Capri Holdings Ltd (CPRI) 2022 Q2 法說會逐字稿

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

您好，歡迎參加 Capri Holdings Limited 2022 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Jennifer Davis, Vice President of Investor Relations. Thank you, Ms. Davis, you may begin.

現在我很高興向您介紹您的主持人，投資者關係副總裁詹妮弗戴維斯。謝謝你，戴維斯女士，你可以開始了。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited Second Quarter Fiscal 2022 Conference Call. With me this morning are Chairman and Chief Executive Officer, John Idol; and Chief Financial and Chief Operating Officer, Tom Edwards.

大家早上好，感謝您參加 Capri Holdings Limited 第二季度 2022 財年電話會議。今天早上和我在一起的是董事長兼首席執行官 John Idol；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. To view the corresponding GAAP measures and related reconciliation, please view the earnings release posted on our website earlier today at capriholdings.com.

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。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。

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, and good morning, everyone. Looking at Capri Holdings' momentum, as the world continues to recover from the pandemic, we are encouraged by the progress of all three of our luxury houses. Versace, Jimmy Choo and Michael Kors are all resonating with consumers as evidenced by the 11 million new customers added across our databases over the last year.

謝謝你，詹妮弗，大家早上好。看看 Capri Holdings 的勢頭，隨著世界繼續從大流行中復蘇，我們對我們所有三間豪宅的進步感到鼓舞。范思哲、Jimmy Choo 和 Michael Kors 都與消費者產生了共鳴，去年我們的數據庫中新增了 1100 萬客戶就證明了這一點。

During this time, we have continued to see revenue growth and margin expansion above our expectations, reflecting the successful execution of our strategic growth initiatives. We are extremely optimistic about our future growth potential and believe the company is emerging from the pandemic stronger than ever. Capri Holdings' success is a testament to the strength of our brands as well as the dedication, resilience and agility of our entire team across the globe.

在此期間，我們繼續看到收入增長和利潤率增長超出我們的預期，這反映了我們戰略增長計劃的成功執行。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。 Capri Holdings 的成功證明了我們品牌的實力以及我們全球整個團隊的奉獻精神、韌性和敏捷性。

Now turning to second quarter results. Capri Holdings' revenue, gross margin, operating margin and earnings per share all exceeded our expectations. Total revenue in the quarter increased 17%, reflecting better-than-anticipated results at all three brands. E-commerce sales increased double digits, building upon significant gains achieved last year. Additionally, gross margin expanded 440 basis points, reflecting increases across all three of our luxury houses. Operating margin of 18.5% was significantly above our expectations. As a result, earnings per share of $1.53 was better than anticipated.

現在轉向第二季度的結果。 Capri Holdings 的收入、毛利率、營業利潤率和每股收益均超出我們的預期。本季度總收入增長 17%，這反映了所有三個品牌的業績都好於預期。在去年取得顯著增長的基礎上，電子商務銷售額增長了兩位數。此外，毛利率擴大了 440 個基點，反映了我們所有三間豪宅的增長。 18.5%的營業利潤率大大高於我們的預期。因此，每股收益為 1.53 美元，好於預期。

Looking at group revenue trends by geography. Revenue growth continued to exceed our expectations in the Americas and would have been even stronger, if not for inventory constraints. Consumer demand for our brands was healthy and benefited from an increase in social gatherings.

按地域查看集團收入趨勢。收入增長繼續超過我們在美洲的預期，如果不是因為庫存限制，它會更加強勁。消費者對我們品牌的需求是健康的，並受益於社交聚會的增加。

In EMEA, revenue trends were also above our expectations with growth across all houses. We saw strong momentum driven by robust domestic consumer demand as stores in the region reopened and vaccination rates increased significantly.

在歐洲、中東和非洲地區，收入趨勢也高於我們的預期，所有房屋均實現增長。隨著該地區商店重新開業和疫苗接種率顯著提高，我們看到強勁的國內消費需求推動了強勁勢頭。

In Asia, revenue was flat due to COVID-19-related restrictions in Japan, Southeast Asia and Australia as well as an increase in COVID cases in China, which resulted in new travel and other regional restrictions. However, revenue in Mainland China increased during the quarter, even with greater restrictions.

在亞洲，由於日本、東南亞和澳大利亞與 COVID-19 相關的限制以及中國的 COVID 病例增加，導致新的旅行和其他區域限制，收入持平。然而，中國大陸的收入在本季度有所增長，即使有更大的限制。

Now turning to second quarter performance by brand. Starting with Versace, results significantly exceeded our expectations once again. Revenue increased 45%, demonstrating the strength of the brand and the success of our strategic growth plan. At the core of these strategies is the bold and fearless design vision of Donatella Versace. Her vision is based on Versace's iconic Italian heritage and unapologetic glamour. Versace has created three very powerful iconic pillars with Virtus, La Medusa and the launch of our new La Greca signature pattern in September.

現在轉向按品牌劃分的第二季度業績。從 Versace 開始，結果又一次大大超出了我們的預期。收入增長了 45%，顯示了品牌的實力和我們戰略增長計劃的成功。這些策略的核心是 Donatella Versace 大膽無畏的設計願景。她的願景基於 Versace 標誌性的意大利傳統和毫無歉意的魅力。范思哲創造了三個非常強大的標誌性支柱，分別是 Virtus、La Medusa 以及我們在 9 月推出的全新 La Greca 標誌性圖案。

La Greca is Donatella's modern interpretation of Versace's classic Greek Key motif, which Gianni first introduced in 1988. The signature pattern illustrates Versace's rich history and the brand's ability to draw from the past to create innovative designs for the future. La Greca is off to a very strong start and is reflected across all product categories, including accessories, footwear, ready-to-wear and jewelry. We continue to believe the signature pattern will accelerate the trajectory of Versace's revenue growth as our third iconic pillar.

La Greca 是 Donatella 對 Versace 經典希臘鑰匙圖案的現代詮釋，Gianni 於 1988 年首次推出該圖案。標誌性圖案展示了 Versace 豐富的歷史以及品牌從過去汲取靈感並為未來創造創新設計的能力。 La Greca 的開端非常強勁，體現在所有產品類別中，包括配飾、鞋類、成衣和珠寶。我們仍然相信標誌性模式將加速范思哲作為我們第三個標誌性支柱的收入增長軌跡。

Women's accessories continued to perform well as retail sales increased strong double digits. With our three iconic pillars, we are confident in our ability to position Versace as a leading luxury leather house. We are making significant progress in our goal to expand accessories revenue to $1 billion over time.

女性配飾繼續表現良好，零售額強勁增長兩位數。憑藉我們的三大標誌性支柱，我們有信心將 Versace 定位為領先的豪華皮具品牌。隨著時間的推移，我們在將配件收入擴大到 10 億美元的目標方面取得了重大進展。

Looking at footwear. We are gaining authority as a women's footwear brand and have begun to build out our core offerings focused on our iconic codes. In the second quarter, women's footwear sales at retail increased double digits.

看著鞋。我們正在獲得作為女鞋品牌的權威，並開始構建我們的核心產品，專注於我們的標誌性代碼。第二季度，女鞋零售額增長了兩位數。

Additionally, we saw strength in men's and women's ready-to-wear, with retail sales up double digits. Versace's bold and fearless designs were positively received by consumers, and we saw an especially strong response to the new La Greca signature pattern when it launched in September. We also continued to expand our core lines, which incorporate iconic house codes to increase sales and 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。范思哲大膽無畏的設計受到消費者的積極歡迎，我們看到新的 La Greca 標誌性圖案在 9 月推出時反響特別強烈。我們還繼續擴展我們的核心產品線，其中包含標誌性的品牌代碼以增加銷售額並擴大 Versace 的影響力。

Moving to brand awareness and consumer engagement. Versace's fall campaign featured global superstar, Dua Lipa, as she introduced the new La Greca collection. The pop icon epitomizes the Versace brand with her impeccable style, fearless attitude and universal appeal. Dua Lipa has over 125 million followers on her social media accounts.

轉向品牌知名度和消費者參與度。范思哲的秋季廣告以全球巨星 Dua Lipa 為特色，她介紹了新的 La Greca 系列。這位流行偶像以其無可挑剔的風格、無畏的態度和普遍的吸引力成為范思哲品牌的縮影。 Dua Lipa 在她的社交媒體賬戶上擁有超過 1.25 億粉絲。

Additionally, Versace generated widespread acclaim and media coverage during Milan Fashion Week. First, Dua Lipa opened and closed the Versace Spring-Summer 2022 show in her runway debut. The show generated over 41 million views globally. Then, in a momentous conclusion to Milan Fashion Week, Versace and Fendi, two iconic Italian fashion luxury houses, came together with a joint Fendace show. The houses debuted a Versace collection designed by Fendi's artistic director, Kim Jones, followed by a Fendi collection designed by Donatella Versace.

此外，范思哲在米蘭時裝週期間獲得了廣泛的讚譽和媒體報導。首先，Dua Lipa 在她的 T 台首秀中開啟和關閉了 Versace 2022 春夏秀場。該節目在全球產生了超過 4100 萬次觀看。隨後，在米蘭時裝週的重要落幕中，范思哲和芬迪這兩家意大利標誌性的時尚奢侈品牌聯合舉辦了一場 Fendace 秀。這些品牌推出了由芬迪藝術總監金瓊斯設計的范思哲系列，隨後是多納泰拉范思哲設計的芬迪系列。

The swapping of design roles presented a unique moment in fashion. The Fendace show generated over 17 million views globally. We believe this collection will generate significant revenue and increased brand awareness for both Fendi and Versace. As a result, Versace was the top engaged Italian fashion brand on social media during Milan Fashion Week.

設計角色的互換呈現了時尚界的一個獨特時刻。 Fendace 節目在全球產生了超過 1700 萬次觀看。我們相信這個系列將為 Fendi 和 Versace 帶來可觀的收入並提高品牌知名度。因此，范思哲成為米蘭時裝週期間社交媒體上參與度最高的意大利時尚品牌。

During the quarter, Versace continued to adorn the world's most famous celebrities. The atelier's presence at the Met Gala was extensive, with Donatella dressing celebrities, including Lil Nas X, Steph Curry, Maluma and Channing Tatum. These powerful initiatives, among others, helped to drive a 26% increase year-over-year in Versace's global database.

在本季度，范思哲繼續為世界上最著名的名人裝扮。工作室在 Met Gala 上的存在非常廣泛，Donatella 為名人穿衣，包括 Lil Nas X、Steph Curry、Maluma 和 Channing Tatum。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 26%。

Overall, Versace's second quarter results speak to the strength of the brand and reinforce our confidence in the luxury house's long-term growth potential. Versace's revenue and margin are outpacing our expectations as the brand's momentum remains incredibly strong. We now have the key building blocks in place to realize the full potential of this amazing brand and are more optimistic than ever about Versace's future.

