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- **Revenue Resilience**: Q3 revenue held steady at $2.3B, with APAC DTC growth and Americas digital outperformance offsetting European challenges.
- **Margin Pressure**: Gross margin down 210 bps YoY due to tariffs, but SG&A efficiency improved 40 bps.
- **Strategic Momentum**: Calvin's underwear franchise up 20%, Tommy's sweaters franchise up 20%, signaling brand strength.
- **Tariff Mitigation**: 2025 EBIT impact of $65M, with plans to fully offset over time.
- **2026 Vision**: Focus on expanding product innovation and improving margins through operational efficiency.

**【CEO Summary Section】**
- **Q3 Revenue**: $2.3 billion, down less than 1% in constant currency, driven by DTC growth in APAC and digital channels in the Americas.
- **Regional Performance**: 
  - **Europe**: Down low single digits in constant currency due to consumer backdrop and supply chain delays, but on-plan for holiday start.
  - **Americas**: 2% growth, with DTC down low single digits but digital up double digits.
  - **APAC**: Flat in constant currency, with DTC growth in China and Japan.
- **Product Innovations**: Calvin Klein's Icon Cotton Modal franchise (women's underwear) and Tommy Hilfiger's sweaters franchise drove double-digit growth.
- **Challenges**: Tariffs in North America and transitory Calvin supply chain issues.

**【CFO Financial Commentary】**
- **Q3 Results**: GAAP net income $202 million, EPS $2.83. Gross margin 56.3%, down 210 bps YoY due to tariffs and promotions.
- **Tariff Impact**: $0.37 per share in Q3, with $65 million EBIT impact for 2025.
- **Guidance**: 
  - **Q4**: Revenue up slightly to low single digits, operating margin ~9%.
  - **Full Year**: Constant currency revenue flat to down slightly, EPS narrowed to $10.85-$11.
  - **2026**: Focus on margin recapture from Calvin product capabilities and tariff mitigation.

**【Q&A Key Highlights】**
- **Marketing ROI**: Calvin's campaigns with Rosalia and Jung Kook drove 20% growth in underwear; Tommy's APAC digital growth up high single digits.
- **Inventory Management**: Q3 inventory up 3% YoY (2% due to tariffs), well-positioned for holiday.
- **2026 Outlook**: CEO emphasizes expanding product innovation into new categories; CFO expects sequential margin improvement post-tariff mitigation.

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