Financial Data and Key Metrics Changes - For fiscal year 2025, net sales increased by 2.7% to $3.18 billion, driven by over 20% growth in key owned brands [7][56] - Non-GAAP net income for the fourth quarter was $58 million or $1.27 per diluted share, compared to $36 million or $0.76 per diluted share in the previous year [55] - Full fiscal year 2025 non-GAAP net income was $204 million, up 9% from $190 million, with earnings per diluted share increasing to $4.42 from $4.04 [60][65] Business Line Data and Key Metrics Changes - The retail segment's net sales for the year were $166 million, up from $148 million, with strong double-digit comparable-store sales growth in DKNY and Karl Lagerfeld stores [57] - The wholesale segment's net sales increased to $3.08 billion, a 2.5% rise from $3.01 billion [56] - Donna Karan's relaunch was highly successful, with expectations of a 40% growth in the business going forward [97][110] Market Data and Key Metrics Changes - Calvin Klein and Tommy Hilfiger businesses collectively represented approximately 34% of total sales, down from over 50% two years ago, with expectations of further decline to about 25% by the end of fiscal 2026 [8] - DKNY achieved mid-teen growth, with approximately $675 million in reported net sales for fiscal 2025 [21][28] - Karl Lagerfeld saw over 20% growth, particularly strong in North America, which grew approximately 35% [29][34] Company Strategy and Development Direction - The company aims to drive growth of owned brands, which now represent just over half of total net sales, focusing on higher operating margins and licensing income [12][14] - Significant investments in marketing and technology are planned to enhance operational capabilities and support brand growth [11][46] - The partnership with All We Wear Group (AWWG) is expected to accelerate international growth, particularly in Spain and Portugal [10][63] Management's Comments on Operating Environment and Future Outlook - The management acknowledged a challenging operating environment but expressed confidence in navigating through it, expecting fiscal 2026 net sales of approximately $3.14 billion, a decrease of about 1% compared to 2025 [49][50] - Management highlighted the importance of adapting to market conditions, including tariff impacts and inventory management strategies [67][69] - The company anticipates continued growth in key owned brands, with a long-term goal of reaching over $5 billion in annual net sales [49][63] Other Important Information - The company ended the fiscal year with a solid inventory position, decreasing approximately 8% to $478 million [61] - A significant focus on enhancing omnichannel capabilities and digital sales is evident, with owned digital sites growing over 20% [46][44] - The company plans to invest approximately $50 million in capital expenditures for new brand launches and technology [71] Q&A Session Summary Question: Context on headwinds and impact of PVH licenses - Management indicated that the fall of Calvin Klein businesses was approximately $200 million, which was offset by growth in other areas [78] Question: Insights on Q4 outperformance and PVH revenue decline - Management clarified that Q4 performance was not due to unique shifts in wholesale shipments, and the decline in PVH revenues was anticipated [92][94] Question: Current size of the Donna Karan business - Management did not disclose specific figures but noted it was the best launch with anticipated growth approaching 40% [97][110] Question: Details on gross margin in Q4 - Management highlighted stronger margins from owned businesses and improved performance in outerwear [100] Question: Trends in wholesale orders and DTC development - Management reported similar order trends to the previous year and emphasized improvements in direct-to-consumer operations [114][116]

编者按 ： 当"不是大牌买不起，而是平替更有性价比"的口号响彻社交媒体，一场关于消 费主义的无声革命正在年轻人中蔓延。他们用"同源工厂""同款工艺""同样景 色"等关键词，直抵商品价值的核心。然而，当"平替"成为商家收割流量的密 码，当"源头厂货"沦为劣质产品的遮羞布，这场理性消费的浪潮正面临被异化 的危机。 来源｜极速财讯 01 平替的本质：一场消费主义的祛魅运动 "不是东北去不起，而是成都雪村更有性价比！"今年春节期间，成都邛崃一处"雪村"喊出了这样响亮的口号，瞬间点燃了南方人对雪的渴望。 官方发布的视频更是将氛围感拉满：大雪纷飞，银装素裹，仿佛置身童话世界。不少附近的小伙伴们纷纷前去打卡。然而，现实却给了他们当头一 棒。 所谓的"雪村"简直是"戏精"附体！树枝上挂着、地面上铺着的不是晶莹的雪花，而是蓬松的棉花；就连那漫天飞舞的"雪花"，竟然是用肥皂水制造的 人工降雪！有网友吐槽：这哪是雪村，分明是"戏"村啊！ 这场视觉盛宴的崩塌，恰是当下"平替经济"狂潮的生动写照。 不少商家更是直接将"平替"当作卖点。拿旅游景区来说， "小镰仓"、"小奈良"、"天空之城"更是泛滥成灾！有数据显示，国内"小镰仓"足足有6 ...