總體而言，范思哲第二季度的業績證明了該品牌的實力，並增強了我們對該奢侈品公司長期增長潛力的信心。范思哲的收入和利潤率超出了我們的預期，因為該品牌的勢頭仍然非常強勁。我們現在擁有了實現這個驚人品牌的全部潛力的關鍵構件，並且對范思哲的未來比以往任何時候都更加樂觀。

Moving to Jimmy Choo. Results were ahead of our expectations with revenues increasing 12% as we continued to execute against our strategic initiatives. At the core of these initiatives is the design vision of Sandra Choi. Sandra's vision is inspired by Jimmy Choo's inherent glamour, confidence and bearing attitude. We are successfully translating these brand codes into the foundation of Jimmy Choo's key product strategies focused on expanding accessories and growing both formal and casual footwear.

搬到吉米週。隨著我們繼續執行我們的戰略計劃，結果超出了我們的預期，收入增長了 12%。這些舉措的核心是 Sandra Choi 的設計願景。 Sandra 的願景靈感來自 Jimmy Choo 與生俱來的魅力、自信和承擔的態度。我們成功地將這些品牌代碼轉化為 Jimmy Choo 的主要產品戰略的基礎，該戰略專注於擴展配飾和發展正裝和休閒鞋類。

In accessories, we were pleased with the progress as second quarter revenue increased double digits. Accessories sales were driven by continued focus on our three key hero handbag families: VARENNE, Madeline and Bon Bon, which where updated for fall with rich seasonal colors and lavish textiles.

在配件方面，我們對第二季度收入增長兩位數的進展感到滿意。配飾銷售受到持續關注我們三個主要英雄手袋系列的推動：VARENNE、Madeline 和 Bon Bon，秋季更新了豐富的季節性色彩和奢華的紡織品。

We've been seeing a return to glamour, with evening bags performing very well. Footwear sales also increased double digits in the quarter, driven by a recovery in formal footwear styles as people are returning to work, attending events and enjoying special occasions. Within formal and casual footwear, we have been seeing a shift to more embellished styles.

我們看到了魅力的回歸，晚裝包的表現非常好。隨著人們重返工作崗位、參加活動和享受特殊場合，正裝鞋款的複蘇推動了本季度鞋類銷售額的兩位數增長。在正式和休閒鞋類中，我們看到了向更多裝飾風格的轉變。

In terms of brand awareness and consumer engagement, we are excited to feature Hailey Bieber as the face of Jimmy Choo's new bold Autumn 2021 campaign, Time to Dare. Hailey is the embodiment of the modern glamour that defines Jimmy Choo. She perfectly encapsulates the alluring, daring and confident spirit that is at the core of the brand's DNA. Hailey has over 40 million followers on her social media accounts.

在品牌知名度和消費者參與度方面，我們很高興海莉·比伯 (Hailey Bieber) 成為 Jimmy Choo 2021 年秋季新廣告大冒險的代言人。 Hailey 是定義 Jimmy Choo 的現代魅力的化身。她完美地概括了品牌 DNA 核心的迷人、大膽和自信的精神。 Hailey 在她的社交媒體賬戶上擁有超過 4000 萬粉絲。

With the return of in-person events, Jimmy Choo's presence on the red carpet was extensive. A few of the many celebrities wearing Jimmy Choo during the quarter included Billie Eilish, Jennifer Lopez, Dua Lipa, Gigi Hadid, Hailey Bieber, Zach Braff and Nick Cannon.

隨著面對面活動的回歸，Jimmy Choo 在紅地毯上的存在範圍很廣。本季度穿著 Jimmy Choo 的眾多名人中包括 Billie Eilish、Jennifer Lopez、Dua Lipa、Gigi Hadid、Hailey Bieber、Zach Braff 和 Nick Cannon。

Our engaging marketing, combined with glamorous product helped contribute to a 17% year-over-year increase in Jimmy Choo's global consumer database. Overall, Jimmy Choo's double-digit revenue growth in the second quarter reinforces our confidence in the luxury house's future growth potential.

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 17%。總體而言，Jimmy Choo 第二季度兩位數的收入增長增強了我們對豪宅未來增長潛力的信心。

Now turning to Michael Kors. Results were also ahead of our expectations, with revenue increasing 11% as we continue to execute against our strategic initiatives. These initiatives are centered on Michael's optimistic design vision, which is based on timeless fashion and Jet Set glamour.

現在轉向邁克爾·科爾斯。結果也超出了我們的預期，隨著我們繼續執行我們的戰略計劃，收入增長了 11%。這些舉措以 Michael 的樂觀設計願景為中心，該願景基於永恆的時尚和 Jet Set 的魅力。

Looking at Michael Kors' key product strategies, we are focused on three growth pillars: first, capitalizing on Signature; second, growing MKGO, our active collection; and third, expanding our men's business. We believe both MKGO and men's represent incremental revenue opportunities that will bring new customers to the brand.

回顧 Michael Kors 的關鍵產品戰略，我們專注於三個增長支柱：第一，利用 Signature；第二，發展我們的活躍收藏品 MKGO；第三，拓展我們的男裝業務。我們相信 MKGO 和男裝都代表了增加的收入機會，將為品牌帶來新客戶。

Now let me discuss the continued progress we have been making with our initiatives. First, Signature is a core growth strategy, and we plan to increase this classification to 50% across all product categories. Signature has become an important foundation and driving force behind revenue growth in every region globally.

現在讓我討論一下我們在倡議方面取得的持續進展。首先，Signature 是一項核心增長戰略，我們計劃在所有產品類別中將這一分類提高到 50%。簽名已成為全球每個地區收入增長的重要基礎和驅動力。

As we are building out the Signature classification, it has been generating higher AURs and gross margin expansion. In the quarter, overall Signature represented 39% of the assortment compared to 32% last year and drove sales across all categories.

在我們構建 Signature 分類時，它一直在產生更高的 AUR 和毛利率擴張。在本季度，整體 Signature 佔該品類的 39%，而去年這一比例為 32%，並推動了所有類別的銷售。

In accessories, Signature penetration was even greater. Accessories retail sales increased double digits globally as consumers responded to our iconic Signature styles, energized by flashes of color and fresh updates for fall.

在配飾方面，Signature 的滲透率更高。隨著消費者對我們標誌性的 Signature 款式的反應，配飾在全球範圍內的零售額增長了兩位數，秋季的色彩閃爍和新鮮更新為我們注入了活力。

Turning to MKGO. Consumers' reaction to the newest launch of MKGO has exceeded our expectations across all product categories. For the fall, the MKGO line features our signature MK print with pops of orange and logo taping. We are attracting new and younger consumers with the innovative product amplified by a powerful 360-degree communication strategy. We continue to believe that MKGO is an incremental $250 million revenue opportunity that is a true product extension not cannibalizing our existing businesses.

轉向MKGO。消費者對最新推出的 MKGO 的反應超出了我們對所有產品類別的預期。秋季，MKGO 系列以我們標誌性的 MK 印花為特色，帶有橙色和徽標膠帶。我們正在通過強大的 360 度溝通策略放大創新產品來吸引新的和年輕的消費者。我們仍然相信 MKGO 是一個增加 2.5 億美元的收入機會，是一個真正的產品擴展，不會蠶食我們現有的業務。

Looking at men's, second quarter retail sales increased double digits globally, as we focus on timeless essentials with a modern edge. Accessories sales were strong, driven by Signature. We continue to believe that men's represents an incremental $300 million revenue opportunity.

從男裝來看，第二季度全球零售額增長了兩位數，因為我們專注於具有現代優勢的永恆必需品。在 Signature 的推動下，配飾銷售強勁。我們仍然相信男裝代表著增加 3 億美元的收入機會。

Now turning to brand awareness and consumer engagement. For fall, we continued our highly successful The Eye Must Travel (sic) [The Eye Has to Travel] campaign featuring Bella Hadid. The campaign returned to New York where the speed, energy and optimism of the city is always an inspiration for Michael.

現在轉向品牌知名度和消費者參與度。秋季，我們繼續以 Bella Hadid 為主角的大獲成功的 The Eye Must Travel (sic) [The Eye Has to Travel] 活動。這場運動回到了紐約，這座城市的速度、活力和樂觀精神一直是邁克爾的靈感來源。

During New York Fashion Week, Michael Kors was one of the top engaged brands on social media. Following Michael's highly successful 40th anniversary show, the Spring/Summer 2022 fashion show was his first live runway show since the pandemic began. Set in New York City's landmark Tavern on the Green, in Central Park, the show highlighted Michael's fashion innovation, which reflected urban romance. The show generated over 23 million views across social media platforms.

在紐約時裝週期間，Michael Kors 是社交媒體上參與度最高的品牌之一。繼邁克爾大獲成功的 40 週年紀念秀之後，2022 年春夏時裝秀是他自疫情開始以來的首次現場秀。該節目以紐約市地標性的綠色小酒館為背景，位於中央公園，突出了邁克爾的時尚創新，體現了都市浪漫。該節目在社交媒體平台上產生了超過 2300 萬次觀看。

The brand's presence at the Met Gala was also extensive, with Michael dressing celebrities, including Shawn Mendez, Camila Cabello, Kate Hudson and Regina King.

該品牌在 Met Gala 上的亮相也很廣泛，邁克爾為名人穿衣，包括 Shawn Mendez、Camila Cabello、Kate Hudson 和 Regina King。

In China, we continued our extensive marketing initiatives, including the launch of Club Kors, an interactive brand experience that fuses fashion and music. This fun-filled, high-energy event was held at the Chengdu Open Air Music Park and featured festival attractions and live musical performances. The star-studded lineup included performances by several of China's top, top artists and Michael Kors' brand ambassador, Wang Feifei.

在中國，我們繼續開展廣泛的營銷活動，包括推出 Club Kors，這是一種融合時尚和音樂的互動品牌體驗。這場充滿樂趣、高能量的活動在成都露天音樂公園舉行，特色節日景點和現場音樂表演。星光熠熠的陣容包括多位中國頂級、頂級藝術家和 Michael Kors 品牌大使王霏霏的表演。

To extend the experience across China, Michael Kors hosted Club Kors takeovers at night clubs in Shanghai, Beijing and Downtown Chengdu, where guests were able to watch the concert livestream. Club Kors' livestream reached over 75 million viewers.

為了在中國推廣這種體驗，Michael Kors 在上海、北京和成都市中心的夜總會舉辦了 Club Kors 接管活動，客人可以在那裡觀看音樂會直播。 Club Kors 的直播吸引了超過 7500 萬觀眾。

In addition, Club Kors took over Michael Kors' Tmall flagship store with an interactive experience to tour the venue virtually. We believe this helped fuel Michael Kors' most successful Tmall Super Brand Day ever.

此外，Club Kors 還接管了 Michael Kors 的天貓旗艦店，提供互動體驗，虛擬參觀場地。我們相信這有助於推動 Michael Kors 有史以來最成功的天貓超級品牌日。

These marketing initiatives continued to highlight our brand pillars of speed, energy and optimism. This helped contribute to a 21% year-over-year increase in Michael Kors' global database, demonstrating the continued strength and desirability of the brand.

這些營銷舉措繼續突出我們的品牌支柱——速度、活力和樂觀。這有助於 Michael Kors 的全球數據庫同比增長 21%，證明了該品牌的持續實力和吸引力。

Overall, we are thrilled with Michael Kors' brand momentum and strong margin performance in the second quarter. The strategies we've put in place over the past 2 years have been generating higher consumer engagement as well as attracting new and younger consumers.

