卡骆驰2025财年业绩超预期，中国市场增长强劲

Core Insights - The company reported strong fourth-quarter earnings, with adjusted earnings per share of $2.29, significantly exceeding market expectations of $1.91 [1] - Net profit reached $105 million, despite a slight year-over-year revenue decline of 3.2% to $958 million, which still surpassed market expectations of $917 million [1] - The company maintained a high gross margin of over 58% for the fiscal year 2025, indicating strong brand premium and cost management capabilities [1] Business Performance - The international market has become a growth engine, with sales in China increasing by 64% year-over-year, making it the company's second-largest market globally [2] - International sales accounted for approximately 44% of total revenue, with growth rates exceeding those of the North American market, providing long-term growth momentum [2] Financial Status - The company operates a light-asset model with low capital expenditures, reporting free cash flow of $226 million and operating cash flow of $239 million in the third quarter of 2025, reflecting robust operational capabilities [2] - The company announced a $1 billion increase in its stock repurchase authorization, bringing the total repurchase amount to approximately $1.3 billion, indicating management's confidence in future cash flows and shareholder returns [1] Recent Company Developments - The company experienced a 6.20% year-over-year revenue decline in the third quarter of 2025 and anticipates a $90 million pressure on profit margins due to tariff policies [2] - Revenue guidance for the first quarter of 2026 indicates a projected decline of 3.5% to 5.5% year-over-year, suggesting short-term growth challenges [2]