Capri Holdings Ltd (CPRI) 2022 Q3 法說會逐字稿

Hello, and welcome to the Capri Holdings Third Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Capri Holdings 2022 財年第三季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It's now my pleasure to turn the call over to Jennifer Davis. Please go ahead.

現在我很高興將電話轉給 Jennifer Davis。請繼續。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited Third Quarter Fiscal 2022 Conference Call.

大家早上好，感謝您參加 Capri Holdings Limited 2022 財年第三季度電話會議。

With me this morning are Chairman and Chief Executive Officer, John Idol; Chief Executive Officer of Michael Kors, Josh Schulman; and Chief Financial and Chief Operating Officer, Tom Edwards.

今天早上和我在一起的是董事長兼首席執行官 John Idol； Michael Kors 首席執行官 Josh Schulman；和首席財務官兼首席運營官湯姆·愛德華茲。

Before we begin, let me remind you that certain statements made on today's call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those we expect. Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website. Investors should not assume that the statements made during this call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on the call.

在我們開始之前，讓我提醒您，今天電話會議上的某些陳述可能構成前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與我們預期的結果不同。這些風險和不確定性在今天的新聞稿和公司提交給美國證券交易委員會的文件中有所描述，這些文件可在公司網站上找到。投資者不應假設本次電話會議期間的聲明將在以後繼續有效，公司不承擔更新電話會議上討論的任何信息的義務。

In addition, certain financial information discussed today will be presented on a non-GAAP basis. These non-GAAP measures exclude certain costs associated with COVID-19-related charges, long-lived asset impairments, ERP implementation costs, Capri transformation costs, restructuring and other charges. Unless otherwise noted, all financial information on today's call will be presented on a non-GAAP basis.

此外，今天討論的某些財務信息將在非公認會計原則的基礎上呈現。這些非公認會計原則措施不包括與 COVID-19 相關費用、長期資產減值、ERP 實施成本、Capri 轉型成本、重組和其他費用相關的某些成本。除非另有說明，今天電話會議的所有財務信息都將按非公認會計原則提供。

To view the corresponding GAAP measures and related reconciliation, please view the earnings release posted to our website earlier today at capriholdings.com.

要查看相應的 GAAP 措施和相關對賬，請查看今天早些時候發佈在我們網站 capriholdings.com 上的收益發布。

Before we begin, we'd like to announce we will be holding an Investor Day after our fourth quarter fiscal 2022 earnings call to provide an update on our long-term outlook.

在開始之前，我們想宣布我們將在 2022 財年第四季度財報電話會議之後舉行投資者日，以提供我們長期前景的最新信息。

Now I would like to turn the call over to Mr. John Idol, Chairman and Chief Executive Officer.

現在我想把電話轉給董事長兼首席執行官約翰·伊多爾先生。

Thank you, Jennifer. Good morning, everyone. We continue to be encouraged by the ongoing momentum of Capri Holdings as we execute against our strategic growth initiatives. I'm extremely pleased with each of our fashion luxury houses' robust holiday results. Sales trends significantly exceeded our expectations as consumers responded to compelling product offerings from Donatella Versace, Sandra Choi and Michael Kors. Versace, Jimmy Choo and Michael Kors continue to resonate with consumers as evidenced by the 11.5 million new consumers added across our databases over the last year.

謝謝你，詹妮弗。大家，早安。在我們執行戰略增長計劃時，我們繼續對 Capri Holdings 的持續發展勢頭感到鼓舞。我對我們每一家時尚奢侈品公司的強勁假期業績感到非常滿意。由於消費者對 Donatella Versace、Sandra Choi 和 Michael Kors 提供的引人注目的產品做出了反應，銷售趨勢大大超出了我們的預期。范思哲、Jimmy Choo 和 Michael Kors 繼續與消費者產生共鳴，去年我們的數據庫中新增了 1150 萬消費者就證明了這一點。

Capri Holdings' strong holiday results are a testament to the strength of our brands as well as the hard work and dedication of all our employees around the world. I am especially pleased that we were able to deliver these results, while navigating the ongoing headwinds associated with the pandemic, including regional restrictions and supply chain challenges. Looking forward, as the world continues to recover from the impact of the global pandemic, we remain confident in our future growth potential.

Capri Holdings 強勁的假期業績證明了我們品牌的實力以及我們在全球所有員工的辛勤工作和奉獻精神。我特別高興我們能夠取得這些成果，同時克服與大流行相關的持續逆風，包括區域限制和供應鏈挑戰。展望未來，隨著世界繼續從全球大流行的影響中復蘇，我們對未來的增長潛力充滿信心。

Now turning to third quarter results. We were pleased that revenue, operating margin and earnings per share all exceeded our expectations. Total revenue increased 24%, reflecting better-than-anticipated results at all 3 brands. This represents a sequential acceleration relative to the second quarter on both a 1- and 2-year basis.

現在轉向第三季度業績。我們很高興收入、營業利潤率和每股收益都超出了我們的預期。總收入增長 24%，反映出所有 3 個品牌的業績都好於預期。這代表了相對於第二季度在 1 年和 2 年的基礎上的連續加速。

Gross margin continued to expand even with greater-than-anticipated supply chain cost. Operating margin of 22.3% was above our expectations. As a result, earnings per share of $2.22 was better than anticipated.

即使供應鏈成本高於預期，毛利率仍繼續擴大。 22.3%的營業利潤率高於我們的預期。因此，每股 2.22 美元的收益好於預期。

Looking at group revenue trends by geography, (inaudible) significantly exceed our expectations, increasing 26% and would have been even greater if not for inventory constraints. In the EMEA, revenue increased 35%, also above our expectations with growth across all houses, despite increased restrictions in certain countries. The strong momentum in the region was driven by robust domestic consumer demand as international tourism has not yet recovered.

按地理位置查看集團收入趨勢，（聽不清）顯著超出我們的預期，增長了 26%，如果沒有庫存限制，甚至會更高。在歐洲、中東和非洲地區，收入增長了 35%，儘管某些國家/地區的限制有所增加，但所有房屋的增長也超出了我們的預期。由於國際旅遊業尚未復蘇，強勁的國內消費需求推動了該地區的強勁勢頭。

In Asia, revenue increased 3%, reflecting improving trends in Japan, Korea and Southeast Asia. This was partially offset by trends in Mainland China, where revenue declined due to store closings, travel restrictions and select city lockdowns.

在亞洲，收入增長了 3%，反映了日本、韓國和東南亞的改善趨勢。這部分被中國大陸的趨勢所抵消，中國大陸的收入因商店關閉、旅行限制和部分城市封鎖而下降。

Now turning to third quarter performance by brand, starting with Versace. Results significantly exceeded our expectations once again. Revenue increased 29%, demonstrating the momentum of the brand and the success of our strategic growth initiatives. We saw strength across all product categories as the brand emphasized the very Versace look by pairing the latest runway styles with luxurious accessories, footwear and statement jewelry. Runway styles featured our new brand code, La Greca, which is off to a strong start. Our signature code anchored itself as a new pillar and accounted for 17% of sales across all product categories.

現在轉向按品牌劃分的第三季度業績，從范思哲開始。結果再次大大超出了我們的預期。收入增長了 29%，顯示了品牌的發展勢頭和我們戰略增長計劃的成功。我們看到了所有產品類別的實力，因為該品牌通過將最新的時裝秀款式與奢華的配飾、鞋類和個性珠寶相結合來強調范思哲的外觀。時裝秀風格以我們的新品牌代碼 La Greca 為特色，這是一個良好的開端。我們的簽名代碼將自己定位為一個新支柱，佔所有產品類別銷售額的 17%。

Turning to accessories, which are a key component of our growth strategy. Retail sales nearly doubled versus prior year. Importantly, we saw strength across all 3 of our pillars: La Medusa, La Greca and Virtus. With the 3 iconic pillars now in place, we are making significant progress in our goal to expand accessories revenue to $1 billion over time. We are more confident than ever in our ability to position Versace as a leading luxury leather house.

轉向配件，這是我們增長戰略的關鍵組成部分。零售額與去年相比幾乎翻了一番。重要的是，我們看到了我們所有 3 個支柱的實力：La Medusa、La Greca 和 Virtus。隨著 3 個標誌性支柱的到位，我們正在朝著將配件收入逐步擴大到 10 億美元的目標取得重大進展。我們比以往任何時候都更有信心將 Versace 定位為領先的豪華皮具品牌。

Footwear also performed well as we continued to build our core offering focused on our iconic brand codes. In the third quarter, women's footwear sales at retail increased strong double digits as we gain authority in women's luxury fashion footwear. Men's and women's sneakers also continued to perform well, with ongoing strength in Trigreca and La Greca styles as well as a positive response to the new men's Greca Labyrinth trainer featuring a chunky Greca pattern sole.

鞋類也表現良好，因為我們繼續以標誌性品牌代碼為重點打造核心產品。在第三季度，隨著我們在女性奢侈時尚鞋履領域獲得權威，女性鞋履零售銷售額強勁增長了兩位數。男士和女士運動鞋也繼續表現出色，Trigreca 和 La Greca 款式持續強勢，新款男士 Greca Labyrinth 運動鞋採用厚實的 Greca 圖案鞋底，反應積極。

Additionally, we saw strength in men's and women's ready-to-wear, with retail sales up double digits. We were especially pleased with the positive response to the new La Greca signature pattern. We also continued to drive sales as we expand our core lines, which incorporate iconic house codes to broaden Versace's reach.

此外，我們看到男裝和女裝成衣表現強勁，零售額增長兩位數。我們對新的 La Greca 簽名圖案的積極響應感到特別高興。隨著我們擴展核心產品線，我們還繼續推動銷售，其中包含標誌性的品牌代碼以擴大范思哲的影響力。

Now turning to brand awareness and consumer engagement. In October, Versace launched 2 localized campaigns in Asia as the brand increased its emphasis in the region. The first was in China, featuring our brand ambassador, Betty Wu. The Chinese singer and actress has over 25 million followers on her social media accounts. The second was in Japan, featuring Japanese model and actress, Nana Seino. The 360-degree communication is focused on the La Greca signature pattern with a vertical maze inspired by our iconic Greca motif as the backdrop.

現在轉向品牌知名度和消費者參與度。 10 月，范思哲在亞洲推出了 2 場本地化活動，因為該品牌增加了在該地區的重點。第一個是在中國，由我們的品牌大使 Betty Wu 主持。這位中國歌手和女演員在她的社交媒體賬戶上擁有超過 2500 萬粉絲。第二場是在日本，由日本模特兼女演員西野奈奈出演。 360 度交流的重點是 La Greca 標誌性圖案，以我們標誌性的 Greca 圖案為背景的垂直迷宮。

Additionally, during the quarter, Versace opened pop-up shops in key cities throughout China. The immerse pop-ups were designed to portray the iconic Greca motif and featured the new season's signature products. For holiday in celebration of winter sports, the brand showcased bold styles with glamorous gift ideas. The campaign featured key house pillars La Medusa, La Greca and Virtus, in very Versace fashion. This was Versace's top-performing holiday campaign to date, generating tremendous engagement, new consumers and strong revenues.

此外，本季度，范思哲在中國主要城市開設了快閃店。沉浸式快閃店旨在描繪標誌性的希臘圖案，並以新一季的標誌性產品為特色。為了慶祝冬季運動的節日，該品牌展示了大膽的款式和迷人的禮物創意。該活動以非常范思哲的時尚風格展示了品牌的主要支柱 La Medusa、La Greca 和 Virtus。這是范思哲迄今為止表現最好的假日活動，產生了巨大的參與度、新的消費者和強勁的收入。

These powerful initiatives, among others, helped to drive a 30% year-over-year increase in Versace's global database. Overall, Versace's third quarter results speak to the strength of the brand and reinforced our confidence in our ability to grow the house to at least $2 billion in revenue. With the launch of La Greca, we now have the key building blocks in place to realize the full potential of this powerful brand. We are more optimistic than ever about Versace's future growth opportunity.

