Levi Strauss股价表现与分析师预期

Bloomberg: Levi Strauss shares are trading slightly lower today after dropping as much as 14% on Friday.

Levi Strauss的股价在周五下跌了14%之后，今天小幅走低。

Bloomberg: This is after the company's upgraded earnings guidance (盈利指引: 公司对未来盈利的预测) still fell short of higher investor expectations following the stock's more than 40% rally heading into that earnings print.

此前，该公司上调的盈利指引仍未能达到投资者更高的预期，而在此次财报发布前，该股已上涨了40%以上。

Bloomberg: One key disappointment, at least according to analysts out on the street, is earnings growth failing to match the pace of sales expansion due to tariff (关税: 国家对进出口商品征收的税) and distribution costs (分销成本: 产品从生产地到销售点所产生的费用).

至少根据华尔街分析师的说法，一个关键的失望之处在于，由于关税和分销成本，盈利增长未能与销售扩张的速度相匹配。

Bloomberg: Meanwhile, Bailey, TD Koin (TD Koin: 一家投资银行/券商) did raise its price target (目标价: 分析师对股票未来价格的预期) on the stock to $26 from $22 a share, and they've got their buy rating (买入评级: 投资建议，建议买入某只股票).

同时，Bailey，TD Koin确实将该股票的目标价从每股22美元上调至26美元，并维持了买入评级。

Bailey: Yeah, staying bullish and you look at the street, 13 analysts, 10 of them buys.

是的，他们保持看涨，你看看华尔街，13位分析师中有10位给出买入评级。

Bailey: So, is it a sell the news event (利好兑现抛售: 在利好消息发布后，投资者卖出股票以获利的行为), price to perfection (估值完美: 市场对公司未来表现预期过高，股价已反映所有利好因素)?

那么，这是利好兑现抛售事件，还是估值已达到完美？

Bloomberg: We see.

我们拭目以待。

Bloomberg: It's a really good point. So, let's see what one of the company's members of the C-suite (高管团队: 公司最高管理层的统称) has to say.

这是一个很好的观点。那么，我们来看看公司高管团队的成员之一有什么要说的。

Bloomberg: Harmit Singh is with us, Chief Financial and Growth Officer (首席财务与增长官: 负责公司财务及增长战略的高级管理人员) at Levi Strauss.

Harmit Singh和我们在一起，他是Levi Strauss的首席财务与增长官。

Bloomberg: He joins us from our San Francisco bureau.

他从我们旧金山分社加入我们的节目。

Bloomberg: Harmit, it's so good to have you here with us.

Harmit，很高兴你能来到这里。

Bloomberg: How are you and how is the consumer doing?

你怎么样？消费者目前的情况如何？

Levi Strauss的强劲表现与消费者韧性

Harmit Singh: Well, thanks for having me, Carolyn Bailey. It's great to be here again.

谢谢你们邀请我，Carolyn Bailey。很高兴再次来到这里。

Harmit Singh: We had a real strong quarter, four consecutive quarters of high single-digit growth and record gross margins (毛利率: 销售收入减去销售成本后的百分比，衡量盈利能力), as well as the fact that we were able to raise our full-year guidance as well as gross margin and EPS (Earnings Per Share: 每股收益，衡量公司盈利能力的指标) expectations.

我们度过了一个非常强劲的季度，连续四个季度实现了高个位数增长和创纪录的毛利率，同时我们也上调了全年业绩指引以及毛利率和每股收益预期。

Harmit Singh: Overall as a company we're a stronger and a higher performing company defined by accelerated growth, expanding margins and higher return on invested capital (投入资本回报率: 衡量公司利用资本创造利润效率的指标).

总的来说，作为一家公司，我们正变得更强大、业绩更好，这体现在加速增长、利润率扩张和更高的投入资本回报率。

Harmit Singh: To your question about the consumer, the consumer is largely being resilient (有韧性: 经济或市场在面临冲击时能快速恢复的能力).

