科蒂集團 (COTY) 2023 Q3 法說會逐字稿

Good morning, and welcome, everyone. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to Coty's Third Quarter Fiscal 2023 Question-and-Answer Conference Call.

早上好，歡迎大家。我叫切爾西，今天我將擔任你們的會議運營商。此時，我想歡迎大家參加科蒂 2023 財年第三季度問答電話會議。

As a reminder, this conference call is being recorded today, May 9, 2023. Please note that earlier this morning, Coty issued a press release and prepared remarks webcast, which can be found on its Investor Relations website.

提醒一下，本次電話會議將於今天（2023 年 5 月 9 日）進行錄製。請注意，今天上午早些時候，科蒂發布了新聞稿並準備了評論網絡廣播，可在其投資者關係網站上找到。

On today's call are Sue Nabi, Chief Executive Officer; and Laurent Mercier, Chief Financial Officer. I would like to remind you that many of the comments today may contain forward-looking statements. Please refer to Coty's earnings release and the reports filed with the SEC, or the company lists factors that could cause actual results to differ materially from those forward-looking statements.

參加今天電話會議的有首席執行官 Sue Nabi；和首席財務官 Laurent Mercier。我想提醒您，今天的許多評論可能包含前瞻性陳述。請參閱科蒂的收益發布和向美國證券交易委員會提交的報告，或該公司列出的可能導致實際結果與這些前瞻性陳述存在重大差異的因素。

In addition, except where noted, the discussion of Coty's financial results and Coty's expectations reflect certain adjustments as specified in the non-GAAP financial measures section of the company's release.

此外，除非另有說明，否則對 Coty 財務業績的討論和 Coty 的預期反映了公司發布的非 GAAP 財務措施部分中指定的某些調整。

With that, we will now open the floor for questions.

有了這個，我們現在開始提問。

(Operator Instructions) Our first question will come from Steve Powers with Deutsche Bank.

（操作員說明）我們的第一個問題將來自德意志銀行的史蒂夫鮑爾斯。

I guess my first question, just a clarification on the commentary on first quarter '24 pricing. Both the press release and the prepared remarks, if I heard correctly, sort of couple of those pricing comments with your efforts to transition the portfolio to cleaner, more sustainable products. I guess I was looking for a little bit more detail. Is that to cover the cost of that transition? Or are there other factors at play as you consider that round of pricing early next year?

我想我的第一個問題，只是對 24 年第一季度定價的評論的澄清。新聞稿和準備好的評論，如果我沒聽錯的話，將這些定價評論與你們將產品組合轉變為更清潔、更可持續的產品的努力相結合。我想我正在尋找更多細節。這是為了支付過渡的費用嗎？或者在您考慮明年初的那輪定價時是否還有其他因素在起作用？

Steve. Thanks for your question. So first of all, I mean, just to remind that indeed, we implemented price increase, I mean, over the last quarter, so the last one being end of Q3, which indeed is absolutely needed to mitigate cost inflation. And as you've seen in Q3, which is above 2%, and we expect in Q4 to be 2.5%.

史蒂夫。謝謝你的問題。所以首先，我的意思是，只是提醒我們確實在上個季度實施了價格上漲，所以最後一個是第三季度末，這確實是緩解成本通脹所絕對需要的。正如你在第三季度看到的那樣，高於 2%，我們預計第四季度為 2.5%。

So now, indeed, yes, we are evaluating a new price increase in Q1 '24. And as we explained several times, I mean we always make sure that we do it in a granular manner. And definitely, we are making sure that it's always synchronized with value creation, and sustainability is definitely one of the biggest element that we are putting in place to create value.

所以現在，確實，是的，我們正在評估 24 年第一季度的新價格上漲。正如我們多次解釋的那樣，我的意思是我們始終確保我們以精細的方式進行。當然，我們正在確保它始終與價值創造同步，而可持續性絕對是我們為創造價值而採取的最大要素之一。

And concretely is what we are currently implementing is to bring a majority of our portfolio to carbon-neutral internal for end of calendar '23. So it's really focused on this value creation that we share between our key retailers and consumers. So this is one stream. But of course, there are a lot of other elements on value creation, which are about innovation and high-quality products we are bringing to the consumers.

具體而言，我們目前正在實施的是在日曆 '23 結束時將我們的大部分產品組合內部實現碳中和。因此，它真正專注於我們在主要零售商和消費者之間共享的價值創造。所以這是一個流。但當然，價值創造還有很多其他要素，這與我們為消費者帶來的創新和優質產品有關。

And to be very specific, to give you as a concrete example on Consumer Beauty also, where we are now developing clean formulations, which are -- and now as we speak, with you all is a example (inaudible) we see them in the coming quarters.

非常具體地，給你一個關於消費者美容的具體例子，我們現在正在開發清潔配方，這是 - 現在就在我們說話的時候，你們所有人都是一個例子（聽不清）我們在即將到來的宿舍。

Okay. Very good. And actually, while I have you talking, too, I'm sure you'll get questions from others. But Laurent, on the cash flow, as you mentioned, 3Q is usually seasonally weaker or negative because of the -- because of seasonal elements. But 4Q is also not typically a super strong cash quarter for Coty.

好的。非常好。事實上，當我也讓你發言時，我相信你會從其他人那裡得到問題。但是勞倫特，正如你提到的那樣，在現金流方面，第三季度通常是季節性疲軟或負的，因為 - 由於季節性因素。但對於科蒂來說，第四季度通常也不是一個超強的現金季度。

And I think given where you are in the year and given your guidance, it implies maybe a little bit more robust cash flow generation in the fourth quarter than at least we were expecting initially. So can you just talk us through the moving parts and your confidence in 4Q cash generation to get you to the full year guide?

而且我認為，鑑於你今年的情況和你的指導，這意味著第四季度產生的現金流量可能比我們最初預期的要強勁一些。那麼，您能否通過移動部件和您對 4Q 現金生成的信心讓我們了解全年指南？

Yes, absolutely. I mean I confirm with full confidence that we delivered the year with cash flow above $400 million. So that's absolutely sure. So just to explain a little more on Q3, so you're right that Q3 is always seasonally weaker. The basic reason is that you need all the investment that we are doing in Q2, which is a big sales -- big season, we are cashing out in Q3. So that's always the cash cycle that we are having.

是的，一點沒錯。我的意思是，我滿懷信心地確認，我們今年交付的現金流量超過 4 億美元。所以這是絕對肯定的。所以只是對第三季度進行更多解釋，所以你是對的，第三季度總是季節性疲軟。基本原因是你需要我們在第二季度所做的所有投資，這是一個大銷售 - 大季節，我們將在第三季度兌現。所以這始終是我們擁有的現金周期。

Another example that I really want to bring to your attention is that also we are rebuilding inventory end of Q3. So this is really a conscious choice, conscious decision that we are making and also again, in control, we're delivering $200 million. So that we are really in a good position to secure Q1 and Q2 season, okay?

