科蒂集團 (COTY) 2025 Q2 法說會逐字稿

Good morning and afternoon, everyone.

大家早安，下午好。

My name is Margo, and I'll be your conference operator today.

我叫瑪戈，今天我將擔任您的會議主持人。

At this time, I'd like to welcome everyone to Coty's second-quarter fiscal 2025 question-and-answer conference call.

現在，我歡迎大家參加科蒂 2025 財年第二季問答電話會議。

As a reminder, this conference call is being recorded today, February 11, 2024, at 8 AM Eastern Time or 2:00 PM Central European Time.

提醒一下，本次電話會議於今天（2024 年 2 月 11 日）美國東部時間上午 8 點或歐洲中部時間下午 2 點錄製。

Please note that on February 10 at approximately 4:05 PM Eastern Time or 10:05 PM Central European Time Coty issued a press release and prepared remarks webcast, which can be found on its Investor Relations website.

請注意，2 月 10 日大約美國東部時間下午 4:05 或歐洲中部時間晚上 10:05，科蒂發布了新聞稿並準備好了評論網絡廣播，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.

參加今天電話會議的有執行長 Sue Nabi；以及財務長 Laurent Mercier。

I would like to now remind you that many of the comments today may contain forward-looking statements.

我現在想提醒大家，今天的許多評論可能包含前瞻性陳述。

Please refer to Coty's earnings release and the reports filed with the SEC where the company lists factors that could cause actual results to differ materially from these forward-looking statements.

請參閱科蒂的收益報告和向美國證券交易委員會提交的報告，其中公司列出了可能導致實際結果與這些前瞻性陳述有重大差異的因素。

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

此外，除非另有說明，對科蒂財務表現和科蒂預期的討論反映了公司新聞稿中非公認會計準則財務指標部分中指定的某些調整。

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

現在，我們將開始回答大家的提問。

(Operator Instructions)

（操作員指令）

Oliver Chen, TD Cowen.

奧利佛陳（Oliver Chen），TD Cowen 公司。

Hi, Sue, Laurent.

你好，蘇，洛朗。

Thank you.

謝謝。

On your commentary about a sell-in relative to sellout, what are your thoughts about when retailers might undergo replenishment as that's an issue you're seeing?

關於您對賣出相對於賣完的評論，您對零售商何時可能需要補貨有何看法，因為這是您看到的問題？

Also on your comments on China, Travel Retail Asia, Australia and Consumer Beauty, I mean how would you characterize the magnitude of the issues relative to what you mentioned?

另外，關於您對中國、亞洲旅遊零售、澳洲和消費者美容的評論，我的意思是，您如何描述相對於您提到的問題的嚴重性？

China is not a large percentage of total, but it sounds like things are more cautious there.

中國所佔比例並不大，但聽起來那裡的情況更為謹慎。

Thank you.

謝謝。

Yeah.

是的。

Thank you, Oliver.

謝謝你，奧利佛。

Thanks for the question.

謝謝你的提問。

So just to give you, I would say some -- as you said, some magnitude, indeed, as we flagged indeed in -- during the last quarter.

因此，我想說的是，正如您所說，確實有一些幅度，正如我們在上個季度所標記的那樣。

I mean, we discussed that we were seeing some pockets of the business, okay, where there were some challenges.

我的意思是，我們討論過我們看到的一些業務領域，好吧，存在一些挑戰。

And we were expecting that these pockets, I mean, will stabilize.

我們預計這些口袋將會穩定下來。

And in fact, we see that they are worsening in the Q2.

事實上，我們發現第二季的情況正在惡化。

In fact, we are talking about 20% of our business, so -- which is China, but also travel retail Asia, Australia, ANZ and also Consumer Beauty.

事實上，我們談論的是 20% 的業務，即中國，還有亞洲、澳洲、澳新銀行的旅遊零售以及消費者美容。

So this is really the scope we are talking about.

所以這確實是我們正在談論的範圍。

And indeed, so if combination of China, travel retail Asia and Australia are impacting your Prestige business in terms of setting by roughly 3 points.

確實如此，如果中國、亞洲和澳洲的旅遊零售業結合起來會對您的 Prestige 業務產生大約 3 個百分點的影響。

This is really what you need to have in mind.

這確實是您需要牢記的。

And if we look at the Consumer Beauty side, indeed, this is really on the US Consumer Beauty challenges, which is also impacting by three points.

如果我們看一下消費者美容方面，實際上，這確實對美國消費者美容提出了挑戰，這也產生了三點影響。

So these are really the two areas of disruption, if I can call them this way.

所以，如果我可以這樣稱呼的話，這其實是兩個顛覆領域。

At the same time, so indeed, but retailers indeed, I mean, we had good especially in Prestige, especially in fragrance.

同時，確實如此，但零售商確實如此，我的意思是，我們在 Prestige 方面表現良好，尤其是在香水方面。

I mean we had good sellout during the holiday season, but we are seeing low replenishment from retailers.

我的意思是，我們在節日期間的銷售情況很好，但我們發現零售商的補貨量卻很低。

So we are seeing that there is a global pattern, that they are very cautious on their inventory management.

因此我們看到，全球都存在著一種模式，即他們對庫存管理非常謹慎。

And indeed managing their inventories very, very cautiously.

他們確實非常謹慎地管理庫存。

And this is indicating also the gap between the sell-out and the selling.

這也顯示了賣出和賣出之間的差距。

And if I just take concrete example on fragrance, where, indeed, we have -- I mean, fragrance as a whole is performing well.

如果我僅以香水為例，事實上，我們有——我的意思是，香水整體表現良好。

I mean we see a sellout being between the mid- to high single digit.

我的意思是我們看到售罄率在中高個位數之間。

But indeed, we are seeing selling below due to this very cautious behavior by the retailers.

但事實上，由於零售商的這種非常謹慎的行為，我們看到了低於預期的拋售。

But the sellout is very healthy.

但銷量非常可觀。

And Oliver, this is Sue.

奧利佛，這是蘇。

Just to complement on Laurent's answer.

只是為了補充 Laurent 的回答。

We don't see this replenishment happening in H2.

我們認為下半年不會有這種補貨情況。

That's what explains our prudent guidance and we hope that this will happen at the moment or another, especially given what Laurent just described, which are the very strong sellout we saw during the rainy season, and we continue to see behind our fragrances in both divisions.

這就是我們審慎指導的原因，我們希望這會在此刻或其他時候發生，特別是考慮到 Laurent 剛才所描述的，即我們在雨季看到的非常強勁的銷售，並且我們繼續看到兩個部門的香水銷量。

Rob Ottenstein, Evercore.

奧滕斯坦（Rob Ottenstein），Evercore。

Great.

偉大的。

Thank you very much.

非常感謝。

You obviously touched on it in the in the release.

您顯然在發布中提到了這一點。

I was wondering if you could go into a little bit more detail on both the structural challenges that you're seeing in US color cosmetics and the competitive challenges and how you look to combat those going forward?

我想知道您是否可以更詳細地介紹一下您在美國彩妝領域看到的結構性挑戰和競​​爭挑戰，以及您打算如何應對未來的這些挑戰？

Thank you.

謝謝。

Yeah, this is Sue speaking.

是的，我是蘇。

So indeed, you're right, you mentioned some structural challenges.

所以確實你是對的，你提到了一些結構性挑戰。

Some of them are also, I would say, challenges at the moment, specifically when it comes to the closures we are seeing in the pharma drug store environment.

我想說，其中一些也是當前的挑戰，特別是我們在製藥藥局環境中看到的關閉情況。

So it's not just structural, but a bit of these challenges is indeed structural, I believe.