除其他外，這些強大的舉措幫助推動范思哲全球數據庫同比增長 30%。總體而言，范思哲第三季度的業績證明了該品牌的實力，並增強了我們對將公司發展至至少 20 億美元收入的能力的信心。隨著 La Greca 的推出，我們現在擁有了充分發揮這個強大品牌潛力的關鍵組成部分。我們對范思哲未來的增長機會比以往任何時候都更加樂觀。

Moving to Jimmy Choo. Results were significantly ahead of our expectations, with revenue increasing 47% as we continue to execute against our strategic initiatives. Our overarching strategy is grounded in reinforcing the brand's glamorous DNA across everything we do.

搬到吉米週。結果大大超出了我們的預期，隨著我們繼續執行我們的戰略計劃，收入增長了 47%。我們的總體戰略立足於在我們所做的每一件事中強化品牌迷人的 DNA。

Jimmy Choo epitomizes glamor every day, anytime and anywhere from formal to casual across accessories and footwear. In accessories, we were pleased with our progress as third quarter revenue increased strong double digits. Accessories sales were driven by the continued focus on our 3 key hero handbag families: VARENNE, Madeline and Bon Bon. Evening bags with jeweled accents and standout embellishment also performed very well.

Jimmy Choo 每天、任何時間、任何地點，從正式到休閒，從配飾到鞋履，都是魅力的縮影。在配件方面，我們對我們的進展感到滿意，因為第三季度的收入增長了兩位數。配飾銷售受到持續關注我們的 3 個主要英雄手袋系列的推動：VARENNE、Madeline 和 Bon Bon。帶有珠寶配飾和出色裝飾的晚裝包也表現出色。

Footwear sales increased double digits in the quarter, driven by a recovery in dress footwear styles as people engaged in social activities, enjoyed special occasions and celebrated the holidays. Casual styles also performed well, from shearling slippers embellished with delicate pearls and crystals to combat boots with crystal embellishments. We continue to see growth in sneakers with positive consumer reaction to our new Memphis trainer.

由於人們參與社交活動、享受特殊場合和慶祝節日，正裝鞋款式複蘇，推動鞋類銷售額在本季度實現兩位數增長。休閒款式也表現出色，從飾有精緻珍珠和水晶的羊毛皮拖鞋到飾有水晶的戰鬥靴。我們繼續看到運動鞋的增長，消費者對我們的新孟菲斯運動鞋反應積極。

Now turning to brand awareness and consumer engagement. In October, Jimmy Choo launched an incredibly successful limited edition Chasing Stars collection in collaboration with New York-based artist, Eric Haze and curated by Japanese fashion icon, Poggy. The collection fused East with West and high fashion with street culture, offering a modern interpretation of glamor.

現在轉向品牌知名度和消費者參與度。 10 月，Jimmy Choo 與紐約藝術家 Eric Haze 合作，並由日本時尚偶像 Poggy 策劃，推出了非常成功的限量版 Chasing Stars 系列。該系列融合了東方與西方、高級時裝與街頭文化，為魅力提供了現代詮釋。

In addition to (inaudible) capsule, of accessories, footwear and apparel, the collaboration featured co-branded bare-brick collectible figures, pioneering the world of NFTs and collectibles, the capsule melded physical products with virtual. The NFTs and collectibles sold out within 1 hour of launching online.

除了（聽不清）配飾、鞋類和服裝的膠囊之外，此次合作還推出了聯合品牌的裸磚收藏品人物，開創了 NFT 和收藏品的世界，膠囊將實體產品與虛擬產品融合在一起。 NFT 和收藏品在上線後 1 小時內售罄。

To bring these items to life, Jimmy Choo held store takeover events and pop-up shops in Asia. Numerous Chinese celebrities, including brand ambassador, Victoria Song, attended events at the boutiques generating social media excitement. Post by celebrity influencers and fashion accounts helped the #jimmychoo/erichaze gained over 65 million views.

為了讓這些商品栩栩如生，Jimmy Choo 在亞洲舉辦了店鋪收購活動和快閃店。包括品牌大使宋茜在內的眾多中國名人出席了精品店的活動，在社交媒體上引起了轟動。名人影響者和時尚賬戶發布的帖子幫助#jimmychoo/erichaze 獲得了超過 6500 萬次觀看。

For holiday, our consumer communication campaign once again featured Hailey Bieber, who is the embodiment of the modern glamor that defines Jimmy Choo. A continuation of the Autumn Time to Dare campaign, Hailey Bieber is once again on top of the world living the life she dares. The campaign transitions from day to night, celebrating the return of glamour as Hailey shined in accessories and footwear that were created to make a statement. Our engaging marketing, combined with glamorous product helped contribute to a 23% year-over-year increase in Jimmy Choo's global consumer database.

假期，我們的消費者宣傳活動再次以海莉·比伯為主角，她是定義 Jimmy Choo 的現代魅力的化身。作為秋季敢於挑戰的活動的延續，海莉·比伯再次站在世界之巔，過著她敢於的生活。廣告活動從白天過渡到夜晚，慶祝魅力的回歸，因為 Hailey 在配飾和鞋履中大放異彩，這些配飾和鞋履是為彰顯個性而設計的。我們引人入勝的營銷與迷人的產品相結合，幫助 Jimmy Choo 的全球消費者數據庫同比增長 23%。

Overall, Jimmy Choo's strong revenue growth and operating margin expansion in the third quarter reinforces our confidence in the luxury house's future growth potential. We are encouraged by the progress we are making towards our goal of growing revenue at Jimmy Choo to $1 billion over time.

總體而言，Jimmy Choo 第三季度強勁的收入增長和營業利潤率擴張增強了我們對豪宅未來增長潛力的信心。隨著時間的推移，Jimmy Choo 的收入增長到 10 億美元的目標正在取得進展，我們對此感到鼓舞。

Now turning to Michael Kors. Results were also ahead of our expectations, with revenues increasing 20% as we continue to elevate our product and our brand. During the quarter, global AURs increased in the high teens versus prior year. Signature remains a core growth strategy, and we continue to believe penetration will eventually grow to approximately 50% of our overall product assortments, which will drive higher AURs and margins.

現在轉向邁克爾·科爾斯。結果也超出了我們的預期，隨著我們繼續提升我們的產品和品牌，收入增長了 20%。在本季度，全球 AUR 與去年相比在青少年時期有所增加。 Signature 仍然是一項核心增長戰略，我們仍然相信滲透率最終將增長到我們整體產品組合的 50% 左右，這將推動更高的 AUR 和利潤率。

In the quarter, overall Signature represented 41% of the assortment compared to 35% last year. In Accessories, Signature penetration was even greater. Accessories sales in our retail channel increased double digits globally, as consumers responded to fresh updates for holiday, including new novelty signature techniques, such as a pleated and color-pop diagonal logo, e-collections for the season is the Carley Satchel, Greenwich Crossbody, Soho Shoulder and Hamilton Legacy Satchel. Chain look details, logo taping and high-shine studs infused the collection with a modern-meets-classic Kors appeal.

在本季度，整體 Signature 佔該品種的 41%，而去年為 35%。在配飾方面，Signature 的滲透率更高。我們的零售渠道在全球範圍內的配飾銷售額增長了兩位數，因為消費者對假期的最新更新做出了回應，包括新奇的標誌性技術，例如褶皺和彩色流行對角標誌，本季的電子系列是 Carley 挎包，格林威治斜挎包、Soho 肩背包和 Hamilton Legacy 挎包。鏈條外觀細節、標誌帶和高光澤鉚釘為該系列注入了現代與經典的 Kors 魅力。

Moving to footwear. We saw strong performance in boots and booties, featuring iconic branding elements and signature detail. Fashion active also continued to perform well, driven by seasonal updates featuring signature color combinations.

轉向鞋類。我們看到靴子和短靴的強勁表現，具有標誌性的品牌元素和標誌性細節。受以標誌性色彩組合為特色的季節性更新的推動，Fashion active 也繼續表現良好。

Similarly, in women's ready-to-wear, Signature logo styles were among the top performers. We also saw a strong consumer response to fashion outerwear. Men's remains one of the strongest performing categories in retail, and we remain enthusiastic about our opportunity to expand the accessories collection. Growth in the third quarter was led by signature product with gifting, backpacks, small leather goods and outerwear performing exceptionally well.

同樣，在女裝成衣中，Signature 標誌款式的表現也名列前茅。我們還看到消費者對時尚外套的強烈反應。男士仍然是零售業表現最強勁的類別之一，我們仍然對擴大配飾系列的機會充滿熱情。第三季度的增長由標誌性產品引領，其中禮品、背包、小皮具和外套表現異常出色。

Now turning to brand awareness and consumer engagement. In October, Michael Kors partnered with the James Bond film franchise to launch the brand's first global collaboration in partnership with the film, No Time To Die. For the debut of the collaboration capsule collection, we hosted a series of global getaways in glamorous destinations around the world. Action-packed trips to Miami, Florida; Rakievich, Iceland; and Hainan Island in China each showcase their own Bond-inspired highlights.

現在轉向品牌知名度和消費者參與度。 10 月，Michael Kors 與詹姆斯邦德電影系列合作，推出了該品牌與電影《無暇赴死》的首次全球合作。對於合作膠囊系列的首次亮相，我們在世界各地迷人的目的地舉辦了一系列全球度假。前往佛羅里達州邁阿密的動感十足的旅行；拉基耶維奇，冰島；中國的海南島和海南島各自展示了各自以邦德為靈感的亮點。

Additionally, guests at each destination took part in a spirited TikTok challenge to emerge from the water in 007 style. Globally, the TikTok Bond hashtag challenge went viral, hosting 7.4 billion video views and 1.5 million new generated videos. The trip to Hainan Island for our Bond collaboration included prominent guests such as Chinese brand ambassador, Wang FeiFei and 15 other key influencers. Combined, these influencers had over 65 million followers across their social media platforms.

此外，每個目的地的客人都參加了充滿活力的 TikTok 挑戰，以 007 風格從水中浮出水面。在全球範圍內，TikTok Bond 主題標籤挑戰病毒式傳播，擁有 74 億次視頻觀看和 150 萬個新生成的視頻。此次邦德合作海南島之行包括中國品牌大使王霏霏和其他 15 位重要影響者等知名嘉賓。這些影響者加起來在他們的社交媒體平台上擁有超過 6500 萬粉絲。

For holiday, our consumer communication embodied Michael Kors' Signature glamour and optimism infused with the joy of the season. The campaign captured the Jet Set sheet and easy glamour of Bella Hadid and friends as they journey to New York City to spend the holidays and ring in the New Year together.

對於假期，我們的消費者溝通體現了 Michael Kors 的標誌性魅力和充滿季節歡樂的樂觀情緒。該活動捕捉到了貝拉·哈迪德 (Bella Hadid) 和朋友們前往紐約市度過假期並一起迎接新年時的 Jet Set 床單和輕鬆魅力。

Our marketing initiatives continue to underpin our Jet Set brand pillars of speed, energy and optimism. This helped contribute to a 20% year-over-year increase in Michael Kors' global database, demonstrating the continued strength and desirability of the Michael Kors brand.