我真正想提請您注意的另一個例子是，我們也在第三季度末重建庫存。所以這真的是一個有意識的選擇，我們正在做出有意識的決定，而且我們再次控制，我們將交付 2 億美元。這樣我們就真的有能力確保第一季度和第二季度的安全，好嗎？

So this is really what we are monitoring. And you saw it's really synchronized with the improvement of service levels that you are currently seeing. So Q4 will be positive, and we will end fiscal year '23 with the cash flow above $400 million. Year-to-date, as you noticed, it's $365 million, okay? So we are -- we keep bringing the cash generation, we are in control.

所以這確實是我們正在監控的內容。你看到它真的與你目前看到的服務水平的提高同步。所以第四季度將是積極的，我們將以超過 4 億美元的現金流結束 23 財年。正如你所注意到的，年初至今，它是 3.65 億美元，好嗎？所以我們 - 我們不斷帶來現金產生，我們處於控制之中。

Our next question will come from Anna Lizzul with Bank of America.

我們的下一個問題將來自美國銀行的 Anna Lizzul。

I was wondering if you can comment on the launch of Lancaster in China and how this compares to your expectations on skincare? And China has been a nice acceleration in fine fragrance penetration. How are you engaging there with consumers in this category versus Hong skincare?

我想知道您是否可以評論一下 Lancaster 在中國的推出以及這與您對護膚品的期望相比如何？而中國在高級香水的滲透方面一直有一個很好的加速。與 Hong 護膚品相比，您如何與這一類別的消費者互動？

Yes, Anna. This is Sue speaking. Thank you for the question. Indeed, China has been very active for Coty during this quarter, specifically at the end of the quarter and of course, during Q4. We started our skincare strategic bet in China a few weeks ago. And I can tell you that we are very happy about the very, very early results we are seeing behind Lancaster.

是的，安娜。這是蘇說話。感謝你的提問。事實上，中國在本季度對 Coty 非常活躍，特別是在本季度末，當然還有第四季度。幾週前，我們開始在中國進行護膚戰略投資。我可以告訴你，我們對在 Lancaster 背後看到的非常、非常早的結果感到非常高興。

Skincare is about R&D formulations, efficacy how consumers see operations. And I can tell you that the ratings are outstanding, 4.9 out of 5. This is really unseen on this very competitive where consumers are very demanding.

護膚品是關於研發配方、消費者如何看待操作的功效。我可以告訴你，評分非常出色，4.9 分（滿分 5 分）。在這個競爭激烈、消費者要求很高的地方，這真的是前所未見的。

So for a brand that was not doing skincare in China just a few months ago, these ratings are, I would say, of great confidence for us, really fantastic things about how consumers in China are seeing already results for those who shop the line in skincare just a few weeks ago. This is number one.

所以對於一個幾個月前還沒有在中國做護膚品的品牌來說，我想說，這些評級對我們來說是非常有信心的，關於中國消費者如何看到那些在中國購買該系列產品的人已經取得的成果，這真是太棒了幾週前的護膚品。這是第一。

And number 2 is that, of course, we are creating the awareness of the line in China. And as you've seen it probably during the presentation, the -- we were #1 in terms of social buzz in China, which is, again, I would say, an extra as we say in French, and this is in the middle of a very, very noisy environment. Everyone is trying to get through the noise of the Chinese market in terms of beauty brand.

第二，當然，我們正在中國打造這條線路的知名度。正如您可能在演示期間看到的那樣，我們在中國的社會影響力方面排名第一，我想再說一次，就像我們用法語說的那樣，這是在中間一個非常非常嘈雜的環境。在美妝品牌方面，大家都在努力打通中國市場的喧囂。

And we were #1 during the launch period, and we continue to see very qualitative comments on the line. You've heard that some consumers call the cream, the Kelly cream, which in the reference, of course, the Grace Kelly, which is great for us because that's a great summary of the high-quality, the exclusivity and of course, the European origin of the brand.

我們在發布期間排名第一，我們繼續看到在線上非常定性的評論。你聽說過一些消費者稱這種奶油為凱莉奶油，在參考資料中，當然是格蕾絲凱利，這對我們來說非常棒，因為它很好地概括了高品質、獨特性，當然，品牌起源於歐洲。

Last but not least, when you look at what's happening at the counters, we've seen -- you've seen the first handling counter that opened, and we were there a few weeks ago in China. You see that the conversion is as high if not above some of the leading brands, which give us a great, great, great confidence.

最後但並非最不重要的一點是，當您查看櫃檯發生的情況時，我們已經看到——您已經看到了第一個開放的處理櫃檯，幾週前我們在中國就在那裡。你會看到轉化率與一些領先品牌一樣高，這給了我們非常、非常、非常大的信心。

So now the job is to increase the traffic at the end of the day, when you have the formulations, when you have the right word of mouth, when you have a very high conversion, what takes is that now you need to create this facet across our counters on Tmall, et cetera, to increase the size of the brand. So it's really starting exactly where we were dreaming it to start and the way we were dreaming it to start.

所以現在的工作是在一天結束時增加流量，當你有了公式，當你有正確的口碑，當你有非常高的轉化率時，現在你需要創造這個方面在我們天貓等的專櫃上，以增加品牌的規模。所以它確實是從我們夢想開始的地方和我們夢想開始的方式開始的。

When it comes to the fragrances, the fragrances is that is also at play in China. And I was -- I took the advantage of my visit to China to visit some consumers at home -- fragrance buyers, this anti procedural is packing them fragrances and I can tell that there was incredibly surprised to see the level of expertise of consumers.

說到香水，香水也在中國發揮著作用。我是——我利用訪問中國的機會拜訪了一些國內的消費者——香水買家，這種反程序正在給他們包裝香水，我可以說，看到消費者的專業水平，他們感到非常驚訝。

In a way, they were telling us that this category today is more or less seen as almost the skincare category, is high-value category. It's category that's becoming performance-driven everyone is obsessed with what they call linger incense, which is long-lasting scent.

某種程度上，他們是在告訴我們，今天這個品類或多或少被視為護膚品類，是高價值品類。這個類別正變得以性能為導向，每個人都沉迷於他們所謂的留香，這是一種持久的香味。

And people are more and more moving from meritage and traditional brands, power is niche, very conceptual brands that tell them a very unique story, something that they can speak about in social media to valorize who they are.

人們越來越多地遠離功績和傳統品牌，權力是小眾的，非常概念化的品牌，告訴他們一個非常獨特的故事，他們可以在社交媒體上談論這些故事來確定他們是誰。

So in a way, a company like Coty between fragrances where we are starting from a low base, and we have a huge upside in front of us. Remember, the penetration is 3% to be compared to 50% in Europe. So there is a huge potential in the country. The fact that we have the right brands to operate there, and next to this, we have our skincare adventure that's starting right now. I think the upside can be very, very strong frequency.