所以這不僅僅是結構性的，我相信其中一些挑戰確實是結構性的。

And this is one thing that I addressed in the earnings call -- during the earnings script that -- what makes the color cosmetics category because this is the category we are referring to.

這是我在收益電話會議上（在收益腳本中）討論的一件事，即彩色化妝品類別，因為這是我們所指的類別。

Much healthier in Prestige is the combination of both heritage couture brands, if I may call them like this and Indi brands, which is not what we are seeing today in the Consumer Beauty color cosmetics space, where only new brands are favored.

Prestige 更健康的經營方式是將傳統高級定製品牌（如果我可以這樣稱呼它們）和本土品牌結合起來，而這並不是我們今天在消費美容彩妝領域所看到的情況，在該領域只有新品牌受到青睞。

And these new brands are not able to make up for the decline of the market.

而這些新品牌並不能彌補市場的下滑。

So I think it takes two to dance.

所以我認為，跳舞需要兩個人。

And this is what I believe is the strength of the -- any market.

我相信這就是任何市場的優勢。

And the Heritage brands, by the way, are still doing the biggest chunk of the sales.

順便說一句，Heritage 品牌仍然佔據著最大的銷售額。

So I believe that the color cosmetics market, specifically in the US but also elsewhere, will highly benefit from a same exposure between Heritage brands that are doing an exceptional job.

因此，我相信彩妝市場，特別是美國以及其他地區的彩妝市場，將從表現卓越的 Heritage 品牌之間的相同曝光中受益匪淺。

I'm thinking about CoverGirl that is the -- among legacy brands, the one that is the best among heritage brands.

我認為 CoverGirl 是傳統品牌中最好的。

In thinking about remail outside of the US together with, of course, entering new brands, new Indi brands, which are going to give a kind of excitement, trendiness, et cetera.

在考慮向美國以外的國家重新郵寄郵件的同時，當然，也要引入新的品牌、新的印度品牌，這些品牌將會帶來一種興奮、時尚等等。

So it really takes both to grow the market.

因此，要擴大市場，確實需要兩者兼顧。

So if this -- and this is part of our discussions with our partner retailers.

所以如果這是——這是我們與合作零售商討論的一部分。

If this is what is going to happen, I believe that there is no reason for the color cosmetics market, not to be back to its traditional low single-digit growth.

如果情況確實如此，我相信彩妝市場沒有理由不回到傳統的低個位數成長。

Filippo Falorni, Citi.

花旗銀行的 Filippo Falorni。

Good morning.

早安.

Good afternoon, everyone.

大家下午好。

You talked about some of the weakness coming out of fiscal '25 persisting potentially in the first part of fiscal '26.

您談到了 25 財年出現的一些疲軟現象可能會持續到 26 財年上半年。

At the same time, you're expecting an improvement in sales growth in fiscal '26.

同時，您預計26財年的銷售額將會成長。

So can you comment on kind of the levers that you have in fiscal '26, as you enter fiscal '26 to kind of accelerate, organic sales growth and in terms of like how should we think about the year relative to your medium-term outlook of 6% to 8%?

那麼，您能否評論一下您在 26 財年擁有的槓桿，以便在進入 26 財年時加速有機銷售增長，以及我們應該如何看待今年相對於您 6% 至 8% 的中期預期？

Thank you.

謝謝。

Thank you very much, Filippo.

非常感謝，菲利波。

So first, let me just remind everyone because I think this is an important element that this first half and the second half, by the way, too, is in front of our best year ever.

首先，我要提醒大家，因為我認為這是一個重要因素，今年上半年和下半年，順便說一下，也是我們有史以來最好的一年。

Okay, fiscal '24 was a year where the company has grown with the highest growth potentially in Prestige, 18% and the highest growth ever in the Consumer Beauty division, which was around 7%, if I recall well.

好的，如果我沒記錯的話，24 財年是公司成長最快的一年，其中 Prestige 部門的潛在成長率最高，為 18%，而消費者美容部門的成長率也最高，約為 7%。

So this is really what explains in a way how much the comparative has been high for us when it comes to fiscal '25.

所以這其實在某種程度上解釋了在 25 財年我們的比較收入有多高。

In fiscal '26, we believe that one hopefully, the good news would be that retailers will come back to a more, I would say, a classical or normal inventory levels because they cannot forever stay at this level of inventories.

在 26 財年，我們相信一個好消息是零售商將恢復到一個更典型或正常的庫存水平，因為他們不可能永遠停留在這個庫存水平。

I think this was an overreaction following the stocking post supply chain crisis 1.5 years ago.

我認為這是一年半前備貨後供應鏈危機後的過度反應。

So hopefully, there will be a kind of stabilization.

所以希望會出現某種穩定。

Second thing, our market is a market that's driven by offers.

第二，我們的市場是一個由報價驅動的市場。

Some competitors speak about stimulus, we speak about an offer-driven market, and it's all about this.

一些競爭對手談論刺激政策，我們談​​論供應驅動的市場，一切都與此有關。

So we will contemplate for fiscal '26, two very big blockbuster launches.

因此，我們將考慮在26財年推出兩部非常轟動的重磅產品。

May I remind people that Coty has been putting on the market and still today some of the best performing launches of the industry.

我想提醒大家的是，科蒂已經向市場推出了一些業界表現最好的產品。

Thinking about Burberry that is continuing to grow by double-digit growth between 20% and 30% year-on-year, which is really unprecedented.

想想Burberry還在以兩位數的速度年增，大概在20%到30%之間，這確實是前所未有的。

Kylie Cosmetics, the number 1 volume launch in the US and in UK.

Kylie Cosmetics 是美國和英國銷售第一的化妝品。

Marc Jacobs, Daisy Love, Hugo Boss, which has become the number 1 brand of the division and of the company, by the way.

順便說一句，Marc Jacobs、Daisy Love、Hugo Boss 已經成為該部門和公司的頭號品牌。

So it's really an offer-driven business.

所以這確實是一個由報價驅動的業務。

So we have a big innovation in the first half.

所以我們上半年有一個很大的創新。

Same thing in the second half.

下半場也發生同樣的事情。

We are also accelerating our distribution gains when it comes to some of our key pillar brands in the Prestige division.

對於 Prestige 部門的一些主要支柱品牌，我們也正在加速擴大通路。

Some brands and, for example, Chloé was really not a brand we were playing with in the US market.

有些品牌，像是 Chloé，其實不是我們在美國市場上重點關注的品牌。

We decided to do so in the first half and with a very strong results.

我們決定在上半年這麼做，並且取得了非常強勁的成果。

So we will expand this.

因此我們將擴大這一點。

So the conjunction of big launches together with the distribution expansion of some of our key Prestige brands in the US, but also in other emerging markets, will help us to be back to growth in fiscal '26.

因此，大規模的發布加上我們一些主要知名品牌在美國以及其他新興市場的分銷擴張，將有助於我們在26財年恢復成長。

This, together with anything that is not in our control, such as back to more classical retailer inventory levels and hopefully, Travel Retail in Asia and China, even if these are low single-digit percentages of our mix, they are still heavily disrupted in the moment we are in right now.

再加上任何我們無法控制的因素，例如回到更傳統的零售商庫存水平，以及希望亞洲和中國的旅遊零售，即使這些只占我們產品組合的個位數百分比，但在我們目前所處的時刻，它們仍然受到嚴重的干擾。

Korinne Wolfmeyer, Piper Sandler.

科琳·沃爾夫邁耶，派珀·桑德勒。

Good morning, good afternoon.

早安，下午好。

Thanks for the question.

謝謝你的提問。

I'd like to understand some of the puts and takes of the margin outlook a little bit better.

我想更了解保證金前景的一些利弊。

Can you just describe a little bit on the fixed versus variable cost structure you're dealing with for the back half?