我們的營銷計劃繼續鞏固我們的 Jet Set 品牌支柱，即速度、能量和樂觀。這有助於 Michael Kors 的全球數據庫同比增長 20%，展示了 Michael Kors 品牌的持續實力和吸引力。

Finally, I'd like to take a moment to congratulate Michael, for winning the In-style Designer of the Year Award, which celebrated the notable achievements he has had through the course of his impressive 30-year long career.

最後，我想花一點時間祝賀 Michael 獲得年度 In-style 設計師獎，該獎項慶祝了他在 30 年令人印象深刻的職業生涯中所取得的顯著成就。

Overall, we are extremely optimistic about the future growth of Michael Kors. The strategies we put in place prior to the pandemic have been generating strong consumer demand as well as attracting new and younger consumers. Additionally, we are driving higher profitability as we continue to elevate the brand positioning.

總體而言，我們對 Michael Kors 的未來增長極為樂觀。我們在大流行之前實施的策略一直在產生強勁的消費者需求並吸引新的和年輕的消費者。此外，隨著我們繼續提升品牌定位，我們正在推動更高的盈利能力。

In total, Capri Holdings' third quarter results exceeded our expectations with a sequential improvement in revenue trends despite the pandemic and further supply chain pressures. Our performance demonstrates the strength of our brands, the execution of our strategic initiatives and the hard work and dedication of our teams across the globe. The power of our 3 iconic founder-led fashion luxury houses position Capri Holdings to accelerate revenue and deliver multiple years of earnings growth.

總體而言，儘管大流行和進一步的供應鏈壓力，Capri Holdings 的第三季度業績超出了我們的預期，收入趨勢連續改善。我們的表現展示了我們品牌的實力、我們戰略計劃的執行以及我們全球團隊的辛勤工作和奉獻精神。我們 3 家由創始人領導的標誌性時尚奢侈品公司的力量使 Capri Holdings 能夠加速收入並實現多年的盈利增長。

Now I'd like to turn the call over to Josh Schulman, the CEO of Michael Kors and future CEO of Capri Holdings. I'm delighted to have Josh joining us on his first quarterly earnings call with Capri Holdings.

現在我想把電話轉給 Michael Kors 的首席執行官和 Capri Holdings 未來的首席執行官 Josh Schulman。我很高興喬希加入我們，參加他與 Capri Holdings 的第一次季度財報電話會議。

Thank you, John. Good morning, everyone. I am thrilled to be here at Capri Holdings. In the 5 months since joining, I've had the opportunity to spend time with our amazing Michael Kors team across the globe and visit many of our beautiful stores. The level of energy across the entire organization is inspiring, and I'm extremely impressed with the level of the talent and the exceptional work the teams are doing to implement our strategic initiatives.

謝謝你，約翰。大家，早安。我很高興來到 Capri Holdings。加入後的 5 個月裡，我有機會與我們在全球範圍內令人驚嘆的 Michael Kors 團隊共度時光，並參觀了我們許多美麗的商店。整個組織的活力水平令人鼓舞，我對人才水平和團隊為實施我們的戰略計劃所做的出色工作印象深刻。

I would like to take a moment to congratulate and thank the entire Michael Kors team for their outstanding execution and performance over the holiday period. The better-than-expected revenue reflects the success of our strategic initiatives, including elevating the brand positioning and capitalizing on our recognizable signature styles. I look forward to building on this success as we continue to innovate and elevate the product and further increase AUR.

我想花一點時間祝賀和感謝整個 Michael Kors 團隊在假期期間的出色執行和表現。好於預期的收入反映了我們戰略舉措的成功，包括提升品牌定位和利用我們可識別的標誌性風格。隨著我們繼續創新和提升產品並進一步增加 AUR，我期待在這一成功的基礎上再接再厲。

The time I have spent with the teams, combined with our strong holiday results further reinforce my belief in the future growth potential of the Michael Kors brand. Its tremendous success is in large part due to the fashion icon, Michael Kors himself, his design vision and his ability to create timeless fashion that embodies Jet Set glamor. I believe we have an incredible opportunity to capitalize on the strong foundation that John, Michael and the team have built over the years. I look forward to sharing my vision for the future direction of Michael Kors at our Investor Day.

我與團隊共度的時間，加上我們強勁的假期業績，進一步強化了我對 Michael Kors 品牌未來增長潛力的信念。它的巨大成功在很大程度上歸功於時尚偶像 Michael Kors 本人，他的設計遠見和他創造體現 Jet Set 魅力的永恆時尚的能力。我相信我們有一個難得的機會來利用約翰、邁克爾和團隊多年來建立的堅實基礎。我期待在我們的投資者日分享我對 Michael Kors 未來發展方向的願景。

Looking at Capri Holdings, I am impressed with the incredible portfolio of luxury houses, each with their own rich heritage, exclusive DNA, and strong consumer loyalty. Capri is unique, with 3 brands led by the design visions of Donatella Versace, Sandra Choi and Michael Kors. Each of these original founders are iconic figures and have powerful voices to communicate with their fans. I am confident in the strong growth potential for Capri Holdings and look forward to partnering with John and the Board in the future to lead the company through our next chapter of growth.

看看 Capri Holdings，我對令人難以置信的豪宅組合印象深刻，每一個都擁有自己豐富的傳統、獨特的 DNA 和強大的消費者忠誠度。 Capri 是獨一無二的，擁有由 Donatella Versace、Sandra Choi 和 Michael Kors 的設計理念領導的 3 個品牌。這些原創創始人中的每一位都是標誌性人物，並有強大的聲音與他們的粉絲交流。我對 Capri Holdings 的強勁增長潛力充滿信心，並期待在未來與 John 和董事會合作，帶領公司邁入新的增長篇章。

Now let me turn the call over to Tom.

現在讓我把電話轉給湯姆。

Thank you, Josh, and good morning, everyone. Starting with third quarter results. Revenue of $1.6 billion increased 24% versus prior year, exceeding our expectations. Performance was driven by better-than-anticipated results across all 3 of our luxury houses. Net income was $339 million, resulting in diluted earnings per share of $2.22. This was above our expectations, reflecting better-than-anticipated revenue and operating margin as well as a lower tax rate.

謝謝你，喬希，大家早上好。從第三季度的結果開始。收入為 16 億美元，較上年增長 24%，超出我們的預期。我們所有 3 家豪宅的業績都好於預期，推動了業績的增長。淨收入為 3.39 億美元，攤薄後每股收益為 2.22 美元。這超出了我們的預期，反映了好於預期的收入和營業利潤率以及較低的稅率。

Turning to revenue performance by brand. Versace revenue was $251 million, a 29% increase to prior year and above our expectation. Global sales in our retail channel increased over 20%, with double-digit increases in both e-commerce and store sales. By geography, total revenue in the Americas increased 56%. Revenue in EMEA increased 30% and revenue in Asia increased 2%. Versace ended December with a global luxury fleet of 212 retail stores, a net decrease of 5 from prior year.

轉向按品牌劃分的收入表現。范思哲收入為 2.51 億美元，比上年增長 29%，高於我們的預期。我們零售渠道的全球銷售額增長超過 20%，電子商務和實體店銷售額均實現兩位數增長。按地域劃分，美洲的總收入增長了 56%。歐洲、中東和非洲地區的收入增長了 30%，亞洲的收入增長了 2%。范思哲在 12 月結束時在全球擁有 212 家零售店，比上年淨減少 5 家。

For Jimmy Choo, revenue was $178 million, a 47% increase to prior year and above our expectations. Global sales in our retail channel increased over 40%, with strong double-digit increases in both e-commerce and store sales. By geography, total revenue in the Americas increased 59%, revenue in EMEA increased 73%, and revenue in Asia increased 18%. Jimmy Choo ended the quarter with a global fleet of 240 retail stores, a net increase of 9 from prior year.

Jimmy Choo 的收入為 1.78 億美元，比上年增長 47%，高於我們的預期。我們零售渠道的全球銷售額增長超過 40%，電子商務和實體店銷售額均實現兩位數的強勁增長。按地域劃分，美洲的總收入增長了 59%，EMEA 的收入增長了 73%，亞洲的收入增長了 18%。 Jimmy Choo 在本季度末在全球擁有 240 家零售店，比上年淨增加 9 家。

At Michael Kors, revenue was $1.18 billion, a 20% increase to last year and above our expectations. Similar to last quarter, revenue growth would have been even greater if we had more product available to meet consumer demand. We estimate inventory constraints had a mid-single-digit impact on Michael Kors' third quarter growth rate. Global sales in our retail channel increased in the mid-teens, with double-digit increases in both e-commerce and store sales. Wholesale revenue increased over prior year, but remains well below historic levels, in line with our strategic intent to have a smaller wholesale business and improved profitability.

Michael Kors 的收入為 11.8 億美元，比去年增長 20%，高於我們的預期。與上一季度類似，如果我們有更多的產品可以滿足消費者的需求，收入增長會更大。我們估計庫存限制對 Michael Kors 第三季度的增長率產生了中個位數的影響。我們零售渠道的全球銷售額在 10 歲左右增長，電子商務和實體店銷售額均實現兩位數增長。批發收入較上年有所增加，但仍遠低於歷史水平，這符合我們的戰略意圖，即縮小批發業務並提高盈利能力。

By geography, total Michael Kors revenue in the Americas increased 21% and revenue in EMEA increased 30%. Revenue in Asia decreased 2%, reflecting growth in Japan, Korea and Southeast Asia, offset by declines in Mainland China. During the quarter, our sales in China were impacted by COVID-related restrictions, including store closings, travel restriction and select city lockdowns. Michael Kors ended the quarter with a global fleet of 834 retail stores, a net increase of 3 from prior year.

按地域劃分，Michael Kors 在美洲的總收入增長了 21%，在 EMEA 的收入增長了 30%。亞洲收入下降 2%，反映日本、韓國和東南亞的增長，但被中國大陸的下降所抵消。在本季度，我們在中國的銷售受到與 COVID 相關的限制的影響，包括商店關閉、旅行限制和部分城市的封鎖。 Michael Kors 在本季度結束時在全球擁有 834 家零售店，比上年淨增加 3 家。

Now looking at total company margin performance. Gross margin expanded 40 basis points to 65.1%. This improvement reflected the strong ongoing benefits of our strategic initiatives, offset by approximately 400 basis points of higher supply chain costs compared to prior year. Supply chain costs were approximately 100 basis points greater than the forecast we provided on our second quarter earnings call.

現在看看公司的總利潤率表現。毛利率擴大 40 個基點至 65.1%。這一改進反映了我們戰略舉措的強大持續收益，與去年相比，供應鏈成本增加了約 400 個基點，從而抵消了這一影響。供應鏈成本比我們在第二季度財報電話會議上提供的預測高出約 100 個基點。

Operating expense as a percent of revenue was 42.8% compared to 45% last year. This reflects expense leverage on higher-than-anticipated revenue. On an absolute basis, operating expense increased approximately 17% or $100 million versus prior year. This increase primarily reflected higher variable expenses and reinvestments in our business. As a result, total company operating margin of 22.3% was more than 200 basis points above our expectations and 260 basis points greater than prior year.

營業費用佔收入的百分比為 42.8%，而去年為 45%。這反映了高於預期收入的費用槓桿。在絕對基礎上，運營費用比上一年增加了約 17% 或 1 億美元。這一增長主要反映了較高的可變費用和對我們業務的再投資。因此，公司總營業利潤率為 22.3%，比我們的預期高出 200 多個基點，比去年高出 260 個基點。

By brand, Versace operating margin expanded 600 basis points to 12.7%. Jimmy Choo operating margin expanded from negative 6.6% to positive 9%. And Michael Kors operating margin was approximately flat at 28.4%. Our tax rate for the quarter was 8.1%, this was lower than our expectation, reflecting a discrete item associated with a COVID-related net operating loss carryback claim in the U.S. As a result, we were able to realize the benefit during the quarter.

