穩定下來，我們預計 2010 年會有更好的表現。

We have adjusted our product mix and price points to address specific market segments with a limited premium product offering for our [Holoubek].

我們已經調整了我們的產品組合和價格點，以通過為我們的 [Holoubek] 提供有限的優質產品來解決特定的細分市場。

This should provide a significant boost in gross margins in 2010.

這應該會顯著提高 2010 年的毛利率。

And we closed our European mass Jeanswear business in '09 which had not been profitable.

我們在 09 年關閉了尚未盈利的歐洲大眾牛仔裝業務。

Lastly we will continue to invest in people and infrastructure to drive the growth of our businesses in the future and ensure we have the best talent and leadership in place for our great brands.

最後，我們將繼續投資於人員和基礎設施，以推動我們未來業務的增長，並確保我們為我們的偉大品牌配備最優秀的人才和領導力。

Thank you, Karl Heinz.

謝謝你，卡爾海因茨。

That concludes our comments, and we will now open the line to any questions you have.

我們的評論到此結束，我們現在將打開熱線回答您的任何問題。

Thank you.

謝謝你。

(Operator Instructions) We will go first to Jim Duffy of Thomas Weisel Partners.

（操作員說明）我們將首先聯繫 Thomas Weisel Partners 的 Jim Duffy。

Thank you, good morning.

謝謝你，早上好。

Good morning Jim.

早上好，吉姆。

Thanks for all the detail.

感謝所有的細節。

I'm going to ask you if you would to speak in a little more detail about the Jeanswear outlook as you look to expectations for flat revenue in 2010, what does that presume for the European business.

我想問您是否願意更詳細地談談牛仔服飾的前景，因為您預計 2010 年收入將持平，這對歐洲業務有何影響。

Is the European business in Jeanswear -- has it stabilized, do you see it getting worse.

Jeanswear 的歐洲業務是否穩定，您是否看到它變得更糟？

What kind of outlook do you have there X departure of the European mass business.

你有什麼樣的前景 X 歐洲大眾業務的離開。

Is your question exclusively about the European Jeanswear business or also about our US business?

您的問題是專門針對歐洲牛仔裝業務還是針對我們的美國業務？

About the global Jeanswear business.

關於全球牛仔服飾業務。

The different components that get you to a flat revenue expectation.

使您達到固定收入預期的不同組件。

Let me touch on the domestic Jeanswear business and then I will pass it off to Karl Heinz.

讓我談談國內的牛仔服飾業務，然後我會把它交給 Karl Heinz。

Obviously our biggest business in the US is our mass jeans business where we have momentum in our core male business, we are clearly the leader in men's and boys' jeans in the mass channel and we continued to win in that channel of distribution.

顯然，我們在美國最大的業務是我們的大眾牛仔褲業務，我們的核心男裝業務勢頭強勁，我們顯然是大眾渠道男士和男童牛仔褲的領導者，並且我們繼續在該分銷渠道中獲勝。

There is a difference Jim between what we ship in and what is selling through.

吉姆，我們運送的東西和銷售的東西是有區別的。

But our sell throughs are strong and our core Wrangler and Wrangler Jeans company brands are doing very well.

但我們的銷售能力很強，我們的核心 Wrangler 和 Wrangler Jeans 公司品牌表現非常好。

Particularly behind new product innovations -- in mens we have a comfort solutions program, in the missy business, we have a slender stretch program, and all those are working at retail for us.

特別是在新產品創新的背後——在男裝方面，我們有一個舒適的解決方案計劃，在女士業務方面，我們有一個苗條的拉伸計劃，所有這些都在為我們的零售工作。

Next on to Lee, where Lee has momentum in the US market in the mid tier channel.

接下來是 Lee，Lee 在美國市場的中端渠道勢頭強勁。

They have had a really strong year.

他們度過了非常強勁的一年。

You will note -- I'm not sure if this is visibility -- but our Lee business in 2009 was down slightly -- less than 1% in our shipments.

你會注意到——我不確定這是否是可見度——但我們的 Lee 業務在 2009 年略有下降——在我們的出貨量中下降不到 1%。

But at retail we absolutely gained share in the channel and it was also about product innovation behind mostly our slender secret program which has been our most successful denim launch ever in the Lee brand.

但在零售方面，我們在渠道中絕對獲得了份額，這也與產品創新有關，主要是我們的苗條秘密計劃，這是我們在 Lee 品牌中推出的最成功的牛仔布產品。

It was featured on Oprah, and that program is an innovation that's relevant to their consumer and is working for them.

它在 Oprah 上有特色，該計劃是一項與他們的消費者相關並為他們工作的創新。

The weakest part of the US business understandably is our specially business.

可以理解，美國業務中最薄弱的部分是我們的特殊業務。

It's a western specialty business, it lives in the cowboy part of the west and along the border and those are heavy duty tough jeans and used a lot in the construction trade along the border and that's a tough place for us right now.

這是一家西部特色企業，它生活在西部和邊境的牛仔區，那些是重型強韌牛仔褲，在邊境的建築行業中大量使用，這對我們來說現在是一個艱難的地方。

With that I will turn it over to Karl Heinz to comment on Asia and Europe.

有了這個，我將把它交給卡爾海因茨來評論亞洲和歐洲。

Starting with Europe -- Asia is actually doing well -- so we will focus on Europe.

從歐洲開始——亞洲實際上做得很好——所以我們將關注歐洲。

The European jeans business over the past several years has been fueled by premium price products which have been disproportionately affected by this global recession in the last years.

在過去幾年中，歐洲牛仔褲業務一直受到高價產品的推動，這些產品在過去幾年受到全球經濟衰退的影響尤為嚴重。

What we also had -- we benefited over the last several years by a strong and very profitable growth in eastern Europe where we have in most eastern European countries we have subsidiaries and owned businesses.

我們還擁有——在過去幾年中，我們受益於東歐強勁且利潤豐厚的增長，我們在大多數東歐國家擁有子公司和自有企業。

And this market as we know especially in Q1 last year, we are down sharply in '09.

正如我們所了解的這個市場，尤其是在去年第一季度，我們在 09 年大幅下滑。

We had certain markets like Russia which literally collapsed and we had currency issues in markets like Poland where we have a meaningful presence.

我們有像俄羅斯這樣的某些市場，它實際上已經崩潰了，我們在波蘭這樣的市場存在貨幣問題，我們在那裡有重要的存在。

So that is one factor

所以這是一個因素

Now, going forward, what we expect in terms of revenues in 2010, we still expect to be down, partly due to our mass exit in '09.

現在，展望未來，我們對 2010 年收入的預期仍然會下降，部分原因是我們在 09 年大規模退出。

Excluding that impact we expect to be down mid single digit.

排除這種影響，我們預計會下降到中個位數。

However what we see is a slight uptick in orders which is positive.

然而，我們看到訂單略有上升，這是積極的。

Even if we remain very cautious in replenishment.

即使我們在補貨方面仍然非常謹慎。

Jim, one thing I will add to the US picture because at some point in this call this should come out.

吉姆，我要在美國的情況下添加一件事，因為在這次電話會議的某個時候應該會出來。

We talked about all of last year -- we lost this one program in the mass channel, our Riders program.

我們談論了去年一整年——我們在大眾頻道失去了這個節目，我們的騎手節目。

It was a big program and we lost it.

這是一個很大的計劃，我們失去了它。

We actually are gaining that back inch by inch.

我們實際上正在一寸一寸地獲得支持。

It's going to be a big head wind for us particularly in the first quarter.

這對我們來說將是一個很大的逆風，尤其是在第一季度。

Where that program was still active and at retail last year, once we get through the first quarter, the second quarter will be a slighter impact and back half of the year no impact at all.

在去年該計劃仍然活躍且零售的地方，一旦我們度過了第一季度，第二季度的影響將較小，而今年下半年則完全沒有影響。

We have one more quarter of a big impact from the loss of that business and you will see that reflected in our first quarter domestic Jeanswear business numbers.

該業務的損失給我們帶來了四分之一的重大影響，您會在我們第一季度的國內牛仔業務數據中看到這一點。

Did that answer your question, Jim?

吉姆，這回答了你的問題嗎？

It does, I have a follow up with regards to the US business.

確實如此，我對美國業務進行了跟進。

There was an element of destocking that occurred particularly in the first half of last year, does your guidance presume any restocking or easy comparisons with regards to that?

去庫存的因素尤其發生在去年上半年，您的指導意見是否假設有任何補貨或簡單的比較？

The destocking that occurred last year.

去年發生的去庫存。

I think in general across all of our domestic businesses, retailers are planning to further improve their inventory turns in 2010.

我認為總體而言，在我們所有的國內業務中，零售商都計劃在 2010 年進一步提高庫存周轉率。

I think that's smart.

我認為這很聰明。

Which implies that they will be buying slightly less than their selling again.