總體而言，我們對 Michael Kors 在第二季度的品牌勢頭和強勁的利潤率表現感到興奮。我們在過去 2 年實施的策略一直在提高消費者參與度，並吸引新的和年輕的消費者。

Our Jet Set vision focused on speed, energy and optimism across product innovation, brand engagement and customer experience is clearly exciting consumers. Additionally, we are continuing to elevate the brand positioning at Michael Kors, which is driving higher profitability. The strong consumer demand for the brand supports our tremendous enthusiasm for Michael Kors' future growth opportunities.

我們的 Jet Set 願景專注於產品創新、品牌參與和客戶體驗的速度、能量和樂觀，顯然令消費者興奮。此外，我們將繼續提升 Michael Kors 的品牌定位，從而推動更高的盈利能力。消費者對該品牌的強烈需求支持了我們對 Michael Kors 未來增長機會的巨大熱情。

In total, Capri Holdings' second quarter results exceeded our expectations, demonstrating the power of our three luxury houses and the execution of our strategic initiatives. Consumer desire for Versace, Jimmy Choo and Michael Kors remains strong, and we continue to grow revenue as well as expand gross margins. Given this momentum, we are raising full year revenue and earnings guidance, even with the ongoing supply chain and COVID-19-related challenges.

總體而言，Capri Holdings 的第二季度業績超出了我們的預期，展示了我們三間豪宅的實力以及我們戰略計劃的執行。消費者對范思哲、Jimmy Choo 和 Michael Kors 的需求依然強勁，我們繼續增加收入並擴大毛利率。鑑於這種勢頭，我們正在提高全年收入和盈利指引，即使供應鍊和 COVID-19 相關挑戰仍在持續。

Looking forward, based on the strength of our brands and the success of our strategic growth initiatives, we remain confident in the company's ability to deliver multiple years of revenue and earnings growth.

展望未來，基於我們品牌的實力和戰略增長計劃的成功，我們對公司實現多年收入和盈利增長的能力充滿信心。

Now before turning the call over to Tom, I would like to take a moment to welcome Josh Schulman to Capri Holdings. I have had the pleasure of knowing Josh for many years. He is an outstanding leader with broad industry experience and a proven track record of successfully operating and growing global fashion luxury brands. We do not believe we could have found a better leader and are thrilled to have him join our team. Importantly, Josh's appointment is part of a thoughtful leadership succession plan. Over the next year, Josh will serve as CEO of the Michael Kors brand before transitioning to CEO of Capri Holdings in September 2022.

現在，在將電話轉給 Tom 之前，我想花一點時間歡迎 Josh Schulman 加入 Capri Holdings。多年來，我很高興認識喬什。他是一位傑出的領導者，擁有廣泛的行業經驗以及成功運營和發展全球時尚奢侈品牌的良好記錄。我們不相信我們能找到更好的領導者，很高興他能加入我們的團隊。重要的是，喬希的任命是深思熟慮的領導繼任計劃的一部分。明年，喬希將擔任 Michael Kors 品牌的首席執行官，然後於 2022 年 9 月轉任 Capri Holdings 的首席執行官。

At that time, I will assume the role of Executive Chairman. My focus will be on our company's long-term strategy, future potential luxury acquisitions and providing overall leadership to the Board of Directors. The Board and I are confident in Josh's unique abilities to guide Capri Holdings through our next phase of growth.

屆時，我將擔任執行主席一職。我的重點將放在我們公司的長期戰略、未來潛在的奢侈品收購以及為董事會提供全面領導。董事會和我對 Josh 引導 Capri Holdings 完成下一階段增長的獨特能力充滿信心。

In the 2 months since joining Capri Holdings, Josh has begun to engage with the Michael Kors teams across the globe. He is rapidly immersing himself in the business and learning all facets of the brand. We look forward to his participation on our next earnings call when he can share his thoughts on Michael Kors' future growth opportunities.

在加入 Capri Holdings 的 2 個月裡，Josh 開始與全球的 Michael Kors 團隊合作。他正在迅速沉浸在業務中並學習品牌的方方面面。我們期待他參加我們的下一次財報電話會議，屆時他可以分享他對 Michael Kors 未來增長機會的看法。

Now let me turn the call over to Tom.

現在讓我把電話轉給湯姆。

Thank you, John, and good morning, everyone. Starting with second quarter results. Revenue of $1.3 billion increased 17% versus prior year, exceeding our expectation. Performance was driven by better-than-anticipated results across all three of our luxury houses.

謝謝你，約翰，大家早上好。從第二季度的結果開始。收入為 13 億美元，較上年增長 17%，超出我們的預期。我們所有三間豪宅的業績都好於預期，推動了業績的增長。

Michael Kors' revenue growth would have been even stronger, if not for inventory constraints, which were driven by greater-than-anticipated supply chain delays and extended factory closures. Net income was $235 million, resulting in diluted earnings per share of $1.53. This was above our expectations, reflecting better-than-anticipated revenue, gross margin and operating margin as well as a lower tax rate.

如果不是因為庫存限制，Michael Kors 的收入增長會更加強勁，而庫存限制是由超出預期的供應鏈延遲和工廠關閉時間延長造成的。淨收入為 2.35 億美元，攤薄後每股收益為 1.53 美元。這超出了我們的預期，反映了好於預期的收入、毛利率和營業利潤率以及較低的稅率。

Looking at revenue by channel. Total company retail sales increased approximately 20%. These results were driven by robust e-commerce and store sales, both of which increased double digits. Wholesale also grew but at a lower rate.

按渠道查看收入。公司總零售額增長約 20%。這些結果是由強勁的電子商務和商店銷售推動的，兩者均增長了兩位數。批發也有所增長，但增速較低。

By geography, revenue remained strong and above our expectations in the Americas and EMEA, increasing 20% and 25%, respectively, versus prior year.

按地域劃分，美洲和歐洲、中東和非洲地區的收入依然強勁，高於我們的預期，與去年相比分別增長 20% 和 25%。

In Asia, revenue was approximately flat due to continued restrictions in Japan, Southeast Asia and Australia as well as new travel and other regional restrictions in China. However, revenue in Mainland China increased during the quarter, even with the greater restrictions.

在亞洲，由於日本、東南亞和澳大利亞的持續限制以及中國新的旅行和其他區域限制，收入大致持平。然而，中國大陸的收入在本季度有所增加，即使有更大的限制。

Turning to revenue performance by brand. Versace revenue was $282 million, a 45% increase to prior year and above our expectations. Global sales in our retail channel increased over 30%, with strong double-digit increases in both e-commerce and store sales. By geography, total revenue in the Americas increased approximately 80%. Revenue in EMEA increased approximately 50%. And revenue in Asia increased 4%. Versace ended September with a global luxury fleet of 211 retail stores, a net increase of 5 from prior year.

轉向按品牌劃分的收入表現。范思哲收入為 2.82 億美元，比上年增長 45%，超出我們的預期。我們零售渠道的全球銷售額增長超過 30%，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約 80%。歐洲、中東和非洲地區的收入增長了約 50%。亞洲的收入增長了 4%。范思哲在 9 月底擁有 211 家全球奢侈品零售店，比上年淨增加 5 家。

For Jimmy Choo, revenue was $137 million, a 12% increase to prior year and above our expectations. 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 20%. Revenue in EMEA increased 15%. And revenue in Asia was approximately flat. Jimmy Choo ended the quarter with a global fleet of 237 retail stores, a net increase of 10 from prior year.

Jimmy Choo 的收入為 1.37 億美元，比上年增長 12%，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 20%。歐洲、中東和非洲地區的收入增長了 15%。亞洲的收入大致持平。 Jimmy Choo 在本季度末在全球擁有 237 家零售店，比上年淨增加 10 家。

At Michael Kors, total revenue was $881 million, an 11% increase to last year and above our expectations. 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' second 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 also increased over prior year, but at a lower rate. By geography, total Michael Kors revenue in the Americas increased 13%, and revenue in EMEA increased 16%. Revenue in Asia decreased 3%, reflecting the more extensive regional restrictions. Michael Kors ended the quarter with a global fleet of 823 retail stores, a net decrease of 5 from prior year.

Michael Kors 的總收入為 8.81 億美元，比去年增長 11%，高於我們的預期。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 第二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十幾歲左右增長，電子商務和商店銷售額均實現兩位數增長。批發收入也比上年有所增長，但增幅較低。按地域劃分，Michael Kors 在美洲的總收入增長了 13%，在 EMEA 的收入增長了 16%。亞洲的收入下降了 3%，反映了更廣泛的區域限制。 Michael Kors 在本季度結束時在全球擁有 823 家零售店，比上年淨減少 5 家。

Now looking at total company margin performance. Gross margin expanded 440 basis points to 67.6%, 390 basis points above our expectations. We were pleased to achieve gross margin expansion across all three of our luxury houses. This improvement primarily reflected increased full price sell-throughs and select price increases at Jimmy Choo and Michael Kors.

現在看看公司的總利潤率表現。毛利率擴大 440 個基點至 67.6%，高於我們的預期 390 個基點。我們很高興在我們所有的三間豪宅中實現了毛利率的增長。這一改善主要反映了 Jimmy Choo 和 Michael Kors 的全價銷售增加和精選價格上漲。

Operating expense as a percent of revenue was 49.1% compared to 46.8% last year. On an absolute basis, operating expense increased approximately 23% or $119 million versus prior year. This increase primarily reflected higher variable expenses, reinvestments in our business and the unfavorable impact of foreign currency exchange rate as well as lapping prior year COVID-related savings.

營業費用佔收入的百分比為 49.1%，而去年為 46.8%。在絕對基礎上，運營費用比上一年增加了約 23% 或 1.19 億美元。這一增長主要反映了較高的可變費用、對我們業務的再投資以及外匯匯率的不利影響以及與上一年 COVID 相關的儲蓄。

Total company operating margin of 18.5% was 550 basis points above our expectations, primarily driven by better-than-expected gross margin expansion as well as expense leverage on higher-than-anticipated revenue. All brand operating margins exceeded our expectations. At Versace, operating margin expanded 920 basis points to 19.5%. At Jimmy Choo, operating margin was 0.7%, and in Michael Kors, operating margin was 25%.

公司總營業利潤率為 18.5%，比我們的預期高出 550 個基點，主要是由於毛利率擴張好於預期，以及收入高於預期的費用槓桿。所有品牌的營業利潤率都超出了我們的預期。范思哲的營業利潤率擴大了 920 個基點，達到 19.5%。 Jimmy Choo 的營業利潤率為 0.7%，而 Michael Kors 的營業利潤率為 25%。

Our tax rate for the quarter was 3.7% compared to 20% last year. The lower rate primarily reflected a discrete item associated with the COVID-related tax change in Italy. As a result, we were able to release a portion of our deferred tax liabilities in the country.