按品牌劃分，范思哲營業利潤率擴大 600 個基點至 12.7%。 Jimmy Choo 的營業利潤率從負 6.6% 擴大到正 9%。 Michael Kors 的營業利潤率大致持平，為 28.4%。我們本季度的稅率為 8.1%，低於我們的預期，這反映了與美國 COVID 相關的淨營業虧損結轉索賠相關的離散項目。因此，我們能夠在本季度實現收益。

Now turning to our balance sheet and cash flow. We ended the quarter with cash of $261 million and debt of $1 billion, resulting in net debt of approximately $740 million. Total liquidity at the end of the quarter was $1.3 billion. During the quarter, we repaid approximately $150 million of debt. As part of our ongoing commitment to return cash to shareholders, we repurchased $200 million worth of shares in the quarter. This also reflects our strong belief that Capri Holdings represents a compelling value, given the momentum and future growth potential of our 3 luxury brands.

現在轉向我們的資產負債表和現金流。我們在本季度結束時擁有 2.61 億美元的現金和 10 億美元的債務，淨債務約為 7.4 億美元。本季度末的總流動資金為 13 億美元。在本季度，我們償還了大約 1.5 億美元的債務。作為我們向股東返還現金的持續承諾的一部分，我們在本季度回購了價值 2 億美元的股票。鑑於我們三個奢侈品牌的發展勢頭和未來增長潛力，這也反映了我們堅信 Capri Holdings 代表著令人信服的價值。

Looking at inventory. We ended the quarter with $978 million, 24% above prior year, reflecting a significant increase of in-transit inventory. During the quarter, shipping delays were even greater than we anticipated. As a result, on-hand inventory levels were lower than expected, which constrained our ability to deliver higher revenue in the quarter.

看著庫存。我們以 9.78 億美元結束本季度，比去年同期增長 24%，反映出在途庫存顯著增加。在本季度，運輸延誤甚至比我們預期的還要嚴重。因此，現有庫存水平低於預期，這限制了我們在本季度實現更高收入的能力。

Now let me take a moment to address our inventory outlook going forward. We expect inventory to increase relative to prior year for the following reasons: first, we will continue to tightly manage inventory, but levels need to increase to support revenue growth and ensure we meet consumer demand; second, we are initiating a new program where we expect to receive core product earlier. This will enable us to better meet consumer demand as well as reduce transportation costs. As a result, inventory growth is expected to outpace sales growth for the next 12 months.

現在讓我花點時間談談我們未來的庫存前景。我們預計庫存將比上年增加，原因如下：首先，我們將繼續嚴格管理庫存，但需要增加庫存以支持收入增長並確保我們滿足消費者需求；其次，我們正在啟動一個新計劃，我們希望能夠更早地收到核心產品。這將使我們能夠更好地滿足消費者需求並降低運輸成本。因此，預計未來 12 個月的庫存增長將超過銷售增長。

Now turning to guidance. For fiscal 2022, we now forecast Capri Holdings' revenue of approximately $5.56 billion, reflecting the better-than-expected third quarter performance. Full year guidance assumes the Versace revenue of approximately $1.08 billion, Jimmy Choo revenue of approximately $600 million and Michael Kors revenue of approximately $3.88 billion. For the year, we now expect approximately 200 basis points of gross margin expansion.

現在轉向指導。對於 2022 財年，我們現在預測 Capri Holdings 的收入約為 55.6 億美元，反映了好於預期的第三季度業績。全年指引假設范思哲收入約為 10.8 億美元，Jimmy Choo 收入約為 6 億美元，Michael Kors 收入約為 38.8 億美元。今年，我們現在預計毛利率將增長約 200 個基點。

Turning to operating expenses. We continue to forecast operating expenses of approximately $2.6 billion. Taken together, we now expect a full year operating margin of approximately 19%.

轉向運營費用。我們繼續預測運營費用約為 26 億美元。綜合來看，我們現在預計全年營業利潤率約為 19%。

For Versace, we now anticipate an operating margin of approximately 17%. For Jimmy Choo, we now expect a positive operating margin of approximately 2%. And for Michael Kors, we anticipate an operating margin of approximately 25%. As a result, Versace and Jimmy Choo combined will generate approximately 20% of total company operating income. Both luxury houses are contributing to operating income well ahead of our anticipated timing.

對於范思哲，我們現在預計營業利潤率約為 17%。對於 Jimmy Choo，我們現在預計營業利潤率約為 2%。對於 Michael Kors，我們預計營業利潤率約為 25%。因此，范思哲和 Jimmy Choo 合併後將產生公司總營業收入的約 20%。兩家豪宅都在我們預期的時間之前為營業收入做出了貢獻。

Turning to our expectations around certain nonoperating items. We now anticipate net interest income of approximately $17 million, an effective tax rate of approximately 14% and weighted average shares outstanding of 153 million. As a result, we now expect to generate diluted earnings per share of approximately $6 for fiscal '22. I would like to note this represents the highest earnings per share in the company's history.

談到我們對某些非運營項目的期望。我們現在預計淨利息收入約為 1700 萬美元，有效稅率約為 14%，加權平均流通股數為 1.53 億股。因此，我們現在預計 22 財年每股攤薄收益約為 6 美元。我想指出，這是公司歷史上最高的每股收益。

Turning to fourth quarter guidance. We anticipate total company revenue of approximately $1.4 billion, including approximately $75 million associated with the 53rd week at Jimmy Choo and Michael Kors. We forecast Versace revenue of approximately $310 million, Jimmy Choo revenue of approximately $140 million and Michael Kors revenue of approximately $950 million.

轉向第四季度的指導。我們預計公司總收入約為 14 億美元，其中包括與 Jimmy Choo 和 Michael Kors 第 53 週相關的約 7500 萬美元。我們預計 Versace 的收入約為 3.1 億美元，Jimmy Choo 的收入約為 1.4 億美元，Michael Kors 的收入約為 9.5 億美元。

Now looking at operating margin. We expect fourth quarter operating margin will be approximately 13.5%. This includes 50 basis points of gross margin expansion, reflecting the benefits of our ongoing strategic initiatives more than offsetting higher supply chain costs. Operating margin also includes incremental investments in marketing, e-commerce and regional growth initiatives to support revenue growth as well as the additional expenses associated with 53rd week.

現在看營業利潤率。我們預計第四季度的營業利潤率將約為 13.5%。這包括 50 個基點的毛利率擴張，反映了我們正在進行的戰略舉措的好處，而不是抵消更高的供應鏈成本。營業利潤率還包括對營銷、電子商務和區域增長計劃的增量投資，以支持收入增長以及與第 53 週相關的額外費用。

Looking at operating margin by brand. For Versace, we anticipate an operating margin of approximately 15%. For Jimmy Choo, we expect an operating margin of approximately negative 10%. And for Michael Kors, we anticipate an operating margin of approximately 20%.

按品牌查看營業利潤率。對於范思哲，我們預計營業利潤率約為 15%。對於 Jimmy Choo，我們預計營業利潤率約為負 10%。對於 Michael Kors，我們預計營業利潤率約為 20%。

Turning to our expectations around certain nonoperating items. We forecast net interest income of approximately $5 million, an effective tax rate of approximately 38% and weighted average shares outstanding of 151 million. As a result, we expect diluted earnings per share of approximately $0.80.

談到我們對某些非運營項目的期望。我們預計淨利息收入約為 500 萬美元，有效稅率約為 38%，加權平均流通股數為 1.51 億股。因此，我們預計每股攤薄收益約為 0.80 美元。

Now I would like to take a moment to discuss our preliminary expectations for fiscal 2023. We are sharing this outlook, given the impact of the pandemic and ongoing supply chain challenges. For full year fiscal '23, we forecast revenue of approximately $6.1 billion, an approximate 10% increase over fiscal '22, reflecting ongoing momentum across all 3 luxury houses. We anticipate full year operating margin of approximately 19%. This reflects gross margin expansion of approximately 50 basis points as the success of our strategic initiatives more than offset higher supply chain costs. Operating margin also includes an increase in strategic investments to support revenue growth. As a result, we expect fiscal year 2023 earnings per share to grow approximately 10% to $6.60.

現在我想花點時間討論我們對 2023 財年的初步預期。鑑於大流行的影響和持續的供應鏈挑戰，我們正在分享這一前景。對於 23 財年全年，我們預計收入約為 61 億美元，比 22 財年增長約 10%，反映了所有 3 家豪宅的持續發展勢頭。我們預計全年營業利潤率約為 19%。這反映了毛利率增長約 50 個基點，因為我們的戰略舉措的成功抵消了更高的供應鏈成本。營業利潤率還包括增加戰略投資以支持收入增長。因此，我們預計 2023 財年每股收益將增長約 10% 至 6.60 美元。

Looking at full year guidance by brand. For Versace, we anticipate revenue growth of approximately 20% to $1.3 billion and operating margin of approximately 18%. For Jimmy Choo, we expect revenue growth of approximately 13% to approximately $675 million and significant margin expansion with operating margin of approximately 8%. For Michael Kors, we anticipate revenue growth of approximately 6% to approximately $4.125 billion. We assume operating margin of approximately 25%, reflecting the ongoing benefits of our strategic initiatives, elevated supply chain costs and increased investments to support growth.

按品牌查看全年指導。對於范思哲，我們預計收入增長約 20% 至 13 億美元，營業利潤率約為 18%。對於 Jimmy Choo，我們預計收入增長約 13% 至約 6.75 億美元，利潤率大幅增長，營業利潤率約為 8%。對於 Michael Kors，我們預計收入增長約 6% 至約 41.25 億美元。我們假設營業利潤率約為 25%，這反映了我們的戰略舉措、供應鏈成本上升和增加投資以支持增長的持續收益。

Now to provide more color around the quarterly guidance outlined in our press release, I would like to discuss our expectations regarding the cadence of revenue, gross margin, operating margin and earnings per share through fiscal 2023. Starting with revenue, we anticipate strong growth each and every quarter of the year.

現在，為了為我們新聞稿中概述的季度指導提供更多色彩，我想討論我們對到 2023 財年的收入、毛利率、營業利潤率和每股收益的節奏的預期。從收入開始，我們預計每個人都會有強勁的增長以及一年中的每個季度。

Turning to gross margin. we expect continued benefits from the execution of our strategic initiatives throughout the year. However, supply chain costs will be highest year-over-year in the first quarter, resulting in gross margin contraction. We anticipate trends will progressively improve as costs begin to normalize, and we realize the benefits of multiple supply chain initiatives designed to both mitigate costs and reduce delays. Therefore, we expect gross margin expansion in the third and fourth quarters.

轉向毛利率。我們預計全年執行我們的戰略舉措會繼續受益。然而，第一季度供應鏈成本將同比最高，導致毛利率收縮。我們預計隨著成本開始正常化，趨勢將逐漸改善，我們意識到旨在降低成本和減少延遲的多項供應鏈計劃的好處。因此，我們預計第三季度和第四季度的毛利率將有所增長。

Now moving to operating expenses. We plan to strategically invest in initiatives that will support long-term growth. This includes incremental investments in areas such as marketing, omnichannel initiatives and data analytics capability.

現在轉向運營費用。我們計劃對支持長期增長的舉措進行戰略性投資。這包括在營銷、全渠道計劃和數據分析能力等領域的增量投資。

Now turning to operating margin. With higher supply chain costs and increased investments, we anticipate lower operating margin in the first quarter. We expect margins to improve in the second quarter and expand in the third and fourth quarters. Taken together, we still anticipate fiscal '23 earnings per share above the prior year every quarter, with an improving progression throughout the year.