关于消费者的问题，消费者总体上保持着韧性。

Harmit Singh: Our products are really well segmented (细分: 根据不同特征将市场或产品划分为不同部分).

我们的产品细分良好。

Harmit Singh: We have blue tab (蓝标: Levi Strauss的高端产品线), which is our premium high pinnacle product, and that's doing well.

我们有蓝标产品，这是我们的高端旗舰产品，表现良好。

Harmit Singh: We've introduced that in the US. So far so good.

我们已将其引入美国市场。目前为止一切顺利。

Harmit Singh: We have a red tab (红标: Levi Strauss的经典主流产品线) product that is basically marketed to consumers who earn between $100,000 and over.

我们还有红标产品，主要面向年收入10万美元及以上的消费者。

Harmit Singh: And that's based on our results really done well.

根据我们的业绩，这款产品表现非常出色。

Harmit Singh: And then we have a Signature product (Signature产品: Levi Strauss针对大众市场的产品线) sold through Walmart that again had a banner quarter and that's for lower income consumers.

然后我们还有通过沃尔玛销售的Signature产品，该产品再次表现出色，主要面向低收入消费者。

Harmit Singh: So consumer strength is really strong, that's where we were able to raise the full year guidance, and our product pipeline (产品线: 公司正在开发或计划推出的产品系列) has never been stronger.

因此，消费者购买力非常强劲，这也是我们能够上调全年业绩指引的原因，我们的产品线也从未如此强大。

Harmit Singh: If you go outside the US, international business was up in the high single digits, and so Asia had a strong quarter, consumer strong.

如果放眼美国以外的市场，国际业务实现了高个位数增长，亚洲市场表现强劲，消费者购买力也很足。

Harmit Singh: Europe had a decent quarter, consumer in a better place, and so is Latin America.

欧洲市场表现不错，消费者状况有所改善，拉丁美洲也是如此。

市场影响力与产品吸引力

Bloomberg: I'm just going to lay it out for you. I think I bought my first pair of Levi's in a long time just a couple of months ago, and my daughter who's 22, so much younger than me, has been buying Levi's for a while.

我就直说了吧。我想我几个月前才买了很久以来的第一条Levi's牛仔裤，而我22岁的女儿，比我年轻很多，已经买Levi's有一段时间了。

Bloomberg: So Bailey, I mean they're back. I go into the store downtown, in the village, and yeah, it's packed.

所以Bailey，我的意思是它们又回来了。我走进市中心乡村的店里，那里人山人海。

Bailey: Well, you get a partnership with Beyonce. All the marketing you guys are spending in terms of targeting both young and older generations.

嗯，你们与碧昂丝合作。你们在营销上投入了大量资金，旨在同时吸引年轻一代和年长一代。

Bailey: But Harmit, I want to ask about tariffs. So, Levi expects tariffs from China to be about 30%, but increased expectations for tariffs from the rest of the world now stand at 20%.

但是Harmit，我想问一下关税问题。Levi预计来自中国的关税约为30%，但来自世界其他地区的关税预期已上调至20%。

Bailey: Where are you sourcing your jeans materials? Is it more, are you more exposed to that doubling in terms of are you getting materials from Vietnam in place of China?

你们的牛仔裤材料是从哪里采购的？这是否意味着你们正越来越多地从越南而非中国采购材料？

缓解关税影响与供应链多元化

Harmit Singh: So overall we're taking a holistic approach (整体性方法: 考虑所有相关因素的全面策略) as we are able to offset the tariff impact.

所以总的来说，我们正在采取一种整体性方法来抵消关税影响。

Harmit Singh: As you think about this year, we raised guidance in the top line (营收: 公司的总销售收入) and the bottom line (净利润: 公司最终的盈利额) and gross margin.

考虑到今年，我们上调了营收、净利润和毛利率的指引。

Harmit Singh: So we've been able to withstand that.

所以我们已经能够承受住这些影响。

Harmit Singh: To your specific question, Bailey, we import about 1% into the US from China, a little over a percent from India.