這意味著他們的買入量將再次略低於賣出量。

I think the GAAP is going to be more narrow but we have not built any restocking into our business.

我認為 GAAP 會變得更窄，但我們還沒有對我們的業務進行任何補貨。

We learned and we think our customers learned they can service their consumers without carrying as much inventory as we once felt was necessary.

我們了解到，我們認為我們的客戶了解到他們可以為消費者提供服務，而無需攜帶我們曾經認為有必要的庫存。

We are not restocking -- though our inventories were down almost $200 million last year, we serviced at record high levels -- we serviced our retail partners -- and we think that the retail partners that we sell are going to do the same.

我們沒有補充庫存——儘管去年我們的庫存下降了近 2 億美元，但我們的服務水平創歷史新高——我們為我們的零售合作夥伴提供服務——我們認為我們出售的零售合作夥伴也會這樣做。

We have no restocking built into our forecast.

我們的預測中沒有補貨。

Helpful.

有幫助。

Then a follow up for Karl Heinz -- looking at your guidance for the international business as a whole to be consistent with corporate growth, and yet 20% growth in Asia, that implies declines in Europe, are you seeing declines in Europe in other brands besides the Jeanswear or is is that exclusive to the Jeanswear business?

然後是 Karl Heinz 的跟進——看看你對整個國際業務的指導與公司增長保持一致，但亞洲 20% 的增長意味著歐洲的下滑，你是否看到其他品牌在歐洲的下滑除了 Jeanswear，還是 Jeanswear 業務獨有的？

I would say it's exclusive to the Jeanswear business, Jim, remember we closed our mass business last year and clearly that has a meaningful impact.

我會說這是 Jeanswear 業務獨有的，Jim，請記住我們去年關閉了大眾業務，這顯然產生了有意義的影響。

We see our outdoor and sportswear businesses growing in 2010.

我們看到我們的戶外和運動服裝業務在 2010 年有所增長。

Thanks.

謝謝。

I will let someone else jump in.

我會讓別人跳進去。

Jim, let me make sure it's clear in the numbers as we indicated that comparable growth to overall VF, that includes the exit of the mass channel.

吉姆，讓我確保數字很清楚，因為我們指出與整體 VF 相當的增長，包括大眾渠道的退出。

The mass jeans business.

大眾牛仔褲業務。

Thank you.

謝謝你。

We will go next Jeff Klinefelter of Piper Jaffray.

接下來我們將介紹 Piper Jaffray 的 Jeff Klinefelter。

Thank you.

謝謝你。

Also thanks for all the great detail today.

也感謝今天的所有重要細節。

A couple of questions, wanted to focus on Asia, clearly a growth focus of yours for 2010.

有幾個問題，想關注亞洲，這顯然是您 2010 年的增長重點。

I was wondering if you could share a little more detail for example the up margin trends in that region compared to say Europe and the US, given your shop in shop model.

我想知道您是否可以分享更多細節，例如，考慮到您的店中店模式，與歐洲和美國相比，該地區的利潤率上升趨勢。

Which I know is different than both other markets.

我知道這與其他兩個市場都不同。

Give us a sense for the profitability or how you think of the economic model as you're ramping these new shop in shop doors.

讓我們了解盈利能力或您如何看待經濟模型，因為您正在店門口開設這些新店。

And also China being the primary focus -- I believe your -- most of your direct business is in China and India, you shared a little color on China versus India.

而且中國也是主要焦點——我相信你的——你的大部分直接業務都在中國和印度，你在中國和印度之間分享了一些色彩。

And also anything else about the balance of the Asian markets, your licensed markets, how they are performing.

還有關於亞洲市場平衡、您的許可市場以及它們的表現的任何其他信息。

I will start off on the profitability.

我將從盈利能力開始。

Our profitability particularly in China is actually at the highest level in the Company.

我們的盈利能力，尤其是在中國，實際上處於公司的最高水平。

It's essentially a retail model.

它本質上是一種零售模式。

It's a -- what makes it so good for us is it's a retail model without all of the expenses associated with retail ownership.

這是 - 對我們如此有利的是它是一種零售模式，沒有與零售所有權相關的所有費用。

So what that does is it provides us with a very strong operating margin and again it's the highest level across all of VF.

所以它的作用是它為我們提供了非常強勁的營業利潤率，並且它再次成為所有 VF 的最高水平。

Karl Heinz you may want to comment on the other.

Karl Heinz 你可能想對其他人發表評論。

There were a couple of questions see if I remember them all.

有幾個問題，看看我是否記得所有問題。

The model, China as Bob said is a retail model.

正如 Bob 所說，中國的模式是一種零售模式。

We had in '09 about 1000 doors, which we are going to expand to 1400.

我們在 09 年擁有大約 1000 扇門，我們將擴大到 1400 扇。

The majority -- 90% of the stores are operated by partners we call them franchisees.

大多數 - 90% 的商店由我們稱為特許經營商的合作夥伴經營。

It's a great model.

這是一個很棒的模型。

They buy the inventory and run the store basically.

他們基本上購買存貨並經營商店。

And, we sell to them based on a discounted retail.

而且，我們根據折扣零售價向他們銷售。

So it's a good model.

所以這是一個很好的模型。

China -- the difference between China and India, China we started very early in the mid-90s we owned (inaudible) subsidiary.

中國——中國和印度的區別，中國我們在 90 年代中期很早就開始了，我們擁有（聽不清）子公司。

Asia, India came later.

亞洲，印度來得更晚。

I would say those two markets are in different stages of evolution.

我想說這兩個市場處於不同的發展階段。

China is a little bit ahead in terms of consumer consumptions.

中國在消費方面略微領先。

We have a large platform and many brands there, we are doing well, [we heard it].

我們有一個很大的平台，那裡有很多品牌，我們做得很好，[我們聽說]。

In India we focus on the two jeans brands, Lee and Wrangler.

在印度，我們專注於兩個牛仔褲品牌，Lee 和 Wrangler。

The model is relatively similar -- it's a retail franchise based model.

該模型相對相似——它是一種基於零售特許經營權的模型。

But I would say we are at an earlier stage in the terms of growth and even size of that market.

但我想說，就該市場的增長甚至規模而言，我們處於早期階段。

For the rest in Asia we have an owned subsidiary in our sportswear business in Japan which is primarily 7 For All Mankind and Napapijri and the in rest of Asia we are working with distributors primarily.

對於亞洲其他地區，我們在日本的運動服裝業務中擁有一家子公司，主要是 7 For All Mankind 和 Napapijri，而在亞洲其他地區，我們主要與分銷商合作。

This is Eric, I don't think you were following VF Corporation back 15 years ago, 15 years ago we launched our own subsidiary in China.

我是埃里克，我不認為你在 15 年前關注威富公司，15 年前我們在中國成立了自己的子公司。

We are benefiting now from being at this for 15 years and having built the infrastructure and team.

我們現在受益於 15 年的經驗並建立了基礎設施和團隊。

We learned a lot of lessons along the way.

一路上我們吸取了很多教訓。

But, as those who followed us for a long time know, we lost money for the first seven years.

但是，正如那些長期關注我們的人所知，我們在最初的七年裡一直虧損。

And we are now benefiting from all those investments that were made in the late 90s and the first part of 2000.

我們現在正受益於 20 世紀 90 年代末和 2000 年上半年進行的所有投資。

In terms of the balance of Asia as a percent of total revenue right now, it's relatively small within your entire enterprise, but that because a lot of the markets are licensed.

就目前亞洲佔總收入的百分比而言，它在整個企業中相對較小，但這是因為很多市場都獲得了許可。

Are there other opportunities to take back in house directly -- distributors and licensees -- if you trued all of that up to wholesale, just how big on a wholesale equivalent basis is the Asian market right now for you.

是否還有其他機會直接收回內部——分銷商和被許可人——如果你把所有這些都歸結為批發，那麼現在亞洲市場對你來說有多大？

We agree with your observation that it is not the size that it has the potential to be at VF.

我們同意您的看法，即它不是它有可能達到 VF 的大小。

And we are very focused on making investment and our team there has made huge progress in the last two or three years.

我們非常專注於投資，我們的團隊在過去兩三年取得了巨大進步。

We are gathering growth momentum off of big numbers.

我們正在從大量數據中收集增長動力。

As Bob said it's very profitable for us to do that.

正如鮑勃所說，這樣做對我們來說非常有利可圖。

I'm not going to comment specifically on other arrangements we have with partners.

我不會具體評論我們與合作夥伴的其他安排。

We do have some other partners -- licensees and distributors -- on all of our brands scattered around the region in different models.

我們確實有一些其他合作夥伴——被許可人和分銷商——我們所有的品牌都以不同的模式散佈在該地區。

We try to do what is best for shareholders.