因此，在某種程度上，像科蒂這樣的香水公司，我們的起點很低，但我們面前有巨大的上升空間。請記住，與歐洲的 50% 相比，滲透率為 3%。因此，該國有巨大的潛力。事實上，我們擁有合適的品牌在那裡開展業務，除此之外，我們的護膚冒險現在就開始了。我認為上行頻率可能非常非常強。

Our next question comes from Rob Ottenstein with Evercore.

我們的下一個問題來自 Evercore 的 Rob Ottenstein。

Two questions. One, I want to follow-up on fragrances. It looks like you're getting an acceleration in the quarter in the fragrance category. Is this driven by any specific brands? Or is it more broad-based?

兩個問題。第一，我想跟進香水。看起來您在香水類別中的季度加速。這是由任何特定品牌驅動的嗎？還是它的基礎更廣泛？

And then the second question is on the Consumer Beauty side, which continues to be very strong. What is fueling that continued momentum?

然後第二個問題是關於消費者美容方面的，它仍然非常強大。是什麼推動了這種持續的勢頭？

Yes. Thank you, Robert. Yes, indeed, we are seeing clearly an acceleration. This famous fragrance index that I have been referring to since a few quarters now is not only continuing, but it's accelerating. Fragrances in the Beauty division, the growth of the division was 16%, fragrances are around 20%. So it's a very, very strong growth that we are seeing than this particular while still continuing to recover on the service level. So clearly, this has to do with one hand with service level improvement, but also and moreover, I would say consumer demand has accelerated.

是的。謝謝你，羅伯特。是的，確實，我們清楚地看到了加速。我幾個季度以來一直提到的這個著名的香味指數現在不僅在繼續，而且還在加速。美容部門的香水部門增長了 16%，香水部門增長了 20% 左右。因此，我們看到的增長比這個特別強勁，同時仍在繼續恢復服務水平。很明顯，這一方面與服務水平的提高有關，而且而且我想說消費者需求已經加速。

And indeed, this growth is very broad based with the different brands. Now all the brands are doing their job and they are all fantastically posting a strong double-digit growth, be it Burberry, Hugo Boss (inaudible) that's becoming a best seller line in Asia, of course, Gucci fragrances. And so this is clearly something that gives us a strong confidence that we have the right portfolio to enter the different consumer cycle graphics, either in terms of pricing, but also in terms of what they are willing to buy in terms of brand universe and equity.

事實上，這種增長是非常廣泛的，涉及不同的品牌。現在所有品牌都在做自己的工作，它們都驚人地實現了兩位數的強勁增長，無論是 Burberry 還是 Hugo Boss（聽不清），它們正在成為亞洲的暢銷品牌，當然還有 Gucci 香水。因此，這顯然讓我們充滿信心，我們擁有正確的產品組合來進入不同的消費者周期圖形，無論是在定價方面，還是在他們願意購買的品牌範圍和資產方面.

And on Consumer Beauty, it's clearly also a division where we are continuing to see a very strong momentum. Our cosmetics brands are all growing double digits, really this CoverGirl, Max Factor, Rimmel to name the biggest brands. And this clearly is a great demonstration of the work we've been doing.

在消費者美容方面，它顯然也是一個我們繼續看到非常強勁勢頭的部門。我們的化妝品品牌都在以兩位數的速度增長，真的是這個 CoverGirl、Max Factor、Rimmel 名列前茅的品牌。這顯然很好地展示了我們一直在做的工作。

Remember, I always said that we were fixing with what we have enhanced since 2 years now, 2.5 years. And now we are starting to show to everyone what is the ability of this company to create really breakthrough innovation. So Yummy Gloss from CoverGirl is one of them. It's the #1 with color launch in the U.S., #5 cosmetic launch in the U.S. this spring. Clean Fresh Skincare by CoverGirl that we just announced a few days ago. I think this is going to be a massive success in this very strong area or (inaudible) already strong which is mascaras, but we are seeing more or less the same thing behind women in U.K. with 3 (inaudible) and Max Factor that's having a 30% [TGL] growth, excluding Russia, which is really unprecedented for this brand.

請記住，我總是說我們正在修復自 2 年以來增強的內容，2.5 年。現在我們開始向大家展示這家公司創造真正突破性創新的能力。所以 CoverGirl 的 Yummy Gloss 就是其中之一。它是今年春天在美國推出的第 1 名彩色產品，第 5 名化妝品產品。 CoverGirl 的 Clean Fresh Skincare 是我們幾天前剛剛宣布的。我認為這將在這個非常強大的領域或（聽不清）已經很強大的睫毛膏領域取得巨大成功，但我們在英國女性背後或多或少看到同樣的事情，有 3（聽不清）和 Max Factor 30% [TGL] 增長，不包括俄羅斯，這對這個品牌來說確實是前所未有的。

So I can tell you that cosmetics are doing fantastically well, but also our fragrances. I don't know if you're aware of this, but a brand like Bruno Banani and our Prestige division in that you know is as big as Hugo Boss. It's a really, really big property, and this one is also growing double digits.

所以我可以告訴你，化妝品做得非常好，還有我們的香水。我不知道你是否知道這一點，但像 Bruno Banani 和我們的 Prestige 部門這樣的品牌你知道和 Hugo Boss 一樣大。這是一個非常非常大的財產，而且這個財產也在以兩位數的速度增長。

So the fragrance index is also at play in our Consumer Beauty business. So to confirm that in a way what was embedded in your question, growth coming from both divisions from all the brands in both divisions and the fragrance index is only accelerating.

因此，香味指數也在我們的消費品美容業務中發揮作用。因此，為了確認您的問題中包含的內容，來自兩個部門所有品牌的兩個部門和香水指數的增長只會加速。

Our next question comes from Filippo Falorni with Citi.

我們的下一個問題來自花旗的 Filippo Falorni。

A follow-up on China. You mentioned in the prepared remarks that April sales, including Hainan increase year-over-year and also the 2-year basis. Does that mean that your inventory levels are now in a normal position and now you're growing in line with consumption? Or do you assume some carryover impact from normalizing inventory in fiscal Q4?

關於中國的後續行動。你在準備好的評論中提到，包括海南在內的 4 月份銷售額同比增長，也是 2 年的基礎。這是否意味著您的庫存水平現在處於正常位置並且現在您的增長與消費同步？或者您是否假設第四財季庫存正常化會帶來一些結轉影響？

And then longer term, just any kind of target you can give us in terms of the Lancaster launch, what do you think the brand can get to within the China skincare category?