回答你具体的问题，Bailey，我们从中国进口到美国的商品约占1%，从印度进口的略高于1%。

Harmit Singh: Vietnam is in the mid to high single digits. So most of our imports are from the Southeast Asian countries.

越南的占比在中高个位数。所以我们大部分的进口来自东南亚国家。

Harmit Singh: Think Bangladesh, think Pakistan and the rest of Asia.

比如孟加拉国、巴基斯坦以及亚洲其他地区。

Harmit Singh: The way we think about our supply chain (供应链: 产品从原材料到最终消费者手中的整个过程), it's fairly well diversified (多元化: 扩展到不同地区、产品或供应商以降低风险).

我们对供应链的看法是，它相当多元化。

Harmit Singh: We import from about 20 countries into the US. 60% of our business is outside the US.

我们从大约20个国家进口商品到美国。我们60%的业务都在美国以外。

Harmit Singh: And so we're well positioned to mitigate (减轻: 减少负面影响) and offset tariffs.

因此，我们有能力减轻和抵消关税影响。

Harmit Singh: And the way we're thinking about the holistic approach given that volume is driving a big piece of our revenue momentum and we have tenured vendor relationships (供应商关系: 公司与供应商之间的合作关系).

我们正在思考的整体性方法是，鉴于销量是我们营收增长势头的重要驱动力，并且我们拥有长期稳定的供应商关系。

Harmit Singh: We're working with our vendors. We're looking at different cost efficiencies across our organization as well as being very thoughtful about pricing.

我们正在与供应商合作。我们正在审视整个组织的各种成本效益，并对定价非常谨慎。

关税对盈利能力的影响与未来展望

Bloomberg: Let me just ask you though, you guys did, you know, you mentioned you raised your full-year outlook (展望: 对未来情况的预测). You did warn that tariffs are starting to bite profitability, despite improved gross margins.

不过我想问你，你们确实，正如你所说，上调了全年展望。但你们也警告说，尽管毛利率有所改善，关税仍开始侵蚀盈利能力。

Bloomberg: So these are like good stuff, but again, tariffs are starting to bite. Harmit, can you tell us what that means? What the bite of tariffs, how much, any color around that?

所以这些都是好消息，但关税仍在开始产生影响。Harmit，你能告诉我们这意味着什么吗？关税的影响有多大，有什么具体细节吗？

Harmit Singh: So overall we were able to raise top line and bottom line guidance despite absorbing tariffs, and so we are able to mitigate it.

总的来说，尽管吸收了关税，我们仍能上调营收和净利润指引，因此我们有能力减轻其影响。

Harmit Singh: To the question about tariffs, tariffs were introduced on a specific day. We normally buy our products six months in advance, and so we are working through our efforts and we've got different levers (杠杆: 可用于影响或改变结果的因素或手段) to kind of position it.

关于关税的问题，关税是在某个特定日期生效的。我们通常提前六个月采购产品，所以我们正在努力应对，并且我们有不同的策略杠杆来应对。

Harmit Singh: So you take quarter three, the quarter we just reported, gross margins are record.

以我们刚刚公布的第三季度为例，毛利率创下了纪录。

Harmit Singh: So we're able to offset tariffs because we got other things working for us, as we grow our women's business, our direct-to-consumer business (DTC: 直接面向消费者销售的商业模式) and international, all of which are accretive (增值: 对公司价值或利润率有积极贡献的) to gross margins and allow us to mitigate and offset some of the tariff exposure.

所以我们能够抵消关税影响，因为我们有其他有利因素，比如女性业务、直销业务和国际业务的增长，所有这些都对毛利率有增值作用，并使我们能够减轻和抵消一部分关税风险。

Harmit Singh: Quarter four we did guide gross margins to be slightly down versus a year ago, and had it not been for tariffs, we'd have grown gross margins.

我们确实预计第四季度毛利率将略低于去年同期，如果不是关税的影响，我们的毛利率本会增长。

Harmit Singh: But overall, as we think about the year, we'll report again another year of record gross margins, so we're working on levers for 2026.