您能否稍微描述一下後半部所處理的固定成本與變動成本結構？

How much deleverage you're baking in with the guidance and how much reinvestment in A&P and innovation and things like that?

您根據指導計劃進行了多少去槓桿以及在廣告和銷售、創新等方面進行了多少再投資？

And then also, I believe in the prepared remarks, you discussed some softer promotional activity last quarter.

而且，我相信在準備好的評論中，您討論了上個季度的一些較為溫和的促銷活動。

Is that something that you might decide to pull on a little bit more here in the back half to help drive volume performance or are you committed to other forms of volume activation?

您是否決定在後半部分稍微增加一些功能以幫助提高批量性能，或者您是否致力於其他形式的批量激活？

Thank you.

謝謝。

Yeah, thank you.

是的，謝謝。

Good morning, Korin.

早安，科林。

So first of all, what I want to highlight is really that we are showing in this fiscal '25 and in H1 that we have a very healthy P&L and a very healthy balance sheet.

因此，首先，我想強調的是，我們在本財年和上半年顯示，我們的損益表和資產負債表非常健康。

So you -- so the result is really that with, I mean, gross margin expansion in H1, I mean, which is close to 200 basis points.

所以結果實際上是，我的意思是，上半年的毛利率擴大了，接近 200 個基點。

And we are close to 67% gross margin end of Q2.

我們第二季末的毛利率接近 67%。

So it shows really that all the work we are doing, really managing the full equation, we do it in a very disciplined manner.

因此，這確實表明，我們所做的所有工作，實際上管理整個方程式，都是以非常自律的方式進行的。

And we keep focusing on the gross margin expansion, which for us is usually a strong KPI because, of course, this is really then what's fueling our investment behind the brand.

我們一直在關注毛利率的擴大，對我們來說，這通常是一個強勁的關鍵績效指標，因為這當然是推動我們對該品牌進行投資的真正動力。

And really, we keep this very, very strong discipline.

事實上，我們保持著非常非常嚴格的紀律。

So now looking ahead, talking again about gross margin.

現在展望未來，再次談論毛利率。

As you remember, last year, we had also, I mean, very strong gross margin expansion in H2 which was around 160 basis points.

您還記得，去年下半年我們的毛利率也實現了非常強勁的成長，約 160 個基點。

So now we are going to rebalance.

因此我們現在要重新平衡。

There is a seasonality effect.

存在季節性效應。

So that our H2 gross margin will be slightly lower versus last year due to this high base, but it will remain 100 basis points above fiscal '23 gross margin.

因此，由於基數較高，我們下半年的毛利率將略低於去年，但仍將比 23 財年的毛利率高出 100 個基點。

So it means that our full year gross margin will land at about 100 basis point improvement.

所以這意味著我們全年毛利率將提高約 100 個基點。

Now, of course, base starting from this gross margin expansion, and I can detail later, but it's really the combination of productivity.

現在，當然，基礎是從毛利率擴張開始的，我可以稍後詳細說明，但這實際上是生產力的結合。

We still have some pricing effects, I mean, stronger in H1 because we have the carryover from the previous year.

我們仍然有一些定價效應，我的意思是，上半年的效應更強，因為我們有上一年結轉的影響。

But we will have still some positive impact in the H2, also benefiting from the mix.

但我們仍將在 H2 中受到一些正面影響，並從這種組合中受益。

Then we make sure that we keep our ICP in the high 20s, as you saw in the H1, and we continue in the H2 to support the initiatives that Sue has just described and need to continue to fuel the sellout.

然後，我們確保將我們的 ICP 保持在 20 多美元，就像您在上半年看到的那樣，並且我們將在下半年繼續支持 Sue 剛才描述的舉措，並需要繼續推動銷售。

Then we -- I mean, as you know, we are putting in place a very strong savings initiatives, but we confirm $120 million this year.

然後我們 — — 我的意思是，如你所知，我們正在實施非常強有力的節約舉措，但我們今年確認為 1.2 億美元。

So it's a combination of short-term actions, but also more medium and long-term actions which will keep fueling, I mean, the margin for next year.

因此，這是短期行動的結合，但也包括更多的中期和長期行動，這將繼續推動明年的利潤率。

So that's really all this that we are showing that we have the discipline, but also agility to manage and to continue EBITDA margin improvement even in the context, which is more uncertain and volatile than before.

所以，這一切實際上表明，我們不僅有紀律，而且也有靈活性來管理，即使在比以前更不確定和不穩定的環境下，也能繼續提高 EBITDA 利潤率。

So that's really -- and that's why we confirm really that we see our EBITDA margin growing from 70 to 90 basis point fiscal '25, which means that our EBITDA margin will be close to 19% at the end of this fiscal.

所以這確實是——這也是我們確認我們的 EBITDA 利潤率將從 70 個基點增長到 90 個基點的原因，這意味著我們的 EBITDA 利潤率將在本財年末接近 19%。

Olivia Tong, Raymond James.

奧莉維亞通 (Olivia Tong)、雷蒙詹姆斯 (Raymond James)。

Great, thanks.

太好了，謝謝。

Good morning.

早安.

Good afternoon.

午安.

I was wondering if you could talk about why you think Prestige Fragrances has been able to hold on better with respect to growth versus other categories?

我想知道您是否可以談談為什麼您認為 Prestige Fragrances 比其他類別的品牌能夠保持更好的成長？

And in terms of the other categories, particularly mass, what you can do to -- with respect to innovation, to help offset the externals?

就其他類別而言，特別是大眾類別，您可以做些什麼——在創新方面，來幫助抵消外部因素？

Thank you.

謝謝。

Olivia, thank you for your question.

奧莉維亞，謝謝你的提問。

This is Sue speaking.

我是蘇。

So indeed, it's a very interesting question, if I may say, because this is really what is the key element of the growth of the market.

所以，如果我可以這麼說的話，這確實是一個非常有趣的問題，因為這確實是市場成長的關鍵因素。

I believe that Prestige Fragrances are holding much better because they are not easily replaceable.

我相信 Prestige Fragrances 的保值性會更好，因為它們不容易被取代。

When you like a scent, you're going to buy this scent.

當你喜歡一種香味時，你就會購買這種香味。

And anything closer is not exactly the scent that you like.

而任何更接近的氣味都不是你喜歡的氣味。

While in other categories, specifically, for example, on color cosmetics, if you like, I don't know, the latest color or a primer or whatever, we'll always find something that's very close and trying to buy something closer.

而在其他類別中，具體來說，例如彩色化妝品，如果你喜歡最新的顏色或底霜或其他什麼，我們總是會找到非常接近的東西，並試圖購買更接近的東西。

So I believe that the entry barriers of Prestige Fragrances are higher because of the uniqueness of the creation, because of the quality of the juices and also because of putting inside these bottles, things that have been crafted for two, three years that are really creations together with science know-how.

因此，我相信 Prestige Fragrances 的進入門檻更高，因為它的創作獨特，香水的品質優良，而且瓶子裡裝的是經過兩三年精心製作的東西，這些東西實際上是結合科學技術的創造。

I'm thinking about what we've been doing recently by adding molecules that act on the longevity of a fragrance.

我正在思考我們最近所做的事情，即添加能夠延長香味持久力的分子。

So these are barrier to entry to the category that explain why fragrances, specifically Prestige Fragrances or fragrances with a cool, I would say, vibe, are really resisting better than other categories.

所以，這些都是進入該類別的門檻，這也解釋了為什麼香水，特別是名牌香水或帶有清涼氛圍的香水，比其他類別的香水更具抵抗力。

So what can we do in terms of innovation in other categories to fuel the growth?

那麼，我們可以在其他類別的創新方面做些什麼來促進成長呢？

Well, the answer is in the first part in fact.