我們努力做對股東最有利的事情。

So if it's best for us and for our shareholders to have a partner running the business that's what we will do, if it's best for our shareholders for us to run the business that's what we get to ultimately.

因此，如果讓合作夥伴經營業務對我們和我們的股東來說是最好的，這就是我們要做的，如果對我們的股東來說，經營業務對我們來說是最好的，那麼我們最終會做到這一點。

One other question -- any updates on the licensing business you launched last year any thoughts there on new initiatives?

另一個問題——關於您去年啟動的許可業務的任何更新，對新舉措有什麼想法嗎？

Nothing to announce there, Jeff.

沒有什麼可宣布的，傑夫。

That's something we continue to work on.

這是我們繼續努力的事情。

My sincere hope is that by the end of this year we will have accomplished what we set out to do -- which is to establish a proprietary brand business with one of our retail partners but no progress to report yet.

我真誠地希望，到今年年底，我們將完成我們計劃要做的事情——即與我們的零售合作夥伴之一建立專有品牌業務，但尚未報告任何進展。

Thank you.

謝謝你。

Thank you.

謝謝你。

(Operator Instructions) Next question is from Bob Drbul from Barclays Capital.

（操作員說明）下一個問題來自巴克萊資本的 Bob Drbul。

Hi good morning.

早上好。

Couple of questions, first one, on the goodwill impairment charge, does this temper your appetite for acquisitions in the future when you look at some of those write downs.

有幾個問題，第一個，關於商譽減值費用，當您查看其中一些減記時，這是否會降低您未來收購的興趣。

No really not at all, Bob.

不，一點也不，鮑勃。

It doesn't temper our appetite for the brands that were impaired.

它不會降低我們對受損品牌的胃口。

It doesn't temper our appetite for future acquisitions.

它不會降低我們對未來收購的興趣。

You know how the impairment calculations work.

您知道減值計算是如何進行的。

It's an exercise we go through every year.

這是我們每年都要進行的練習。

Really the size of this impairment at $120 something million against our balance sheet balance on goodwill and intangibles of over $3 billion -- is a very small impairment charge against what our balance sheet has for goodwill and intangibles.

實際上，與我們超過 30 億美元的商譽和無形資產資產負債表餘額相比，這種減值的規模為 120 萬美元 - 相對於我們資產負債表中商譽和無形資產的減值費用非常小。

Following on that one Eric when you look at the three that were included -- 7 For All Mankind from when you acquired it and the trends in that business versus the trends at the high end -- I'm little surprised there wasn't included anything on 7 For All Mankind in this review.

在 Eric 之後，當你查看其中的三個時——7 For All Mankind 從你收購它時開始，以及該業務的趨勢與高端趨勢——我對沒有包括在內感到驚訝這篇評論中關於 7 For All Mankind 的任何內容。

Can you talk to that maybe.

你能和那個談談嗎？

It's a mathematical calculation on what the value of the business is given our current plans for the business and I'm way in over my head from an accounting standpoint.

這是根據我們當前的業務計劃計算業務價值的數學計算，從會計的角度來看，我已經無法理解了。

But what that says to me is the plans that we have at that business even though we are at a different starting point because of the recession, the plans still support the value we paid for it.

但這對我來說是我們在該業務中的計劃，儘管由於經濟衰退我們處於不同的起點，但這些計劃仍然支持我們為此付出的價值。

Bob, am I --?

鮑勃，我是——？

No, that's right.

不，沒錯。

Bob it's reflective of the expectations that we have for the business on a global basis.

鮑勃，這反映了我們對全球業務的期望。

So it's really fairly straightforward.

所以這真的很簡單。

Okay.

好的。

I'm not sure if I missed it but did you guys give your comp store sales performance in your stores and any color on the different brands.

我不確定我是否錯過了它，但是你們有沒有給出你們商店的 comp 商店銷售業績以及不同品牌的任何顏色。

I will give you some general -- we look at the fourth quarter, we talked about that on and off during the year.

我會給你一些一般性的信息——我們看看第四季度，我們在這一年裡斷斷續續地討論過這個問題。

What I know is that during the fourth quarter, our comps globally were flat.

我所知道的是，在第四季度，我們的全球收入持平。

Obviously there is mixed numbers in there with all the retail formats we have around the world.

顯然，我們在世界各地擁有的所有零售業態中都有混合的數字。

And as you would expect our retail formats in businesses like The North Face, and Vans, and 7 For All Mankind, posted stronger comps.

正如您所期望的那樣，我們在 The North Face、Vans 和 7 For All Mankind 等企業的零售業態發布了更強勁的業績。

Lucy, Nautica, a few others posted weaker comps.

露西、諾蒂卡和其他一些人發布了較弱的補償。

The add up of all that for the fourth quarter was flat.

第四季度的所有這些加起來持平。

Then, just one final question.

那麼，只有最後一個問題。

It's a first quarter question -- on imagewear with the Saints winning the Super Bowl versus the Steelers last year, how does that impact the imagewear result for the first quarter?

這是第一季度的問題——關於聖徒隊去年贏得超級碗和鋼人隊的形象，這對第一季度的形像有何影響？

There is no team we prefer to the Steelers.

沒有比鋼人隊更讓我們喜歡的球隊了。

You will appreciate that comment, Bob.

鮑勃，你會很感激你的評論。

That's as good as it gets for us.

這對我們來說已經很好了。

We will -- while the Saints have been good for us this year, not as good as your Pittsburgh Steelers.

我們會的——雖然今年聖徒隊對我們有好處，但不如你們的匹茲堡鋼人隊。

Thanks, guys, see you later.

謝謝大家，回頭見。

Next to Kate McShane of Citi Investment Research.

緊挨著花旗投資研究部的凱特·麥克沙恩 (Kate McShane)。

Hi, Kate.

嗨，凱特。

Just a quick question on the $50 million investment, can you talk a little bit about how much more is that in terms of marketing dollars -- how much more is it than 2009 or has there been shift in marketing dollars from some maybe the smaller -- lower return brands to these higher return brands?

就 5000 萬美元的投資提出一個簡單的問題，你能談談在營銷資金方面多了多少——比 2009 年多了多少，或者營銷資金是否從一些可能較小的地方轉移了—— - 低迴報品牌對這些高回報品牌？

Kate, it is in terms of the marketing side, just to take a step back, the $50 million is broken out by about $40 million of the $50 million being on the marketing side, the advertising side.

凱特，就營銷方面而言，退一步說，5000 萬美元是由營銷方面的 5000 萬美元中的大約 4000 萬美元打破的，即廣告方面。

And, the other $10 million are in the areas that Eric mentioned, specifically the product development area and also sustainability.

另外 1000 萬美元用於 Eric 提到的領域，特別是產品開發領域和可持續性領域。

A couple details on the advertising piece, the investments as we have been saying are clearly against our fastest growing brands so that the biggest portion of that $40 million will go to The North Face brand, then Vans and 7 For All Mankind and some Nautica as well.

關於廣告片的幾個細節，正如我們所說的那樣，投資顯然不利於我們增長最快的品牌，因此這 4000 萬美元中的最大部分將用於 The North Face 品牌，然後是 Vans 和 7 For All Mankind 以及一些 Nautica出色地。

It's all incremental to the 2009 spend.

這都是 2009 年支出的增量。

So the $40 million that's really the definition of the additional marketing that's incremental to the 2009 level.

因此，4000 萬美元實際上是對 2009 年水平增量的額外營銷的定義。

Okay.

好的。

Thank you.

謝謝你。

With gross margins for Q4 I know there are a lot of moving parts with gross margins.

對於第四季度的毛利率，我知道有很多移動部件具有毛利率。

So I wondered if you could give a little bit more detail in terms of how much was a benefit from having more retail, how much was a benefit from outdoor and action sports growing more rapidly, how much was impact from it being better environment with lower inventories and how much was a benefit from deflation.

所以我想知道您是否可以提供更多細節，說明更多零售帶來的好處有多大，戶外運動和極限運動增長更快帶來的好處有多大，更好的環境和更低的成本帶來的影響有多大庫存以及通貨緊縮帶來的好處有多少。

Hard to breakout all of those pieces but what I can tell you is this -- that the retail itself drove nearly half of the overall gross margin improvement.

很難打破所有這些部分，但我可以告訴你的是——零售本身推動了近一半的整體毛利率提高。

Of the 400 basis point retail, retail was about half of that.

在 400 個基點的零售中，零售約佔其中的一半。

It's is point that we made during the comments that retail continues to be such a strong driver for us in terms of gross margins.

我們在評論中指出，就毛利率而言，零售仍然是我們如此強大的驅動力。

And I might also add in terms of operating margin as well -- retail was a contribute to our operating margin -- to operating margin improvement in 2000 -- 2009.

