业绩强劲与消费者韧性

Thanks for having me, Carolyn Bailey. It's great to be here again. 感谢卡罗琳·贝利邀请我。很高兴能再次来到这里。

We had a real strong quarter, four consecutive quarters of high single-digit growth and record gross margins, as well as the fact that we were able to raise our full-year guidance, gross margin, and EPS 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 (Gross Margin: 销售收入减去销售成本后的余额占销售收入的百分比)，同时我们还上调了全年指引 (Full Year Guidance: 公司对未来一年财务表现的预测)、毛利率和每股收益 (Earnings Per Share: 公司每股普通股所赚取的利润) 预期。

Overall, as a company, we're a stronger and higher-performing company defined by accelerated growth, expanding margins, and higher return on invested capital. 总体而言，作为一家公司，我们正变得更强大、表现更出色，其特点是增长加速、利润率扩大以及投入资本回报率提高。

The consumer is largely being resilient. 消费者总体上表现出韧性。

产品细分与国际市场表现

Our products are really well segmented. 我们的产品细分做得非常好。

We have "blue tie," which is our premium, high-pinnacle product, and that's doing well. 我们有“蓝领”系列，这是我们的高端旗舰产品，表现良好。

We've introduced that in the U.S. so far, so good. 我们已在美国推出该系列，目前为止一切顺利。

We have a "red product" that is basically marketed to consumers who earn between $100,000 and over, and that's, based on our results, really done well. 我们还有“红标”产品，主要面向年收入十万美元及以上的消费者，根据我们的业绩，这个系列表现非常出色。

And then we have a "Signature product" sold through Walmart that again, had a banner quarter. 此外，我们通过沃尔玛销售的“Signature”产品也再次迎来了创纪录的季度。

And that's for lower-income consumers. 该系列面向低收入消费者。

So consumer strength is really strong; that's why we were able to raise the full-year guidance, and our product pipeline hasn't 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指引的原因，我们的产品线从未如此强大。

国际业务增长与品牌复兴

If you go outside the U.S., our international business was up in the high single digits, and Asia had a strong core, with consumers strong. 如果放眼美国以外，我们的国际业务实现了高个位数增长，亚洲市场表现强劲，消费者购买力旺盛。

Europe had a decent quarter, with consumers 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。

I think I bought my first pair of Levi's in a long time, just a couple of months ago. 我想我很久以来第一次购买Levi's牛仔裤，就在几个月前。

My daughter, who's 22, so much younger than me, has been buying Levi's for a while. 我22岁的女儿，比我年轻得多，已经买Levi's有一段时间了。

I mean, they're back. 我是说，它们回来了。

I go into the store in downtown, in the village, and it's packed. 我走进市中心村里的商店，里面挤满了人。

You get a partnership with Beyoncé, all the marketing you guys are spending in terms of targeting both young and older generations. 你们与碧昂丝合作，在营销上投入大量资金，同时瞄准年轻和年长一代。

关税挑战与供应链布局

Regarding tariffs, Levi expects tariffs from China about 30%, but increased expectations to 20% from the rest of the world. 关于关税，Levi's预计来自中国的关税约为30%，但对世界其他地区的预期则提高到20%。

Where are you sourcing your jeans materials, and how exposed are you to this doubling, for example, are you getting materials from Vietnam in place of China? 你们的牛仔面料从何处采购？这种关税翻倍对你们的影响有多大？例如，你们是否正在用越南的材料取代中国的材料？

Overall, we're taking a holistic approach as we are able to offset the tariff impact. 总的来说，我们正在采取一种整体性的方法来抵消关税影响。

As you think about this year, we raised guidance in the 营收 (Top Line: 公司的总销售收入或总收入) and the 净利润 (Bottom Line: 公司在扣除所有成本、费用和税收后的最终利润) 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。

So, we've been able to withstand that specific question; we import about 1% into the U.S. from China, a little over a percent from India. 因此，我们能够应对这个问题；我们从中国进口到美国的商品仅占总量的约1%，从印度进口的略高于1%。

Vietnam is in the mid to high single digits, so most of our imports are from Southeast Asian countries, such as Bangladesh, Pakistan, and the rest of Asia. 越南的进口份额处于中高个位数，因此我们的大部分进口商品来自东南亚国家，例如孟加拉国、巴基斯坦以及亚洲其他地区。

关税应对策略与供应链多元化

The way we think about our supply chain, it's fairly well diversified. 我们对供应链的看法是，它相当多元化。

We import from about 20 countries into the U.S., and 60% of our business is outside the U.S. 我们从大约20个国家进口商品到美国，我们60%的业务在美国以外。

And so we are well-positioned to mitigate and offset tariffs in the way we are thinking about the holistic approach, given that volume is driving a big piece of our revenue momentum, and we have tenured vendor relationships, we're working with our vendors, we're looking at different cost efficiencies across our organization, as well as being very thoughtful about pricing. 因此，我们有能力通过整体性方法来缓解和抵消关税影响，考虑到销量是我们营收增长的重要驱动力，我们与供应商建立了长期的合作关系，我们正在与供应商合作，在我们整个组织内寻找不同的成本效益，并且对定价非常谨慎。