嗯，答案其實就在第一部分。

It's about creating entry barriers.

這是為了創造進入壁壘。

I believe that the color cosmetics world, have given up on real innovation.

我認為彩妝界已經放棄了真正的創新。

It has become a world of TPMs where everyone is buying from the same TPM, the same kind of innovation and you end up buying the cheapest option.

現在已經成為一個 TPM 的世界，每個人都購買相同的 TPM、相同類型的創新，而您最終會購買最便宜的選項。

So it's really this that is missing today in this market and that we are fighting against and are working on to agile innovation that we put in place recently.

所以，這確實是當今市場所缺乏的，我們正在努力應對，並致力於最近實施的敏捷創新。

It's to be able, of course, to be on trend.

當然是為了能夠跟上潮流。

And to launch the latest buzz of the moment, but also to be able to put on the market high-entry-barrier innovation, something difficult to copy something that's worth the price that you're putting on it and something that will grow back the market by reattracting consumers who decided that it's worth it only if it's the cheapest option.

不僅要推出最熱門的產品，還要能夠向市場推出高進入門檻的創新產品，這些產品很難被複製，值得你為它付出代價，並且可以通過重新吸引那些認為只有它是最便宜的選擇才值得的消費者來帶動市場重新增長。

Ashley Helgans, Jefferies

傑富瑞（Jefferies）的阿什利·赫爾甘斯（Ashley Helgans）

Hey, thanks for taking our question.

嘿，感謝您回答我們的問題。

So last quarter, you mentioned some upcoming kind of product introductions.

上個季度，您提到了一些即將推出的產品。

Just curious maybe you held off on some of those given the environment or maybe if they didn't perform as expected.

只是好奇，也許考慮到環境因素或它們的表現不如預期，你會推遲其中一些。

And then just following up a little bit on Olivia's question on fragrance being such a strong driver.

然後稍微回答一下奧莉維亞關於香味是如此強大的驅動力的問題。

What's embedded in your underlying assumptions for the second half about the fragrance industry?

您對香水產業下半年的基本假設是什麼？

And then anything you can tell us on fragrance quarter-to-date, that would be helpful.

然後您可以告訴我們有關本季度迄今為止的香水方面的任何信息，這將會很有幫助。

Thank you.

謝謝。

Okay.

好的。

So let me take the question part by part.

讓我逐一解答這個問題。

So last quarter, we mentioned some upcoming launches.

上個季度，我們提到了一些即將推出的產品。

Indeed, we released them.

事實上，我們釋放了他們。

One of the biggest highlights was indeed the Gucci Flora Orchid which is really one of the biggest successes of the fall Q1 and Q2.

其中最大的亮點之一確實是 Gucci Flora Orchid，它確實是秋季第一季和第二季最大的成功之一。

This is really something that was part of the agenda.

這確實是議程的一部分。

Yes, to a lesser extent than what we did with Burberry Goddess two years ago.

是的，但比我們兩年前對 Burberry Goddess 所做的改動要小一些。

But still, it's something that is really part of the best-selling innovations in the US.

但它仍然確實是美國最暢銷的創新產品之一。

And we started, that's why probably we did not see -- we didn't see any effect that was so high.

我們開始了，這可能是為什麼我們沒有看到——我們沒有看到如此高的效果。

We started with an exclusivity at one key retailer globally, which, in a way, didn't allow us to take a benefit from all the impact of this launch.

我們一開始就與全球一家主要零售商簽訂了獨家協議，從某種程度上說，這不允許我們從這次發布的所有影響中獲益。

Now it's the case.

現在確實如此。

It's rolled out everywhere, and we can really see that this Flora innovation is doing very, very well.

它已經在各地推廣，我們確實看到，Flora 的這項創新做得非常非常好。

So that's number one.

這是第一點。

Number two, we are continuing to do key innovations on BOSS, specifically on both the scent and the Elixir and the other we have launched.

第二，我們將繼續對 BOSS 進行重大創新，特別是香味以及我們推出的 Elixir 和其他產品。

This is what explains that BOSS has become the number 1 brand of the company with a stellar growth, which is close to high single digits.

這也解釋了為何BOSS已經成為公司第一品牌，並且實現了接近個位數的驚人成長。

So this is really also something that explains the two key launches that we have done in the first half.

所以這也其實解釋了我們上半年進行的兩次重要發布。

So what are we assuming on fragrance category growth in the second half, we are also going to continue to have launches without revealing what are going to be these launches.

那麼，我們對下半年香水類別的成長有何假設？

We will continue some of the key initiatives we started in fiscal '24 in the second half by anniversarying these initiatives.

我們將在下半年繼續實施我們在24財年啟動的一些關鍵舉措，並紀念這些舉措。

Last year, we launched Kylie Cosmetics and Marc Jacobs, Daisy Wild, which, by the way, for Daisy Wild become the number 1 SKU in terms of innovation in the UK market.

去年，我們推出了 Kylie Cosmetics 和 Marc Jacobs 的 Daisy Wild，順便說一句，對於 Daisy Wild 來說，該產品成為英國市場創新方面排名第一的 SKU。

So these two innovations will be universalized.

所以這兩項創新將會被普及。

Last but not least, as you've heard it during the earnings script, we are back also to key innovations behind entry Prestige brands.

最後但同樣重要的一點是，正如您在收益腳本中所聽到的，我們也回到了入門級名牌背後的關鍵創新。

I'm thinking about David who will see, for the first time, a very strong innovation, represented by GenZ favorite, Charles Melton, which you will see during the second half of the year.

我想到大衛，他將首次看到一項非常強大的創新，以 Z 世代最喜歡的查爾斯梅爾頓 (Charles Melton) 為代表，您將在今年下半年看到它。

Patty Kanada, Goldman Sachs.

高盛的帕蒂·卡納達 (Patty Kanada)。

Hi Laurent.

你好，Laurent。

Good morning.

早安.

Good afternoon.

午安.

Thanks for taking my question.

感謝您回答我的問題。

I just had one on Asia travel retail and just travel retail in general.

我剛剛發表了一篇關於亞洲旅遊零售以及一般旅遊零售的文章。

So we've been dealing with pressures there for a while now.

因此，我們現在已經在那裡應對壓力一段時間了。

So wondering if you could talk about travel retail outside of Asia and how you're performing there?

所以想知道您是否可以談談亞洲以外的旅遊零售業以及您在那裡的表現？

And related to that, are there opportunities to perhaps resize or reshape your strategy by rebalancing toward non-Asian regions where maybe there's less volatility and more growth opportunity?

與此相關的是，是否有機會透過向波動性較小、成長機會較多的非亞洲地區重新平衡來調整或重塑您的策略？

I would love your thoughts there.

我很想知道你的想法。

Thank you.

謝謝。

Yeah, good morning, Pat, this is Sue.

是的，早上好，帕特，我是蘇。

This is a good question.

這是一個好問題。

We started to do this, in fact.

事實上我們已經開始這麼做了。

In the second half of the first half of this year, meaning October, November and December, we've shifted significant resources from Asia market, specifically China, but also the Asian Travel Retail to the US and to European market, but mainly to the US

今年上半年的下半年，也就是 10 月、11 月和 12 月，我們將大量資源從亞洲市場（特別是中國，還有亞洲旅遊零售）轉移到美國和歐洲市場，但主要是美國

That's the reason why even if we do not communicate on this, but we saw our sell-out, reaching some weeks at 50%, 60% of growth in terms of sell-out prior to the holiday season.

這就是為什麼即使我們沒有就此進行溝通，我們也看到了銷售情況，在假期前的幾週內，銷售量增加了 50% 到 60%。

So this was really the result of shifting resources from these regions to regions, specifically the US, where there is growth, where the momentum behind the fragrance category continues.