然後從長遠來看，就 Lancaster 的發布而言，您可以給我們任何一種目標，您認為該品牌可以在中國護膚品類別中達到什麼目標？

Yes, Filippo. So indeed, you're absolutely right. So April, we are seeing some acceleration in April, so higher versus last year and higher versus 2 years ago. And to be very clear, this is really fewer organic performance, okay? So -- and this is a level of inventory with our retailers is very healthy. And this is definitely, the growth is driven by all initiatives that we have just mentioned. So in definitely, skincare, link obviously Lancaster, all the brands we are putting in place.

是的，菲利波。所以確實，你是絕對正確的。所以 4 月份，我們看到 4 月份有所加速，與去年相比更高，與 2 年前相比更高。非常明確的是，這真的是更少的有機表現，好嗎？所以 - 這是我們零售商的庫存水平非常健康。毫無疑問，增長是由我們剛才提到的所有舉措推動的。所以在護膚品方面，顯然與 Lancaster 相關，我們正在部署的所有品牌。

Its second premiumization in high-end fragrance acceleration. So (inaudible) is a clear example. We have also saw a great initiative cosmetic on Prestige Cosmetics with the 2 launches we made on Burberry Foundation and the Gucci Foundation, which has a very, very good start.

其在高端香氛加速上的第二次高端化。所以（聽不清）是一個明顯的例子。我們還看到了 Prestige Cosmetics 上一項偉大的化妝品倡議，我們在 Burberry Foundation 和 Gucci Foundation 上推出了 2 款產品，這是一個非常非常好的開端。

So this is -- you are seeing that we are building the foundation of the new model in China. And the strength for Coty, as you know, that we are starting from a low base. So again, there is no retailer inventory and so on going again. So this is really pure incremental.

所以這就是——你看到我們正在為中國的新模式打下基礎。正如您所知，科蒂的優勢在於我們的起點很低。因此，再次沒有零售商庫存等等。所以這真的是純粹的增量。

And this is also the case of Consumer Beauty, where we have also fantastic and great initiatives on Adidas, which are really starting now and accelerating. So this is, again, keep the word of building the foundation and sequential acceleration for China.

這也是消費者美容的情況，我們在阿迪達斯也有非常棒的舉措，這些舉措現在才真正開始並且正在加速。因此，這又是為中國建立基礎和連續加速的話。

So Filippo. This is Sue speaking. So on Lancaster, it is very real target. In fact, this is a business where you need to create where you are present in the brick-and-mortar stores and, of course, on the online store, the recipe for success. And again, the recipe for success is about consumer ratings, social buzz and conversion.

所以菲利波。這是蘇說話。所以在蘭開斯特，這是非常真實的目標。事實上，這是一個您需要在實體店，當然還有在線商店中創造成功秘訣的業務。同樣，成功的秘訣在於消費者評級、社交口碑和轉化率。

So when we will see that we have the right level of consumer buzz, the right level of conversion and the best-in-class ratings, this is when we will decide to expand the distribution. And at the end of the day, this strategy is still the same.

因此，當我們看到我們擁有適當水平的消費者口碑、適當水平的轉化率和一流的評級時，這就是我們決定擴大分銷的時候。歸根結底，這個策略還是一樣的。

We have 3 brands, Lancaster in China Adidas that going to be also starting in China, in the U.S. and in travel retail. And (inaudible), which is the biggest (inaudible) brand we have today at Coty. That started its reinvention a month ago here again. And you've seen the fantastic advertising behind the latest here on dose of wisdom.

我們有 3 個品牌，中國的 Lancaster 阿迪達斯也將在中國、美國和旅遊零售領域開始。還有（聽不清），這是我們今天在 Coty 擁有的最大（聽不清）品牌。一個月前又在這裡開始了它的改造。你已經看到最新的智慧劑量背後的精彩廣告。

These 3 brands will allow us to go to the $500 million in the coming years in terms of targets for our skincare business.

就我們的護膚業務目標而言，這 3 個品牌將使我們在未來幾年達到 5 億美元。

Our next question will come from Korinne Wolfmeyer with Piper Sandler.

我們的下一個問題將來自 Korinne Wolfmeyer 和 Piper Sandler。

Congrats on the quarter. I'd like just kind of touch on the margin guidance for the year and some of the puts and takes behind that.

祝賀這個季度。我只想談談今年的保證金指導以及一些看跌期權和支持。

First, you talked about slight gross margin expansion, but also you did really raise the EBITDA guidance for the year. Can you just talk about where maybe some of that pressure is coming through? And I know you mentioned FX and maybe some higher A&CP spend, but can you just talk about what we should expect for Q4 there?

首先，你談到毛利率略有增長，但你確實提高了今年的 EBITDA 指導。你能談談這些壓力來自哪裡嗎？我知道你提到了 FX 和可能更高的 A&CP 支出，但你能談談我們對第四季度的期望嗎？

And then as we head into fiscal '24, how are you kind of thinking about the puts and takes of the margin trajectory there?

然後，當我們進入 24 財年時，您如何看待那裡的保證金軌跡？

Yes, absolutely. So we are confirming our full year guidance on EBITDA, so $955 million to $965 million. To answer your point, I mean, this is despite about $15 million ForEx headwind. So this is again guidance that we gave beginning of the year. Despite this headwind, we are really in a position to confirm. And at the same time, which is absolutely key is also to reinvest in our strategic initiatives, and we mentioned a few especially in China. So definitely, our equation is fully in control.

是的，一點沒錯。因此，我們正在確認我們對 EBITDA 的全年指導，即 9.55 億美元至 9.65 億美元。為了回答你的觀點，我的意思是，儘管有大約 1500 萬美元的 ForEx 逆風。所以這又是我們在年初給出的指導。儘管有這種不利因素，我們確實能夠確認。同時，絕對關鍵的是對我們的戰略舉措進行再投資，我們提到了一些，尤其是在中國。所以可以肯定的是，我們的方程式完全在控制之中。

Comfortly it means that our EBITDA margin will grow 50 basis points at the end of the year, and given our EBIT margin will grow 150 basis points. So you really understand that we are monitoring our equation in an accretive manner. And this is definitely the way we allocate the resources, fueling the growth, but also delivering, of course, the profit objective.

令人欣慰的是，這意味著我們的 EBITDA 利潤率將在年底增長 50 個基點，而我們的 EBIT 利潤率將增長 150 個基點。所以你真的明白我們正在以一種增值的方式監控我們的方程式。這絕對是我們分配資源、推動增長的方式，當然也實現了利潤目標。

I will add one important element to this is that, as you saw, we are increasing our EPS guidance by $0.03. So with the swap, okay, we -- the guidance is now to end the year at $0.52 to $0.53, which is close to 80% EPS increase versus last year. And if we exclude the swap, so the guidance is $0.48 to $0.49, which is about more than 30% EPS increase versus last year. So basically, you see a significant improvement in our EPS guidance.