我還可能會增加營業利潤率——零售對我們的營業利潤率做出了貢獻——2000 年——2009 年的營業利潤率有所提高。

In terms of the rest of the pieces you pretty much touched on all of them -- the continual expansion in our higher margin, gross margin businesses -- for example outdoor and action sports and also in Asia, where the bulk of the remainder, the other half, in terms of the growth.

就其他部分而言，你幾乎觸及了所有這些——我們的高利潤、毛利率業務的持續擴張——例如戶外和極限運動，以及在亞洲，其餘大部分，另一半，在增長方面。

But I will also tell you that you're right on in terms of product costs -- lower product costs and also just running the business more efficiently than the fourth quarter of 2008.

但我還要告訴你，你在產品成本方面的看法是正確的——與 2008 年第四季度相比，產品成本更低，而且業務運營效率更高。

In other words with the lower inventory levels and the efficiencies that that brings those were factors as well.

換句話說，較低的庫存水平和由此帶來的效率也是因素。

So the biggest piece retail and then everything else was an equal contributor in terms of the better mix and also efficiencies.

因此，就更好的組合和效率而言，最大的零售業和其他一切都是平等的貢獻者。

Okay, thanks very much.

好的，非常感謝。

Thanks, Kate.

謝謝，凱特。

(Operator Instructions) We'll go next to Omar Saad of Credit Suisse.

（操作員說明）我們將去瑞士信貸的 Omar Saad 旁邊。

Thanks, good morning.

謝謝，早上好。

Wanted to follow up on Bob's question a little bit on the three brands you took the charge on.

想跟進 Bob 關於您負責的三個品牌的問題。

Not so much on the accounting side but Eric can you discuss some of the strategies for those three brands -- where they stand, how you view the opportunity there, what the opportunities are, what can be done to drive the performance.

與其說是在會計方面，不如說埃里克，你能不能談談這三個品牌的一些戰略——他們的立場，你如何看待那裡的機會，機會是什麼，可以做些什麼來推動業績。

Sure, Omar, good question.

當然，奧馬爾，問得好。

First we still believe that each brand has good long-term potential and I will comment briefly on each I guess.

首先，我們仍然相信每個品牌都具有良好的長期潛力，我將對每個品牌進行簡要評論。

Nautica, start there.

諾蒂卡，從這裡開始。

Nautica is a much better place sitting here in January in 2010 than it was in January 2009.

與 2009 年 1 月相比，2010 年 1 月坐在這裡的 Nautica 是一個更好的地方。

We got the business back to double digit profitability and that was our number one objective.

我們讓業務恢復了兩位數的盈利能力，這是我們的首要目標。

We've also improved the price value equation of our products there -- that was a big issue for us coming in to 2009, we solved that during the year and it showed up in our holiday sales.

我們還改善了那裡產品的價格價值方程式——這對我們進入 2009 年來說是個大問題，我們在這一年解決了這個問題，並在我們的假日銷售中體現出來。

We were on plan and had the best comps that we've had from the middle of December through the end of January.

我們按計劃進行，並且擁有從 12 月中旬到 1 月底的最佳陣容。

The brand performed very well at its largest customer.

該品牌在其最大客戶中表現出色。

The challenge we had last year, the area we need to address first is our outlet business.

我們去年遇到的挑戰，我們首先需要解決的領域是我們的奧特萊斯業務。

We didn't achieve our potential in our outlet business and we are changing our model.

我們沒有發揮直銷業務的潛力，我們正在改變我們的模式。

Bob mentioned there is some marketing investment going into Nautica and some of that is going to go into our stores.

Bob 提到有一些營銷投資進入了 Nautica，其中一些將進入我們的商店。

We have new leadership there, so we are in a pretty good spot there and will show up an improvement in operating margins again in 2010.

我們在那裡有了新的領導層，所以我們在這方面處於一個相當不錯的位置，並將在 2010 年再次顯示出營業利潤率的提高。

Onto Lucy.

在露西身上。

We reassigned Lucy in to our outdoor coalition in the fall Omar, and we did that for a couple of reasons.

我們在秋天的奧馬爾將露西重新分配到我們的戶外聯盟，我們這樣做有幾個原因。

When we looked at what would help the business most, we thought having it aligned with a strong technical performance product engine and a mature retailing group which we have in outdoor, what would be the best way to leverage VF's capabilities.

當我們考慮什麼對業務最有幫助時，我們認為讓它與強大的技術性能產品引擎和我們在戶外擁有的成熟零售集團保持一致，這將是利用 VF 能力的最佳方式。

So, we moved it into the outdoor coalition and it's working with our outdoor times in San Leandro on how to take what they know about activity based product development and what they know about retail so we -- they can benefit from that.

因此，我們將其納入戶外聯盟，並與我們在 San Leandro 的戶外時間合作，研究如何利用他們對基於活動的產品開發的了解以及他們對零售的了解，以便我們 - 他們可以從中受益。

And we still think women's activewear, particularly yoga inspired activewear, is a viable proposition.

我們仍然認為女士運動服，尤其是受瑜伽啟發的運動服，是一個可行的主張。

And, we are committed to its future.

而且，我們致力於它的未來。

Reef is easiest to talk about.

珊瑚礁是最容易談論的。

The Reef team has momentum right now.

Reef 團隊現在勢頭強勁。

They had a really difficult 2008 there.

他們在那裡度過了非常艱難的2008年。

We went through substantial restructuring of the organization including the leadership level.

我們對包括領導層在內的組織進行了重大重組。

But that whole team is putting together an agenda that is really starting to pay off.

但是整個團隊正在製定一個真正開始見效的議程。

There is a long lead time on it.

它有很長的準備時間。

It's obviously a spring summer oriented business but our spring summer numbers are coming in as planned and there is momentum going into 2011 in the product and brand area we are quite frankly excited by.

這顯然是一個以春夏為導向的業務，但我們的春夏數據正按計劃出現，而且進入 2011 年的產品和品牌領域勢頭強勁，我們坦率地說感到非常興奮。

We think all of those businesses had some challenges that resulted in the impairment but we think we have addressed them and are confident in their future.

我們認為所有這些業務都面臨一些導致減值的挑戰，但我們認為我們已經解決了這些問題並對他們的未來充滿信心。

Thanks, that's helpful.

謝謝，這很有幫助。

One more question.

還有一個問題。

When you look at the trends in your own retail business and the wholesale business and you can see the monthly comps out of the department stores and a lot of the other retailers in the US, what is your sense on retailers attitude towards inventories, towards replenishment.

當你觀察自己的零售業務和批發業務的趨勢時，你可以看到百貨公司和美國許多其他零售商的月度收入，你對零售商對庫存、補貨的態度有何看法.

Are they still using it as a lever, have they reached the end of the rope so to speak in using inventory as a lever.

他們是否仍在使用它作為槓桿，他們是否已經到達繩索的盡頭，可以說使用庫存作為槓桿。

In 2009 it was a big separation between what was sold and what was purchased.

2009 年，銷售和購買之間存在巨大差異。

Sold by our retail partners and then purchased from us by our retail partners.

由我們的零售合作夥伴銷售，然後由我們的零售合作夥伴從我們這裡購買。

But what we all learned during that is that we can operate these businesses more efficiently.

但我們在此期間學到的是，我們可以更有效地運營這些業務。

The retailers that we are working with -- they are planning on getting improved turns -- better vocabulary for that is better inventory productivity -- in 2010, I think the GAAP is going to be smaller than the big GAAP we had in 2009.

與我們合作的零售商——他們計劃改進周轉率——更好的詞彙就是更好的庫存生產率——2010 年，我認為 GAAP 將小於我們 2009 年的大 GAAP。

But I think we are all learning that speed to market is our buddy.

但我認為我們都知道，上市速度是我們的伙伴。

Designing later, executing quicker and being on trend are important to us.

稍後設計、更快執行和緊跟潮流對我們來說很重要。

So everybody is working on speed and being more responsive in our inventory management.

因此，每個人都在努力提高庫存管理的速度和響應速度。

That will continue we think.

我們認為這將繼續下去。

We do not see a restocking taking place -- don't think that's a smart way for anybody to proceed actually.

我們沒有看到重新進貨的發生——不要認為這對任何人來說都是一個明智的做法。

Great.

偉大的。

Thank you.

謝謝你。

Thanks Omar.

謝謝奧馬爾。

We'll go next to Benjamin Rowbotham of Goldman Sachs.

接下來我們將請高盛的 Benjamin Rowbotham 發言。

Thank you.

謝謝你。

Just wanted to revisit an earlier question, around the gross margin guidance of up 100 basis points for 2010.

只是想重新審視一個較早的問題，關於 2010 年毛利率上升 100 個基點的指導。

Is there anyway we can decompose that between the mix shift to DTC versus just absolute year-over-year strength.

無論如何，我們是否可以在向 DTC 的混合轉變與僅絕對同比強度之間進行分解。

And also how should we think about the weighting on that of a quarterly basis throughout the year.