关税对利润的影响

You mentioned you raised your full-year outlook, but you did warn that tariffs are starting to bite profit, even as gross margins improve. 您提到您上调了全年展望，但您确实警告说关税正在开始侵蚀利润，尽管毛利率有所改善。

Can you tell us what that means, what the bite of tariffs is, when, how much, any color around that? 您能告诉我们这意味着什么吗？关税的影响有多大？何时以及具体情况如何？

We were able to raise top-line and bottom-line guidance despite absorbing tariffs, and so we are able to mitigate it. 尽管我们承担了关税，但仍能上调营收和净利润指引，因此我们有能力缓解其影响。

Tariffs were introduced on Liberation Day. 关税是在解放日引入的。

We normally buy our products six months in advance. 我们通常提前六个月采购产品。

And so, we are working through our efforts, and we've got different levers to kind of position as who take order through the quarter, which is reported gross margins are strong. 因此，我们正在努力，并拥有不同的杠杆来调整定位，以应对本季度的订单，这使得报告的毛利率表现强劲。

多元化增长驱动与利润展望

We are able to offset tariffs because we've got other things working for us. 我们能够抵消关税影响，因为我们还有其他有利因素。

As we grow our women's business, our 直接面向消费者 (Direct-to-Consumer, DTC: 品牌直接向最终消费者销售产品，不通过第三方零售商) business, and international, all of which are 增厚 (Accretive: 指某项交易或活动对公司的每股收益、利润率等财务指标产生积极的增长作用) to gross margins and allow us to mitigate and offset some of the tariff exposure. 随着我们女性业务、直接面向消费者业务和国际业务的增长，所有这些都对毛利率有增厚作用，并使我们能够缓解和抵消一部分关税风险。

For Quarter 4, we did good gross margins, expected to be slightly down versus a year ago. 第四季度，我们实现了良好的毛利率，预计将比去年同期略有下降。

And had it not been for tariffs, we would have grown gross margins. 如果不是关税，我们的毛利率本会增长。

But overall, as we think about the year, we will report again another year of record gross margin. 但总体而言，展望全年，我们将再次报告一个创纪录毛利率的年份。

So we are working on levers for 2026. 因此，我们正在为2026年制定应对策略。

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，我们将在今年底变得更强大，并且我们相信我们已做好充分准备，在2026年再创佳绩。

定价策略与市场细分

We've talked with a good friend, Peter Atwater, for quite some time about that K型复苏 (K-shaped Recovery: 经济复苏中不同群体或行业表现差异显著的现象)，即富裕人群的表现远好于处于最低五分之一收入水平的人群。 我们与好友彼得·阿特沃特（Peter Atwater）探讨了很久关于K型复苏的问题，即富裕人群的表现远好于处于最低五分之一收入水平的人群。

When you look at your goods, and the ability to raise prices from the impact of tariffs, for which products are you able to more easily raise prices without seeing consumers push away? 当您审视您的商品，以及在关税影响下提高价格的能力时，对于哪些产品您能更容易地提价而不会导致消费者流失？

How are you thinking about that strategy as it relates to, say, the jeans that you sell through 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, consumers who are feeling the pinch of inflation, broadly speaking? 您如何考虑这种策略，例如，对于您通过沃尔玛销售的牛仔裤，您无法获得直接面向消费者的毛利率，而且普遍来看，至少从数据上看，消费者正感受到通胀的压力？

Our products are well segmented depending on the income profile of different consumers. 我们的产品根据不同消费者的收入状况进行了良好细分。

I talk about the blue, red, and Signature lines. Signature is what's sold to the lower-income consumer. 我谈到了蓝色、红色和Signature系列。Signature系列是面向低收入消费者的产品。

We've been very thoughtful about pricing. 我们在定价方面一直非常谨慎。

We're leading with product innovation rather than price, and so we're doing what we can to maintain a price point. 我们以产品创新而非价格来主导市场，因此我们正在尽力维持一个价格点。

It was evident in Quarter 3; Signature, for example, is up in the low double digits for the year. 这在第三季度表现得很明显；例如，Signature系列今年的增长达到了较低的两位数。

产品创新与“丹宁生活方式”转型

The good news for us is our product pipeline has never been stronger, leading with "loose and baggy" while at the same time selling a lot of "slim and skinny" both for him and her. 对我们来说，好消息是我们的产品线从未如此强大，既有主打的“宽松和阔腿”款式，同时也大量销售男女皆宜的“修身和紧身”款式。

We've got wonderful "waist up" products, such as trucker jackets, linen shirts, etc. 我们还有很棒的“腰部以上”产品，例如牛仔夹克、亚麻衬衫等。

And so as a company, we're making this pivot to be more of a denim lifestyle retailer going forward. 因此，作为一家公司，我们正在进行转型，未来将更多地成为一家丹宁生活方式零售商。

Our past was all about denim; our future is going to be about denim lifestyle. 我们的过去是关于丹宁的，我们的未来将是关于丹宁生活方式的。