我將為此添加一個重要因素，如您所見，我們將 EPS 指導增加 0.03 美元。因此，通過互換，好吧，我們 - 現在的指導是在今年結束時達到 0.52 美元至 0.53 美元，這與去年相比每股收益增長了近 80%。如果我們排除互換，那麼指導價為 0.48 美元至 0.49 美元，與去年相比每股收益增長約 30% 以上。所以基本上，您會看到我們的 EPS 指南有了顯著改進。

So now definitely looking forward for fiscal '24, and we will give you more detail in next earnings call. I mean we confirm the midterm algorithm that we shared a few months ago and that we reconfirmed during CAGNY is really to have net revenue growth at the upper end of the 6% to 8%, EBITDA growth in the range of the 9% to 11%, and EPS growth 23%, 26% in the mid-20.

因此，現在絕對期待 24 財年，我們將在下一次財報電話會議上為您提供更多詳細信息。我的意思是，我們確認幾個月前分享的中期算法，我們在 CAGNY 期間再次確認，淨收入增長率確實在 6% 至 8% 的上限，EBITDA 增長率在 9% 至 11% 的範圍內%，每股收益增長 23%，在 20 世紀中期增長 26%。

Our next question comes from Ashley Helgans with Jefferies.

我們的下一個問題來自 Jefferies 的 Ashley Helgans。

This is Sidney on for Ashley. First question was just any by category trends you can kind of call out in China and travel retail? And then just with the strength in the mass category, any potential signs of trade down that you're seeing at all?

這是 Ashley 的 Sidney。第一個問題是您可以指出中國和旅遊零售業的任何類別趨勢嗎？然後，就大眾類別的實力而言，您是否看到任何潛在的交易下降跡象？

So thank you for your question. So any sign of trade down, the answer is no. Clearly, no. We are not seeing any sign of trade down nowhere. We are investing even the opposite, the continuous communization be it in Consumer Beauty is what we call Kylie Beauty, which is a -- it is beauty that is at the premium, that's very cool and that's very trendy on social media and where CoverGirl is starting to participate finally, which is really the phase 2 of the invention of this brand. And by the way, the invention of all our Consumer Beauty customer color cosmetic Brand.

謝謝你的問題。所以任何交易下降的跡象，答案是否定的。顯然，不。我們沒有看到任何貿易下滑的跡象。我們的投資甚至相反，消費者美容中的持續交流就是我們所說的 Kylie Beauty，這是一種 - 優質的美麗，非常酷，在社交媒體上非常流行，而 CoverGirl 正是終於開始參與了，這真的是這個品牌發明的第二階段。順便說一句，我們所有的 Consumer Beauty 客戶都發明了彩妝品牌。

And when it comes to Prestige categories, we are continuing to see the fragrance index at play. There is a globalization of the Fragrance index. It started in the U.S. and then now is in Europe and in China, which really is the best, I would say, news for us and for the industry, as you can imagine.

當談到高級類別時，我們繼續看到香味指數在起作用。香水指數已經全球化。它始於美國，然後現在是歐洲和中國，我想說，這對我們和行業來說真的是最好的消息，正如你可以想像的那樣。

This category is premiumizing and becoming the darling category of many consumers around the world. Skincare continues to be the clean category growing at a -- kind of good growth, not crazy, not low, good growth, which has already been the case with skincare things, Consumer Beauty which is almost been 30 years now. And this category -- by it's the biggest category worldwide, and this is where we want to play now.

該品類正在高端化，成為全球眾多消費者的寵兒。護膚品仍然是乾淨的類別，增長速度很好，不是瘋狂的，不是低的，良好的增長，護膚品的情況已經如此，消費者美容已經快 30 年了。而這個類別——它是全球最大的類別，這就是我們現在想要玩的地方。

And last but not least, we see color cosmetics back in Consumer Beauty quite strongly, specifically in the U.S., but also around the world with a different subcategories growing. Lip stick was (inaudible) back to lip stick, which is also something that's new, but also the classical foundation and mascara category.

最後但並非最不重要的一點是，我們看到彩妝強烈回歸美妝消費市場，特別是在美國，但在世界各地，不同的子類別也在增長。唇膏（聽不清）又回到了唇膏，這也是新事物，也是經典的粉底和睫毛膏類別。

So no signs of trade down. All the categories are growing, premiumization and fragrance index is accelerating. So that's, I would say, the summary in terms of what we are seeing globally in terms of category penetration.

所以沒有貿易下降的跡象。所有品類都在增長，高端化和香化指數在加速。所以，我想說，這是我們在全球範圍內看到的類別滲透方面的總結。

Our next question comes from Chris Carey with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的 Chris Carey。

So just 2 quick questions, please. Just number one, can you just talk about the Consumer Beauty profitability and how you see that trending going forward? And how fiscal Q3 came in relative to your expectations?

請簡單回答 2 個問題。第一，你能談談 Consumer Beauty 的盈利能力以及你如何看待這種趨勢嗎？相對於您的預期，第三財季的表現如何？

And then the second question is, and I think there's been a couple of questions kind of around this topic, but there was a comment in the press release around more investment into your skincare and that the revenue benefits from that investment would take some time to play out. Is that in line with your prior expectations?

然後第二個問題是，我認為圍繞這個話題有幾個問題，但新聞稿中有一條關於對護膚品進行更多投資的評論，並且該投資的收入收益需要一些時間才能播出。這符合你之前的預期嗎？

Or are the -- is the skincare opportunity just taking a bit longer to develop and it sounds like you still have the same goals over time, but perhaps the phasing is changing. So just any clarity there. So thanks for those on Consumer Beauty margins and the pace of skincare investment versus revenue over time.

或者是 - 護膚機會只是需要更長的時間來發展，聽起來你隨著時間的推移仍然有相同的目標，但也許階段正在改變。所以只是任何清晰度。因此，感謝那些關註消費者美容利潤率的人，以及隨著時間的推移，護膚品投資與收入的對比速度。

Sure, sure. Thank you, Chris, for the question. So CB profitability. In Consumer Beauty, I mean, is a very profitable business. So maybe your question is more, but Q3. Q3 is always the quarter where we have significant investment for Consumer Beauty. And this is really the quarter where we have big launches. So we are investing. And again, it's fully included in our equation and in our quarterly equation.

一定一定。克里斯，謝謝你提出這個問題。所以CB盈利。我的意思是，在 Consumer Beauty 中，這是一項非常有利可圖的業務。所以也許你的問題更多，但是 Q3。第三季度始終是我們對消費者美容進行大量投資的季度。這確實是我們推出大型產品的季度。所以我們在投資。再一次，它完全包含在我們的等式和季度等式中。

But bear in mind that all the initiatives that we are putting in place on Consumer Beauty are very accretive, gross margin accretive. So shared a few initiatives concretely that initiatives we are making -- we are launching currently on (inaudible) I mean these are very profitable initiative.