現在轉向營業利潤率。隨著供應鏈成本上升和投資增加，我們預計第一季度的營業利潤率會下降。我們預計第二季度利潤率將提高，並在第三和第四季度擴大。總而言之，我們仍然預計 23 財年的每股收益每個季度都會高於上年，並且全年都會有改善的進展。

In conclusion, we are pleased with our third quarter results, particularly in the face of the ongoing supply chain challenge. This performance reflects the strength of our fashion luxury houses and execution of our strategic initiatives. We are extremely optimistic about our future growth potential and believe the company is emerging from the pandemic stronger than ever. We remain confident that our 3 powerful luxury brands position Capri Holdings to achieve meaningful long-term revenue and earnings growth as well as increased shareholder value.

總之，我們對第三季度的業績感到滿意，尤其是面對持續的供應鏈挑戰。這一業績反映了我們時尚奢侈品公司的實力和我們戰略計劃的執行情況。我們對我們未來的增長潛力極為樂觀，並相信公司正以比以往更強大的方式擺脫疫情。我們仍然相信，我們的 3 個強大的奢侈品牌使 Capri Holdings 能夠實現有意義的長期收入和盈利增長以及增加股東價值。

Now we will open up the line for questions.

現在我們將打開問題的線路。

(Operator Instructions) Our first question is coming from Omar Saad from Evercore.

（操作員說明）我們的第一個問題來自 Evercore 的 Omar Saad。

Another great quarter, guys, congrats. And welcome, Josh. I guess my opening question would be for you. I'd love to hear, coming in on your first call here, what -- how are you thinking about your -- the long-term vision for the Michael Kors brand? It's a big brand. It's already successful and profitable. What do you think is ahead for this brand? And the biggest opportunities? Is it digital? Is it international? Is it Asia? Is it the premiumization effort? Would love to kind of get your high-level thoughts on where you see this brand evolving over the long term.

另一個偉大的季度，伙計們，恭喜。歡迎，喬希。我想我的開場白是給你的。我很想听聽，在您第一次來這裡時，您如何看待 Michael Kors 品牌的長期願景？這是一個大品牌。它已經成功並且有利可圖。你認為這個品牌的未來是什麼？最大的機會是什麼？是數字的嗎？是國際的嗎？是亞洲嗎？是高端化的努力嗎？很想就你看到這個品牌長期發展的地方得到你的高層次想法。

Thank you, Omar. It's great to talk to you again. And it's terrific to be on the call and terrific to be here with this team.

謝謝你，奧馬爾。很高興再次與您交談。能接到電話真是太棒了，能和這支球隊在一起真是太棒了。

I have been so impressed with what I've seen in the last few months with the brand and the team. And I am particularly encouraged by seeing how this team has continued to elevate the brand. And as Tom mentioned, it's really emerging from the pandemic much stronger than ever. We can see that in the pricing power that the brand has.

在過去的幾個月裡，我對品牌和團隊所看到的印象非常深刻。看到這個團隊如何繼續提升品牌，我感到特別鼓舞。正如湯姆所說，它確實比以往任何時候都更強大地擺脫了大流行。我們可以從品牌的定價能力中看出這一點。

And to your point about continued premiumization, clearly, continuing to elevate the brand, continuing to lean in to our authentic Jet Set DNA through a modern lens will be a big part of what we will be doing with Michael Kors.

至於你關於持續高端化的觀點，顯然，繼續提升品牌，繼續通過現代鏡頭融入我們真正的 Jet Set DNA，將是我們與 Michael Kors 合作的重要部分。

Of course, I'll share a more fulsome view of the strategy for Michael Kors at Investor Day in a few months. But just to touch on a few areas where I see a significant growth. So first, digital. We have a database of nearly 60 million people that is growing, accelerating very fast.

當然，幾個月後，我將在投資者日分享對 Michael Kors 戰略的更全面的看法。但只是談談我看到顯著增長的幾個領域。首先，數字化。我們擁有一個包含近 6000 萬人的數據庫，而且還在快速增長。

As John mentioned, we picked up 20% to that database, nearly 10 million people in the last period. And there's an opportunity to harness the power of this database to drive the e-com business globally. And so that's something that I am passionate about.

正如約翰所提到的，我們在該數據庫中獲得了 20%，在上一時期有近 1000 萬人。並且有機會利用這個數據庫的力量來推動全球電子商務業務。這就是我熱衷的事情。

Asia is another point. It's almost as if you articulated some of my thoughts in your list there. Asia, clearly, we are underpenetrated versus our luxury peers there. And there is the opportunity to at least double our revenue in Asia.

亞洲是另一點。就好像你在那裡的清單中表達了我的一些想法。顯然，與亞洲的奢侈品同行相比，我們的滲透率較低。並且有機會至少使我們在亞洲的收入翻一番。

And then on a category basis, I think John mentioned in his remarks, the positive reception that we're having to our men's products, and that's an area where we are also very underpenetrated relative to our peers.

然後在類別的基礎上，我認為約翰在他的講話中提到了我們對男士產品的積極接受，而這也是我們相對於同行的滲透率非常低的領域。

So those will all be areas of focus that you will continue to hear me talk about specifically at Investor Day and as we continue to elevate the Michael Kors brand.

因此，隨著我們繼續提升 Michael Kors 品牌，這些都將成為您將繼續聽到我在投資者日特別談論的重點領域。

(Operator Instructions) Our next question is coming from Matthew Boss from JPMorgan.

（操作員說明）我們的下一個問題來自摩根大通的 Matthew Boss。

Congrats on another nice print, guys, and welcome aboard, Josh.

恭喜你又印了一張漂亮的照片，伙計們，歡迎加入，喬希。

Thank you.

謝謝你。

So maybe, John, as we potentially exit the pandemic, could you maybe speak to your confidence in the underlying growth prospects for handbags and accessories as a category? I guess, do you believe your initiatives have now set a foundation for continued full-price selling? Or is there any give back to think about? And then just last, on the double-digit top line for next year, does this a better return of travel and tourism? Or how best to think about timing for that opportunity?

那麼，約翰，隨著我們可能退出大流行，您能否談談您對手袋和配飾作為一個類別的潛在增長前景的信心？我想，您是否相信您的舉措現在已經為持續的全價銷售奠定了基礎？還是有什麼回饋需要考慮的？最後，在明年的兩位數收入上，這是否會帶來更好的旅行和旅遊業回報？或者如何最好地考慮這個機會的時機？

Matt, and thank you for the nice comments about our quarterly results. The first thing I'd like to say is we were very pleased with the performance of all 3 of the luxury houses during the quarter. We saw traffic in our stores accelerate during the quarter, which -- that's not something we've seen in a long time. And that really speaks to the health of the consumer really across the globe.

馬特，感謝您對我們季度業績的好評。首先我想說的是，我們對本季度所有 3 家豪宅的表現感到非常滿意。我們看到我們商店的客流量在本季度加速，這是我們很長時間以來沒有看到的。這確實說明了全球消費者的健康狀況。

And what we also saw was double-digit revenue growth at all 3 of the luxury houses and accessories. And as you know, at Michael Kors, it's obviously the biggest piece of the business. At Versace, it's the biggest opportunity for the business. And then at Jimmy Choo, that will be one of the key kind of inflections for that brand to get towards those mid-teens operating margins that we've talked about.

我們還看到，所有 3 家豪宅和配飾的收入都實現了兩位數的增長。如你所知，在 Michael Kors，這顯然是業務中最大的一塊。在范思哲，這對企業來說是最大的機會。然後在 Jimmy Choo，這將是該品牌實現我們所討論的那些青少年營業利潤率的關鍵變化之一。

So I think all 3 houses are really positioned well as it relates to product. The marketing initiatives were, I thought, really incredibly well executed over the holiday season. And as we start out the spring, and we're dropping our new campaigns at all 3 of the houses. I think you saw the wonderful campaign about love and sisterhood and -- with Bella and Gigi. At Versace, I think you -- some of you may have seen the Maluma campaign, also very powerful. And at Jimmy Choo, this Time to Dare marketing is really creating brand heat for us. And so we're seeing some strong reaction from the consumers around that.

所以我認為所有 3 所房子都定位得很好，因為它與產品有關。我認為，營銷計劃在假期期間執行得非常好。當我們從春天開始時，我們將在所有 3 所房子中放棄我們的新活動。我想你看到了關於愛情和姐妹情誼的精彩活動，以及 - 與貝拉和吉吉一起。在范思哲，我想你們——你們中的一些人可能已經看過 Maluma 運動，也非常強大。而在 Jimmy Choo，這次大膽的營銷確實為我們創造了品牌熱度。因此，我們看到消費者對此的強烈反應。

And then at Michael Kors, as Josh talked about, really focusing on our Jet Set heritage through a modern lens. You're going to see some very powerful marketing around that.

然後在 Michael Kors，正如 Josh 所說，通過現代鏡頭真正專注於我們的 Jet Set 傳統。你會看到一些非常強大的營銷活動。

So I think when I look at the way that our brands have positioned themselves, the way that we are handling product and really not trying to introduce too much because that's when you get into the problem of leaning to clear product through the stores. And so I think that's one of the things that, coming through COVID, really helped us to reduced the SKUs across all the companies by over 30%. And some companies are going to go further, just to be more focused. And how the consumer is responding to that. So we find the consumer in North America to be extremely healthy. We're seeing that health already continue on so far in this quarter. We're finding a rebound of the consumer in Europe to again also be quite healthy.

所以我認為，當我看到我們的品牌定位自己的方式時，我們處理產品的方式，實際上並沒有試圖介紹太多，因為那時你就會遇到傾向於通過商店清理產品的問題。所以我認為這是通過 COVID 真正幫助我們將所有公司的 SKU 減少 30% 以上的事情之一。有些公司會走得更遠，只是為了更加專注。以及消費者對此有何反應。所以我們發現北美的消費者非常健康。我們看到，本季度到目前為止，健康狀況已經持續。我們發現歐洲消費者的反彈再次變得相當健康。

And then Asia, in general, is healthy. There's some bumps in the road in China. You've all heard about it, certain travel restrictions that are going on right now and certain lockdowns in the city. But again -- cities, we think that's something we will get through. And I've said on multiple calls, you're going to see bumps in the road in certain territories as we have flare-ups with the pandemic. But the consumer is very strong from what we can see, especially around accessories and footwear.

總的來說，亞洲是健康的。在中國的道路上有一些顛簸。你們都聽說過，現在正在進行的某些旅行限制以及城市中的某些封鎖。但同樣——城市，我們認為這是我們將要經歷的事情。我已經在多次電話會議上說過，隨著大流行病的爆發，您將在某些地區看到道路上的顛簸。但從我們所看到的情況來看，消費者非常強大，尤其是在配飾和鞋類方面。

And then lastly, our forecast for -- our outlook for 2023 does not include any return of tourist travel. So that would be upside or a tailwind for us, both in EMEA and in our travel retail locations.

最後，我們的預測——我們對 2023 年的展望不包括任何遊客旅行的回歸。因此，無論是在 EMEA 還是我們的旅遊零售點，這對我們來說都是有利的或順風的。

Our next question today is coming from Kimberly Greenberger from Morgan Stanley.

我們今天的下一個問題來自摩根士丹利的 Kimberly Greenberger。

Okay. Really fantastic results here. John, I just -- I wanted to start on Versace because I was wondering if you could just reflect on the last sort of 2 or 3 years. Versace has really delivered just incredibly. And as you reflect on the brand investments you made, the momentum the business has now, if you were to sort of categorize the top 2 or 3 drivers of just the long term, what is it that's underpinning the inflection in financial results and the nice growth there?