但总的来说，当我们回顾这一年，我们将再次报告一个创纪录毛利率的年份，所以我们正在为2026年制定应对策略。

Harmit Singh: The good news is we'll end the year stronger, and we believe we're well positioned to have another strong year in 2026.

好消息是，我们将在更强的势头下结束这一年，并且我们相信我们已为2026年的又一个强劲年份做好了充分准备。

定价策略与产品创新

Bloomberg: And Carol, we've talked with a good friend Peter Atwater for quite some time about K-shaped recovery (K型复苏: 经济复苏中不同群体或行业表现差异巨大的现象), where people who are well off and those in the bottom quintile. When you look at your goods, when you look at the ability to raise prices from the impact of tariffs, which products are you able to more easily raise prices where you aren't going to see consumers push away, and how are you thinking about that strategy as it relates to say the jeans that you do sell through a Walmart where you don't have that gross margin going direct to consumer and you do have likely, at least when we look at the data, a consumer who's feeling a pinch of inflation broadly speaking.

Carol，我们和好朋友Peter Atwater谈论K型复苏已经有一段时间了，这种复苏中富裕人群和底层五分之一人群的情况截然不同。当你们审视自己的产品，以及在关税影响下提高价格的能力时，哪些产品更容易提价而不会导致消费者流失？你们如何考虑这种策略，尤其是在沃尔玛销售的牛仔裤，这些产品没有直销模式带来的高毛利率，而且根据数据来看，这类消费者普遍感受到了通货膨胀的压力。

Harmit Singh: The first thing, Bailey, to your question is our products are well segmented depending on the income profile of different consumers.

Bailey，回答你的第一个问题是，我们的产品根据不同消费者的收入情况进行了良好的细分。

Harmit Singh: I talk blue tab, red tab and Signature. Signature is what's sold into the lower income consumer.

我提到了蓝标、红标和Signature。Signature产品面向的是低收入消费者。

Harmit Singh: We've been very thoughtful about pricing. We're leading with product innovation (产品创新: 引入新的或改进的产品以满足市场需求) rather than price.

我们对定价非常谨慎。我们以产品创新而非价格来引领市场。

Harmit Singh: And so we're doing what we can to maintain a price point. It was evident in quarter 3.

所以我们正在尽力维持一个价格点。这在第三季度表现得很明显。

Harmit Singh: Signature, for example, I think is up in the low double digits for the year.

例如，Signature产品今年的增长我认为达到了低两位数。

Harmit Singh: As we think about our other products, the good news for us is our product pipeline has never been stronger.

当我们考虑其他产品时，对我们来说的好消息是，我们的产品线从未如此强大。

Harmit Singh: We're leading with loose and baggy (宽松版型: 一种宽松休闲的服装款式) while at the same time selling a lot of slim and skinny (修身版型: 一种紧身贴合的服装款式). Both for him and her.

我们正在主推宽松版型，同时也在销售大量的修身和紧身版型。男女款都有。

Harmit Singh: We've got wonderful waist-up products, think trucker jackets, think linen shirts, etc.

我们有很棒的腰部以上产品，比如牛仔夹克、亚麻衬衫等等。

Harmit Singh: And so, as a company, we're making this pivot to be more of a denim lifestyle retailer (牛仔生活方式零售商: 销售以牛仔产品为核心，并扩展至相关生活方式产品的零售商) going forward.

因此，作为一家公司，我们正在转型，未来将更多地成为一家牛仔生活方式零售商。

Harmit Singh: Our past was all about denim. Our future is going to be about denim lifestyle.

我们的过去是关于牛仔的。我们的未来将是关于牛仔生活方式的。

长期增长目标与市场领导地位

Bloomberg: I just want to know, do you really have a pair of baggy barrel jeans? I can't get my head around them. I'm trying. I'm trying. I just I haven't done it. I haven't done it.