我們本季度的稅率為 3.7%，而去年為 20%。較低的稅率主要反映了與意大利與 COVID 相關的稅收變化相關的離散項目。因此，我們能夠在該國釋放部分遞延所得稅負債。

Now turning to our balance sheet and cash flow. We ended the quarter with cash of $234 million and debt of $1.1 billion, resulting in net debt of approximately $900 million. Total liquidity at the end of the quarter was $1.3 billion. During the quarter, we repaid approximately $200 million of debt as well as repurchased approximately $100 million of shares. Additionally, our Board has authorized a new $1 billion share repurchase program. This demonstrates the strength of our free cash flow generation and balance sheet, providing additional capacity to return cash to shareholders over the longer term.

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 2.34 億美元的現金和 11 億美元的債務，淨債務約為 9 億美元。本季度末的總流動資金為 13 億美元。本季度，我們償還了約 2 億美元的債務，並回購了約 1 億美元的股票。此外，我們的董事會已授權一項新的 10 億美元股票回購計劃。這證明了我們的自由現金流產生和資產負債表的實力，為長期向股東返還現金提供了額外的能力。

Looking at inventory, we ended the quarter with $866 million, down 7% compared to prior year. This is lower than we had expected, given greater-than-anticipated supply chain delays and extended factory closures, which constrained our ability to deliver higher revenue. Compared to our initial expectations, transit times increased even more during the quarter. In addition, factory closures in Vietnam extended significantly longer than anticipated, further impacting our inventory position. While factories have reopened, it will take some time before they return to full capacity. Going forward, we expect to build inventory to support sales growth over the remainder of the year.

從庫存來看，我們在本季度末為 8.66 億美元，與去年同期相比下降了 7%。這低於我們的預期，因為供應鏈延遲和工廠關閉時間超出預期，這限制了我們提供更高收入的能力。與我們最初的預期相比，本季度的運輸時間增加得更多。此外，越南工廠關閉的時間明顯長於預期，進一步影響了我們的庫存狀況。雖然工廠已經重新開工，但它們需要一段時間才能恢復滿負荷運轉。展望未來，我們預計將增加庫存以支持今年剩餘時間的銷售增長。

Now turning to guidance. Looking at full year fiscal 2022, we are pleased to be raising guidance based on the underlying strength of our business. This updated guidance incorporates the greater-than-expected industry-wide supply chain challenges, including factory closures and extended transportation delays. These headwinds constrained revenue growth in the second quarter and are expected to continue for the near future. In addition to delays, we now expect the supply chain situation to result in nearly 200 basis points of higher expenses relative to our prior forecast in the back half of the year. However, the success of our strategic initiatives is currently offsetting these headwinds, therefore, enabling to raise our revenue, margin and earnings outlook.

現在轉向指導。展望 2022 財年全年，我們很高興根據我們業務的潛在實力提高指導。這份更新後的指南包含了超出預期的全行業供應鏈挑戰，包括工廠關閉和延長的運輸延誤。這些不利因素限制了第二季度的收入增長，預計在不久的將來將繼續存在。除了延誤之外，我們現在預計供應鏈狀況將導致費用相對於我們在今年下半年的先前預測高出近 200 個基點。然而，我們戰略舉措的成功目前正在抵消這些不利因素，因此能夠提高我們的收入、利潤率和盈利前景。

For fiscal '22, we now forecast Capri Holdings revenue of approximately $5.4 billion, above our prior guidance of approximately $5.3 billion, reflecting the better-than-anticipated second quarter performance as well as an increase in our third quarter outlook.

對於 22 財年，我們現在預測 Capri Holdings 的收入約為 54 億美元，高於我們之前約 53 億美元的指引，這反映了第二季度的業績好於預期以及我們第三季度前景的增長。

Full year guidance assumes Versace revenue of approximately $1.06 billion, Jimmy Choo revenue of approximately $575 million and Michael Kors revenue of approximately $3.765 billion.

全年指引假設范思哲收入約為 10.6 億美元，Jimmy Choo 收入約為 5.75 億美元，Michael Kors 收入約為 37.65 億美元。

For the year, we now expect approximately 250 basis points of gross margin expansion. This performance reflects greater-than-anticipated benefits from our ongoing strategic initiatives, including stronger full price sell-throughs and select price increases, which more than offset the higher than previously expected supply chain costs as well as the removal of remaining GSP savings. Given the delay in approval of GSP, we have removed it from our fiscal 2022 forecast.

今年，我們現在預計毛利率將增長約 250 個基點。這一業績反映了我們正在進行的戰略舉措帶來的超出預期的收益，包括更強勁的全價銷售和精選價格上漲，這足以抵消高於先前預期的供應鏈成本以及消除剩餘的 GSP 節省。鑑於 GSP 的批准延遲，我們已將其從 2022 財年預測中刪除。

Turning to operating expenses. We continue to forecast operating expenses of approximately $2.6 billion. As a result, we now expect the full year operating margin of approximately 18%, above our prior guidance of 16%.

轉向運營費用。我們繼續預測運營費用約為 26 億美元。因此，我們現在預計全年營業利潤率約為 18%，高於我們之前 16% 的指導。

For Versace, we now anticipate an operating margin in the mid-teens range. For Jimmy Choo, we now expect a slightly negative operating margin. And for Michael Kors, we continue to anticipate an operating margin in the mid-20% range.

對於范思哲，我們現在預計營業利潤率在十幾歲左右。對於 Jimmy Choo，我們現在預計營業利潤率會略有下降。對於 Michael Kors，我們繼續預計營業利潤率在 20% 左右。

Turning to our expectations around certain nonoperating items. We now anticipate net interest income of approximately $10 million, an effective tax rate of approximately 17% and weighted average shares outstanding of 154 million. As a result, we now expect to generate diluted earnings per share of approximately $5.30 for fiscal '22.

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 1000 萬美元，有效稅率約為 17%，加權平均流通股數為 1.54 億股。因此，我們現在預計 22 財年每股攤薄收益約為 5.30 美元。

Turning to our third quarter guidance. We anticipate total company revenue of approximately $1.46 billion. We forecast Versace revenue of approximately $235 million, Jimmy Choo revenue of approximately $145 million and Michael Kors revenue of approximately $1.08 billion.

轉向我們的第三季度指導。我們預計公司總收入約為 14.6 億美元。我們預計 Versace 收入約為 2.35 億美元，Jimmy Choo 收入約為 1.45 億美元，Michael Kors 收入約為 10.8 億美元。

We now anticipate our third quarter operating margin will be approximately 20%. This reflects gross margin expansion with the benefits of our ongoing strategic initiatives, more than offsetting approximately 200 basis points of higher supply chain costs relative to our prior forecast in the quarter.

我們現在預計我們第三季度的營業利潤率將約為 20%。這反映了毛利率的增長以及我們正在進行的戰略舉措的好處，這抵消了相對於我們在本季度之前的預測而言大約 200 個基點的更高供應鏈成本。

Operating margin also includes incremental investments in marketing, e-commerce and regional growth initiatives to support revenue growth. For Versace, we anticipate an operating margin in the low double-digit range. As a reminder, Versace reports on a 1-month lag and their third quarter does not include December, their single most profitable month in the year. For Jimmy Choo, we expect an operating margin in the negative mid-single-digit range. And for Michael Kors, we anticipate an operating margin in the high 20% range.

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。對於范思哲，我們預計營業利潤率在兩位數的低位。提醒一下，范思哲報告滯後 1 個月，他們的第三季度不包括 12 月，這是他們一年中最賺錢的月份。對於 Jimmy Choo，我們預計營業利潤率在負的中個位數範圍內。對於 Michael Kors，我們預計營業利潤率在 20% 左右。

Turning to our expectations around certain nonoperating items. We forecast net interest income of approximately $4 million, an effective tax rate of approximately 14% and weighted average shares outstanding of 154 million. As a result, we expect diluted earnings per share of approximately $1.65.

談到我們對某些非運營項目的期望。我們預測淨利息收入約為 400 萬美元，有效稅率約為 14%，加權平均流通股數為 1.54 億股。因此，我們預計每股攤薄收益約為 1.65 美元。

In conclusion, we are pleased with our second quarter results and the strong momentum of the business, particularly in the face of greater supply chain challenges. This performance reflects the strength of our fashion luxury houses in the execution of our strategic initiatives.

總之，我們對第二季度的業績和業務的強勁勢頭感到滿意，尤其是在面臨更大的供應鏈挑戰的情況下。這一表現反映了我們的時尚奢侈品公司在執行我們的戰略計劃方面的實力。

As the world emerges from the pandemic, we remain confident that our three brands, Versace, Jimmy Choo and Michael Kors, position Capri Holdings to achieve meaningful long-term revenue and earnings growth.

隨著世界擺脫大流行，我們仍然相信我們的三個品牌范思哲、Jimmy Choo 和 Michael Kors 將幫助 Capri Holdings 實現有意義的長期收入和盈利增長。

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 comes from the line of Kimberly Greenberger with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Kimberly Greenberger。

Congratulations on the great momentum in your business. And obviously, as you indicated, John and Tom, the inventory constraint, particularly at the Michael Kors brand, prevented, I think, even greater sales momentum. I'm wondering if you can just talk to us about the ability to get back in stock. And when do you think you'll have an opportunity to get sort of into an inventory position at the Michael Kors brand that you feel is a really good inventory and stock position? And any worries or concerns as we head into the holiday season about any particular categories or areas where you feel like you wish you had a little bit more inventory?

祝賀您的業務發展勢頭良好。顯然，正如你所指出的，約翰和湯姆，庫存限制，特別是邁克爾高仕品牌，我認為阻止了更大的銷售勢頭。我想知道您是否可以與我們談談恢復庫存的能力。你認為你什麼時候有機會進入 Michael Kors 品牌的庫存位置，你認為這是一個非常好的庫存和庫存位置？在我們進入假日季節時，您對任何特定類別或區域有任何擔憂或擔憂，您希望自己有更多庫存嗎？

Good morning, Kimberly. Thank you for joining us and that question. I'm going to apologize to everyone on this call. Unfortunately, there is some construction going on, on the floor above us. So we're going to have a little bit of a COVID situation where we can't control some hammering. I apologize.

早上好，金伯利。感謝您加入我們並提出這個問題。我要在這次電話會議上向所有人道歉。不幸的是，在我們上方的地板上正在進行一些施工。因此，我們將遇到一些無法控制錘擊的情況。我道歉。

As it relates to inventory, I'll divide it into two. I'll talk about kind of current situation holiday, and I'll let Tom take on the longer-term perspective. First off, we're extremely pleased with what -- how our results turned out for the quarter across all three of the luxury houses. And obviously, in particular, Versace was really extraordinary. And we continue to believe that the strategic initiatives that we've put in place at Versace, Jimmy Choo and Michael Kors.

由於它與庫存有關，我將其分為兩部分。我會談談目前的假期情況，我會讓湯姆從長遠的角度來看。首先，我們對我們在本季度所有三家豪宅的結果感到非常滿意。顯然，特別是范思哲，真的很特別。我們仍然相信我們在 Versace、Jimmy Choo 和 Michael Kors 實施的戰略舉措。

If you recall, when the pandemic broke, one of the first things we said is we weren't going to change what our strategic initiatives were, and in fact, we were going to continue to really focus on those as our guiding lights. So I think that's proving to be a smart decision on our part and our executive teams around the world. And I want to applaud them because they are all really implementing the great results that we're having.