好的。這裡的結果真的很棒。約翰，我只是——我想從范思哲開始，因為我想知道你是否可以回顧一下過去的 2 或 3 年。范思哲確實提供了令人難以置信的成果。當你反思你所做的品牌投資時，企業現在的發展勢頭，如果你要對長期的前 2 或 3 大驅動因素進行分類，是什麼支撐了財務業績的變化和良好的增長在那裡？

And then, Tom, I wanted to see if you could just unpack the inventory growth a little bit more. The core product growth that you're expecting in 2023 versus, let's say, core versus fashion and your inventory flow strategy in terms of receiving some of that core product earlier to say -- assuming air freight?

然後，湯姆，我想看看你是否可以進一步分析庫存增長。您預計 2023 年的核心產品增長與比方說核心與時尚的對比，以及您在接收一些核心產品方面的庫存流動策略——假設空運？

Thank you, Kimberly. So first and foremost, I have to take my hat off to the teams at Versace because they're the ones who are really executing on these initiatives. So when we bought the company, as you know, it had multiple lines. We had to reduce those, shaved $150 million in volume, then we were hit by the pandemic. And so we definitely had an uphill walk or trout to try to put our strategic initiatives in place. But we never wavered. During all this time period, we've never lost sight of what the goal is.

謝謝你，金伯利。因此，首先，我必須向 Versace 的團隊致敬，因為他們才是真正執行這些舉措的人。所以當我們收購這家公司時，如你所知，它有多條生產線。我們不得不減少這些，減少了 1.5 億美元的交易量，然後我們就受到了大流行的打擊。因此，我們肯定會走上坡路或嘗試將我們的戰略舉措落實到位。但我們從未動搖。在這段時間裡，我們從未忘記目標是什麼。

And I think I said it on a previous call, and I'm going to reiterate it again, we have $2 billion clearly in sight at this point. That is a milestone we feel very comfortable in achieving. The question now is not the $2 billion in my opinion, we'll talk more to you about that at Investor Day.

我想我在之前的電話會議上已經說過了，我要再次重申，我們現在顯然有 20 億美元。這是一個讓我們感到很自在的里程碑。現在的問題不是我認為的 20 億美元，我們將在投資者日與您討論更多。

The real discussion is going to be around how much bigger is it going to be than that. And Versace belongs in the category of some of the most important luxury brands in the world. The brand recognition and the love for this brand is nowhere near the performance. And so that is -- that's -- we feel that we will now have products to be able to bring those 2 things together much more closely and fuel that.

真正的討論將圍繞它比這大得多。范思哲屬於世界上一些最重要的奢侈品牌。品牌知名度和對這個品牌的熱愛遠不及表現。所以這就是 - 那是 - 我們認為我們現在將擁有能夠將這兩件事更緊密地結合在一起並為其提供動力的產品。

I want to say one last thing before I get into the 2 or 3 drivers. We need to manage this carefully, though. What we don't want to do is to have something that explodes and then comes back down off that trend. So with luxury, you have to invest, you have to pace it and let the consumer really desire it. And not try to push too hard. So that's something we're going to be very cognizant of, but we will be making significant investments continue in this brand.

在我進入 2 或 3 個驅動程序之前，我想說最後一件事。不過，我們需要謹慎處理。我們不想做的是有一些東西會爆炸，然後從這種趨勢中回落。所以對於奢侈品，你必須投資，你必須控制它，讓消費者真正渴望它。並且不要試圖太用力。所以這是我們將非常清楚的事情，但我們將繼續對這個品牌進行大量投資。

So the 2 are 3 things. First and foremost, we are turning this not into just a luxury house driven by runway and ready-to-wear, but this is now a luxury leather goods house. And we are going to, in the not-too-distant future, be delivering well over 50% of our volume from those 2 categories. Again, we'll talk more about that at our Investor Day. So leaning into that, that's also going to help us with margins and also really acquiring additional consumers.

所以 2 是 3 件事。首先，我們不只是把它變成一個由時裝秀和成衣驅動的奢侈品牌，而是現在它是一個奢侈皮具品牌。我們將在不久的將來從這兩個類別中交付超過 50% 的銷量。同樣，我們將在投資者日更多地討論這一點。所以傾向於這一點，這也將幫助我們提高利潤，並真正獲得更多的消費者。

Second thing is that we are renovating all of our stores. Unfortunately, there was very little investment put into these stores over the last 10 to 15 years. And so we've renovated approximately 50% of the fleet. We hope to get the balance of that done in the next 24 months. And again, if any of you have seen the new stores, they are quite stunning. And we are seeing increased productivity in these stores quite significant.

第二件事是我們正在翻新我們所有的商店。不幸的是，在過去的 10 到 15 年裡，對這些商店的投資很少。因此，我們對大約 50% 的機隊進行了翻新。我們希望在接下來的 24 個月內完成平衡。再說一次，如果你們中的任何人都看過新店，它們是相當驚人的。我們看到這些商店的生產力顯著提高。

And as I've said to you before, we could grow this revenues by 4x in our stores and still not be at the productivity levels of some of our biggest competitors in the world. So we have lots of room to grow inside the footprint that we have. So that's really the second initiative.

正如我之前對你說過的那樣，我們可以將我們商店的收入增長 4 倍，但仍然無法達到我們在世界上一些最大競爭對手的生產力水平。因此，在我們擁有的足跡內，我們有很大的發展空間。所以這真的是第二個倡議。

And the third is the way that we are managing our digital consumer engagement and how we're handling them with an omnichannel experience. And I was very honest with you previously, told you that this company was significantly behind in all of those initiatives 2-plus years ago. They have caught up very quickly and again, take my hat off to the entire organization at Versace, everything from the way that we're communicating with our consumer, the database growth and the way that we're handling them from an omni standpoint. Again, we've only turned on omni in the past few months, both in Europe and in North America. So just the upside we're seeing from that alone is quite significant.

第三個是我們管理數字消費者參與的方式，以及我們如何通過全渠道體驗來處理他們。我之前對你非常誠實，告訴你這家公司在兩年多前的所有這些舉措中都遠遠落後。他們一次又一次地趕上了，讓我向范思哲的整個組織致敬，從我們與消費者溝通的方式、數據庫的增長以及我們從全方位的角度處理它們的方式。同樣，在過去的幾個月裡，我們只在歐洲和北美開啟了全功能。因此，僅我們從中看到的好處就非常重要。

So this company is getting very, very close to being able to be poised for another leg up and significant growth. And again, I think you're going to be quite impressed by what Donatella does in the coming February show. I'll leave you for the surprise when you see it, but there's some really powerful things coming around accessories.

因此，這家公司非常非常接近能夠再次站穩腳跟並實現顯著增長。再一次，我認為你會對多納泰拉在即將到來的二月節目中的表現印象深刻。當你看到它時，我會給你一個驚喜，但配件周圍有一些非常強大的東西。

I'm going to tee up one last thing before turning it over to Tom. In terms of the inventory flow, this supply chain situation is going to continue on for at least the next 6 months. We don't see it actually improving. Many of the ports are quite backed up.

在把它交給湯姆之前，我要準備最後一件事。就庫存流動而言，這種供應鏈狀況至少會持續 6 個月。我們沒有看到它實際上有所改善。許多端口都得到了充分的備份。

And so one of the strategies that we've used around the company is let's get some of our core products in earlier so that we can feed our stores. We missed a lot of demand, in particular, at Michael Kors during the holiday season. And again, when it's a core product, it's not going to be something we're concerned about, whether we have larger weeks of supply on that. It will help us feed our stores and it will not do anything except for, I think, increase our gross margins being able to support that core product.

因此，我們在公司周圍使用的策略之一是讓我們更早地獲得我們的一些核心產品，以便我們可以養活我們的商店。我們錯過了很多需求，尤其是假期期間在 Michael Kors 的需求。再說一次，當它是核心產品時，它不會成為我們關心的事情，無論我們是否有更多的供應週。它將幫助我們養活我們的商店，除了增加我們能夠支持該核心產品的毛利率外，它不會做任何事情。

So I'll let Tom go into more detail, but it's not just a Michael Kors initiative. We'll do this across all 3 brands where we think we will mitigate some of our -- we are still playing a significant catch-up in our own channel, and we're very far behind still in the wholesale channel. So as you saw the wholesale numbers picked up a little bit in Q3, but that's just because we have not been able to ship that channel to the degree that the demand has requiring. So there's still an imbalance between demand and supply. And it's going to take us the better part of 6 months to really get ourselves fully caught up and in a good position that we can support our own stores as well as our wholesale partners.

所以我會讓 Tom 更詳細地介紹，但這不僅僅是 Michael Kors 的倡議。我們將在我們認為會減輕一些影響的所有 3 個品牌中這樣做——我們仍然在我們自己的渠道中進行重要的追趕，而我們在批發渠道中仍然遠遠落後。因此，正如您所看到的，第三季度批發數量有所回升，但這僅僅是因為我們無法將該渠道運送到需求所需的程度。因此，供需之間仍然存在不平衡。我們將需要 6 個月的大部分時間才能真正讓自己完全趕上並處於有利位置，我們可以支持我們自己的商店以及我們的批發合作夥伴。

Tom, I'll turn it over to you.

湯姆，我會把它交給你的。

Thanks, John, and thanks, Kimberly. When we look at Q3, delays, as I noted in my remarks, really increased during the quarter. So our delays on the water and getting product in were extended. And as John mentioned, we just didn't have enough product to fill our robust consumer demand.

謝謝，約翰，謝謝，金伯利。當我們查看第三季度時，正如我在評論中指出的那樣，該季度的延誤確實增加了。所以我們在水和產品上的延遲被延長了。正如約翰所說，我們只是沒有足夠的產品來滿足我們強勁的消費者需求。

Looking forward, Kimberly, we expect that to continue. So we've put in the program -- among other programs, but a key one is the core -- order core product earlier. And that smooths out our product flow and allows us to maneuver and manage around these extended and variable lead times.

展望未來，金佰利，我們希望這種情況繼續下去。因此，我們已經在其他程序中加入了該程序，但其中一個關鍵是核心——更早地訂購了核心產品。這使我們的產品流程變得順暢，並允許我們圍繞這些延長和可變的交貨時間進行機動和管理。

Fashion is still key. We'll have more core. The fashion piece remains a critical component clearly of all 3 brands, and that will not change. As a result of this, we do expect over the next few quarters or spring time frame to have significantly higher inventory, but would expect that to normalize after. And again, it allows us to manage and satisfy consumer demand.

時尚仍然是關鍵。我們會有更多的核心。時尚單品顯然仍然是所有 3 個品牌的關鍵組成部分，這一點不會改變。因此，我們確實預計在接下來的幾個季度或春季時間框架內庫存會顯著增加，但預計之後會正常化。再次，它使我們能夠管理和滿足消費者的需求。

And I would mention that over the longer time frame of full year, say, we're looking at tightly managing and continuing to manage our inventory. This just gives us the flexibility short term to manage this variability.

我會提到，在全年的較長時間內，我們正在考慮嚴格管理並繼續管理我們的庫存。這只是為我們提供了短期的靈活性來管理這種可變性。

Our next question is coming from Ike Boruchow from Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

I guess I wanted to ask -- this is great detail, Tom, John and Josh, thank you, for next year. Just kind of curious on the balance sheet and the cash flows of the business, which are tremendously above '19 levels.

我想我想問一下——這是非常詳細的信息，Tom、John 和 Josh，謝謝你們，明年。只是對資產負債表和業務的現金流感到好奇，它們遠遠高於 19 年的水平。

I guess is there a buyback that's embedded in next year's EPS that you guys are giving us? And then on the topic of M&A, how do you guys balance M&A versus buyback with the stock as cheap as it is right now versus the potential you've obviously proven the ability to acquire and scale an acquisition with Versace? I'm just kind of curious how that discussion goes internally.