所以這實際上是將資源從這些地區轉移到其他地區的結果，特別是美國，那裡的香水產業正在成長，香水類別的發展勢頭也持續保持著。

The Prestige Fragrance category is still growing in the high single digits, and it's still continuing to premiumize and the -- I would say the -- and the adjacent categories of fragrances, such as Body Mist are also booming there.

高端香水類別仍然保持著高個位數的成長，並且仍在繼續高端化，我想說的是，相鄰的香水類別，例如身體噴霧，也正在蓬勃發展。

So it's something that we've done and that we will continue to do, to answer the second part of your question.

所以這是我們已經做過的事情，而且我們將繼續做下去，以回答你問題的第二部分。

Now regarding the first part, which is around Asia travel retail, you are totally right.

關於第一部分，即亞洲旅遊零售，您完全正確。

You say that the Asian Travel Retail is the one that is really lagging behind the other regions.

您說亞洲旅遊零售業是真正落後於其他地區的產業。

Americas and Europe are doing very, very well, which is something that is better than what we saw in Asia.

美洲和歐洲的表現非常非常好，比我們在亞洲看到的還要好。

But travel retail in Asia, I can tell you that it's really behind on key category which is Prestige color cosmetics.

但在亞洲，旅遊零售業在關鍵品類，也就是高端彩妝方面確實落後了。

It's really the restrictions that happened between Korea and China with regulations on both sides.

這其實是韓國和中國之間存在的限制，雙方都有規定。

That really stopped literally a key stream of the sales between these two regions.

這實際上阻止了這兩個地區之間的主要銷售流。

That was mainly focused when it comes to Coty and our color cosmetics Prestige category.

這主要集中在科蒂和我們的彩色化妝品 Prestige 類別上。

So the rest of the categories, be it fragrances or even skin care are continuing to grow much better than what we saw on the color cosmetics.

因此，其餘類別，無論是香水還是護膚品，其增長速度都比彩妝好得多。

So it's really the color cosmetics category that is hurting us, which is, I think, a difference versus what our competitors are seeing in this region where it's a lot behind Skin Care.

所以，真正對我們造成傷害的是彩妝品類，我認為這與我們的競爭對手在該地區的情況有所不同，我們的護膚品業務遠遠落後。

Anna Lizzul, Bank of America.

美國銀行的安娜‧利祖爾 (Anna Lizzul)。

Hi, good morning, good afternoon.

大家好，早安，下午好。

Thank you so much for the question.

非常感謝您的提問。

I was wondering if you could discuss the retailer channel shift you mentioned in your prepared remarks, particularly in the US It seems like some online platforms like Amazon are gaining market share here.

我想知道您是否可以討論一下您在準備好的發言中提到的零售商管道轉變，特別是在美國，似乎一些像亞馬遜這樣的在線平台正在這裡的市場份額中獲得增長。

I'm just wondering how you're adjusting to this environment.

我只是想知道你如何適應這個環境。

And then also if you can comment on the different parts of your business, Consumer Beauty versus Prestige and just how they're performing on this channel?

然後，您是否可以評論一下您業務的不同部分，消費者美容與聲望美容，以及他們在這個管道上的表現如何？

Thank you.

謝謝。

Yeah.

是的。

Thank you very much, Anna.

非常感謝，安娜。

So indeed, you're totally right, and this is one of the reasons why I believe the fierce competition between online players, offline players, of course, e-retailers who are usually offline players too, it's this year's competition that is probably also explaining why all these retailers are really, really pressuring their cash management through inventory management.

所以，你確實完全正確，這也是我認為線上玩家、線下玩家以及通常也是線下玩家的電子零售商之間競爭激烈的原因之一，今年的競爭可能也解釋了為什麼所有這些零售商都在通過庫存管理來給現金管理帶來巨大壓力。

So that is one of the key explanation and which also explains a lot of door closures we are seeing in the country, bit behind department stores, but also behind some other direct channel when it comes to Consumer Beauty.

所以，這是關鍵原因之一，也解釋為什麼我們在國內看到很多門市關門，除了百貨商場關門以外，在消費者美容方面也落後於其他一些直銷管道。

So indeed, you're right to mention Amazon.

所以，你提到亞馬遜確實是正確的。

They are gaining market share in the beauty industry.

她們在美容行業的市場份額正在不斷擴大。

You've seen a lot of players, including some of our brands going to Amazon.

您已經看到很多參與者，包括我們的一些品牌正在進入亞馬遜。

I have to remind everyone that we were the first to be partnering with Amazon maybe six, seven years ago with brands such as BOSS or such as Calvin Klein, and this has created a very special relationship between us and Amazon.

我必須提醒大家，大概六、七年前，我們率先與亞馬遜合作，合作品牌包括 BOSS 和 Calvin Klein 等，這在我們和亞馬遜之間建立了非常特殊的關係。

The other element I can tell you when you ask me about CB and Prestige performing on e-com and Amazon, indeed, the growth of our e-com is stellar on both divisions.

當您問我 CB 和 Prestige 在電子商務和亞馬遜上的表現時，我可以告訴您的另一個因素是，事實上，我們兩個部門的電子商務成長都非常出色。

And if you think about a brand like CoverGirl, if I take the US market and Consumer Beauty brands, CoverGirl is growing faster than the e-com market on color cosmetics in the US and therefore, gaining market share which omnichannel-wise gives this possibility to say that CoverGirl is almost stable in the US since we are growing very, very fast on this channel.

如果你考慮像 CoverGirl 這樣的品牌，如果我以美國市場和消費者美容品牌為例，CoverGirl 在美國彩妝領域的成長速度快於電子商務市場，因此，從全通路角度來看，CoverGirl 獲得了市場份額，可以說 CoverGirl 在美國幾乎是穩定的，因為我們在這個通路上的成長非常非常快。

I can say the same thing about our Prestige brands.

我對我們的 Prestige 品牌也有同樣的看法。

They are really doing wonders on Amazon, growing very fast, much faster than in the brick-and-mortar, which is also a very good indicator of the health of the brands.

他們在亞馬遜上確實創造了奇蹟，成長非常快，比實體店快得多，這也是品牌健康狀況的一個很好的指標。

Because when you look at the health of a brand online, you really have the pure equity of the brand in front of consumers, while when you think about brick and mortar, there is a lot to do with how the store looks like, how the your shirt looks like, et cetera.

因為當你在線上觀察一個品牌的健康狀況時，你真正擁有的是該品牌在消費者面前的純粹資產，而當你考慮實體店時，這在很大程度上與商店的外觀、襯衫的外觀等有關。

So for us, it's a strategic channel that we've been outperforming and that we are continuing to outperform in both divisions.

所以對我們來說，這是一個策略管道，我們一直表現優異，而且我們在兩個部門的表現都將繼續優異。

Susan Anderson, Canaccord Genuity

蘇珊安德森（Susan Anderson）

Hi, good morning.

嗨，早安。

Thanks for taking my question.

感謝您回答我的問題。

I was wondering if maybe you could talk about your plans around pricing, given the higher FX impact for fiscal '25 now?

我想知道您是否可以談談您的定價計劃，考慮到目前 25 財年的外匯影響更大？

And I guess where you're expecting pricing to land out versus units for fiscal '25?

我猜您預計 25 財年的定價與單位價格相比會是多少？

Yeah, good morning, Susan.

是的，早上好，蘇珊。

So indeed, as you know, I mean, we shared many times last year that, okay, with high inflation, we put in place price increase, which was mid-single digits and even at some moment we even push to a price increase during the year.

所以，正如你所知，我的意思是，我們去年多次分享過，好吧，由於通膨率高，我們實施了價格上漲，漲幅是個位數的中等水平，甚至在某一時刻，我們甚至會在年內推動價格上漲。

So now of course, looking ahead, we are now seeing inflation slowing down.