Financial Data and Key Metrics Changes - In 2024, the company achieved a net sales of CHF 2.32 billion, reflecting a strong constant currency growth rate of over 33% [11][52] - The gross profit margin reached 60.6%, while the adjusted EBITDA margin was 16.7%, indicating a solid path towards midterm targets [12][52] - For Q4, net sales grew by 35.7% on a reported basis, reaching CHF 606.6 million, with a D2C share of 48.8% [55][56] Business Line Data and Key Metrics Changes - The top three running franchises, Cloudmonster, Cloudsurfer, and Cloudrunner, experienced growth between 60% and 140% in 2024 [44] - Apparel net sales exceeded CHF 100 million, with a constant currency growth rate of 51% [46][47] - In Q4, apparel sales grew by 77.5%, reaching CHF 32.6 million, contributing to over 5% of net sales [67] Market Data and Key Metrics Changes - Net sales in the Americas grew by 28.1% in Q4, with Brazil more than doubling its net sales compared to the prior year [58][59] - EMEA saw net sales of CHF 147.4 million in Q4, growing by 31% year-over-year, supported by retail stores in Paris and Milan [60] - APAC achieved a reported growth rate of 117.5% in Q4, with Japan and China being key drivers [61] Company Strategy and Development Direction - The company aims to become the most premium global sportswear brand, targeting a 26% net sales CAGR and a gross profit margin above 60% by 2026 [10] - Strategic partnerships with celebrities and athletes are central to brand building, enhancing visibility and consumer engagement [19][20] - The company plans to expand its retail presence, launching 19 new stores in iconic locations in 2024 [31][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in exceeding growth expectations, with a strong start to 2025 anticipated [39][81] - The company is cautious about macroeconomic conditions but remains optimistic based on strong preorders and brand momentum [97][98] - The focus will be on operational excellence and investments in infrastructure to support long-term growth [80][130] Other Important Information - The company achieved an operating cash flow of CHF 510.6 million, more than doubling year-over-year, with a total cash balance of CHF 924.3 million at year-end [74] - The company is committed to sustainability and plans to publish an impact progress report soon [51] Q&A Session Summary Question: Insights on Cloud 6's contribution to growth in 2025 - Management highlighted that Cloud has become an iconic staple resonating with younger consumers, with a classic campaign set to launch soon [89] Question: Guidance on sales growth by region and consumer environment in the U.S. - Management expects strong growth in Q1, with a focus on D2C and wholesale channels, while remaining prudent due to macroeconomic uncertainties [92][96] Question: Strategies for increasing apparel penetration and distribution - The company aims to elevate apparel's share of revenue to 10%, with a strong correlation between retail presence and apparel success [120] Question: Outlook on operational efficiencies and long-term objectives - Management plans to leverage G&A efficiencies and continue high marketing investments to drive growth and brand awareness [129][131]