我想你們給我們的明年每股收益中是否有回購？然後關於併購的話題，你們如何平衡併購與回購與目前如此便宜的股票與你已經證明有能力收購和擴大范思哲收購的潛力？我只是有點好奇這種討論是如何在內部進行的。

So Tom, I'm going to take the M&A piece and just a tiny bit on next year, and then turn it over to you.

所以湯姆，我將在明年接手併購部分，然後再把它交給你。

As it relates to M&A, we've stated it publicly, we're active in research. We don't see anything in the near term. If something becomes available, we will absolutely be involved in those dialogues and conversations. And again, we're interested in expanding our luxury portfolio. That will typically mean that it's basically only European brands that we'll be looking at. So nothing really to report there, except we will be active in that marketplace.

由於它與併購有關，我們已經公開表示，我們積極參與研究。我們在短期內看不到任何東西。如果有東西可用，我們絕對會參與這些對話和對話。再一次，我們有興趣擴大我們的奢侈品組合。這通常意味著我們將只關注歐洲品牌。因此，除了我們將在那個市場上活躍之外，沒有什麼可以真正報告的。

In terms of next year, I just want to point out something. We gave, I think, earlier-than-normal guidance or outlook because of the fact that it's hard for you all to see what we're seeing in terms of supply chain and costs that are impacting us. So I hope you appreciate that we're trying to be as transparent as possible to give you and all of the investment community a feeling for how we see next year flowing in particular, in light of these transportation and supply chain challenges.

關於明年，我只想指出一點。我認為，我們給出了比正常情況更早的指導或展望，因為你們所有人都很難看到我們在供應鍊和成本方面看到的影響我們的情況。因此，鑑於這些運輸和供應鏈挑戰，我希望您能理解我們正在努力做到盡可能透明，以便讓您和所有投資界了解我們對明年流動的看法，特別是考慮到這些運輸和供應鏈的挑戰。

So that's really the rationale around that. Let me turn it over to Tom to talk about the balance sheet.

所以這才是真正的理由。讓我把它交給湯姆談談資產負債表。

Thanks, Ike. And I appreciate the comment on cash flow, because I love talking about the cash and the cash flow generation of this company and our 3 brands.

謝謝，艾克。我很欣賞關於現金流的評論，因為我喜歡談論這家公司和我們的 3 個品牌的現金和產生的現金流。

So that has been robust this year, and that allows us to both pay down debt, which we've been doing across all the quarters. And as you've seen, increase our share buybacks up to $200 million this quarter.

因此，今年的情況一直很強勁，這使我們能夠償還債務，這是我們在所有季度中一直在做的事情。如您所見，本季度將我們的股票回購增加至 2 億美元。

So for next year, with continued progress, we'd expect to continue to generate strong free cash flow. Our leverage even with the debt we have on our balance sheet is extremely low. So I feel we have a very strong position there. And buybacks, again, with the valuation, remain a very important component of our capital allocation priority.

因此，對於明年，隨著繼續取得進展，我們預計將繼續產生強勁的自由現金流。即使我們的資產負債表上有債務，我們的槓桿率也非常低。所以我覺得我們在那裡有一個非常強大的地位。再一次，通過估值回購，仍然是我們資本配置優先事項的一個非常重要的組成部分。

In terms of the actual guidance, we haven't provided that level of detail at this point. While we don't normally include that in our guidance when we provide it at the end of the year, we'll be more specific on shares and how buybacks may incorporate into that. But I would say that's something that, overall, we would continue to do.

就實際指導而言，我們目前尚未提供該級別的詳細信息。雖然我們通常不會在年底提供指導時將其包含在我們的指導中，但我們將更具體地說明股票以及回購可能如何納入其中。但我想說，總的來說，我們將繼續這樣做。

Our next question is coming from Oliver Chen from Cowen.

我們的下一個問題來自 Cowen 的 Oliver Chen。

Josh, for Michael Kors brand, would love your thoughts on logo and Signature innovation and what may happen next. And also, as you think about lifestyle and multi-category, I mean, Kors has a very attractive footwear business. Where do you see the biggest opportunities and priorities there as you continue to generate and amplify and simplify the portfolio as well?

Michael Kors 品牌的 Josh 會喜歡您對標誌和簽名創新以及接下來可能發生的事情的看法。而且，當您考慮生活方式和多類別時，我的意思是，Kors 擁有非常有吸引力的鞋類業務。當您繼續生成、擴大和簡化投資組合時，您認為最大的機會和優先事項在哪裡？

Oliver. Nice to speak with you. So I think the team here has done a terrific job of amplifying Signature across categories. And I think signature is something really interesting because it's a very clear reflection of brand equity and brand heat. And when people are buying Signature products, they're literally walking around advertising the brand. And so the fact that it is some of our most profitable product that sells at premium prices at full price also is such a good indication of the brand. And so I think you'll see more and more innovation within our Signature using the Signature pattern in surprising ways.

奧利弗。很高興與您交談。所以我認為這裡的團隊在跨類別放大簽名方面做得非常出色。而且我認為簽名非常有趣，因為它非常清楚地反映了品牌資產和品牌熱度。當人們購買 Signature 產品時，他們實際上是在為品牌做廣告。因此，它是我們最賺錢的一些產品，以全價高價銷售，這一事實也很好地表明了該品牌。因此，我認為您會在我們的 Signature 中看到越來越多的創新，以令人驚訝的方式使用 Signature 模式。

Certainly, one of the highlights that John mentioned was the Bond collaboration that the team did in October, which was a -- which was based in a metallic Signature iteration. And then how that was marketed as part of this collaboration and how it was broadcast really across channels globally and built the social following and also drove sales, it's almost a virtuous cycle of how that works to help embed Signature in the culture. And I think you'll see more of that.

當然，John 提到的亮點之一是團隊在 10 月份進行的 Bond 合作，這是基於金屬 Signature 迭代的。然後是如何將其作為此次合作的一部分進行營銷，以及如何在全球範圍內真正跨渠道傳播並建立社交追隨者並推動銷售，這幾乎是一個有助於將 Signature 嵌入文化的良性循環。我想你會看到更多。

I think one of the interesting things, as you touch about with the Michael Kors brand, is that this is a unique brand with its own narrative. And that really starts with Michael Kors himself, as the preeminent living New York designer, helming a fashion house.

當您談到 Michael Kors 品牌時，我認為其中一件有趣的事情是，這是一個擁有自己故事的獨特品牌。這真的要從 Michael Kors 本人開始，他是一位傑出的在世紐約設計師，掌管著一家時裝屋。

And so it really starts with the categories that he's always believed in and how those reflect the Jet Set DNA of the company. So you mentioned footwear. So there are certain classifications in footwear, whether it's our trainers, our dress classification or boot classification, where we have real product authority there.

所以它真的從他一直相信的類別開始，以及這些類別如何反映公司的 Jet Set DNA。所以你提到了鞋類。因此，鞋類有某些分類，無論是我們的運動鞋、服裝分類還是靴子分類，我們在那裡擁有真正的產品權威。

And I think as I'm getting to know the business and getting to know the brand, spending time with the teams to understand how we can hero our most iconic products in new and refreshing ways across categories is certainly a priority.

而且我認為，隨著我越來越了解業務並了解品牌，花時間與團隊一起了解我們如何以新穎和令人耳目一新的方式在各個類別中展示我們最具標誌性的產品當然是當務之急。

Our next question is coming from Erinn Murphy from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Erinn Murphy。

Congratulations on a great quarter. My question is around the 11.5 million new consumers you referenced, John, that you guys attracted over the last year. Could you talk a little bit more about the age versus the income profile of these new customers versus what you've seen historically in your base? And then just a clarification, Tom, for you. How are you thinking about the potential impact from lapping stimulus in your fourth quarter and first quarter guide?

祝賀一個偉大的季度。我的問題是關於你提到的 1150 萬新消費者，約翰，你們在去年吸引了這些人。您能否多談談這些新客戶的年齡與收入狀況以及您在您的基地歷史上看到的情況？然後只是澄清一下，湯姆，給你。您如何看待第四季度和第一季度指南中重疊刺激的潛在影響？

So Erinn, a couple of things. Number one, I have to take off my hat again to the teams around our company. The Michael Kors team did a spectacular job. And you listened to Josh's comments before, we added 20% to our consumer database. Almost 10 million people in the quarter. I mean that's really incredible.

所以 Erinn，有幾件事。第一，我必須再次向我們公司周圍的團隊脫帽致敬。 Michael Kors 團隊做得非常出色。你之前聽過 Josh 的評論，我們在消費者數據庫中增加了 20%。本季度接近 1000 萬人。我的意思是這真的很不可思議。

And that's why, quite frankly, we didn't lap promotional activities of last year. Our full price selling is up dramatically. And so what we're seeing is -- and the AURs are up double digit. The health of the consumer entering our brand, both new and existing is really quite strong. And at all 3 brands, we not only grew new customers, but we also had the largest reactivation of lapsed customers that we've had in the company's history. So I think that says -- it speaks volumes to what we're seeing across -- quite frankly, it was all 3 brands.

這就是為什麼，坦率地說，我們沒有進行去年的促銷活動。我們的全價銷售急劇上升。所以我們看到的是 - AUR 上升了兩位數。進入我們品牌的消費者的健康狀況，無論是新的還是現有的，都非常強大。在所有 3 個品牌中，我們不僅增加了新客戶，而且還獲得了公司歷史上最大的流失客戶重新激活。所以我認為這說明了——它充分說明了我們所看到的——坦率地說，這三個品牌都是如此。

But Michael Kors, again, while hopefully our teams are listening to this call, I want to really tip my hat to all of you for what an extraordinary job you did. And I think it speaks volume to the messaging that Michael and our creative teams are putting together as well as what you see at Versace and Jimmy Choo.

但是，Michael Kors，再次，雖然希望我們的團隊正在聽這個電話，但我真的想向你們所有人致敬，感謝你們所做的非凡工作。我認為這充分說明了 Michael 和我們的創意團隊正在整合的信息，以及你在 Versace 和 Jimmy Choo 看到的信息。

So we're seeing definitely a younger consumer come to all 3 brands, which is, in many ways, not unusual to Michael Kors because we've had that over the years. We've always had a younger customer. But it's a bit more unusual for Versace and Jimmy Choo, which tended to have slightly older customers, mainly due to the pricing of the product.

因此，我們肯定看到所有 3 個品牌都有年輕的消費者，這在很多方面對 Michael Kors 來說並不罕見，因為我們多年來一直如此。我們一直有一個年輕的客戶。但對於 Versace 和 Jimmy Choo 來說，這有點不尋常，它們的客戶往往年齡稍大，主要是由於產品的定價。

But accessories, in particular, handbags and small leather goods, really are a way to engage with consumers that someone want to buy something as small as a little coin purse or they might want to have something like a cross-body or they might want to step up to a more expensive handbag itself.

但配飾，尤其是手袋和小皮具，確實是一種吸引消費者的方式，他們想購買小到零錢包這樣的東西，或者他們可能想要斜挎包之類的東西，或者他們可能想要升級到更昂貴的手提包本身。

So we really have many more entry points for the consumer to really engage with the 3 different brands. And I think we've got incredible people, whether it's the main fixes of our brand campaigns or the influencers that we're using to engage with us.