但請記住，我們在消費者美容方面實施的所有舉措都非常具有增長性，毛利率增長。因此，具體分享了我們正在製定的一些舉措——我們目前正在啟動（聽不清）我的意思是這些都是非常有利可圖的舉措。

And definitely, the flywheel in Consumer Beauty is absolutely in motion. So we explained that within the first 2, 3 years, we have to do the work and always watch what in place. And now, (inaudible) there is some strong acceleration in top line, but also in the profitability, and there is a very strong ROI from all the initiatives that we are putting in place. So profit and margin will expand, should expand in fiscal '23 and beyond, exactly based on what I shared with you.

當然，Consumer Beauty 中的飛輪絕對在運轉。所以我們解釋說，在最初的 2、3 年內，我們必須做好工作，並始終關注到位的情況。現在，（聽不清）在收入方面有一些強勁的加速，但在盈利能力方面也有一些強勁的增長，我們正在實施的所有舉措都帶來了非常強勁的投資回報率。因此，利潤和利潤率將擴大，應該在 23 財年及以後擴大，這完全基於我與您分享的內容。

The last element, which sounds a little more technical is also that in Q3, we have to pay some onetime ForEx impact mostly from LatAm, which was, I mean, mostly on Consumer Beauty. But again, going forward, I mean the flywheel and the model Consumer Beauty is very profitable.

最後一個聽起來有點技術性的因素是，在第三季度，我們必須支付一些一次性的 ForEx 影響，主要來自 LatAm，我的意思是，主要是消費者美容。但同樣，展望未來，我的意思是飛輪和 Consumer Beauty 模型非常有利可圖。

On your question, I can start, and Sue can build up on this. So we made very clear that indeed, in our balanced portfolio, skincare is really a strategic imperative. So we are investing, and this is indeed we included in our model and in our flywheel.

關於你的問題，我可以開始了，Sue 可以在此基礎上再接再厲。因此，我們非常清楚地表明，在我們平衡的產品組合中，護膚確實是一項戰略要務。所以我們正在投資，這確實包括在我們的模型和飛輪中。

So what we just kicked off with Lancaster and (inaudible) we are doing currently also in U.S. with philosophy, but I can tell you from really the finance and marketing and commercial teams, we have very precise KPIs that we are tracking, so that we are really in a position to measure ROI also to put a corrective measures if needed. But definitely, I mean, ROI is there and definitely step by step, we are building a profitable business. Keep in mind that gross margin on skincare is also very accretive.

所以我們剛剛開始與蘭開斯特和（聽不清）我們目前也在美國做哲學，但我可以從真正的財務、營銷和商業團隊告訴你，我們有非常精確的 KPI，我們正在跟踪，所以我們確實能夠衡量投資回報率，也可以在需要時採取糾正措施。但絕對是，我的意思是，投資回報率是存在的，而且絕對是一步一步的，我們正在建立一個有利可圖的業務。請記住，護膚品的毛利率也非常可觀。

If indeed, I can complement what you said Laurent. The reality is that it's too early to tell you if we are doing faster or less fast than what we had in our mind. We just started 1.5 months ago. And the KPIs I've been sharing with you are excellent, and this is really the basis. You can do whatever you want. If you don't have the right formulations, if consumers do not find your brand interesting and is the conversion of counter is not good, there, you have issues. It's not absolutely the case.

如果確實如此，我可以補充您所說的 Laurent。現實情況是，現在告訴您我們做得比我們想像的快還是慢還為時過早。我們 1.5 個月前才開始。我一直在與您分享的 KPI 非常出色，這確實是基礎。你想做什麼，就可以做什麼。如果您沒有正確的配方，如果消費者對您的品牌不感興趣並且櫃檯的轉化率不好，那麼您就有問題了。並非絕對如此。

Remember, we've been very clear from the beginning that the strategic emphasis is on driving a balanced growth agenda equity in our portfolio, which includes imperative to double our skincare business in the coming years. So again, we continue to be very confident in this strategy because we have the technological know-how, because we have the patents, and because we are putting in place -- continuing to put in place the organizational capabilities.

請記住，我們從一開始就非常清楚，戰略重點是在我們的投資組合中推動平衡的增長議程股權，其中包括在未來幾年將我們的護膚業務翻一番。因此，我們再次對這一戰略充滿信心，因為我們擁有技術訣竅，因為我們擁有專利，並且因為我們正在實施 - 繼續實施組織能力。

Of course, this requires upfront investments and that's clearly the name of the game, which we are making now. And the great news is that we're lucky to be in a position where the rest of the portfolio is growing very strongly, which allow us both to deliver on our profit commitment. And at the same time, it's only the end, it's not either, soon our skincare portfolio with all the activities I have been sharing with you now.

當然，這需要前期投資，而這顯然是我們現在正在做的遊戲的名稱。好消息是，我們很幸運能夠處於投資組合的其餘部分增長非常強勁的位置，這使我們都能兌現我們的利潤承諾。同時，這只是結束，也不是，很快我們的護膚產品組合以及我現在與您分享的所有活動。

Our next question will come from Lauren Lieberman with Barclays.

我們的下一個問題將來自巴克萊銀行的 Lauren Lieberman。

Great. I just thought I'd kind of flip this around and -- so many things are going well. So I thought maybe it'd be interesting to hear what are the things, Sue and Laurent, that you're worried about as you look ahead? It seems like everything is on the right track, lots of positive updates today. So what are the things that are kind of top on your list as worry or watch points?

偉大的。我只是想我會扭轉這種局面——很多事情都進展順利。所以我想，Sue 和 Laurent，聽聽你們在展望未來時擔心的是什麼可能會很有趣？似乎一切都在正確的軌道上，今天有很多積極的更新。那麼，在您的列表中，哪些事情最值得擔心或值得關注？

I can tell you this question is really since the last 3 years, this is the ongoing question, and this is all the decisions. The strategy we built are really exactly to grow the company and to protect the company. This is the name of the game is balanced portfolio. So this is really what makes the difference and now what we are seeing in motion. So it's balanced in terms of category.

我可以告訴你這個問題實際上是從過去 3 年開始的，這是一個持續的問題，這是所有的決定。我們制定的戰略確實是為了發展公司並保護公司。這就是遊戲的名稱是平衡的投資組合。所以這才是真正的不同之處，現在我們正在看到的是動態的。所以它在類別方面是平衡的。

So what you are seeing, fragrance is doing great. Color Cosmetic is doing great. And fragrance is also impressive, also in Consumer Beauty. And now indeed, we are adding skincare, and we have also a Prestige Cosmetic. So definitely building the balanced portfolio is -- makes a difference.