Financial Data and Key Metrics Changes - Net revenues for Q4 increased by 5% year-over-year to $151.8 million, exceeding the implied outlook for the period [52] - Full year net revenue reached a record $555.6 million, an increase of 2% year-over-year [61] - Gross margin for Q4 contracted by 20 basis points to 67.3%, while full year gross margin contracted by 150 basis points to 67.6% [57][61] - Adjusted EBITDA for Q4 was $21.1 million, with an adjusted EBITDA margin of 13.9%, compared to 18.4% in the previous year [60] - The company ended the year with cash, cash equivalents, and short-term investments of $245.1 million, with no debt [62] Business Line Data and Key Metrics Changes - Scrubwear increased by 2%, representing 76% of net revenues for Q4, while non-scrubwear increased by 13%, representing 24% of net revenues [54][55] - The international business grew by 45% for the quarter, accounting for 16% of net revenues, marking an all-time high for the brand [16] Market Data and Key Metrics Changes - The company entered 10 new countries in 2024 and continued to scale in over 20 international markets [14] - The active customer base increased by 3% year-over-year to 2.7 million, while net revenues per active customer decreased by 1% to $208 [53] Company Strategy and Development Direction - The company plans to prioritize and rebase efforts, focusing on long-term brand health and reducing promotional activities [21][23] - There is a strategic shift towards enhancing product offerings, including the introduction of new fabric types and expanding into less developed categories like outerwear and footwear [30][28] - The company aims to deepen connections with healthcare professionals through a more authentic marketing approach and increased customization options [31][34] Management's Comments on Operating Environment and Future Outlook - Management acknowledged inconsistencies in performance throughout the year, citing challenges in customer acquisition and gross margin pressure [19][20] - The outlook for 2025 anticipates a decline in net revenues in the low single-digit range, reflecting headwinds from reduced promotions and potential declines in active customers [66] - Management expressed confidence in the long-term growth potential, emphasizing the importance of reinvigorating the U.S. business and expanding international and team channels [98] Other Important Information - The company repurchased $38.2 million worth of shares during the quarter, with approximately $4.6 million remaining under the previously announced share repurchase program [65] - The company has minimal direct exposure to tariffs from China, with indirect exposure from partners like New Balance [124] Q&A Session Summary Question: Plans to maintain and reengage lapsed customers during promotional reset - Management acknowledged headwinds on customer acquisition and plans to readjust promotional outlook while investing in brand awareness and retention efforts [80][81] Question: Insights on supply chain investments and pausing Canadian distribution center - Management indicated a focus on optimizing the current distribution facility and reassessing the roadmap for supply chain improvements [83] Question: Understanding the dynamic between strong Q4 performance and downbeat guidance for 2025 - Management explained that Q4 outperformance was driven by color launches, but headwinds in active customer growth and promotional shifts are expected to impact 2025 [92][93] Question: Building blocks to return to normalized growth - Management emphasized the need to reinvigorate growth in the U.S. business and active customer base while expanding retail and international channels [98] Question: Selling and G&A expense dynamics - Management discussed the normalization of transitory costs related to the new distribution center and the impact of increased fixed costs and international operations on selling expenses [106] Question: Profitability of international and non-scrubwear categories - Management confirmed that international operations are profitable, despite a different cost profile, and expects continued growth in non-scrubwear categories [111][112] Question: Product category opportunities and tariffs - Management highlighted ongoing innovation in product categories and minimal exposure to current tariff plans [124]

Steven Madden (SHOO) Q4 2024 Earnings Call February 26, 2025 08:30 AM ET Company Participants Danielle McCoy - Director of Corporate Development and Investor RelationsEdward Rosenfeld - Chairman & CEOZine Mazouzi - CFOPaul Lejuez - Managing DirectorJanine Stichter - Managing DirectorMarni Shapiro - Chief Marketing OfficerLaura Champine - Director of ResearchDana Telsey - CEO and Chief Research OfficerCorey Tarlowe - SVP - Equity Research Conference Call Participants Anna Andreeva - Managing Director & Senio ...

Financial Data and Key Metrics Changes - In 2024, global revenue increased by 5%, with Wrangler's revenue growing by 9% and Lee's revenue declining by 5% [24][26][20] - Adjusted gross margin expanded by 160 basis points to 44.7%, driven by lower input costs and mix [30] - Adjusted earnings per share (EPS) was $1.38, representing a 2% increase compared to the prior year [31] Business Line Data and Key Metrics Changes - Wrangler's global revenue grew 9% in the fourth quarter, with notable growth in outdoor (29%) and female segments (19%) [17][25] - Lee's direct-to-consumer (DTC) revenue grew double digits, while wholesale revenue declined significantly [20][27] - Non-denim categories accounted for approximately one-third of global revenue, with outdoor business growing at a mid-teens rate [9] Market Data and Key Metrics Changes - The U.S. market saw a 9% growth in Wrangler revenue, while Lee's U.S. revenue decreased by 6% [24][26] - In Asia, revenue performance was better than expected, while Europe performed as anticipated [24][29] - Point of Sale (POS) trends showed a decline in February after a strong start to the year, reflecting consumer conservatism [42][101] Company Strategy and Development Direction - The company is focused on Project Genius, aiming for $100 million in savings, with benefits expected to flow through in 2025 [11][34] - Plans to explore shop-in-shop concepts in key retailers to enhance consumer experience [9] - The addition of Helly Hansen is expected to drive growth and enhance the brand portfolio [46] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the current uncertain environment, emphasizing operational strength and brand investments [6][23] - The company anticipates a transition year for Lee in 2025, focusing on repositioning for growth [20][21] - Management noted that consumer sentiment is currently cautious due to various macroeconomic factors [101] Other Important Information - The company returned $198 million to shareholders through dividends and share repurchases in 2024 [33] - Inventory decreased by 22% to $390 million, achieving an annual turnover target of approximately 3.5 times [32] - The company expects cash from operations to exceed $300 million in 2025 [47] Q&A Session Summary Question: Details on Lee's performance and DTC vs. wholesale dynamics - Management explained that DTC growth reflects successful new product introductions, while wholesale performance lags due to pipeline filling [50][53] Question: Gross margin expectations and seasonal dynamics - Management clarified that gross margin is expected to increase by 30 basis points in Q1, with a moderation in Q2 due to seasonal dynamics and product cost inflation [51][52] Question: Insights on consumer segmentation for Lee - Management indicated a shift towards targeting a more fashion-conscious consumer, moving away from overly aspirational segments [91][92] Question: Impact of potential tariffs on operations - Management discussed that tariffs would begin to impact the P&L in late Q2, with mitigating actions expected to show results in late 2025 and early 2026 [94][95]