我只是想知道，你真的有一条宽松桶形牛仔裤吗？我还是不太能接受它们。我正在尝试。我正在尝试。我只是还没穿过。我还没穿过。

Bloomberg: Harmit, what I do want to ask you too is you guys have had a mission, a goal to get to $10 billion in sales by 2027. I think you may have adjusted a little bit. I think also a 15% EBIT margin (息税前利润率: 衡量公司经营盈利能力的指标). Could you reach 15% in the next few years even if sales have not hit that $10 billion? Talk to us a little bit about that mission.

Harmit，我还想问你，你们曾有一个目标，即到2027年实现100亿美元的销售额。我想你们可能已经做了一些调整。还有15%的息税前利润率目标。即使销售额没有达到100亿美元，你们能在未来几年内实现15%的利润率吗？跟我们谈谈这个目标吧。

Harmit Singh: We gave out the expectation of $10 billion and 15% on our investor day in the middle of June 2022.

我们在2022年6月中旬的投资者日上公布了100亿美元销售额和15%利润率的预期。

Harmit Singh: Since then, there's been a lot of change and a lot of uncertainty.

自那以后，市场发生了许多变化，也充满了不确定性。

Harmit Singh: As a company, we've navigated our way through uncertainty. We haven't given our new date on the $10 billion and the 15%.

作为一家公司，我们已经成功应对了不确定性。我们尚未公布100亿美元销售额和15%利润率的新目标日期。

Harmit Singh: Our thinking is we probably do that sometime next year. But to your question, the company that we are building and the company that is got the foundation given where we ending this year.

我们的想法是，我们可能会在明年某个时候公布。但回到你的问题，鉴于我们今年将达到的业绩基础，我们正在建设的公司，

Harmit Singh: So you take 2025, we'll end at about 6% organic growth (内生增长: 公司通过自身业务扩张而非收购实现的增长). Last year it was 3%. The year before that it was flat.

以2025年为例，我们预计将实现约6%的内生增长。去年是3%。前年则是持平。

Harmit Singh: If you think in EBIT margins, this year we'll end about mid-11s. Last year it was in the mid-10s. The previous year it was about 9.

如果看息税前利润率，今年我们预计将达到11%左右。去年是10%中段。前年约为9%。

Harmit Singh: So we've seen a steady progress, and our view is we probably get to the 15% faster than we get to the $10 billion, but really a company that is steadily delivering mid-single-digit growth in a category that probably grows a little south of that.

所以我们看到了稳步的进展，我们的观点是，我们可能会比达到100亿美元销售额更快地实现15%的利润率，但我们确实是一家在可能略低于这个水平的品类中稳定实现中个位数增长的公司。

Harmit Singh: So our view is that we will, we are market leaders (市场领导者: 在特定市场中占据最大份额或影响力最高的公司) now in the US, number one in men's, number one in women's, and really resonating with the youth (与年轻人产生共鸣: 品牌或产品受到年轻一代的喜爱和认同).

所以我们的观点是，我们将继续成为市场领导者，现在在美国男装和女装领域都排名第一，并且确实与年轻人产生了共鸣。

Harmit Singh: The question is if you're able to stay at and implement our strategies, our view is we can continue to be market leader and probably pick up a little bit of share especially because the denim category (牛仔品类: 牛仔服装及其相关产品的市场类别) is accelerating.

问题是，如果我们能够坚持并实施我们的战略，我们的看法是我们可以继续保持市场领导地位，并可能获得一些市场份额，特别是因为牛仔品类正在加速发展。

Harmit Singh: We've seen the acceleration in the US. We've seen the acceleration outside, and that's largely driven by the world becoming more casual.

我们已经看到了美国市场的加速增长。我们也看到了海外市场的加速增长，这主要得益于世界变得更加休闲化。

中国市场策略与产品偏好

Bloomberg: Yeah, I have more jeans in my wardrobe than I've ever had since high school. It's really kind of wild. Anyway, Bailey, I know you've got another question.

是啊，我的衣柜里牛仔裤比我高中以来任何时候都多。这真的很疯狂。Bailey，我知道你还有个问题。

Bailey: I was just going to ask in terms of geographic expansion, when you think about China, what's going on with China? And also, what products do the Chinese consumers want? Is it that high-end good or is it more of a bargain purchase?