如果你還記得，當大流行爆發時，我們說的第一件事就是我們不會改變我們的戰略舉措，事實上，我們將繼續真正關注這些作為我們的指路明燈。所以我認為這對我們和我們在世界各地的執行團隊來說是一個明智的決定。我想為他們鼓掌，因為他們都在真正實現我們正在取得的偉大成果。

As it relates to inventory, the biggest inventory issue is Michael Kors, and it is global because the supply chain issue is one that's quite challenging, predominantly with shipping product around the globe. So it's not just a North America issue. It's impacting us in all regions of the world. And let's just first start with the timing piece of that.

因為它與庫存有關，最大的庫存問題是 Michael Kors，它是全球性的，因為供應鏈問題是一個非常具有挑戰性的問題，主要是在全球範圍內運輸產品。所以這不僅僅是北美的問題。它影響著我們在世界所有地區。讓我們首先從計時部分開始。

That has clearly added somewhere between 45 and 60 days on to our deliveries on a global basis, sometimes a little bit more than that. And then, of course, we have the issue with Vietnam shutting down, which we did not anticipate in our planning, which we could have had. And that has -- while getting office reopened, it's going to take time for these factories to reach full capacity and then get back into a cadence that will really fill our supply chain needs.

這顯然使我們在全球範圍內的交貨時間增加了 45 到 60 天，有時還多一點。然後，當然，我們有越南關閉的問題，這是我們在計劃中沒有預料到的，我們本來可以做到的。這已經 - 在重新開放辦公室的同時，這些工廠需要時間才能達到滿負荷運轉，然後才能恢復到真正滿足我們供應鏈需求的節奏。

So I would say that we go into the third -- our fiscal third quarter, calendar fourth quarter, with lighter inventory than we would have liked to have had. That being said, you can see by our forecasts, we've raised our guidance. And that -- what we're seeing is we're just selling through the products that we have. The customer demand is absolutely outpacing what our inventory is.

所以我想說我們進入第三財季——我們的第三財季，日曆第四季度，庫存比我們希望的要少。話雖如此，您可以從我們的預測中看到，我們已經提高了我們的指導。而且 - 我們看到的是我們只是通過我們擁有的產品進行銷售。客戶的需求絕對超過我們的庫存。

One of the, if you can call it, saving grace, and I talked about this last two calls, is we took a position some time ago to reduce our promotional cadence regardless of what our competitors are doing around us. And we've stuck to that. And AURs are higher, and our conversions are higher. And all of that is turning into higher revenues at higher gross margins, which is flowing right through to the bottom line.

其中之一，如果你可以稱之為，節省恩典，我談到了最後兩個電話，是我們前一段時間採取了一個立場來降低我們的促銷節奏，無論我們的競爭對手在我們周圍做什麼。我們一直堅持這一點。 AUR 更高，我們的轉化率更高。所有這些都以更高的毛利率轉化為更高的收入，這直接流向了利潤。

So I think we feel that we will definitely meet our expectations for the holiday season. I would say the consumer is quite strong, not just in North America but in Europe. And even in Asia, where -- Asia, the bigger issue is just the kind of the starts and stops with COVID that are continuing to happen in that region. Although it does seem to be -- in Japan, which is one of our largest regions in Asia, are starting to kind of mitigate itself, and hopefully, we'll see a more normalized return over the balance of this quarter and certainly into our fourth quarter. And so we're encouraged by what we think will begin to happen in Asia, as we've seen in America and in EMEA.

所以我認為我們覺得我們一定會滿足我們對假期的期望。我會說消費者非常強大，不僅在北美，而且在歐洲。即使在亞洲——亞洲，更大的問題只是在該地區繼續發生的 COVID 的開始和停止。儘管看起來確實如此——在我們在亞洲最大的地區之一的日本，開始有所緩解，希望我們能在本季度的剩餘時間內看到更加正常化的回報，當然也會進入我們的第四季度。因此，正如我們在美國和歐洲、中東和非洲看到的那樣，我們認為亞洲將開始發生的事情讓我們感到鼓舞。

So as it relates to holiday, we will not be in the inventory position that we would have wanted to be in. That being said, we do have inventory that we believe is going to really generate the revenues that we forecasted and meet the consumer demand that we're going to be able to service given the inventory levels we have.

因此，由於它與假期有關，我們不會處於我們想要的庫存位置。話雖如此，我們確實有庫存，我們認為這些庫存將真正產生我們預測的收入並滿足消費者需求鑑於我們擁有的庫存水平，我們將能夠提供服務。

Additionally, we've flown merchandise here, knowing that there was that delay, as I said, between 45 and 60 days. And so we've got inventory here in the right places in the right holiday gifting categories, in particular. So I think we feel good about that. And of course, Versace and Jimmy Choo have been less affected by this for a variety of reasons. So we feel that we're in a very good inventory position with both of those brands.

此外，我們已經在這裡空運商品，正如我所說的那樣，我們知道有 45 到 60 天的延遲。因此，我們在正確的節日禮物類別中的正確位置有庫存，特別是。所以我認為我們對此感覺良好。當然，范思哲和 Jimmy Choo 受此影響較小，原因有很多。因此，我們認為這兩個品牌的庫存狀況都非常好。

And so we're looking forward to a very robust holiday season, really with the backdrop that the consumer is healthy, that the consumer is out and engaging in social activities. And we think that they're going to be looking forward to really strong gift giving and enjoying parties with their families.

因此，我們期待一個非常強勁的假期，真正的背景是消費者健康，消費者外出並參與社交活動。而且我們認為他們會期待真正強大的禮物贈送和與家人一起享受派對。

Let me now turn it over to Tom to talk about a little bit longer-term situation as it relates to supply chain.

現在讓我把它交給湯姆來談談與供應鏈有關的一些長期情況。

Sure. So as we look at the longer term, Kimberly, we do expect these delays to continue into fiscal 2023. And we don't believe they're a short-term issue, but longer term, we do believe the situation will begin to normalize.

當然。因此，從長遠來看，金佰利，我們確實預計這些延誤將持續到 2023 財年。我們不認為這是短期問題，但從長遠來看，我們確實相信情況將開始正常化.

In the meantime, we are working on a number of initiatives, and John mentioned some around holiday and airing some product over but also other initiatives to help mitigate the situation in terms of how and where we produce ocean shipping methods and strategic contracting with our carriers.

與此同時，我們正在製定一些舉措，約翰提到了一些關於假期和播出一些產品的舉措，以及其他舉措，以幫助緩解我們生產海運方式和與承運人的戰略合同的方式和地點方面的情況.

As we look at the rest of this year, we do expect to be building inventory for Michael Kors and the group overall as we work through this situation. But we don't believe the factories will continue to be an immediate issue. They have reopened and are building capacity, but we do believe the extended delays will continue.

展望今年餘下的時間，我們確實希望在解決這種情況時為 Michael Kors 和整個集團建立庫存。但我們認為工廠不會繼續成為一個緊迫的問題。他們已經重新開放並正在建設能力，但我們確實相信延長的延誤將繼續下去。

As we said in the prepared remarks, this is a 200-basis-point impact versus our prior expectations in the back half. And it's really the power of our three brands that is allowing us to offset this. So it's great consumer desire, and we have the continued ability to offset these costs with pricing increases.

正如我們在準備好的評論中所說，與我們之前對後半部分的預期相比，這是一個 200 個基點的影響。正是我們三個品牌的力量讓我們能夠抵消這一點。所以這是消費者的強烈願望，我們有能力通過提高價格來抵消這些成本。

Yes, and on that last note, Kimberly, as you know, we started to raise prices about 2 years ago, in particular, in Michael Kors and just recently started in Jimmy Choo. And that was something we were doing regardless of the supply chain situation. So we've been able to mitigate costs just because that was a strategy that we had.

是的，最後一點，Kimberly，如你所知，我們大約在 2 年前開始提價，特別是在 Michael Kors，最近才開始在 Jimmy Choo。無論供應鏈情況如何，這都是我們正在做的事情。因此，我們之所以能夠降低成本，僅僅是因為這是我們的策略。

And I've said in previous calls, we're going to continue to do that. Michael Kors is going to become more expensive. And we think that's the right positioning for our brand. And that will be a strategy regardless of whether there was a supply chain issue or not.

我在之前的電話會議中說過，我們將繼續這樣做。 Michael Kors 將變得更加昂貴。我們認為這是我們品牌的正確定位。無論是否存在供應鏈問題，這都是一種策略。

Our next question comes from the line of Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

John and Tom, congrats. And Josh, if you're there, welcome. I guess, John, it's a good question to ask, I guess. But I think 4 months ago, you gave us some building blocks for next year. I believe you were $5.9 billion and a 16.5% margin. You're already well above that, the 16.5%, on a much lower base of revenue. So I know you're probably not going to want to get into specifics for next year. But can you kind of walk us through how do we think about the business from here? Should there be a step-down in margin? Or are you kind of creating a new base for the overall business as you guys continue to outperform?

約翰和湯姆，恭喜。喬希，如果你在，歡迎。我想，約翰，這是一個很好的問題，我想。但我想 4 個月前，你給了我們明年的一些積木。我相信你有 59 億美元和 16.5% 的利潤率。在收入基數低得多的情況下，你已經遠遠高於 16.5%。所以我知道你可能不想在明年討論細節。但是你能告訴我們我們如何看待這裡的業務嗎？是否應該降低保證金？或者你們是否在為整體業務創造一個新的基礎，因為你們繼續表現出色？

And thanks for the question, Ike. I think it's too early for us to really be talking about our fiscal 2023 projections. Obviously, we are exceeding our fiscal 2022 projections and forecasts, which gives us, obviously, again, a real foundation to continue to build upon where we are today.

謝謝你的問題，艾克。我認為現在談論我們的 2023 財年預測還為時過早。顯然，我們正在超越我們對 2022 財年的預測和預測，這顯然再次為我們提供了一個真正的基礎，可以繼續在我們今天的基礎上再接再厲。

I think the one area we feel comfortable in talking about, and we've said it on previous calls, is we do believe our gross margins will expand approximately 100% over what Tom gave for our annual guidance. So we feel comfortable in saying that, that is an objective that this company feels that we will achieve.

我認為我們在談論時感到舒服的一個領域，我們在之前的電話會議上已經說過，我們確實相信我們的毛利率將比湯姆為我們的年度指導提供的毛利率增長約 100%。因此，我們可以放心地說，這是這家公司認為我們將實現的目標。

Again, I just think it's early to be talking about where we will land in revenues and, even more importantly, operating margin. Because as I said in the last few calls, we're going to continue to invest, in particular, in marketing and other initiatives in the company, which will drive revenues. And if we drive revenues and we have substantial operating profits, that will drive EPS.