所以我們真的有更多的切入點讓消費者真正接觸這 3 個不同的品牌。而且我認為我們擁有令人難以置信的人，無論是我們品牌活動的主要修復還是我們用來與我們互動的影響者。

So I think it was probably the best -- most healthy quarter for us in terms of how we saw the consumer coming in across age and income across all 3 brands. And again, I just want to congratulate all of our teams at Versace, Jimmy Choo and Michael Kors for their extraordinary effort.

因此，就我們如何看待所有三個品牌的不同年齡和收入的消費者而言，這可能是最好的——最健康的季度。再一次，我只想祝賀我們在范思哲、Jimmy Choo 和 Michael Kors 的所有團隊所做的非凡努力。

And also one other thing to remember, that's all not digital, many of these consumers are engaging with us at the store. So the way that we are also looking at our clienteling platforms, and that's been a huge success for the company. So when we talk about omni, getting recruitment from people at the store level, local level, is as important for us and sometimes even more than at the digital level.

還有一件事要記住，這一切都不是數字化的，這些消費者中的許多人都在商店與我們互動。因此，我們也在看待我們的客戶平台，這對公司來說是一個巨大的成功。因此，當我們談論全能時，從商店級別、本地級別的人員那裡獲得招聘對我們來說同樣重要，有時甚至比數字級別更重要。

So again, really, really happy about that. I'll turn it over to Tom.

所以再次，真的，真的很高興。我會把它交給湯姆。

Sure. Erinn, regarding the impact of the stimulus and what's included in our expectations, in the past, the stimulus has come on. And then there have been gaps in it. We've seen momentum only improve with our brands.

當然。 Erinn，關於刺激的影響以及我們的預期中包含的內容，過去，刺激已經到來。然後就出現了漏洞。我們看到勢頭只會隨著我們的品牌而改善。

So if you look across the quarter sequentially compared to the pre-pandemic levels, we've seen great sequential improvement even when there was or wasn't a stimulus impact. What we're seeing now is the consumer, we believe, is fundamentally healthy and the demand for our brands remains very, very strong and robust.

因此，如果您與大流行前的水平相比，按順序查看本季度，即使存在或不存在刺激影響，我們也看到了顯著的連續改善。我們現在看到的是，我們相信，消費者基本上是健康的，對我們品牌的需求仍然非常、非常強勁和強勁。

So as we enter into Q4, our trends are in line with Q3. We're bringing in new consumers, and that's an important fact as well that will help shore uplift the demand and the continued success of our brands. And all of this is incorporated in our expectations. So it is incorporated in the guidance that you've seen for both Q4 and the quarters next year.

因此，當我們進入第四季度時，我們的趨勢與第三季度一致。我們正在吸引新的消費者，這也是一個重要的事實，將有助於提升需求和我們品牌的持續成功。所有這些都包含在我們的期望中。因此，它已包含在您所看到的第四季度和明年季度的指導中。

Our final question today is coming from Simeon Siegel from BMO Capital Markets.

我們今天的最後一個問題來自 BMO 資本市場的 Simeon Siegel。

Congrats on the ongoing strength. It's a really nice job, and welcome to the call, Josh. Great to have you here. So just 2 quick ones for me.

恭喜持續的實力。這是一份非常好的工作，歡迎來電，喬希。很高興有你在這裡。所以對我來說只有兩個快速的。

Really fantastic AUR growth. We've been seeing that. Your comments about ongoing opportunity are also really encouraging. So just any view on the order of magnitude opportunity there?

非常棒的 AUR 增長。我們已經看到了。您對持續機會的評論也非常令人鼓舞。那麼對那裡的機會數量級有任何看法嗎？

And then, Tom, I know we talked about the go-forward inventory. Can you just quantify what the in-transit inventory was within the embedded balance now? Maybe thoughts on the timing of that product? And just so we know what is the in-transit inventory, so just whether we should think about whether there are concerns over any late received seasonal goods or just anything along those lines?

然後，湯姆，我知道我們談到了前進庫存。您現在可以量化嵌入餘額中的在途庫存嗎？也許對那個產品的時間有想法？就這樣我們知道什麼是在途庫存，那麼我們是否應該考慮是否對任何延遲收到的季節性商品或任何類似的事情存在擔憂？

I'm going to grab Versace and Jimmy Choo, and then turn it over to Josh for Michael Kors. We're seeing very strong AUR growth at Versace, and that's really driven by the accessories business and the full price selling and sell-throughs that are happening in that business.

我要抓住 Versace 和 Jimmy Choo，然後把它交給 Josh 為 Michael Kors。我們看到范思哲的 AUR 增長非常強勁，這實際上是由配飾業務以及該業務中發生的全價銷售和銷售推動的。

So AUR growth quite significant at Versace, and it's really driven by those 2 things. Accessories and much, much better full price sell-throughs because we're not over relying on ready-to-wear, which always has higher markdown rates. Number one.

因此，范思哲的 AUR 增長非常顯著，這實際上是由這兩件事推動的。配飾和更好的全價銷售，因為我們並沒有過度依賴成衣，成衣總是有更高的降價率。第一。

Number two, Jimmy Choo, we talked about price increases. We're putting those -- have been putting those in place and more to come. The brand has been underpriced, if I can say that, versus what the consumer perception is. And we've seen absolutely no consumer resistance to any of the price increases that we take -- have taken, and there will be more as well. So we feel really good about what's happening at the AUR level at both of these companies.

第二，Jimmy Choo，我們談到了價格上漲。我們正在落實這些——已經落實到位，還有更多。如果我可以這麼說，與消費者的看法相比，該品牌的價格被低估了。而且我們絕對沒有看到消費者對我們採取的任何價格上漲的抵制 - 已經採取了，而且還會有更多。因此，我們對這兩家公司在 AUR 級別發生的事情感覺非常好。

I will also say to you that Versace will begin to take price increases. We had certain target levels that we wanted to be at with Versace, which were competitive with certain luxury competitors. All the luxury industry is raising prices. And we will talk to you more about this at Investor Day, but we'll be positioning Versace at a higher price point than where it is today, which should long term bode well for the gross margin of the company.

我還要對你說，范思哲將開始接受漲價。我們希望 Versace 達到某些目標水平，這與某些奢侈品競爭對手具有競爭力。所有的奢侈品行業都在提高價格。我們將在投資者日與您進行更多討論，但我們將把范思哲定位在比現在更高的價格點，這對公司的毛利率來說應該是長期的好兆頭。

I'll turn it over to Josh for Michael Kors.

我會為 Michael Kors 把它交給 Josh。

So in terms of AUR for Michael Kors, as we noted, we've seen consistent AUR growth in the high teens, specifically in the holiday quarter. And I think it's important to note that, that was led by North America, which typically has been a more promotional environment.

因此，正如我們所指出的，就 Michael Kors 的 AUR 而言，我們已經看到青少年的 AUR 持續增長，特別是在假日季度。而且我認為重要的是要注意，這是由北美領導的，這通常是一個更具促銷性的環境。

And as Tom said, we're not lapping those promotions. And so that has translated into very robust AUR growth. And it has -- my hats off really to the North America team because it's giving everybody confidence, understanding that the consumer is willing to pay for the brand. And the brand is demonstrating pricing power. So you'll continue to see more emphasis on price increases and a specific focus on the best category as we think about the good, better and best opportunities within each classification.

正如湯姆所說，我們不會重複這些促銷活動。因此，這已轉化為非常強勁的 AUR 增長。而且它有 - 我真的向北美團隊致敬，因為它讓每個人都充滿信心，了解消費者願意為品牌付費。該品牌正在展示定價能力。因此，當我們考慮每個類別中的良好、更好和最佳機會時，您將繼續看到對價格上漲的更多重視和對最佳類別的特別關注。

And to add on to what Josh just said, I want to be clear about one thing. We're not just taking price increases, we're improving quality. We're adding more to design. And truthfully, as we go back and look historically, we used to sell much higher handbags, in particular, in the company over the years.

為了補充喬什剛才所說的話，我想澄清一件事。我們不只是接受價格上漲，我們正在提高質量。我們正在為設計添加更多內容。老實說，當我們回顧歷史時，我們過去常常賣高得多的手袋，特別是這些年來在公司裡。

And so we're just going back to where we were before. And wherever we were over the past few years, we don't think that's the right positioning for this company long term. So not only will prices go up, but it's really going to be the positioning of the product itself, which I think is really important for everyone to understand.

所以我們只是回到我們以前的地方。在過去的幾年裡，無論我們在哪裡，我們都認為這不是這家公司長期的正確定位。所以不僅價格會上漲，而且真的會是產品本身的定位，我認為這對於每個人來說都非常重要。

Tom, do you want to just finish up on the inventory? And I'll give some closing remarks.

湯姆，你想完成庫存嗎？我將發表一些結束語。

Sure. Happy to. So Simeon, with regard to in-transit, it significantly increased. It was over 2.5x the prior year level. And what that resulted in was our on-hand inventory overall for the company was around the same level it was in the prior year even though sales were increasing. And that is even more challenging in certain areas, like Michael Kors in North America, which, of course, as John mentioned, that we were not meeting our consumer demand.

當然。高興。所以西蒙，在運輸中，它顯著增加。是上年水平的 2.5 倍以上。這導致我們公司的總體現有庫存與上一年的水平大致相同，儘管銷售額在增加。這在某些領域更具挑戰性，比如北美的 Michael Kors，當然，正如約翰所說，我們沒有滿足消費者的需求。

So as it regards to receipts, we want to make sure we're getting the product in, and that's -- a result of that is the higher cost and supply chain that we noted over the next few quarters. And we believe that will help us meet consumer demand. At the same time, we do expect in-transits to be higher. Inventory, over the next few quarters, as I mentioned, would be significantly higher through spring. A portion of that will be in-transit, and that will be in the normalized past that time.

因此，就收據而言，我們希望確保我們收到產品，這是 - 結果是我們在接下來的幾個季度中註意到更高的成本和供應鏈。我們相信這將有助於我們滿足消費者的需求。與此同時，我們確實預計在途運輸會更高。正如我所提到的，在接下來的幾個季度中，庫存將在整個春季顯著增加。其中一部分將在運輸途中，並且將在過去的正常化中。

Thank you, Simeon, and thank you, Tom and Josh. So first and foremost, again, I'd like to welcome Josh to the team. He's been here for 5 months. And I think the future is bright under his leadership at Michael Kors and ultimately for Capri. So again, Josh, welcome to the team.

謝謝你，西蒙，謝謝你，湯姆和喬希。所以首先，我想再次歡迎喬希加入團隊。他來這裡已經5個月了。我認為在他的領導下，Michael Kors 和 Capri 的未來是光明的。再次，喬希，歡迎加入團隊。

And lastly, I'd like to conclude by saying we were very pleased with our third quarter results. We believe that fourth quarter is also starting off on similar trends. So we see the health of the consumer continuing. And we are -- as we had indicated in our outlook, this will be the highest level of revenues in the company's history this year. As well as at $6 a share, the highest level of earnings per share growth significantly from where we have been historically.

最後，我想最後說我們對第三季度的業績非常滿意。我們認為，第四季度也以類似的趨勢開始。因此，我們看到消費者的健康狀況仍在繼續。而且我們 - 正如我們在展望中指出的那樣，這將是公司今年曆史上的最高收入水平。除了每股 6 美元外，每股收益的最高增長水平也大大高於我們的歷史水平。

So I think this company is really positioned for significant future growth, and we look forward to sharing more about that at our Investor Day in June. Thank you very much for joining us today.

因此，我認為這家公司確實為未來的顯著增長做好了準備，我們期待在 6 月的投資者日上分享更多相關信息。非常感謝您今天加入我們。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝你。今天的電話會議和網絡直播到此結束。你可以在這個時候斷開你的線路，並有一個美好的一天。我們感謝您今天的參與。