所以你所看到的，香水做得很好。 Color Cosmetic 做得很好。香水也令人印象深刻，也在消費者美容中。現在確實，我們正在添加護膚品，我們還有一款 Prestige Cosmetic。所以絕對建立平衡的投資組合是 - 有所作為。

It's also the case in terms of geographies, very balanced portfolio across the world. As you saw, America, doing very strong. And it's a case of North America, but also South America. So here also, you see really the balanced growth of our equation. Europe. Europe is very strong, and we are seeing currently also good momentum in Europe. I mean the fragrance index that's where I was referring to is now in motion in travel retail grew more than 30%.

就地理位置而言也是如此，世界各地的投資組合非常平衡。如您所見，美國表現非常強勁。這是北美的情況，也是南美的情況。所以在這裡，你也看到了我們方程式的平衡增長。歐洲。歐洲非常強大，我們目前也看到歐洲的良好勢頭。我的意思是，我所指的香水指數現在在旅遊零售業中增長了 30% 以上。

And last but not least, as we discussed extensively before, China for us is only an opportunity. So this is definitely that the world that with the leadership team that we are doing constantly. Last element to answer your point is also in terms of price partition. We are covering on the affordable products, so you can match the needs of part of the consumers. And then we are going open, and we are also reaching very high-end consumers.

最後但同樣重要的是，正如我們之前廣泛討論的那樣，中國對我們來說只是一個機會。所以這絕對是我們一直在與領導團隊合作的世界。回答你的觀點的最後一個要素也是在價格劃分方面。我們覆蓋的是物美價廉的產品，所以可以匹配部分消費者的需求。然後我們要開放，我們也在接觸非常高端的消費者。

So all these elements definitely are giving us not only the protection, but also the drivers of profitable growth. So this is definitely what we are looking at and adapting constantly.

因此，所有這些因素無疑不僅為我們提供了保護，而且為盈利增長提供了動力。所以這絕對是我們正在關注和不斷調整的。

Our next question comes from Olivia Tong with Raymond James.

我們的下一個問題來自 Olivia Tong 和 Raymond James。

My first question is around the price increases that you're contemplating next quarter or in 2 quarters. Just if you could give us more color in terms of categories, geographies that you're contemplating? Is it areas you had already planned and it's just taking a little bit longer or areas that are new?

我的第一個問題是關於您在下個季度或兩個季度內考慮的價格上漲。只是如果你能在你正在考慮的類別和地理位置方面給我們更多的顏色？是您已經計劃好的區域，只是需要更長的時間，還是新的區域？

And then on the fragrance service levels, getting back to the high 80s, can you talk about where it was heading into COVID? And at this rate of improvement, how long you think it will take you to get back to where you were before?

然後在香水服務水平上，回到 80 年代的高點，你能談談它進入 COVID 的地方嗎？按照這種改進速度，您認為需要多長時間才能回到以前的狀態？

And should we think of this shortage as impacting all the fragrance brands more or less equally on a percentage of sales or that could have potentially marked on the table? Are there any innovation changes you had to make as a result of the shortage? Just trying to think about the recovery as fragrance service levels get back to a more normalized pace?

我們是否應該將這種短缺視為對所有香水品牌或多或少均等地影響銷售額的百分比，或者可能已經標記在桌面上？由於短缺，您是否必須做出任何創新改變？只是想想想隨著香水服務水平恢復到更正常的步伐而復蘇？

Yes, Olivia. So I mean, price increase, as we shared, I mean we are contemplating this new price increase in Q1 '24. I mean, the methodology remains the same and we explained several times. We have a dedicating pricing office, which was put in place more than 2 years ago. So the work we do is always very granular, so we do it in the per channel, per product, per category, per market, and we need to of course, combined with the data that we get from [CMI] so that we are making sure that what is done is really matching and exactly what the consumer needs.

是的，奧利維亞。所以我的意思是，正如我們分享的那樣，價格上漲，我的意思是我們正在考慮 24 年第一季度的新價格上漲。我的意思是，方法保持不變，我們解釋了好幾次。我們有一個專門的定價辦公室，該辦公室成立於 2 年多前。所以我們所做的工作總是非常精細，所以我們在每個渠道、每個產品、每個類別、每個市場中進行，當然，我們需要結合我們從 [CMI] 獲得的數據，以便我們確保所做的事情真正符合消費者的需求。

And as I shared before, is also we combine this with value creation. Sustainability is definitely a big angle on value creation. So this is the case indeed on Prestige, but also on Consumer Beauty. Keep this in mind that it's very granular work. And every time we are making sure that in terms of the portfolio, price increase that we are doing are very consistent, and we are not meeting some gaps between our products across the globe.

正如我之前分享的那樣，我們也將其與價值創造相結合。可持續性絕對是價值創造的一個重要角度。因此，Prestige 確實如此，Consumer Beauty 也是如此。請記住，這是非常精細的工作。每次我們都確保在產品組合方面，我們所做的價格上漲是非常一致的，並且我們沒有在全球範圍內滿足我們產品之間的一些差距。

So this is very something -- and I have to tell you now we have very good expertise. And the last price increase went very smoothly and again, very good collaboration with the retailers.

所以這是非常重要的——我現在必須告訴你，我們擁有非常好的專業知識。上次提價非常順利，而且與零售商的合作非常好。

So on service level, definitely, we are seeing some very good improvement. So indeed now, I mean we are landing Q3 in the high 80s. What's very important, so in the media, so there is still some tension, and this is the case for the whole industry. So that's why we remain very focused. So that's why we are very clear that we also building inventory end of Q3.

所以在服務水平上，我們確實看到了一些非常好的改進。所以現在確實如此，我的意思是我們正在 80 年代的高點登陸 Q3。非常重要的是，所以在媒體上，所以還是有些緊張，整個行業都是這樣。所以這就是為什麼我們仍然非常專注。所以這就是為什麼我們非常清楚我們也在第三季度末建立庫存。

The key reason of the challenge on service level, in fact, is because the demand will remain very high. So it's very -- so it means that supply chain keeps adapting and there was already very strong export and the decision made. But basically, we stay very focused and to -- so this was the case -- this is the case on glass bottle indeed, but also caps and terms. But overall, very good improvement. We are now in a very good position. But of course, still some challenge that we are managing very, very carefully.

事實上，服務水平面臨挑戰的關鍵原因在於需求將保持非常高的水平。所以這非常 - 所以這意味著供應鏈不斷適應並且已經有非常強勁的出口和做出的決定。但基本上，我們保持非常專注，並且 - 確實如此 - 玻璃瓶確實如此，但瓶蓋和條款也是如此。但總體而言，非常好的改進。我們現在處於非常有利的位置。但是，當然，我們正在非常、非常謹慎地應對一些挑戰。

Our last question comes from Andrea Teixeira with JPMorgan.

我們的最後一個問題來自摩根大通的 Andrea Teixeira。

So my question, if you can comment on the Prestige side of the business coming stronger than expected. And of course, you did mention a couple of things during the -- your prepared remarks and your answers. But we're seeing that strong demand in fragrance continues for about 3 years now and your implied fourth quarter, albeit is still very strong, it's about 11% for the total company.