同樣，我只是認為現在談論我們將在哪裡獲得收入，更重要的是，營業利潤率還為時過早。因為正如我在最近幾次電話會議中所說，我們將繼續投資，特別是在公司的營銷和其他舉措上，這將推動收入。如果我們增加收入並且我們有可觀的營業利潤，那將推動每股收益。

And we think that, in particular, Versace and Jimmy Choo have a long, long way to go in terms of their growth. So we don't want to underfund those businesses. And then additionally, Michael Kors, clearly, the consumer is engaging with our brand. When you look at the database growth of 21%, that's really showing that we are attracting a new customer, a younger customer. And we're engaging with existing lapsed customers at a rate that we've never seen before. So we want to invest with Michael Kors as well.

我們認為，特別是 Versace 和 Jimmy Choo 的發展還有很長的路要走。因此，我們不想為這些業務提供資金不足。此外，Michael Kors，很明顯，消費者正在與我們的品牌互動。當您查看 21% 的數據庫增長時，這確實表明我們正在吸引一個新客戶，一個更年輕的客戶。我們正在以前所未有的速度與現有的流失客戶進行互動。所以我們也想和 Michael Kors 一起投資。

So I think, again, it's a little early for us to be discussing that. But clearly, we are doing better than we had anticipated. And we think that bodes well for a setup for our fiscal 2023.

所以我認為，我們現在討論這個問題還為時過早。但很明顯，我們做得比我們預期的要好。我們認為這對我們 2023 財年的設置來說是個好兆頭。

I'm sorry. I just want to make sure I was clear. It was gross margin of 100 basis points increase. I apologize. I might have said the wrong thing. Gross margin, 100-basis-point increase.

對不起。我只是想確保我清楚。這是毛利率增加100個基點。我道歉。我可能說錯話了。毛利率，增加100個基點。

Our next question comes from the line of Omar Saad with Evercore.

我們的下一個問題來自與 Evercore 的 Omar Saad。

I'll add my congratulations, great results. Maybe you guys could talk a little bit more detail about how the e-com and digital business has trended, some of your key priorities there and initiatives and how you expect that to progress as the stores continue to reopen and the role that digital and e-com will play for your brands. And then also maybe if you could give us an update on watches, I'd appreciate it.

我會祝賀你，很好的結果。也許你們可以更詳細地談談電子商務和數字業務的發展趨勢，你們的一些關鍵優先事項和舉措，以及隨著商店繼續重新開業以及數字和電子業務的作用，你們期望這些進展如何-com 將為您的品牌服務。如果您能給我們提供有關手錶的最新信息，我將不勝感激。

Certainly. Thank you, Omar. What's been quite interesting is even as we've opened our stores, our e-com business continues to grow, and it's shown a sequential improvement, which is really not exactly what we hoped would have happened, which is exciting. And again, I think this is just coming from us really building our database and acquiring new consumers who are new to the brand. Many of those are younger consumers, and they're more digitally native.

當然。謝謝你，奧馬爾。非常有趣的是，即使我們開設了商店，我們的電子商務業務仍在繼續增長，並且顯示出連續的改善，這確實不是我們希望發生的事情，這令人興奮。再說一次，我認為這只是來自我們真正建立我們的數據庫並獲得新的品牌新消費者。其中許多是年輕消費者，而且他們更注重數字化。

That being said, we're seeing store traffic sequentially improve. It's getting better every single week as people are returning to shopping as a way to have fun and a way to be social. As a matter of fact, Josh and I were in Roosevelt Field shopping mall yesterday at 12:00 in the afternoon, and we couldn't believe how many people were in the mall, which was quite exciting to see. And I think we feel confident that stores will continue to return, I think, as a very important core part of our business.

話雖這麼說，我們看到商店客流量在依次提高。隨著人們回歸購物作為一種享受樂趣和社交的方式，它每週都在變得更好。事實上，昨天下午 12:00，我和 Josh 在 Roosevelt Field 購物中心，我們不敢相信商場裡有多少人，這真是令人興奮。我認為我們有信心商店將繼續回歸，我認為，這是我們業務中非常重要的核心部分。

And with our digital tactics, our marketing tactics, our ability to communicate with our existing customers and our lapsed customers, I think we feel very strongly that the e-commerce business will continue to grow at a very, very fast rate. And again, you've seen that across all three of our brands. And we're absolutely focused on that. We believe it's not only a revenue opportunity for the company, but we think it's one of the single most important parts of our marketing, is how we're communicating to our consumers digitally, both, those are consumers we want to acquire as well as consumers that we have with us today.

憑藉我們的數字策略、營銷策略、與現有客戶和流失客戶溝通的能力，我認為我們非常強烈地感覺到電子商務業務將繼續以非常非常快的速度增長。再一次，您已經在我們所有的三個品牌中看到了這一點。我們絕對專注於此。我們相信這不僅是公司的收入機會，而且我們認為這是我們營銷中最重要的部分之一，是我們如何以數字方式與消費者溝通，這些都是我們想要獲得的消費者以及我們今天擁有的消費者。

As it relates to watches, again, we're very pleased. The watch business continues to grow. It's not growing at the same exact rate it was when we saw that huge kind of jump during COVID, but it's still growing very nicely. And we see, again, many new customers coming into the store that have never owned a Michael Kors watch before. Our business has gotten also very strong in our department store channels with watches as well. So it's a category that we're pleased is returning to growth.

因為它與手錶有關，我們再次感到非常高興。手錶業務繼續增長。它的增長速度與我們在 COVID 期間看到這種巨大的跳躍時不同，但它仍然增長得非常好。我們再次看到，許多從未擁有過 Michael Kors 手錶的新顧客進入商店。我們的業務在我們的手錶百貨渠道也變得非常強大。因此，我們很高興這是一個恢復增長的類別。

And in terms of investments in digital and e-commerce, Omar, we're making significant investments in digital analytics and expanding our capabilities across our brand and company as well and looking at the e-commerce platforms, also looking at common state-of-the-art platforms and new tools and capabilities across all three of our brands.

在對數字和電子商務的投資方面，Omar，我們正在對數字分析進行重大投資，並擴大我們在品牌和公司中的能力，並著眼於電子商務平台，也著眼於共同的狀態- 我們所有三個品牌的最先進的平台和新的工具和功能。

Of course, this extends into omni where we've spoken about clienteling before and the expansion of Versace's omni capabilities, for instance. So this is a very, very key focus area for the company.

當然，這延伸到我們之前談到的客戶服務以及范思哲全方位能力的擴展的全方位。所以這是公司非常非常關鍵的重點領域。

(Operator Instructions) Our next question comes from the line of Oliver Chen with Cowen and Company.

（操作員說明）我們的下一個問題來自 Cowen and Company 的 Oliver Chen。

The Michael Kors Signature print execution has been very innovative. What do you see happening there? And as you think about price increases, how would you balance just offering a consumer a strong value against where you see opportunity? Would also love a quick update on Versace men's and handbag penetration. You've made a lot of good strides there as well.

Michael Kors Signature 印花設計極具創新性。你看到那裡發生了什麼？當您考慮價格上漲時，您將如何平衡為消費者提供強大的價值與您看到的機會？還想快速了解范思哲男士和手提包的滲透率。你在那裡也取得了很大的進步。

Thank you, Oliver. As it relates to our price increases at Michael Kors, as I've said to you on previous calls, we were underpriced as it relates to our brand on a global basis. So we are rectifying that situation. And we may end up being higher than competitors over time because we think that Michael Kors is led by the man, he is a luxury runway designer. We are carried in the finest stores in the world. We are carried -- we're located in the finest locations in the world. And we think that our brand needs to move more into the luxury space.

謝謝你，奧利弗。由於這與我們在 Michael Kors 的價格上漲有關，正如我在之前的電話中對您所說的那樣，我們被低估了，因為它與我們在全球範圍內的品牌有關。所以我們正在糾正這種情況。隨著時間的推移，我們最終可能會比競爭對手更高，因為我們認為 Michael Kors 是由男人領導的，他是一位奢侈品時裝設計師。我們被運送到世界上最好的商店。我們被攜帶——我們位於世界上最好的地方。我們認為我們的品牌需要更多地進入奢侈品領域。

So for us, value is created not only just in the price-product relationship, but also in how the brand is perceived and how we create the brand engagement with consumers. So again, I think you can -- you will continue to see us move in that direction. And I've said that we will raise prices all through the balance of next calendar year. We'll see how the consumer responds to that. And if we see good response, then we'll carry on with that philosophy on a go-forward basis. So Michael Kors is clearly going to continue to move into the luxury category.

因此，對我們而言，價值不僅體現在價格與產品的關係中，還體現在品牌被感知的方式以及我們與消費者建立品牌互動的方式中。再說一次，我認為你可以——你將繼續看到我們朝著這個方向前進。我已經說過，我們將在下一個日曆年的剩餘時間內提高價格。我們將看看消費者對此有何反應。如果我們看到良好的反應，那麼我們將在前進的基礎上繼續這一理念。因此，Michael Kors 顯然會繼續進軍奢侈品領域。

Signature, as we've said, we want it to be about 50% of the total business inside of the company. We're on a perfect trajectory to get there. That gives us an opportunity to create higher AURs. Because we take less markdowns in those areas, it's reduced the amount of fashion flow that we've had into the stores. We still create fashion around Signature, but it's just not at the same pace that we were doing previously. We obviously shrunk the line sizes during COVID, and that seems to have no issue as it relates to the consumers' desirability for our product. And so we see that going on very steadily going forward.

簽名，正如我們所說，我們希望它占公司內部總業務的 50% 左右。我們正處於到達那裡的完美軌道上。這讓我們有機會創造更高的 AUR。因為我們在這些領域採取的降價幅度較小，所以我們進入商店的時尚流量減少了。我們仍然圍繞 Signature 打造時尚，但它的步伐與我們之前的步伐不同。在 COVID 期間，我們顯然縮小了生產線的規模，這似乎沒有問題，因為這與消費者對我們產品的需求有關。因此，我們看到這種情況正在穩步推進。

And then in terms of Versace men's, obviously, it's a huge part of the Versace business. And in fact, it was the largest part of the Versace business when we bought the company. I think we've done an amazing job. I have to thank entire team there for their initiatives, of course, led by Donatella. We are starting to become a larger women's business than we are a men's business, and that's only natural. That's where the company should be versus where it was historically.

然後就范思哲男裝而言，顯然，這是范思哲業務的重要組成部分。事實上，當我們收購這家公司時，它是范思哲業務的最大部分。我認為我們已經完成了一項了不起的工作。我必須感謝那裡的整個團隊的倡議，當然，由多納泰拉領導。我們開始成為一個比男性企業更大的女性企業，這是很自然的。這就是公司應該處於的位置，而不是歷史上的位置。

In terms of leather goods, we are exactly -- we're much further along in terms of our development. We now have three very strong pillars with La Greca, Virtus and La Medusa. We did not think that we would be sitting here at this moment in time saying that we have three very strong accessories offerings for the consumer and that they would be responding in the way that they are. In fact, in some of the cases at Versace, we also ran low on merchandise, and that was just sellout being much quicker than we had anticipated. So we think that, that really bodes well for our ability over the long term to have Versace led as a leather goods house and reach $1 billion of its revenues in leather goods.