還有我們應該如何考慮全年按季度計算的權重。

Thank you.

謝謝你。

Ben I will take that.

本，我會接受的。

Once again in 2010 we pointed more than a 100 basis point improvement in the gross margin as we responded to in 2009, about half of that will in fact come from our higher gross margins in our direct to consumer businesses.

正如我們在 2009 年做出的回應，我們在 2010 年再次指出毛利率提高了 100 個基點以上，其中約一半實際上將來自我們直接面向消費者業務的較高毛利率。

So once again a driving factor to be sure.

因此，這又是一個可以肯定的驅動因素。

The other improvements, especially earlier in the year we will see those lower product costs helping us.

其他改進，尤其是在今年早些時候，我們將看到那些較低的產品成本對我們有所幫助。

What happened in 2009 was we went in to the year, product costs were up a little bit, in the latter part of 2009, product costs came down a little bit.

2009 年發生的事情是我們進入這一年，產品成本略有上升，在 2009 年下半年，產品成本略有下降。

As we enter early 2010, product costs are still at the lower levels, a little lower -- in other words at the levels in terms of where they were in the latter part of 2009.

當我們進入 2010 年初時，產品成本仍處於較低水平，略低 -- 換句話說，處於 2009 年下半年的水平。

But we are seeing some cost pressures in the second half of 2010.

但我們在 2010 年下半年看到一些成本壓力。

So we think that will add net out to a slightly improved product cost picture for us over the year .

因此，我們認為這將為我們全年略微改善的產品成本情況增加淨額。

And then the remainder is driven by the mix factors we talked about.

然後剩下的是由我們談到的混合因素驅動的。

Stronger growth in outdoor and action sports in particular with its higher gross

戶外運動和極限運動的強勁增長尤其是其較高的總收入

Helpful, thank you very much.

很有幫助，非常感謝。

You also asked about how that lays out on the full year basis.

您還詢問瞭如何在全年基礎上進行佈局。

It will be a little bit stronger in the first quarter, one of the reasons for that -- in other words the improvement in the first quarter will be a little stronger than what we will see for the rest of the year which will be fairly evenly spread as we look at the remainder of the year.

第一季度會稍微強一點，原因之一——換句話說，第一季度的改善會比我們今年餘下時間看到的要強一些，這將是相當均勻的當我們回顧今年剩餘時間時，情況會有所不同。

But the first quarter should stand out a little bit in terms of improvement.

但第一季度在改善方面應該會有所突出。

One of the factors behind that is last year we talked about the impact of currency, particularly on the transaction side.

這背後的一個因素是去年我們談到了貨幣的影響，特別是在交易方面。

We said that impacted our first quarter last year.

我們說這影響了我們去年的第一季度。

We are not making up all of that necessarily.

我們不一定要彌補所有這些。

You make that up in terms of pricing -- we won't necessarily make up all of that, but some of that and some of that will come through in the first quarter.

你在定價方面彌補了這一點——我們不一定會彌補所有這些，但其中一些和一些將在第一季度完成。

So we expect the first quarter margin improvement to be stronger than we see for the rest of the year.

因此，我們預計第一季度利潤率的改善將強於我們今年剩餘時間的預期。

But the rest of the year pretty evenly spread in terms of the percentage improvement.

但就百分比改善而言，今年餘下時間的分佈相當均勻。

That's very helpful, thank you so much.

這很有幫助，非常感謝。

Thank you.

謝謝你。

Next we will hear from David Glick of Buckingham Research Group.

接下來我們將聽取白金漢研究小組的 David Glick 的講話。

Good morning, thank you.

早上好，謝謝。

Eric, we've heard from some other apparel manufacturers about how they see the revenue trends playing out through 2010 -- being more back half weighted as retailers are a little more aggressive in placing orders second half versus first half.

埃里克，我們從其他一些服裝製造商那裡聽說他們如何看待 2010 年的收入趨勢——由於零售商在下半年下訂單比上半年更積極一些，因此權重增加了一半。

Given your commentary about the Q1 jeans business, head wind, should we think about the year unfolding as a gradual improvement, maybe starting out on the type line, down low singles and improving by the end of the year to the up low single to up mid single range.

考慮到你對第一季度牛仔褲業務的評論，逆風，我們是否應該將這一年視為一個漸進的改進，也許從類型線開始，從低單打到年底，從低單打到上打中單範圍。

Is that a good way to think about the flow for the year.

這是考慮年度流量的好方法嗎？

Yes, David that's is a good way to think about the flow for the year.

是的，大衛，這是考慮今年流量的好方法。

We have a few unusual things like the mass business in Europe, faded away from us last year and the issue of the mass channel in the US.

我們有一些不尋常的事情，比如歐洲的大眾業務，去年從我們這裡消失了，還有美國的大眾渠道問題。

And given the strength in fall, we are hoping that we get pretty strong bookings for this coming fall.

鑑於秋季的強勁勢頭，我們希望在即將到來的秋季能夠獲得相當強勁的預訂。

We don't know all of that yet, but we do see it improving over the course of the year.

我們還不知道所有這些，但我們確實看到它在這一年中有所改善。

On the follow up on North Face in the US, are you seeing organic growth with some of your key customers in the US -- obviously that is a mature business, the weather certainly helped the sell through on outerwear this fourth quarter.

在美國 North Face 的後續行動中，您是否看到美國一些主要客戶的有機增長——顯然這是一項成熟的業務，天氣無疑幫助了第四季度外套的銷售。

Are retailers being a little bit more conservative in the US next year or are you seeing organic growth?

明年美國的零售商會更保守一點，還是您會看到有機增長？

We are absolutely seeing organic growth.

我們絕對看到了有機增長。

That's the first comment.

這是第一條評論。

Second comment, spring bookings were a little more conservative.

第二條評論，春季預訂稍微保守一些。

Now you have to put yourself back in time to when spring bookings were taking place last spring -- or last summer -- and at that time everybody was anxious, so -- but we did have positive spring bookings.

現在你必須讓自己回到去年春天或去年夏天進行春季預訂的時間，那時每個人都很焦慮，所以 - 但我們確實有積極的春季預訂。

But they weren't strong positives.

但它們不是強陽性。

Now fast forward to our sell throughs this fall.

現在快進到我們今年秋天的銷售情況。

We had an unbelievably strong sell through this fall.

今年秋天我們的銷售量令人難以置信。

Not just because of the cold weather but because we had the right products.

不僅僅是因為寒冷的天氣，還因為我們有合適的產品。

We are confident that that sell through we had this fall is going to translate into strong bookings for next fall.

我們相信，今年秋天的銷售量將轉化為明年秋天的強勁預訂量。

We are in the middle of writing those orders right now.

我們現在正在寫這些命令。

But, the early indications are that we are going to see some strong bookings for fall 2010.

但是，早期跡象表明我們將看到 2010 年秋季的一些強勁預訂。

Are you seeing some -- I know Nautica you probably would have had your market by now.

你看到一些了嗎——我知道 Nautica 你現在可能已經擁有了你的市場。

Are you seeing good reaction to your revamped price points and new approach to the line?

您是否看到對改進後的價格點和生產線的新方法的良好反應？

Yes, we are.

是的，我們是的。

As I mentioned earlier, Nautica had a good December and January at its largest customer and that's resulting in an improved outlook for fall.

正如我之前提到的，Nautica 在其最大客戶的 12 月和 1 月表現良好，這導致秋季前景有所改善。

How that plays out, too early to know.

結果如何，現在還不知道。

But it's a better discussion now than it was -- would have been 12 months -- or 12 weeks ago.

但現在的討論比 12 個月前或 12 週前更好。

Great, thanks a lot and good luck.

太好了，非常感謝，祝你好運。

Thanks David.

謝謝大衛。

[Oba Naddey] of UBS has our next question.

瑞銀的 [Oba Naddey] 有我們的下一個問題。

Hi guys.

嗨，大家好。

Congrats on a nice quarter there.

恭喜那裡有一個不錯的季度。

Maybe you could help me -- I'm looking at the guidance for contemporary coalition and I apologize if you talked about this, I jumped on a little late.

也許你可以幫助我——我正在查看當代聯盟的指南，如果你談到這個，我很抱歉，我有點晚了。

For the year, the contemporary coalition if I was to maybe break that down between what you expect from new capacity growth or store growth versus like for like growth in the category could you give any color around that.

對於這一年，當代聯盟如果我要打破你對新產能增長或商店增長的預期與同類增長的預期之間的差異，你能給出任何顏色嗎？

We didn't.

我們沒有。

But I will give you some general color on it.

但我會給你一些一般的顏色。

When you think about the US contemporary business, about half, slightly more than half -- of the growth will come from new stores and benefit of stores that were opened in 2009, but didn't have a full year in 2009.