我本来想问的是地域扩张方面，当你们考虑中国市场时，中国现在的情况如何？还有，中国消费者想要什么样的产品？是高端产品还是更偏向于价格实惠的购买？

Harmit Singh: China for us is still underpenetrated (渗透率低: 市场尚未充分开发或产品尚未广泛普及). China represents about 2 or 3% of our business.

对我们来说，中国市场仍然渗透率不足。中国约占我们业务的2%到3%。

Harmit Singh: Our business in China has been slow and soft. The Chinese consumer right now is going through a bit of a macro uncertain climate (宏观不确定性环境: 整体经济形势存在较大不确定性).

我们在中国的业务一直比较缓慢和疲软。中国消费者目前正经历一个宏观经济不确定性环境。

Harmit Singh: But the good news for us is they love the brand. Our brand equity (品牌资产: 品牌在消费者心中的价值和影响力) scores are really solid.

但对我们来说的好消息是，他们热爱这个品牌。我们的品牌资产得分非常稳固。

Harmit Singh: We think China can be a business that grows double digit over the long term.

我们认为中国市场从长远来看可以实现两位数的增长。

Harmit Singh: But to your specific question, the Chinese consumer is fairly discerning (有辨识力: 能够识别和欣赏优质或特定品牌) on the brands he or she gravitate to.

但就你具体的问题而言，中国消费者对他们所青睐的品牌相当有辨识力。

Harmit Singh: There is a high-end consumer as well as a consumer that likes the mid-market consumer (中端市场消费者: 购买中等价位和品质产品的消费者), what we call the core product (核心产品: 品牌最基础或最主要的产品系列).

既有高端消费者，也有喜欢中端市场产品的消费者，也就是我们所说的核心产品。

Harmit Singh: So if you think about our Asia strategy, our products are relevant for the mid-market consumer while we also offer products for the higher premium end consumer (高端消费者: 追求高品质、高价格产品的消费者).

所以如果你考虑我们的亚洲战略，我们的产品既适用于中端市场消费者，也为更高端的消费者提供产品。

Harmit Singh: 30% of the Asian denim category is premium, and our highest pinnacle product is largely Japanese denim (日本牛仔布: 以其高品质、独特工艺和耐用性闻名的牛仔布) and inspired by salvage (赤耳丹宁: 一种传统织法的牛仔布，边缘有独特的红色或彩色织边).

亚洲牛仔品类中30%是高端产品，而我们最高端的旗舰产品主要采用日本面料，即日本牛仔布，灵感来源于赤耳丹宁。

Harmit Singh: And so that's what we are selling, and I think over time we'll be able to start growing our China business back into the low double-digit range.

这就是我们正在销售的产品，我认为随着时间的推移，我们将能够使我们在中国的业务重新回到低两位数的增长范围。

产品流行趋势与生活方式转变

Bloomberg: Yeah, interesting. Seth, I will say, Carol, I know you mentioned you have more jeans than ever. I have been buying the sherpa jackets (羊羔绒夹克: 内部衬有羊羔绒的夹克), the denim jackets like crazy. I don't know why I have three of them in different colors.

是啊，有意思。Seth，我想说，Carol，我知道你提到你比以往任何时候都有更多的牛仔裤。我一直在疯狂地买羊羔绒夹克，牛仔夹克。我不知道为什么我有三件不同颜色的。

Bloomberg: I bought a bunch of denim jackets.

我买了一堆牛仔夹克。

Bloomberg: That's what I'm in. I'm like I don't wear jeans. I wear chinos (卡其裤: 一种由斜纹棉布制成的休闲裤), but I wear the denim jackets like crazy.

我就是这样。我不太穿牛仔裤。我穿卡其裤，但我非常喜欢穿牛仔夹克。

Bloomberg: I know. I just I don't know. I love it. I love it. Ask like everybody I work I walk jeans every morning.