因此，當然，展望未來，我們現在看到通貨膨脹正在放緩。

And so of course -- but we will continue price increase, more moderate, so it's going to be low single digits.

當然——但我們將繼續提高價格，而且漲幅會比較溫和，所以漲幅會保持在個位數以下。

Because, again, with innovations and all what we are bringing to the market, we have pricing power.

因為，憑藉創新以及我們向市場推出的所有產品，我們就擁有了定價權。

And again, that's really all the power of our technology innovation.

再說一遍，這確實是我們技術創新的全部力量。

So we will continue, and we keep monitoring in a very precise manner, managing also versus elasticity.

因此，我們會繼續進行，並持續以非常精確的方式進行監控，同時進行彈性管理。

So that it's not going against volumes.

這樣就不會違背數量了。

And fragrance is a clear demonstration that we are really well in control.

香味清楚地證明我們確實能夠很好地控制它。

We keep working on pricing in fragrance on both segments -- on both divisions, by the way, Prestige, but also BOSS.

我們一直致力於兩個領域香水的定價——順便說一下，兩個部門都是如此，Prestige 和 BOSS 都是如此。

We keep improving the mix and volumes keep growing.

我們不斷改善產品組合，銷量不斷成長。

So it shows really that we are really well in control of this equation.

所以這確實表明我們能夠很好地控制這個等式。

Andrea Teixeira, JPMorgan.

摩根大通的安德里亞特謝拉 (Andrea Teixeira)。

Hi, this is Shovana Chowdhury behalf of Andrea.

大家好，我是 Andrea 的 Shovana Chowdhury。

Can you comment on the inventory levels at wholesalers and retailers.

您能評論一下批發商和零售商的庫存水準嗎？

I'm just trying to decompose the sell-in versus sell-out.

我只是想分解賣入與賣出。

Just trying to understand if you're still seeing positive sell-in for fragrances and your outlook is flattish to negative even in fiscal '26?

只是想了解您是否仍然看到香水的積極銷售，並且即使在 26 財年您的前景也是持平甚至負面的？

So -- or entering rather, wouldn't retailers run out of inventory in like six months or so?

那麼 —— 或者更確切地說，零售商會不會在六個月左右的時間內耗盡庫存？

And also more near term, can you please comment on the most recent trends from exiting the quarter and if February has improved?

還有更近期的情況，您能否評論一下本季末的最新趨勢以及二月份的情況是否有所改善？

Thank you.

謝謝。

Yeah, hello.

是的，你好。

Good morning.

早安.

Yes.

是的。

So indeed, inventory at wholesalers and retailers, this is really what we flagged.

所以事實上，批發商和零售商的庫存正是我們所標記的。

And indeed, we are still seeing some adjustments.

事實上，我們仍看到一些調整。

And again, as we just shared, there is also the fierce competition between brick and mortar and e-commerce, which is also in a way creating some additional tension.

而且，正如我們剛才所說，實體店和電子商務之間也存在著激烈的競爭，這在某種程度上也造成了一些額外的緊張局勢。

Now when you were raising the question about fragrance, again, fragrance is really by far where we are seeing, I mean, really good sellout.

現在，當您再次提出關於香水的問題時，香水確實是迄今為止我們所看到的，我的意思是，賣得非常好。

Indeed, the category keeps growing, and this is the case in Prestige Fragrance, and this is also the case in mass fragrance.

確實，這個類別不斷增長，高端香水是這樣，大眾香水也是如此。

So category is growing.

因此類別正在不斷增長。

We are growing our sellout.

我們的銷量正在增加。

We are bringing some new initiatives.

我們正在提出一些新的措施。

So indeed, we are expecting some improvement within our selling fragrance.

因此，我們確實希望香水的銷售量會有所改善。

And this is also -- with what has just described.

這也是──剛才所描述的。

So big launches next year.

明年將會有大型發表會。

And we have also some pockets of opportunities.

我們也有一些機會。

Of course, we will name in the US, where absolutely, we have some potential.

當然，我們會在美國上市，在那裡我們絕對具有潛力。

But also we have still some upside in the e-commerce, where there is also great upside.

但我們在電子商務領域仍具有一定的優勢，也有很大的優勢。

And last but not least, also in the growth engine markets where we have also some promising plans.

最後但同樣重要的一點是，在成長引擎市場我們也有一些有前景的計劃。

Chris Carey, Wells Fargo.

富國銀行的克里斯凱裡 (Chris Carey)。

Hi everyone, I have two questions.

大家好，我有兩個問題。

So number one, what is your thought process around long-term algorithm?

那麼第一點，您對長期演算法的思考過程是怎麼樣的？

I think this has been a discussion in this forum for the past few quarters.

我認為這已經是過去幾季在這個論壇上討論過的問題了。

There was clearly some commentary in prepared remarks about adjustments.

準備好的評論中顯然有一些關於調整的評論。

I think you had talked about best-in-class total shareholder returns, but you have avoided the prior targets that you put out there, clearly, which makes sense given the evolution of the category.

我覺得您曾經談論過一流的股東總回報率，但顯然您避開了先前設定的目標，考慮到該類別的發展，這是有道理的。

I think we could hear more next week, but it feels like an important shift to recalibrate expectations more appropriately for the longer term.

我認為下週我們可能會聽到更多消息，但這似乎是一個重要的轉變，以便更適當地重新調整長期預期。

So I'd love your thoughts on what the business is effectively trying to accomplish in the coming years with a longer-term perspective.

因此，我很想聽聽您對公司從長遠角度在未來幾年內有效實現的目標的看法。

The only second one, which I'll add on is, can you explain what's going on with the swaps and the prepayment that you have to make in Q3?

我要補充的第二個問題是，您能解釋一下您在第三季必須進行的掉期和預付款的情況嗎？

But mostly, I'm curious on the first question, but I'd love a little bit on the second question as well.

但主要是，我對第一個問題很好奇，但我也對第二個問題有點好奇。

Thanks.

謝謝。

Good morning, Chris.

早上好，克里斯。

This is Sue speaking.

我是蘇。

So yes, indeed, this is a very important question.

是的，這確實是一個非常重要的問題。

So let me start sharing with you our thoughts.

那麼讓我開始與你們分享我們的想法。

First, this year, the beauty market growth, as we've seen it all is normalizing to a steadier growth level.

首先，正如我們所見，今年美容市場的成長正在正常化，達到更穩定的成長水平。

But I have to say that this low to mid-single-digit growth is broadly consistent with what we have estimated several years ago even if the market was much higher, but this is the assumption we made years ago.

但我必須說，即使市場水準高得多，這種低至中等個位數的成長與我們幾年前的估計大致一致，但這是我們幾年前做出的假設。

And the growth algorithm was based on a market that was growing between 3%-plus and 4%-plus.

成長演算法是基於成長率在 3% 以上至 4% 以上的市場。

As before, our goal is to outperform the beauty market.

與以前一樣，我們的目標是超越美容市場。

This is very, very important.

這非常非常重要。

However, in this various macro environment, retailer environment, regional uncertainties, now there are potentially tariff wars that could happen here and there, which are honestly at a level that has not been seen in decades, many, many disruptions.

然而，在各種宏觀環境、零售商環境和區域不確定性下，現在到處都有可能發生關稅戰，老實說，這種戰事的嚴重程度是幾十年來未曾見過的，會造成許多混亂。

I think and we think that it is no longer prudent to put specific sales growth targets.

我認為，我們也認為，設定具體的銷售成長目標不再是明智之舉。

And we are, therefore, committed like some of our peers to outperforming the market.

因此，我們像一些同行一樣致力於超越市場。

Whatever the level of growth we see in our core markets and specifically in our core categories.