當你想到美國當代商業時，大約一半，略多於一半——增長將來自新店和 2009 年開業但 2009 年未滿的商店的收益。

There will be some comp store growth in our stores.

我們的商店將有一些商店增長。

Okay.

好的。

Then we heard also from some other retailers you caution us not to try and correlate cotton cost with denim costs they don't necessarily correlate in the timing at least.

然後我們還從其他一些零售商那裡聽到，您告誡我們不要嘗試將棉花成本與牛仔布成本相關聯，它們至少在時間上不一定相關。

It looks like cotton futures are rising for the end of the year.

看起來年底棉花期貨正在上漲。

And, if I think about the jeans business -- do you think when you think about your retailers for the Wrangler and Lee jeans there could be an opportunity to take price --if those high cotton prices persist -- that might push up your product costs.

而且，如果我考慮牛仔褲業務——當你考慮 Wrangler 和 Lee 牛仔褲的零售商時，你認為是否有機會定價——如果那些高棉花價格持續存在——這可能會推高你的產品費用。

On -- are you talking about -- price adjustments.

關於 - 你在談論 - 價格調整。

Just in the jeans business alone.

僅在牛仔褲行業。

To your point, we are seeing some cost pressures and that's one of the things I was mentioning earlier.

就你的觀點而言，我們看到了一些成本壓力，這是我之前提到的事情之一。

We are seeing some cost pressures from -- it is mostly on fabric by the way.

我們看到了一些成本壓力——順便說一句，這主要是在織物上。

That is right on.

那是正確的。

Related to the pricing side, it's a little early to tell.

關於定價方面，現在下結論還為時過早。

We really have to wait and see just what happens on the cost side.

我們真的必須拭目以待，看看成本方面會發生什麼。

Okay.

好的。

If I could ask a quick follow up on the Nautica brands, is there any way you can help us think about the how the distribution of that brand may play out in 2010 as far as the mix of distribution through the different retailers versus your own channels.

如果我可以快速跟進 Nautica 品牌，有什麼方法可以幫助我們思考該品牌在 2010 年的分銷方式，即通過不同零售商與您自己的渠道進行分銷的組合.

Is there any big shift we should be aware of for 2010 versus 2009.

2010 年與 2009 年相比，我們應該注意哪些重大轉變？

No, not a big shift.

不，不是很大的轉變。

It's a department store focused brand.

這是一個專注於百貨商店的品牌。

That's what it is and will continue to be.

這就是現在並將繼續如此。

In addition to that, we have a strong license business and our own outlet store business.

除此之外，我們擁有強大的許可業務和我們自己的直銷店業務。

The area we have complete control over is our outlet stores and they under performed for us financially -- comps weren't what they should have been, but more importantly, the profitability wasn't what it should have been.

我們完全控制的領域是我們的直銷店，它們在財務上對我們的表現不佳——補償不是他們應該有的，但更重要的是，盈利能力不是應該的。

But, I think our new team there has -- I think they are organized around the right game plan and we are confident they are going to make progress, it shows up in their profitability and we are returning some of that to them in an increased brand investment funding.

但是，我認為我們那裡的新團隊有——我認為他們是圍繞正確的遊戲計劃組織起來的，我們相信他們會取得進步，這體現在他們的盈利能力上，我們正在以更高的速度將其中的一些返還給他們品牌投資資金。

Okay, thanks a lot guys.

好的，非常感謝你們。

We'll go next to Mitch Kummetz of Robert Baird.

接下來我們將介紹羅伯特·貝爾德的米奇·庫梅茨。

Thank you.

謝謝你。

A couple of questions, first on your own retail business, I think you ended the year at 757 stores, could you say how many of those are Vans and North Face stores.

有幾個問題，首先是關於你自己的零售業務，我想你年底有 757 家商店，你能說說其中有多少是 Vans 和 North Face 商店。

And, then of the 80 to 90 stores you expect to open in 2010 how many of those do you expect to be Vans and North Face.

然後，在您預計 2010 年開設的 80 到 90 家商店中，您預計其中有多少是 Vans 和 North Face。

I don't have the specific numbers on the 700 and whatever stores you told me we had.

我沒有關於 700 的具體數字，也沒有你告訴我的任何商店的具體數字。

759 or something like that.

759 或類似的東西。

Vans is our largest global full priced retail format for sure.

Vans 無疑是我們最大的全球全價零售形式。

It was when we acquired it.

那是我們獲得它的時候。

Still it is.

仍然是。

And it's very successful.

而且非常成功。

The next question -- I don't have the breakout of that, Vans is over 200 stores of that total and that's on a global basis.

下一個問題 - 我沒有突破，Vans 在全球擁有超過 200 家門店，而且是在全球範圍內。

The 2010 outlook, the best way to deal with that -- we are looking at 80 to 90 stores -- two-thirds of those are going to be -- this is a global number -- between The North Face, Vans, and 7 For All Mankind.

2010 年展望，應對這種情況的最佳方式——我們正在尋找 80 到 90 家商店——其中三分之二將是——這是一個全球數字——介於 The North Face、Vans 和 7為全人類。

We are very focused this year in our marketing spending and we are very focused supporting our strongest brand opportunities.

今年我們非常專注於營銷支出，我們非常專注於支持我們最強大的品牌機會。

And so really it's 7 For All Mankind, North Face and Vans will be where we are focused in new stores.

所以真的是 7 For All Mankind，North Face 和 Vans 將成為我們新店的重點。

A lot of them internationally.

國際上很多。

I know The North Face number is -- I think two-thirds of the stores we are opening this year are outside of the US.

我知道 The North Face 的數字是——我認為我們今年新開的商店中有三分之二在美國以外。

Where the brand is less well developed and where we have great opportunities for growth.

品牌發展欠佳的地方，我們有很大的增長機會。

That's helpful.

這很有幫助。

On the $50 million incremental investment for 2010 I think Bob you said it was $40 million of that is marketing.

關於 2010 年 5000 萬美元的增量投資，我想 Bob 你說過其中有 4000 萬美元用於營銷。

Is that going to be concentrated at any point over the year or should we think of that as hitting pretty consistently across the year.

這是否會集中在一年中的任何時候，或者我們是否應該將其視為全年一致的打擊。

It will hit pretty consistently across the year.

它將在一年中保持一致。

If you look at the revenue breakout it be spread pretty consistently with revenues.

如果您查看收入突破，它與收入的分佈非常一致。

Got it.

知道了。

On your margin outlook by coalition for 2010, I think you mentioned that you -- even with sales flattish for sportswear, imagewear and Jeanswear, I think you said you expect some margin improvement there.

關於聯盟 2010 年的利潤率前景，我想您提到過您——即使運動服、形象服裝和牛仔服的銷售持平，我想您說過您預計那裡的利潤率會有所改善。

How should I think of that in the terms of the overall 50 to 60 basis point improvement that you expect for the year.

就您預計今年整體 50 到 60 個基點的改善而言，我應該如何看待這一點。

I'm assuming that outdoor and action sports and contemporary will see more improve in the operating margins than the other three coalitions.

我假設與其他三個聯盟相比，戶外和極限運動以及當代運動的運營利潤率將有更大的提高。

Is that a fair assessment and can you give us some guidelines as to how we should be modeling the overall operating margin improvement by coalition.

這是一個公平的評估嗎？你能否給我們一些指導方針，說明我們應該如何通過聯盟對整體營業利潤率的改善進行建模。

A couple of points there, Mitch.

有幾點，米奇。

Actually, if you take outdoor and action sports as an example, we have been seeing really nice margin improvement.

實際上，如果你以戶外和極限運動為例，我們已經看到了非常好的利潤率改善。

We certainly saw that in the fourth quarter as well.

我們當然也在第四季度看到了這一點。

But that's also where most of the additional spend will be.

但這也是大部分額外支出的地方。

So otherwise yes you are absolutely right.

所以否則是的，你是絕對正確的。

But with the additional spend while we expect to see margin improvement it won't be quite as strong as it might have been without the additional spend.

但是隨著額外的支出，雖然我們預計利潤率會有所改善，但它不會像沒有額外支出的情況下那樣強勁。

So, actually the margin improvement is more equally distributed across our coalitions as a result of that.

因此，實際上，由於這一點，利潤率的提高在我們的聯盟中分佈得更平均。

Okay.

好的。

That makes sense.

那講得通。

Also Mitch, there were some factors -- like the European jeans business is a tough year and we talked about some of the challenges we had in that business and how it impacted profitability earlier in the year.

還有米奇，還有一些因素——比如歐洲牛仔褲業務是艱難的一年，我們在今年早些時候討論了我們在該業務中遇到的一些挑戰以及它如何影響盈利能力。

Again, we expect improvement obviously in the profitability of our European jeans business.