Financial Data and Key Metrics Changes - Q4 consolidated revenues reached $924 million, a 3% year-over-year increase, driven by growth in Golf Equipment and slight increases in Active Lifestyle, while Topgolf revenue remained consistent with the prior year [60] - Adjusted EBITDA for Q4 was $101 million, reflecting a 45% increase due to improved operating results across all segments [60] - Full year consolidated adjusted free cash flow was $203 million, exceeding previous guidance [69] Business Line Data and Key Metrics Changes - Golf Equipment revenue increased by 13% year-over-year to $225 million, attributed to strong sales of golf clubs and the Chrome family of golf balls [63] - Topgolf generated adjusted EBITDA of $337 million, an 11% increase compared to 2024, despite same venue sales declining by 8% [19][60] - Active Lifestyle segment revenue increased by 1% year-over-year, primarily driven by TravisMathew's apparel sales [64] Market Data and Key Metrics Changes - U.S. on-course golf participation rose by 1.5 million to 28.1 million, with rounds played growing 2% year-over-year [43] - The macro environment for premium out-of-home entertainment is facing headwinds, impacting same venue sales at Topgolf [20][41] Company Strategy and Development Direction - The company is focused on the separation of Topgolf, evaluating options for a spin-off or potential sale [16] - Initiatives to improve same venue sales include new experiences, value offerings, and operational efficiencies [41][39] - The company anticipates growing Golf Equipment revenues slightly faster than the overall golf market, with expected gross margin improvements [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged year-over-year headwinds from foreign exchange and incentive compensation, projecting a $75 million negative impact on core business EBITDA [11] - Despite challenges, management remains optimistic about the future, expecting to mitigate headwinds through operational improvements [12][56] - The company is committed to returning to growth in same venue sales and improving profitability [41] Other Important Information - The company recorded a non-cash accounting charge of $1.45 billion related to the impairment of Topgolf goodwill and intangible assets [58] - Available liquidity increased to $797 million as of December 31, 2024, due to better cash flow generation [66] Q&A Session Summary Question: Could you elaborate on same venue sales trends when the weather has been neutral at Topgolf? - Management indicated that neutral weather markets are currently running down low to mid-single digits, with expectations for improvement in 2025 due to easier comparisons and positive consumer response to value messaging [78][79] Question: Can you talk about the key drivers behind the acceleration in corporate events comp? - Management noted that increased flexibility in product design and local market learnings contributed to the acceleration in corporate events comp, with expectations for walk-in sales to perform better than events in 2025 [89][92] Question: What drives the core business down year-over-year? - The primary driver for the decline in the core business is foreign exchange impacts, with additional challenges from competitive launches and reduced product launches planned for the second half of the year [96][97] Question: Is there anything structurally changed in the core business affecting profitability? - Management confirmed that there are no structural changes affecting profitability, with foreign exchange being the main driver of the decline [102][104] Question: Can you provide an update on expectations for pro forma leverage of the core business? - Management expressed confidence in achieving a leverage ratio of 3x or under within 12 months of the spin, emphasizing strong cash flow generation and operational flexibility [120][122]