無論我們的核心市場、特別是核心類別的成長水準為何。

So how do we support this outperformance of the market?

那我們要如何支持市場的這種優異表現呢？

I believe that we have several drivers in our hands.

我相信我們手上有幾位司機。

First, a robust fragrance category with still penetration and usage that are still increasing structurally and across many markets around the world.

首先，香水類別表現強勁，其滲透率和使用率在全球許多市場中結構性地不斷增長。

Second, the company is expanding its offering in fragrances now to mass.

其次，該公司正在擴大其香水產品線，以面向大眾。

So we are really leading, and we are the global leader worldwide when it comes to premium fragrances, up to mass fragrances.

因此，我們確實處於領先地位，在高檔香水和大眾香水領域，我們是全球領導者。

Number three, we are expanding our businesses in categories where we are currently under-indexed.

第三，我們正在向目前指數化不足的類別拓展業務。

I'm thinking about Prestige color cosmetics category, including the launch of the new Marc Jacobs color Cosmetics Line, but also, I'm thinking about skincare.

我正在考慮 Prestige 彩色化妝品類別，包括推出新的 Marc Jacobs 彩色化妝品系列，同時，我也在考慮護膚品。

And this gives me the occasion to really say that one brand at Coty is doing wonders in China, fastest-growing skin care brand of the market is indeed Lancaster during this quarter.

這讓我有機會真正地說，科蒂集團旗下的一個品牌在中國創造了奇蹟，本季市場上成長最快的護膚品牌確實是蘭嘉絲汀。

It's growing on a market that is minus 10% at almost 200%.

它在一個負 10% 的市場中實現了近 200% 的成長。

And some key SKUs has become part of the top 20 of the Chinese market.

部分重點SKU已進入中國市場TOP20。

So this is really the start of our first green shoots when it comes to skin care on the most difficult market at the moment, but the biggest market when it comes to skin care.

所以這其實是我們在護膚領域的第一個綠芽的開始，這個市場是目前最困難的，但卻是護膚領域最大的市場。

Number four, we will continue to grow our penetration and market share online.

第四，我們將繼續擴大我們的網路滲透率和市場份額。

Hence, the question I've been answering a few minutes ago, this is really an area where we are growing faster than the rest of the market, and we reached the $1 billion threshold a year ago when it comes to online sales.

因此，我幾分鐘前回答的問題是，在這個領域，我們確實成長得比其他市場更快，一年前，我們的線上銷售額就達到了 10 億美元的門檻。

And number five, we'll continue to strongly grow our business in growth engine markets I'm thinking about South Africa to take an example where the company has become the number one Prestige Fragrance maker.

第五，我們將繼續在成長引擎市場強勁發展我們的業務，以南非為例，該公司已成為第一大高端香水製造商。

I'm thinking about Saudi Arabia.

我正在考慮沙烏地阿拉伯。

I'm thinking about Southeast Asia growing by 15%.

我認為東南亞將成長 15%。

And I'm thinking about Mexico, where the company is doing also wonders.

我正在考慮墨西哥，該公司也創造奇蹟。

So clearly, the addition of this fifth growth -- these five, growth drivers is really what will allow us to grow our sales above the market and at the same time, our target remains to continue to grow our gross margin.

因此顯然，第五個成長點的加入——這五個成長動力才真正讓我們的銷售額成長超過市場水平，同時，我們的目標仍然是繼續提高毛利率。

You've seen our gross margin reaching a record level this quarter at almost 70%, 68% to be precise.

您會發現本季我們的毛利率達到了創紀錄的水平，接近 70%，準確地說是 68%。

And of course, this would allow us to continue to grow our EPS and free cash flow.

當然，這將使我們的每股盈餘和自由現金流繼續增加。

Laurent, you can do this swaps question?

洛朗，你可以解答這個交換問題嗎？

Absolutely.

絕對地。

Good morning, Chris.

早上好，克里斯。

Yes, absolutely.

是的，絕對是如此。

So indeed, on the swaps, first of all, I mean, I really want to remind that, as you noticed, for the first time ever over the last eight years, I mean, we are reaching now leverage ratio below three times.

因此，關於掉期，首先，我的意思是，我真的想提醒一下，正如你所注意到的，在過去的八年裡，我們第一次達到了三倍以下的槓桿率。

And we made very clear that at some moment, I mean, we will resume return to shareholders either through share buyback or dividend.

我們已經明確表示，在某個時刻，我們將透過股票回購或股利的方式恢復對股東的回報。

So swap is really a mechanism we put in place indeed to reserves on share buybacks.

因此，掉期其實是我們為股票回購儲備而建立的機制。

So it's about 48 million shares.

所以大約有4800萬股。

So now the mechanics currently that is happening as we are seeing some pullback in our stock price in the recent quarters.

因此，目前發生的機制是，我們看到最近幾季的股價有所回落。

So there is a mechanism that we need to have -- to give a true up cash payment to the banks according to the current stock price.

因此，我們需要一種機制——根據當前股價向銀行提供真實的現金支付。

So in a way, this is really an anticipation.

所以從某種程度上來說，這確實是一種預期。

It's also the confirmation that at some moment, indeed, we will operate the share buyback.

這也確認了在某個時刻我們確實會進行股票回購。

Mark Astrachan, Stifel.

馬克‧阿斯特拉坎 (Mark Astrachan)，Stifel。

Yeah, thanks.

是的，謝謝。

Hi everyone.

大家好。

So I guess, first on retailer stock levels.

所以我猜，首先是零售商的庫存水準。

What gives you confidence that they return back to levels over the last couple of years?

您怎麼知道它們會恢復到過去幾年的水平？

And maybe if you could comment on whether the inventory levels prior to the recent slowdown, especially in Prestige Fragrance, which had accelerated coming out of the pandemic, was elevated or not relative to historical levels for fragrances just from a retailer perspective?

也許您能從零售商的角度評論一下，在最近銷售放緩之前的庫存水平，特別是在疫情結束後加速銷售的 Prestige Fragrance 的庫存水平，相對於香水的歷史水平是否有所上升？

And then secondly, in the press release, you talked about evaluating the operations to fuel long-term success.

其次，在新聞稿中，您談到了評估營運以推動長期成功。

You're obviously talking about an increasing focus on reducing leverage.

您顯然在談論對降低槓桿率的日益關注。

I guess what are you thinking in terms of the business footprint today versus maybe three years ago?

我想，您認為今天的業務足跡與三年前相比有什麼不同？

It does seem like Consumer Beauty is a bit more challenged.

看起來消費者美容確實面臨更多挑戰。

You talk about more Heritage brands not being the focus of customers at this point, as the portfolio have today the right one would you consider divesting that business, would you consider M&A to increase exposure to faster moving categories?

您談到目前更多的傳統品牌不再是消費者關注的焦點，由於今天的投資組合已經有了正確的品牌，您是否會考慮剝離該業務，您是否會考慮進行併購以增加對快速增長類別的曝光度？

Just any sort of color there would be helpful.

只要是任何顏色都會有幫助。

Thank you.

謝謝。

Yeah, hello.

是的，你好。

So Mark on retailer stock levels, I think this is what we have explained and did that we are in a transition year.

因此，馬克關於零售商庫存水準的問題，我認為這就是我們已經解釋過的，我們所做的，我們正處於過渡年。

I mean, so I think it's important to step back a little, and we need to understand that indeed over the last two, three years, there were a lot of, I mean, disruptions on the market.

我的意思是，我認為稍微退一步是很重要的，我們需要了解，在過去的兩三年裡，市場上確實出現了許多混亂。

So of course, it started with COVID.

當然，這一切都是從 COVID 開始的。

And then there was all the supply crisis.