在皮革製品方面，我們確實——我們在發展方面走得更遠。我們現在擁有三個非常強大的支柱：La Greca、Virtus 和 La Medusa。我們不認為我們會在這個時候坐在這裡說我們為消費者提供了三種非常強大的配件產品，並且他們會以他們的方式做出回應。事實上，在 Versace 的某些案例中，我們的商品也出現短缺，這只是售罄的速度比我們預期的要快得多。所以我們認為，從長遠來看，這對我們有能力讓范思哲成為一家皮具公司並達到 10 億美元的皮具收入，這確實是個好兆頭。

Our next question comes from the line of Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

Congrats on the nice print. Maybe, John, as we think about potential structural changes postpandemic, a couple of things. I guess, any change you're expecting in the overall growth for TAM for handbags and accessories? Do you see any constraints to a full recovery of your travel business over time?

恭喜印刷精美。也許，約翰，當我們考慮大流行後潛在的結構變化時，有幾件事。我想，您對 TAM 手袋和配飾的整體增長有何期待？隨著時間的推移，您是否認為您的旅遊業務全面恢復存在任何限制？

And then, Tom, if we tried our best to isolate the higher penetration of e-commerce, which I know is higher margin, is there any way to think about this piece alone what you think this structurally adds to the company's margin profile postpandemic?

然後，湯姆，如果我們盡力隔離電子商務的更高滲透率，我知道這是更高的利潤率，有沒有辦法單獨考慮這件事情，你認為這在結構上增加了大流行後公司的利潤率狀況？

Matt, first off, and thank you for your compliment on the nice print. What is your question about handbag and accessory? We couldn't really hear you.

馬特，首先，感謝您對精美印刷品的稱讚。您對手提包和配飾有什麼疑問？我們真的聽不見你的聲音。

Yes. So a couple of things that I was focused on. Is there any change you're expecting for the growth rate of handbags and accessories or the overall TAM exiting the pandemic? And then the second part was, is there anything preventing a full recovery, in your opinion, of the travel business over time?

是的。所以我關注的有幾件事。您預計手袋和配飾的增長率或整個 TAM 退出大流行會有什麼變化嗎？然後第二部分是，在您看來，隨著時間的推移，是否有什麼阻礙了旅遊業務的全面復甦？

Right. Okay. So in handbags and accessories, I think we saw right through the pandemic, in particular, the luxury goods, a part of handbag and accessories which I believe all three of our brands are in has grown. I mean that market continues to grow. Yes, there was a small setback when all stores were closed, et cetera. But this category continues to be a representation, I think, for the consumer of their fashion style and the way that they want to express themselves.

正確的。好的。所以在手袋和配飾方面，我認為我們看到了這場大流行，特別是奢侈品，我相信我們三個品牌都在其中的手袋和配飾的一部分。我的意思是市場繼續增長。是的，當所有商店都關門時，有一個小挫折，等等。但我認為，這一類別仍然代表著消費者的時尚風格和他們想要表達自己的方式。

So we saw that, that did not really change, except during the real hard lockdown periods. So we don't believe that there is going to be a change in trajectory. We think on a global basis, again, accessories will grow somewhere in the 6%, 7% range, and that will change by marketplace. So we feel very comfortable with the handbag and accessories luxury market growth.

所以我們看到，這並沒有真正改變，除非在真正的硬鎖定期間。所以我們不相信軌跡會發生變化。我們再次認為，在全球範圍內，配飾將增長 6%、7% 的範圍，並且會因市場而異。因此，我們對手袋和配飾奢侈品市場的增長感到非常滿意。

And I would add, I think we're all surprised at how strong the growth has been in North America. And it's not just us. All of our competitors, European and America, have shown those same types of results. So it really bodes well, we think, for the future.

我還要補充一點，我認為我們都對北美的強勁增長感到驚訝。而且不僅僅是我們。我們所有的競爭對手，歐洲和美國，都顯示了相同類型的結果。因此，我們認為，這對未來來說確實是個好兆頭。

As it relates to travel, I would say there's two parts to the answer to that question. First is the tourists coming to markets. We are beginning to annualize that in a sense that they did not really -- there was some small return to Europe this year where it's a very high penetration. There's been no return to Japan and Korea, which were typically higher penetration markets.

由於它與旅行有關，我想說這個問題的答案有兩個部分。首先是來到市場的遊客。我們開始將其年度化，從某種意義上說，他們並沒有真正做到——今年歐洲有一些小的回報，那裡的滲透率非常高。日本和韓國沒有回歸，這通常是滲透率較高的市場。

So that, in a sense, is behind us, and we are not forecasting for any type of a strong return in that tourist market. We do have some tourists that we believe will be returning to the U.S. market shortly when the borders are open, and we think that will be a positive for us. So in our forecast, we don't see tremendous movement changing our trajectory, at least in next fiscal year.

因此，從某種意義上說，這已經過去了，我們不預測該旅遊市場會出現任何類型的強勁回報。我們確實有一些遊客，我們相信他們會在邊境開放後不久返回美國市場，我們認為這對我們來說是積極的。因此，在我們的預測中，至少在下一個財政年度，我們認為不會有巨大的變化改變我們的發展軌跡。

The second answer to that question is we, as I think I told you previously, had a very substantial business in travel retail. That would be airports and duty-free shopping, et cetera. And again, while there has been a very strong resurgence in that business inside of China, which was unfortunately slowed during July and August during some of the issues that China faced, we also are not forecasting for that business to recover in our fiscal '23. We think that's going to be further out more into our fiscal '24. We would look for a strong recovery in global travel and tourist travel and how that would impact not only our own stores but travel retail and then, of course, big key department stores in Europe where those are substantial businesses for us, which will be a very nice uptick for us in that period of time. Tom?

這個問題的第二個答案是，正如我之前告訴過你的那樣，我們在旅遊零售方面擁有非常可觀的業務。那將是機場和免稅購物等等。再一次，雖然中國境內的該業務出現了非常強勁的複蘇，但不幸的是，由於中國面臨的一些問題，該業務在 7 月和 8 月放緩，但我們也沒有預測該業務在 23 財年會復蘇.我們認為這將在我們的 24 財年更進一步。我們將期待全球旅行和旅遊的強勁復甦，以及這將如何影響我們自己的商店，以及旅遊零售，當然還有歐洲的大型關鍵百貨公司，這些對我們來說是重要的業務，這將是一個在那段時間裡對我們來說非常好。湯姆?

With regard to the e-commerce question, Matt, if you look at history, we've now doubled the e-commerce penetration. It's about 13% pre-COVID. And it's now in the mid-20s expected for this year. And as we noted at Investor Day, we expect that to continue to grow into the mid-30% range as a percent of our retail sales.

關於電子商務問題，馬特，如果你回顧歷史，我們現在已經將電子商務滲透率翻了一番。大約是 COVID 之前的 13%。現在預計今年將在 20 年代中期。正如我們在投資者日指出的那樣，我們預計這將繼續增長到我們零售額的 30% 左右。

So when we look at it, Jimmy Choo and Versace's margins have always been very positive and strong compared to retail stores and e-commerce just as a function of their luxury pricing and positioning. Michael Kors has seen really a sea change over this last couple of years. As the penetration has increased and revenues increased, e-commerce margins have moved to above store-level margins.

因此，當我們觀察它時，Jimmy Choo 和范思哲的利潤率與零售店和電子商務相比一直非常積極和強勁，這與他們的奢侈品定價和定位有關。在過去的幾年裡，Michael Kors 確實看到了翻天覆地的變化。隨著滲透率的提高和收入的增加，電子商務的利潤率已經超過了商店級別的利潤率。

And we would expect then that this to be one of the supports for our gross margin expansion over time. As John mentioned, we would expect continued expansion, 100 basis points next year. And when we look at the components, it's continued full price sell-throughs, filling out our accessories businesses, Jimmy Choo and Versace growing in Asia, which is structurally higher margin, and, of course, this e-commerce piece. So I view it in that context of supporting the overall corporate goal.

我們預計，隨著時間的推移，這將成為我們毛利率擴張的支持之一。正如約翰所說，我們預計明年將繼續擴張 100 個基點。當我們查看組件時，它繼續全價銷售，填補了我們的配飾業務，Jimmy Choo 和范思哲在亞洲的增長，這在結構上利潤率更高，當然還有電子商務。所以我在支持整體公司目標的背景下看待它。

Our next question comes from the line of Paul Lejuez with Citi.

我們的下一個問題來自花旗的 Paul Lejuez。

Curious if you can talk about that gross margin upside, which brands are the largest increase? And what were the biggest surprises to you and the drivers of that upside?

想知道您能否談談毛利率的上升，哪些品牌的增幅最大？對你和這種上漲的驅動因素來說，最大的驚喜是什麼？

And then just second, curious how your wholesale partners are thinking about spring season from a unit perspective. And what are you going to be able to deliver to them just given the supply chain constraints relative to what they would love -- what they would like to order? And are you seeing cancellations given the 45- to 60-day delay?

其次，好奇您的批發合作夥伴如何從單位角度考慮春季。考慮到供應鏈的限制與他們想要的東西——他們想要訂購的東西有關，你將能夠向他們交付什麼？由於 45 到 60 天的延遲，您是否看到取消？

Why don't I take the wholesale part first, and then I'll turn the gross margin over to Tom? Our wholesale partners around the globe are experiencing very strong sell-throughs, sell-throughs that date back, I'd say, 7 or 8 years ago. So really strong sell-throughs. And it's in accessories and footwear and women's ready-to-wear. So we cannot get enough merchandise to our partners, unfortunately, at this moment.

為什麼我不先做批發，然後把毛利交給湯姆？我們在全球的批發合作夥伴正在經歷非常強勁的銷售，銷售可以追溯到 7 或 8 年前。如此強勁的銷售量。它出現在配飾、鞋類和女士成衣中。因此，不幸的是，目前我們無法為合作夥伴提供足夠的商品。

There has been no cancellations. Everyone understands what the situation is, and we'll -- basically is taking any of the merchandise as it arrives. We did fly, as I said earlier, most of our seasonal holiday gifting businesses here. So anything that was very seasonal-oriented, we wanted to make sure it was here for the stores because it obviously becomes more obsolete if it's not here during the holiday period of time. So we feel good about that.

沒有取消。每個人都了解情況，我們將 - 基本上是在任何商品到達時採取。正如我之前所說，我們確實飛過這裡的大部分季節性節日禮物業務。所以任何非常季節性的東西，我們都想確保它在商店裡，因為如果它在假期期間不在這裡，它顯然會變得更加過時。所以我們對此感覺很好。

We are going to be in a better position in Q3 -- I'm sorry, Q4. Our Q4 as an inventory, really, as Tom said, you will start to see inventory build. So we have kind of tactically mapped out what is happening with this delay. And it's really more of a transit delay than anything. There was the piece in Vietnam, but most of this is a transit delay. And so we've got a lot of that put into our projections.

我們將在第三季度處於更好的位置——對不起，第四季度。我們的第四季度作為庫存，真的，正如湯姆所說，您將開始看到庫存增加。因此，我們在戰術上製定了這種延遲所發生的情況。這實際上更像是運輸延誤。越南有這件作品，但其中大部分是運輸延誤。因此，我們在預測中投入了很多。

And I would say that like ourselves, our wholesale partners are planning. The business is up. We've had a great -- we're having a great fall season, and therefore, people are super optimistic about what is in front of us, in particular, for next year.