Financial Data and Key Metrics Changes - Q2 revenues decreased by 8% on a reported basis and 9% on a currency-neutral basis, primarily due to franchise management actions [32] - Gross margins declined by 100 basis points to 43.6% on a reported basis, impacted by higher markdowns and channel mix headwinds [32] - Earnings per share was reported at $0.78 [33] Business Line Data and Key Metrics Changes - NIKE Direct revenues fell by 14%, with NIKE Digital down 21% and NIKE Stores down 2% [32] - The sport performance field of play grew year over year, while sportswear experienced a double-digit decline [37] - In North America, NIKE Direct declined 15%, with NIKE Digital down 22% and NIKE Stores down 3% [39] Market Data and Key Metrics Changes - In Greater China, Q2 revenue declined by 11%, with NIKE Direct down 7% and wholesale down 15% [44] - EMEA revenue decreased by 10%, with NIKE Direct down 20% and NIKE Digital down 32% [42] - APLA revenue was down 2%, with NIKE Direct declining 4% and NIKE Digital down 8% [47] Company Strategy and Development Direction - The company aims to reposition the business by focusing on sport and athlete-centric strategies, emphasizing the need to leverage its strengths [12][13] - Plans include a shift towards a full-price model and reducing reliance on promotional activities [50] - The company is committed to rebuilding relationships with wholesale partners and enhancing brand marketing efforts [26][62] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the current macro environment but expressed optimism about the potential for growth through strategic actions [46][49] - The focus will be on creating a consumer-led marketplace and driving innovation through sport [62][99] - Management expects Q3 revenues to decline low double digits, with gross margins down approximately 300 to 350 basis points [53] Other Important Information - The company is increasing investments in brand marketing and sports marketing to support key product launches [51] - There is a commitment to clean up the marketplace and reduce aged inventory to create space for new products [50][93] - Management is optimistic about the upcoming product pipeline and the potential for returning to growth [79][90] Q&A Session Summary Question: Can you elaborate on the relationships with retail partners and earning back shelf space? - Management emphasized the commitment to leading a consumer-led marketplace and the positive reception from wholesale partners regarding innovative products and brand statements [61][64] Question: How are you planning near-term investments in the business? - The focus will be on putting sport at the center of operations, shifting investments from performance marketing to brand marketing, and prioritizing five key sports [70][72] Question: What is the expected pressure on 2026 sales due to lifestyle acceleration? - Management acknowledged the need to reduce inventory concentration and is excited about the innovative products coming to market, which will help offset pressure [78][79] Question: How far is the company willing to take short-term actions for long-term benefits? - Management is acting with urgency to reposition the brand and is confident that the investments made will yield positive results in the long term [98][101] Question: What are the key fields of play opportunities? - The company is focusing on five key fields: running, basketball, global football, training, and sportswear, with a strong emphasis on product innovation [105]

京东在服饰长期投入，试图摆脱无尽追逐低价的循环。 直播电商里主播竭力吆喝着几块钱一件的 T 恤，既是中国作为世界工厂的电商物流基础设施的效率奇迹， 也是中国服装行业的悲歌。 服装行业正陷入这样的循环：电商平台对低价的极致追求让所有品牌都不得不比拼价格；商家忙忙碌碌被 卷入各种大促，利润却不见猛增；设计师新品牌减少，价格战不断挤压着这个行业需要的创意、灵感；服 装产能过剩，企业低价清仓，不少商家已面临生存挑战。 京东试图跳出这样的恶性循环。擅长卖手机电脑的京东不仅要卖衣服，还想 "多快好省" 地卖衣服 —— 既 有超过 20 万个的服饰商家，又有极具性价比的产业带服饰；既让消费者买到满意的衣服，又让服饰商家 在今天依然能在做生意的同时坚持品牌调性。 刘强东在 21 年前创立京东，坚持 "成本、效率、体验" 的方法论，这也成为了京东思考如何卖衣服的战略 脉络。 我们了解到，京东内部判断，"成本" 和 "效率" 都不是服装这个品类的关键要素，10 块钱和 10000 块钱的 衣服有不同的调性和各自的受众，人们也愿意为了好看的衣服牺牲效率，忍受数天的预售期。因此 "体验" 成为了京东在服饰上全力投入的制胜点。 消费者 ...

创业板指涨 10%，创纪录。 今日盘前央行继续释出利好政策，宣布降准 0.5 个百分点、降息 0.2 个百分点。截至收盘，上证指 数涨 2.88%、深证成指涨 6.71%，创业板指涨 10%、涨幅创历史纪录，A 股全天成交 1.46 万亿元， 为近三年来新高。万科 A、五粮液连续两天涨停。盘中沪市交易系统出现延迟甚至停滞，上证指数 一度画出一条水平直线，上交所晚间为此道歉。港股大市成交额超过 3700 亿港元，同样创下历史 纪录。 中概股指数基金 KWEB 年内涨幅暂时领先标普 500。 因为众所周知的原因，投资人对中国上市公司的情绪迅速调整，推动中概股指数基金 KWEB 年内 涨幅达到 20.93%，标普 500 则是涨 20.45%。KWEB 前三大权重股是腾讯、阿里巴巴和美团。 腾讯可能在卖富途股份。 据媒体援引知情人士报道，腾讯以高于周三收盘价 5.9% 的溢价卖掉所持富途的美国存托股，套现 约 2.06 亿美元，这符合腾讯近期出售部分资产变现的策略。市场消息还说腾讯将以 1.5 亿美元卖掉 游戏平台 Dream 11 母公司 Sporta 的持股。一天前，腾讯大股东 Prosus 清仓了携程，出售总 ...