同樣，我們預計歐洲牛仔褲業務的盈利能力將明顯改善。

So there's some factors like that about what took place in 2009 versus what shouldn't happen again in 2010 that will help those comparisons.

因此，關於 2009 年發生的事情與 2010 年不應該發生的事情，有一些因素將有助於這些比較。

Okay, that's helpful.

好的，這很有幫助。

Thanks good luck.

謝謝祝你好運。

Thanks Mitch.

謝謝米奇。

We'll go next to Chris Svezia of Susquehanna Financial Group.

下面請來自 Susquehanna Financial Group 的 Chris Svezia 發言。

Good morning everyone.

大家，早安。

I just wanted to follow up on the international piece of the business for a moment.

我只是想跟進一下國際業務。

When you think about your outlook in the international component growing roughly in line 2% to 3% with the Company overall.

當你考慮到你對國際部分的展望與公司整體增長大致在 2% 到 3% 之間時。

And, I know you talked a lot about Asia Pacific and what's going on in China and obviously lapping the difficult comparisons in Europe, with the mass business.

而且，我知道你談到了很多關於亞太地區和中國正在發生的事情，並且顯然將歐洲與大眾業務進行了艱難的比較。

I'm just wondering if you can talk about the other segments maybe either by coalition in terms of what is going on internationally in Europe to still get to that 2% to 3% growth.

我只是想知道您是否可以通過聯盟就歐洲國際上正在發生的事情談論其他細分市場，以實現 2% 至 3% 的增長。

Karl Heinz, maybe you want to comment on that, but Chris I would first just remind you of the exit of the European jeans business.

卡爾海因茨，也許你想對此發表評論，但克里斯，我首先要提醒你歐洲牛仔褲業務的退出。

That is impacting that comparison.

這正在影響這種比較。

In a fairly significant way.

以相當重要的方式。

So, as we said yes we expect the international revenues to grow consistently with overall VF averages but the exit of that mass jeans business which was about $45 million worth of revenues.

因此，正如我們所說的那樣，我們預計國際收入將與整體 VF 平均水平保持一致增長，但退出價值約 4500 萬美元的大眾牛仔褲業務。

$45 million worth of revenues is a fairly significant impact on the comparison, that's why in my comments, I made the point that without that -- or if you try the put the numbers on more of an apples-to-apples comparison, the results will be considerably different and the revenue growth rate would be considerably higher.

價值 4500 萬美元的收入對比較產生了相當大的影響，這就是為什麼在我的評論中，我指出沒有它——或者如果你嘗試將數字放在更多的同類比較中，結果將有很大不同，收入增長率將大大提高。

Karl Heinz, do you want to add any color to that about outdoor and action sports and where you see --.

Karl Heinz，你想為戶外和極限運動以及你看到的地方添加任何顏色嗎？

Yes, I will.

是的，我會。

Chris we have three banks in Europe, one is the jeans which Bob just commented.

Chris 我們在歐洲有 3 家銀行，其中一家是 Bob 剛才評論的牛仔褲。

The other two -- one is outdoor and action sports, where we group The North Face and Vans as the two big brands.

另外兩個——一個是戶外和極限運動，我們將 The North Face 和 Vans 歸為兩大品牌。

Third one is sportswear and CBC -- we combine them because of size.

第三個是運動服和 CBC——我們根據尺碼將它們結合在一起。

We talked about jeans and in sportswear and CBC we do see growth and also in outdoor and in action sports on The North Face and on Vans.

我們談到了牛仔褲、運動裝和 CBC，我們確實看到了增長，在 The North Face 和 Vans 的戶外和極限運動中也看到了增長。

We had good bookings for spring 2010 and we are in the midst of selling fall 2010 on The North Face and Vans and the trend is positive.

我們在 2010 年春季有很好的預訂，我們正在銷售 The North Face 和 Vans 的 2010 年秋季，趨勢是積極的。

We are pretty confident it will be a good year.

我們非常有信心這將是一個好年頭。

Clearly we have -- Eric mentioned it before -- we have strong winter which is helping us but not only that we have great collections and a great business platform.

很明顯，埃里克之前提到過——我們有一個寒冷的冬天，這對我們有幫助，但不僅是因為我們有很棒的收藏品和一個很棒的商業平台。

Same we see on the sportswear side -- two large brands are 7 For All Mankind.

我們在運動服方面也看到了同樣的情況——兩個大品牌都是 7 For All Mankind。

Bob gave numbers before.

鮑勃之前給過數字。

The other brand which we did not touch is Napapijri, where we also see good solid growth coming in.

我們沒有接觸的另一個品牌是 Napapijri，我們也看到了良好的穩健增長。

We are selling as we speak fall but the trends are good.

我們說秋天的時候在賣，但趨勢是好的。

Okay, thanks Karl.

好的，謝謝卡爾。

A question for Eric -- as you look at the Jeanswear business domestically, and what Wal-Mart has been or striving to do, you talked about your Rider program and what happened last year and obviously it's starting to chip away again in terms of trying to build that business again.

有一個問題要問埃里克——當你審視國內的牛仔服飾業務，以及沃爾瑪一直在做或正在努力做的事情時，你談到了你的 Rider 計劃以及去年發生的事情，顯然它在嘗試方面再次開始削弱再次建立該業務。

Their decision to do some more of their business direct, the agreement they strong with Lee, your conversations with Wal-Mart and your business with a brand of Wrangler in terms of what is going on and how you think that's going to layout this year.

他們決定直接做更多的業務，他們與李達成的協議，你與沃爾瑪的對話以及你與 Wrangler 品牌的業務，就正在發生的事情以及你認為今年將如何佈局而言。

I think it's going to layout well for us.

我認為它會為我們安排得很好。

Wal-Mart is -- they are an important customer and a good customer, we have a great relationship with them up and down their management ranks.

沃爾瑪是——他們是一個重要的客戶，也是一個很好的客戶，我們與他們在管理層上下都有很好的關係。

I will tell you, they understand what they are doing.

我會告訴你，他們明白他們在做什麼。

They are trying to build some of their own business as they understand the importance of having strong national brands in their store.

他們正在嘗試建立一些自己的業務，因為他們了解在他們的商店中擁有強大的民族品牌的重要性。

If you are a strong national brand and if you are relevant in a category, they give you full support.

如果你是一個強大的民族品牌，如果你在一個類別中相關，他們會給你全力支持。

In fact, in the last two years, while a lot has been written about Wal-Mart's efforts at building their own brands, our Wrangler displays in their stores are the best they've ever been in our history.

事實上，在過去的兩年裡，雖然有很多關於沃爾瑪努力打造自己品牌的文章，但我們在他們店內展示的 Wrangler 是我們歷史上最好的。

Wal-Mart has invested substantially in communicating to their consumers that they are a destination for the Wrangler brand.

沃爾瑪在向消費者傳達他們是 Wrangler 品牌的目的地方面投入了大量資金。

I think what they are doing is they are focused on two things.

我認為他們正在做的是他們專注於兩件事。

One is obviously building up their private brands business and doing that efficiently and second making sure that their strongest national brands are called out and we are fortunate that we have strong brands in there and we are going to win with that.

一個顯然是建立他們的自有品牌業務並有效地做到這一點，其次確保他們最強大的民族品牌被召喚出來，我們很幸運，我們在那裡擁有強大的品牌，我們將以此取勝。

Eric, is it fair to say you would probably expect your business with Wal-Mart to grow this year based on that assumption?

埃里克，根據這個假設，您可能預計今年您與沃爾瑪的業務會增長，這公平嗎？

Absent the program that we are missing -- we talked about that on this call -- it was a big program, we lost a big fixture and we are now trying to get some of that back and making some progress there -- absent that, our core men's jeans business, yes, we are expecting growth.

缺少我們缺少的程序——我們在這次電話會議上談到了這一點——這是一個很大的程序，我們失去了一個重要的固定裝置，我們現在正試圖找回其中的一些並在那裡取得一些進展——缺少那個，我們的核心男士牛仔褲業務，是的，我們期待增長。

Thank you very much and good luck.

非常感謝，祝你好運。

Thank you very much.

非常感謝。

[Paula Burch] with Needham & Company has our next question.

Needham & Company 的 [Paula Burch] 有我們的下一個問題。

Thank you for taking my question.

謝謝你提出我的問題。

Congratulations on a nice finish to the year.

祝賀你今年圓滿結束。

I wondered if you could update us on a little bit more on Splendid and Ella Moss.

我想知道你是否可以向我們介紹更多關於 Splendid 和 Ella Moss 的信息。

I was wondering how you felt about the positioning of these brands versus the competition.

我想知道您對這些品牌與競爭對手的定位有何看法。

And if you could also share with us your learning since acquiring the brands and where you may be focusing most of your growth in 2010 in terms of distribution and have those plans changed significantly due to the environment.