所以我的問題是，您是否可以評論業務的聲望方面比預期更強大。當然，你在會議期間確實提到了一些事情——你準備好的評論和你的回答。但我們看到香水的強勁需求持續了大約 3 年，你暗示的第四季度雖然仍然非常強勁，但對整個公司來說大約是 11%。

So I was wondering, if you were just embedding some conservatism or is there anything in the third quarter that came in? I understand it came in also above your expectations. If there is any setup that you had for Lancaster that obviously May salary and reopening in China. Anything you can contribute to, say, perhaps there's some pull forward there that you're embedding some deceleration?

所以我想知道，如果你只是嵌入了一些保守主義，或者第三季度有什麼東西進來了嗎？我知道它也超出了您的預期。如果您對蘭開斯特有任何設置，顯然可以在中國獲得薪水和重新開放。任何你可以貢獻的東西，比如說，也許有一些推動力，你正在嵌入一些減速？

And then just a clarification, a couple of questions regarding margins. So as we think about the pricing that you're coming in for the first quarter, and what do you start yourself to in terms of the growth back in your Investor Day where you highlighted 9% to 11% EBITDA growth? Is that something you're saying basically we need to invest growth is coming in better than anticipated, we are not going to chase margins at this point?

然後只是澄清，關於利潤率的幾個問題。因此，當我們考慮您第一季度的定價時，您在投資者日強調 9% 至 11% EBITDA 增長的增長方面開始做什麼？你說的基本上是我們需要投資的增長比預期的要好，我們現在不打算追逐利潤率嗎？

Obviously, you still had some improvement underlying, but it's probably at this point below what could be if you were not investing. Is that the way we're thinking? And in terms of priorities, your priority of -- the priority will be dollar top line and dollar margins as opposed to percentage margins. Is that fair?

顯然，您仍有一些潛在的改善，但此時可能低於您不投資時的水平。我們是這樣想的嗎？就優先事項而言，您的優先事項將是美元收入和美元利潤率，而不是百分比利潤率。這公平嗎？

This is Sue. I'm going to take the first part of the question maybe around the other performance of Prestige and how we see this in Q4. This Q3 benefited both from restocking and of course, from the 2 things. We start in our overall performance with our innovations. You think about a brand like Burberry between Burberry Her and Burberry Hero fragrances. We've jumped from the 30 positions to a top 10 position, something like this in the U.S. market.

這個問題。我將回答問題的第一部分，也許是關於 Prestige 的其他表現以及我們在第四季度如何看待這一點。第三季度受益於補貨，當然還有兩件事。我們從我們的創新開始我們的整體表現。你會想到像 Burberry 這樣介於 Burberry Her 和 Burberry Hero 香水之間的品牌。我們已經從前 30 位躍升至前 10 位，在美國市場就是這樣。

So you can see that we are overperforming the market, thanks to our innovation, restocking helps and by nature, also the growth of the market is lifting all of us. At the same time, and this growth is a huge 60% in the U.S., 40% globally. And it's just the beginning and belief of this fragrance in that, that is at play globally.

所以你可以看到我們的表現優於市場，這要歸功於我們的創新、補貨的幫助，而且從本質上講，市場的增長也在提振我們所有人。與此同時，這一增長在美國高達 60%，在全球為 40%。這只是這款香水的開始和信念，在全球範圍內發揮作用。

In Q4, we believe that there will not be anymore any effects from restocking. This was really a onetime benefit in Q3. So now when it comes to EBITDA loss, maybe all you take this one when it comes to reinvesting prioritization of top line of R&D expansion.

在第四季度，我們認為補貨不會再產生任何影響。這在第三季度確實是一次性的好處。因此，現在談到 EBITDA 損失時，也許當談到對研發擴張的頂線進行再投資優先級時，你都會接受這個。

Absolutely. I will keep it short. I mean we said it just before, and definitely, what is important is really the end. So what we are doing is definitely to invest in the strategic initiatives, the big one, indeed, we referred to is skincare, but there are also a lot of other initiatives.

絕對地。我會保持簡短。我的意思是我們之前說過，當然，重要的是真正的結束。所以我們正在做的肯定是投資於戰略舉措，大的，確實，我們提到的是護膚品，但還有很多其他舉措。

So we are investing in the strategic initiatives and delivering the profit, EBITDA and EPS. So this is really the way, and this is we are monitoring our equation on a daily basis.

因此，我們正在投資戰略計劃並實現利潤、EBITDA 和 EPS。所以這就是真正的方式，這是我們每天監控我們的方程式。

This concludes the question-and-answer portion of today's call. And I would like to turn the call back over to Sue for any additional or closing remarks.

今天電話會議的問答部分到此結束。我想將電話轉回給 Sue，以徵求任何補充意見或結束意見。

Thank you very much. So thank you, everyone, for your questions. We are very proud as you can imagine that this 11th quarter of results that are in line or ahead of expectations. We see this sales growth accelerating both divisions, which is really -- as you can imagine, a very strong source of price for us. And both divisions are double-digit growth, and this is fantastic because we have 2 legs, and we need the 2 legs to compete in the very competitive world of today.

非常感謝。謝謝大家的提問。我們感到非常自豪，因為您可以想像第 11 季度的業績符合或超出預期。我們看到這種銷售增長加速了兩個部門，正如你可以想像的那樣，這對我們來說確實是一個非常強大的價格來源。這兩個部門都有兩位數的增長，這太棒了，因為我們有兩條腿，我們需要兩條腿才能在當今競爭激烈的世界中競爭。

We clearly understood that we are reinvesting behind our skincare pillar. Our obsession, and Laurent has been saying this several times during the call today is about creating several growth engines, 2 divisions, several brands, 7 categories in several regions, and this is clearly starting to show results.

我們清楚地知道我們正在對我們的護膚支柱進行再投資。我們的痴迷，勞倫特在今天的電話會議中多次說過，是關於在幾個地區創建幾個增長引擎、2 個部門、幾個品牌、7 個類別，這顯然開始顯示結果。

And last but not least, while we are reinvesting, we are continuing to confirm our profit forecast and profit guidance. Last but not least, happy to say that the deleveraging of the company is fully on track targeting 3x at the end of calendar '23 and 2x at the end of calendar '25.

最後但同樣重要的是，在我們進行再投資的同時，我們將繼續確認我們的盈利預測和盈利指引。最後但並非最不重要的一點是，很高興地說，公司的去槓桿化已完全步入正軌，目標是在 23 年末達到 3 倍，在 25 年末達到 2 倍。

Thank you very much.

非常感謝。

Thank you, ladies and gentlemen. This concludes today's question-and-answer call. We appreciate your participation, and you may disconnect at any time.

謝謝你們，女士們，先生們。今天的問答電話會議到此結束。感謝您的參與，您可以隨時斷開連接。