然後就出現了供應危機。

And at that moment, indeed some -- there were some shortage of product components, then retailers also rebuilt some inventory.

而在那時，確實存在一些產品零件短缺的情況，然後零售商也重建了一些庫存。

And now indeed, we are seeing that they are growing the other way around.

而現在我們確實看到它們正在以相反的方式成長。

So difficult to tell you how long it's going to take, but there will be a moment where, I think, I mean, the behavior, the retailers will be back also to healthy inventory and then we can really be back to a normal combination and more closer connection between the sell-in and the sell-out.

很難告訴你這需要多長時間，但我認為，總有一天，零售商的庫存也會恢復健康，然後我們才能真正恢復正常組合，銷售和售罄之間的聯繫也會更加緊密。

Again, assuming that the pocket of disruption that we are seeing again in Asia.

再次假設我們在亞洲再次見到的混亂局面。

And also, as we explained in the Consumer Beauty business in the US, of course, are getting stabilized, at least, which is not the case today.

而且，正如我們在美國消費者美容業務中所解釋的那樣，當然，至少正在趨於穩定，而今天的情況並非如此。

So that's really what I can tell you on the inventory for retailers.

這就是我可以告訴你的有關零售商庫存的資訊。

So Mark, this is Sue.

馬克，這是蘇。

On the second part of the question, which is around evaluating operations to fuel long-term success.

問題的第二部分是關於評估營運以推動長期成功。

So you were referring to our Consumer Beauty color cosmetics brands.

所以您指的是我們的消費者美容彩妝品牌。

Again, in this area, it's -- first, let me start by saying that it's very encouraging to see that our cosmetic brands, specifically in the US, but not only in Europe, too, they continue to outperform most legacy players.

再次，在這個領域，首先，讓我先說一句，看到我們的化妝品品牌，特別是在美國，而且不僅在歐洲，也繼續勝過大多數傳統品牌，這是非常令人鼓舞的。

And this is very important because it means that despite having much less than some legacy players, we are doing a very good job by putting in place the right innovation, powered by the right advocacy strategy in the different markets, and we are activating even more and more agile beauty innovations that are supposed to put on the market innovations as quickly as every six months.

這一點非常重要，因為這意味著，儘管我們比一些傳統企業少了很多，但我們透過在不同市場實施正確的創新和正確的宣傳策略，做得非常好，而且我們正在啟動越來越靈活的美容創新，這些創新應該每六個月就向市場推出一次。

So this is on one side.

這是一方面。

And we continue, I have to say, to see the benefit of operating across multiple beauty categories in multiple markets and of course, in multiple channels.

而且我必須說，我們繼續看到在多個市場、當然還有多個管道中跨多個美容類別開展業務的好處。

At the same time, like, I guess, most of the corporations, we are always evaluating our portfolio, and this is very important.

同時，我想，就像大多數公司一樣，我們總是在評估我們的投資組合，這非常重要。

We are looking very, very closely to the portfolio of the company.

我們正在密切關注該公司的投資組合。

And two, of course, where are the long-term opportunities and return on investment presented by each category, by each brand in the different divisions, the different categories and the different markets.

第二，當然，每個類別、每個品牌在不同部門、不同類別和不同市場中呈現的長期機會和投資回報在哪裡。

So it's really both options that are in our minds, continuing the site while at the same time, looking at what could be done better in the future and what could be pivotal for the company.

因此，我們實際上正在考慮這兩種選擇，繼續經營網站，同時考慮未來可以做得更好的事情以及對公司來說什麼至關重要。

Carla Casella, JPMorgan.

摩根大通的卡拉·卡塞拉。

Hi.

你好。

Just two quick ones.

只需簡單兩點。

One, you've got a couple of bonds maturing in 2026.

首先，你有幾筆債券將於 2026 年到期。

And I'm wondering if that's something that you want to get ahead of a year before maturity, so they don't go current or does that matter?

我想知道您是否希望在到期前一年就完成這件事，這樣它們就不會變成當前的狀態，或者這有關係嗎？

Yeah, good morning, Carla.

是的，早上好，卡拉。

I mean, of course, and this is really great improvement now with the deleveraging that we constantly work on our debt maturity, so that we can really be in a healthy place.

我的意思是，當然，這確實是一個很大的進步，通過去槓桿，我們不斷努力償還債務，這樣我們才能真正處於一個健康的狀況。

So of course, I mean, these are always bond maturities, always the option that we are looking at.

所以當然，我的意思是，這些始終是債券到期日，始終是我們正在考慮的選擇。

Okay.

好的。

Great.

偉大的。

And then the well state decline of about 3% sequentially.

隨後井況連續下降約 3%。

Is that -- and can you give us any update on the performance of that business or maybe the timing of a potential sale of it?

是的——您能否向我們提供有關該業務表現的最新信息，或者可能出售該業務的時間？

So the business is performing well.

因此業務表現良好。

So the value that you can see in the books is just some, I would say, accounting methodology and strongly driven by the work or interest rate, which need to be used.

所以，我想說，您在帳簿上看到的價值只是一些會計方法，並且主要受需要使用的工作或利率的驅動。

So it's really not reflecting really the performance of the company.

所以它實際上並不能反映公司的真實表現。

Then on the second part of your question, as we reminded in our last earnings call is that end of November was the end of the standstill period.

然後關於你問題的第二部分，正如我們在上次財報電話會議上提醒的那樣，十一月底是停滯期的結束。

So in this context here, I mean, we remain opportunistic and pragmatic of course, to monetize this asset, which is a great asset in our books.

因此，在這種背景下，我的意思是，我們當然會保持機會主義和務實態度，將這項資產貨幣化，這在我們的帳簿上是一筆巨大的資產。

Great.

偉大的。

That's super helpful.

這非常有幫助。

Thank you.

謝謝。

I would now like to turn the call back to our speakers for any closing and final remarks.

現在，我想請各位發言者作結束語和最後發言。

Thank you very much.

非常感謝。

So again, thank you, everyone, for attending this earnings call.

再次感謝大家參加本次財報電話會議。

Again, to conclude, of course, as we said during the earnings call, we are not satisfied by the current sales trend.

當然，最後再總結一下，正如我們在財報電話會議上所說的那樣，我們對目前的銷售趨勢並不滿意。

But at the same time, we continue to believe that this beauty category, both historically and even now in the future, specifically behind the fragrances, whatever is the price of the fragrances will continue to be a key driver of growth of this market.

但同時，我們仍然相信，無論是從歷史上看，還是現在和未來，這個美容類別，特別是香水背後的產品，無論香水的價格如何，都將繼續成為這個市場成長的主要驅動力。

We are very happy with the improvement of our fundamentals throughout the last 4 years, specifically this year.

我們對過去四年、特別是今年基本面的改善感到非常高興。

You've seen our gross margin, our EBITDA growth, our EPS double-digit growth, and Laurent just mentioned, our deleveraging, which is the lowest since eight years under 3 times.

你已經看到了我們的毛利率、EBITDA 成長、EPS 兩位數成長，以及 Laurent 剛才提到的我們的去槓桿率，這是八年來最低的 3 倍以下。

And last but not least, we continue to outperform the market categories we are playing in.

最後但同樣重要的一點是，我們的表現繼續超越我們所處的市場類別。

Sell-out is the ultimate indicator of the health of our brands, and this one continues to be very good.

銷售量是我們品牌健康狀況的最終指標，而這個品牌的銷售量仍然非常好。

Thank you very much.

非常感謝。

Thank you.

謝謝。

And ladies and gentlemen, that does conclude today's conference.

女士們、先生們，今天的會議到此結束。

We appreciate your participation.

我們感謝您的參與。

Have a wonderful day.

祝您有美好的一天。

.

。