如果您也可以與我們分享自收購品牌以來您的學習，以及您在 2010 年可能將大部分增長重點放在分銷方面，並且這些計劃因環境而發生重大變化。

The strategy for the Splendid and Ella Moss brands haven't changed.

Splendid 和 Ella Moss 品牌的策略沒有改變。

Obviously they compete in the contemporary space and at high end of the contemporary space and that whole channel and the speciality store industry that supported that channel has had a really difficult two years.

顯然，他們在現代空間和現代空間的高端競爭，整個渠道和支持該渠道的專賣店行業經歷了非常艱難的兩年。

Everybody in the space at the department store part of the business has had tough comps we all know that.

百貨商店業務中的每個人都經歷過艱難的競爭，我們都知道這一點。

We also all know that the number of contemporary specialty stores has decreased significantly over the last two years.

我們也都知道，現代專賣店的數量在過去兩年中顯著減少。

Stores have just gone out of business.

商店剛剛倒閉。

Having said all of that, they have a good speed to market model, they have great product development skills and they do that very quickly, so they are on trend on a consistent basis and they are the leader in what they do.

綜上所述，他們擁有良好的上市速度模型，他們擁有出色的產品開發技能，而且他們的開發速度非常快，因此他們始終處於趨勢中，並且在他們的工作中處於領先地位。

They are very focused.

他們非常專注。

And, in addition to all of that we opened our first Splendid store on Robertson Boulevard.

而且，除此之外，我們還在 Robertson Boulevard 開設了第一家 Splendid 商店。

It opened in November and it has been off to the races, it's exceeding our expectations and we are going to open a couple more this year.

它於 11 月開放，已經開始比賽，它超出了我們的預期，今年我們將再開放幾個。

We absolutely believe in the brand.

我們絕對相信這個品牌。

We think it is a perfect compliment to the brands.

我們認為這是對品牌的完美讚美。

We think it's a perfect compliment to our 7 For All Mankind business and we are going to invest in their future.

我們認為這是對我們 7 For All Mankind 業務的完美讚美，我們將投資於他們的未來。

Okay.

好的。

Great, thank you.

太好了謝謝。

Good luck.

祝你好運。

Todd Slater with Lazard Capital has our next question.

Lazard Capital 的 Todd Slater 有我們的下一個問題。

Thanks, I can't believe people still have more questions.

謝謝，我不敢相信人們還有更多問題。

But I salute you guys for going as long as it takes to answer them.

但我向你們致敬，因為你們一直在回答他們。

Neither can we.

我們也不能。

I want to sign off by complimenting you guys on a very well managed year.

我想在結束時稱讚你們管理得很好的一年。

We will speak offline.

我們將在線下交談。

Thank you so much.

太感謝了。

Moving on now to our second to last question in queue, this will come from Maggie Gilliam of Gilliam & Co.

現在轉到隊列中的倒數第二個問題，這將來自 Gilliam & Co. 的 Maggie Gilliam。

Most of my questions have been answered.

我的大部分問題都已得到解答。

But I did want to follow through on one thing -- on the subject of Nautica, and the impairment charges, with all the good things you've got going, I can't believe they insisted that you have to actually take an impairment charge at this point.

但我確實想完成一件事——關於 Nautica 的主題，以及減值費用，隨著你所做的所有好事，我不敢相信他們堅持你必須實際承擔減值費用在此刻。

And second of all, was there a complete impairment charge on all the goodwill or is there still some left?

其次，所有商譽是否已全部計提減值費用，還是還剩下一些？

No Maggie, related to the charge, it represented only about 10% to 12% of the total -- of the total goodwill and intangibles on Nautica.

沒有 Maggie，與收費有關，它只佔 Nautica 商譽和無形資產總額的 10% 到 12%。

It was a relatively small percentage overall.

總體而言，這是一個相對較小的百分比。

Okay.

好的。

Finally I just was wondering how the brand is fairing in the Macy's environment.

最後我只是想知道這個品牌在梅西百貨的環境中表現如何。

I'm sorry how the Nautica brand is fairing in the Macy's environment?

抱歉，Nautica 品牌在梅西百貨的環境中表現如何？

Yes.

是的。

Well, Macy's has gone through a lot of change.

好吧，梅西百貨經歷了很多變化。

More than I've seen any large corporation go through -- as much as I've seen any large corporation go through.

比我見過的任何大公司經歷的都多——和我見過的任何大公司經歷的一樣多。

They've weathered and they've done that during a very difficult time and hats off to the management team at Macy's for getting through that.

他們經受住了風雨，他們在非常困難的時期做到了這一點，並向梅西百貨的管理團隊致敬，因為他們度過了難關。

They have focused on collaborating with a few big partners and VF Corporation is one of those partners and in that all of our brands are participating -- in that we have very strategic discussions about the roles of our brands in their stores.

他們專注於與一些大合作夥伴合作，VF Corporation 是這些合作夥伴之一，我們所有的品牌都參與其中——我們就我們的品牌在他們商店中的角色進行了非常戰略性的討論。

And, I think that's going to be good for Macy's and good for VF over time.

而且，我認為隨著時間的推移，這對梅西百貨和 VF 都有好處。

We will now move to our last question from Ken Stumphauzer of Sterne, Agee & Leach.

現在，我們將轉到 Sterne, Agee & Leach 的 Ken Stumphauzer 提出的最後一個問題。

Thank you.

謝謝你。

Thanks for taking the question, guys.

謝謝你提出這個問題，伙計們。

Just a couple of quick ones.

只是幾個快速的。

First, as far as the $40 million of incremental advertising how much is a restoration of advertising expense that was maybe pulled back in 2009.

首先，就 4000 萬美元的增量廣告而言，有多少是對 2009 年可能縮減的廣告費用的恢復。

Secondarily, I was wondering if you could generally update us on the acquisition front if there is still a significant delta between sellers' expectations and what you are willing to pay.

其次，我想知道如果賣家的期望與您願意支付的價格之間仍然存在顯著差異，您是否可以在收購方面向我們提供一般更新。

Thank you.

謝謝你。

Let me, I'm going take a shot at both questions.

讓我來回答這兩個問題。

At a macro level, meaning a total VF level we've restored advertising to where it was in 2008.

在宏觀層面，即總的 VF 水平，我們已將廣告恢復到 2008 年的水平。

And, 2008 was a record year for us -- for advertising.

而且，2008 年對我們來說是創紀錄的一年——在廣告方面。

We are getting back in that direction, fueling the total VF advertising bucket to its former highest levels -- that's the neighborhood we are in.

我們正朝著那個方向回歸，將 VF 廣告的總容量推高到以前的最高水平——這就是我們所在的社區。

What is different is that this is very focused on the brands that Bob talked about earlier on The North Face and Vans and increase in Nautica, in China.

不同的是，這非常關注 Bob 之前在 The North Face 和 Vans 上談到的品牌，以及在中國增加的 Nautica。

But, if you look at The North Face, Vans, China, they are record levels and we are disproportionate -- we were less democratic with our advertising budget this year.

但是，如果你看看 The North Face、Vans、中國，它們是創紀錄的水平，而且我們不成比例——我們今年的廣告預算不那麼民主。

We focused it on our biggest and best opportunities and are funding those brands at all time record levels.

我們專注於我們最大和最好的機會，並以歷史最高水平為這些品牌提供資金。

So, it depends on how you look at it -- at the brand level or total level.

所以，這取決於你如何看待它——在品牌層面還是總體層面。

And on acquisitions, we are very active -- there's not a lot of deals getting done that's probably a price -- pricing situation and valuation situation.

在收購方面，我們非常活躍——沒有完成很多交易，這可能是價格——定價情況和估值情況。

But we are still active in the same places -- we are looking real hard in the outdoor and action sports industries and that's we think our sweet spot.

但我們仍然活躍在同一個地方——我們在戶外和極限運動行業非常努力，我們認為這是我們的最佳選擇。

And we are working hard at it, we're just not making any progress.

我們正在為此努力，只是沒有取得任何進展。

Hopefully by the end of the year we will have a different story to report.

希望到今年年底，我們將有一個不同的故事來報導。

Thank you.

謝謝你。

Thanks Ken.

謝謝肯。

That concludes today's question-and-answer session.

今天的問答環節到此結束。

For any additional or closing remarks I will turn the call back over to Mr.

對於任何其他或結束語，我會將電話轉回給先生。

Eric Wiseman.

埃里克·懷斯曼。

No, I think we've probably said enough today.

不，我想我們今天可能已經說得夠多了。

I will thank you for your patience and your time and your interest and we will see you at the end of the first quarter.

我將感謝您的耐心、時間和興趣，我們將在第一季度末見到您。

Good bye.

再見。

Ladies and gentlemen, thank you again for your participation in today's conference call.

女士們，先生們，再次感謝你們參加今天的電話會議。

This does conclude the event.

這確實結束了事件。