我知道。我就是不知道为什么，我太喜欢它了。我太喜欢它了。问问我身边的每个人，我每天早上都穿着牛仔裤。

Harmit Singh: And Bailey and Carol, now we've got the blue tab. It's a fuller jacket. You can definitely wear it to the office depending on the dress environment at Bloomberg. I walked in here fairly casual. So it's something that we are now beginning to offer which should make your wardrobe at some stage.

Bailey和Carol，我们现在有了蓝标系列。它是一款更饱满的夹克。根据彭博社的着装环境，你绝对可以穿着它去办公室。我今天来的时候就穿得相当休闲。所以这是我们现在开始提供的一些产品，应该会在某个阶段加入你的衣橱。

应对不确定性与未来重点

Bloomberg: Hey, one last question. Does it feel like it's been a crazy year and a lot of stuff coming at everybody, investors, the world at large? Does it feel like things are starting to calm down on a day when we've talked about what seems like progress in a ceasefire between Israel and Hamas?

嘿，最后一个问题。这一年是不是感觉很疯狂，各种事情都扑面而来，投资者、乃至整个世界？在一个我们谈论以色列和哈马斯停火似乎取得进展的日子里，你觉得事情开始平静下来了吗？

Harmit Singh: As I mentioned earlier, we have lived through uncertainty. The good news for us is the category is strong.

正如我之前提到的，我们已经经历了不确定性。对我们来说的好消息是，这个品类表现强劲。

Harmit Singh: We have real business momentum (业务势头: 公司业务发展的积极趋势和动力). The brand's never been stronger, and we have a product pipeline that has never been fuller, especially as we head towards holiday.

我们拥有真正的业务势头。品牌从未如此强大，我们的产品线也从未如此丰富，尤其是在我们迈向假日季的时候。

Harmit Singh: Our focus right now is making sure our product is on the floor because what we have seen, Carol, is consumers gravitate to newness and gravitate to what's relevant (青睐新颖和符合潮流的产品).

我们现在的重点是确保我们的产品上架，因为Carol，我们看到消费者青睐新颖和符合潮流的产品。

Harmit Singh: And our view is if we can offer the right product and build a brand experience, and that's why we've got real focus on our direct-to-consumer business while complementing growth with our wholesale business (批发业务: 将产品批量销售给零售商或其他商家的业务模式).

我们的观点是，如果我们能提供正确的产品并打造品牌体验，这就是为什么我们非常关注直销业务，同时通过批发业务来补充增长。

Harmit Singh: So this quarter both DTC (Direct-to-Consumer: 直接面向消费者销售的商业模式) and wholesale were up. We had in the US five consecutive quarters of high growth, and it's fueled by both the channels.

所以这个季度，直销和批发业务都增长了。我们在美国连续五个季度实现了高增长，这得益于这两个渠道。

个人喜好与节目结束

Bloomberg: All right. Well, Harmit, when you talk with your design team, I like high-waist buttons, kind of slim through the legs and then a little flare. I'm just going to put it out there. A little stretch in there too is kind of my favorite. My favorite, my favorite.

好的。Harmit，当你和你的设计团队交流时，我喜欢高腰纽扣款，大腿处修身，裤脚微喇。我就直说了。带点弹力也是我的最爱。我的最爱，我的最爱。

Harmit Singh: You were a Je. Thank you.

您是位牛仔爱好者。谢谢您。

Harmit Singh: I'll take that feedback, Karen. I sincerely believe feedback is a gift, and getting feedback from consumers like yourself is something that I'll take upon myself to feedback to our designers.

Karen，我会采纳这个反馈。我真诚地相信反馈是一种礼物，从像您这样的消费者那里获得反馈，我会亲自转达给我们的设计师。

Bloomberg: All right, I'm going to hold you to it. All right, good stuff. Harmit, thank you so much. Harmit Singh, Chief Financial and Growth Officer over at Levi Strauss, joining us from our bureau in San Francisco.

好的，我会记住的。好的，非常棒。Harmit，非常感谢。Levi Strauss的首席财务与增长官Harmit Singh，从我们旧金山分社连线。