我想說，和我們自己一樣，我們的批發合作夥伴也在計劃。生意興隆了。我們度過了一個美好的秋季——我們正在度過一個美好的秋季，因此，人們對我們面前的情況非常樂觀，尤其是明年。

And again, I think that, first and foremost, comes to incredible product that Michael and that Donatella and Sandra are really putting together with the design teams. I think our marketing campaigns have been extraordinary. If you look at whether it's Dua Lipa at Versace or Hailey Bieber at Jimmy Choo or Bella Hadid at Michael Kors, I mean we've got powerful influencers who are associated with our brands who want to be part of our family and are really helping us communicate that message around the globe. And you look at the incredible events that we're doing with all of our brands in China and how our brands are resonating there and the growth opportunity.

再一次，我認為，首先是邁克爾、多納泰拉和桑德拉與設計團隊真正合作的令人難以置信的產品。我認為我們的營銷活動非同尋常。如果你看看范思哲的 Dua Lipa 還是 Jimmy Choo 的 Hailey Bieber 或 Michael Kors 的 Bella Hadid，我的意思是我們有強大的影響者與我們的品牌相關聯，他們想成為我們家庭的一員並真正幫助我們在全球範圍內傳達該信息。你看看我們在中國與我們所有的品牌一起舉辦的令人難以置信的活動，以及我們的品牌如何在中國產生共鳴以及增長機會。

I want to remind everyone on this call, we need to double our business in China with all of our brands. We are underpenetrated by 50% to all of our competitors. So we have huge upside for ourselves there. So I think the way we look at the situation is it's quite optimistic, and I believe our partners are looking at it in the same theme. Tom?

我想在這次電話會議上提醒大家，我們需要將我們所有品牌在中國的業務翻一番。我們對所有競爭對手的滲透率都低於 50%。所以我們在那裡有巨大的優勢。所以我認為我們看待形勢的方式是相當樂觀的，我相信我們的合作夥伴正在以同樣的主題看待它。湯姆?

And with regard to the second quarter gross margin, all three brands exceeded our expectations, Paul, and they exceeded them in a meaningful way. So we were really pleased to see every house perform quite well.

關於第二季度的毛利率，所有三個品牌都超出了我們的預期，保羅，並且以一種有意義的方式超過了它們。所以我們真的很高興看到每個房子都表現得很好。

And if you look at the themes across it, the first and foremost is full price sell-through across all businesses is driving great results. At Michael Kors and Jimmy Choo, we have the pricing benefit. And then Versace, we're seeing continued traction in accessories as that category, which is quite important for the future, continues to expand, and they're doing a great job there.

如果您查看其中的主題，首先是所有業務的全價銷售正在推動巨大的成果。在 Michael Kors 和 Jimmy Choo，我們享有定價優勢。然後是范思哲，我們看到配飾繼續受到關注，因為這個對未來非常重要的類別繼續擴大，他們在這方面做得很好。

John mentioned Signature at Michael Kors, which also expanded, and that's also supporting the full price sell-through for that brand. So in general, all three were well ahead of expectations.

John 提到了 Michael Kors 的 Signature，它也在擴展，這也支持該品牌的全價銷售。所以總的來說，這三者都遠遠超出了預期。

Our next question comes from the line of Simeon Siegel with BMO Capital.

我們的下一個問題來自 BMO Capital 的 Simeon Siegel。

Congrats on really ongoing great results. John, congrats on the succession planning. And honestly, all that you've built here. And if you're listening, congrats, Josh. Looking forward to having you back at party. I'm sure you missed us all.

祝賀真正持續的偉大成果。約翰，祝賀繼任計劃。老實說，你在這裡建造的一切。如果你在聽，恭喜，喬希。期待你回來參加聚會。我敢肯定你想念我們所有人。

John, so you've alluded to this, and we've spoken about it on past calls, but just curious to hear if you have any updated views on what you think the industry level promotional cadence will look like into next year. I know we have all the constraints right now. But just to kind of echo your thoughts around holding price points if and when others start promoting again. Would be curious to hear your view of the broader industry level.

約翰，所以你已經提到了這一點，我們已經在過去的電話會議中談到了這一點，但只是想知道你是否對明年的行業級促銷節奏有任何更新的看法。我知道我們現在有所有的限制。但是，如果其他人再次開始促銷，這只是為了回應您關於保持價格點的想法。很想听聽您對更廣泛的行業水平的看法。

And then, Tom, if I can just ask any thoughts on the timing of the new share repurchase just given what seems to be achieved valuation and ongoing clear path and visibility for you guys.

然後，湯姆，如果我能問一下關於新股回購時機的任何想法，只是考慮到似乎已經實現的估值以及對你們來說持續清晰的路徑和可見度。

Thank you, Simeon. Appreciate those kind remarks about the company.

謝謝你，西蒙。感謝那些關於公司的善意評論。

Simeon, the promotional, I continue to say, that is not a topic we spend a lot of time on in this company any longer. And maybe that's naive. But first off, Versace, Jimmy Choo, that's not a conversation. It's -- we are pretty strict around what we do there. And as it relates to Michael Kors, where a substantial part of the Michael Kors business is done outside of the United States, both in Europe and in Asia, again, those are not conversations that are really relevant.

Simeon，促銷，我繼續說，這不再是我們在這家公司花費大量時間的話題。也許這太天真了。但首先，范思哲，Jimmy Choo，這不是對話。這是 - 我們對我們在那裡所做的事情非常嚴格。與 Michael Kors 相關，Michael Kors 的大部分業務都在美國以外的歐洲和亞洲進行，同樣，這些並不是真正相關的對話。

As it relates to North America, it is relevant. And we've just made the decision that we're just not going to be as promotional. And that means that we want to make more money, and we've shown that. We've shown that we make more money on lower sales than we did on having higher sales and trying to chase other -- our own selves or other competitors, whichever one you want to call it. So we've made the decision, prices are going higher, we're going to have less promotional activities, and we're going to let the consumer respond to that.

因為它與北美有關，所以它是相關的。而且我們剛剛決定我們不會進行促銷。這意味著我們想賺更多的錢，我們已經證明了這一點。我們已經證明，我們在較低的銷售額上比在較高的銷售額和試圖追逐其他人——我們自己或其他競爭對手，無論你想叫它哪一個——上賺的錢更多。所以我們做出了決定，價格會更高，我們會減少促銷活動，我們會讓消費者對此做出反應。

We're also operating on much lower inventory levels. You will see inventories rise over the next 2 quarters. And more of that, just as a preview, is going to be in some of our core products, where if we get them here earlier, we don't have to worry about this delay issue, and it will substantially reduce our costs over time. So we might hold a little more inventory, in particular, on basic product where we're just running reorder businesses and let that flow through as this supply chain issue kind of works itself out over what we think will be a 6- to 12-month period of time. When I say that, really starting from January 1. So we think it's going to take most of next year for that to work itself out. And we've got some ideas on how to mitigate those costs. Some of that will be holding a little higher inventory but really on core replenishment items.

我們的庫存水平也低得多。您將看到未來 2 個季度的庫存增加。更多的，只是作為預覽，將在我們的一些核心產品中，如果我們早點把它們送到這裡，我們不必擔心這個延遲問題，隨著時間的推移，它將大大降低我們的成本.因此，我們可能會持有更多庫存，特別是在我們剛剛開展再訂購業務的基本產品上，並讓這種情況順利通過，因為這個供應鏈問題會自行解決，我們認為這將是 6 到 12-月的時間段。當我這麼說時，實際上是從 1 月 1 日開始。所以我們認為明年的大部分時間才能解決這個問題。我們對如何降低這些成本有一些想法。其中一些將持有更高的庫存，但實際上是核心補貨項目。

So in our mind, we are going to stick to our guns on what we said. And we've already seen other people starting to promote much more aggressively than we are, and that's okay. And if they do, that's going to be their strategy, and we wish them well, but we're not going to start to go down that path. We know where that leads, and that leads to typically lower gross margins and trying to sell too many units and trying to chase too much business. And that usually is something that, long term, doesn't end the way that you want it to. So our perspective is stay focused on the path that we have up and going down, and we think we'll get the rewards from that with the consumer.

因此，在我們看來，我們將堅持我們所說的話。而且我們已經看到其他人開始比我們更積極地推廣，這沒關係。如果他們這樣做，那將是他們的策略，我們祝他們一切順利，但我們不會開始走這條路。我們知道這會導致哪裡，這通常會導致毛利率降低，並試圖出售太多單位並試圖追逐太多業務。從長遠來看，這通常不會以您希望的方式結束。因此，我們的觀點是專注於我們的上升和下降路徑，我們認為我們將從消費者那裡獲得回報。

And with regard to timing of share repurchase, I'd just like to put a little context of our overall capital allocation policy and the strength of our balance sheet and free cash flow, which is the reason we put in the new $1 billion share repurchase program. As a matter of fact, year-to-date, generating free cash flow of about $350 million.

關於股票回購的時機，我想介紹一下我們的整體資本配置政策以及我們的資產負債表和自由現金流的實力，這就是我們進行新的 10 億美元股票回購的原因程序。事實上，年初至今，產生了約 3.5 億美元的自由現金流。

So our first priority remains paying down debt. In the quarter, we paid down $200 million. And we'll continue to do so to further strengthen our balance sheet. We do plan to return cash to shareholders in the form of share repurchase. We think that's important. We now have the broader capacity to do that over the longer term, but we'll also be active in the near term.

所以我們的首要任務仍然是償還債務。在本季度，我們支付了 2 億美元。我們將繼續這樣做，以進一步加強我們的資產負債表。我們確實計劃以股票回購的形式向股東返還現金。我們認為這很重要。從長遠來看，我們現在擁有更廣泛的能力來做到這一點，但我們也將在短期內積極行動。

And finally, luxury acquisitions are the last priority, whereas things come up for luxury European acquisitions, we will look at these. And that would be another use of cash in the future and another reason to strengthen our balance sheet.

最後，奢侈品收購是最後的優先事項，而歐洲奢侈品收購的事情來了，我們會看看這些。這將是未來現金的另一種用途，也是加強我們資產負債表的另一個原因。

So Q2 is a great example of this balance where we paid down $200 million of debt and also repurchased $100 million of shares.

所以第二季度是這種平衡的一個很好的例子，我們償還了 2 億美元的債務並回購了 1 億美元的股票。

Our last -- our final question for today will come from the line of Erinn Murphy with Piper Sandler.

我們今天的最後一個問題——我們今天的最後一個問題將來自 Erinn Murphy 和 Piper Sandler。

My question, John, is around Versace. I have a two-part question. First, I mean you've hit your long-term margin target for Versace just in the first half of this year. But if I kind of pencil out the guidance, it implies that the back half EBIT margins go down to low teens. So just curious, what's driving that forecast? Maybe that's for both you as well as Tom.

我的問題，約翰，是關於范思哲的。我有一個兩部分的問題。首先，我的意思是你剛剛在今年上半年就達到了范思哲的長期利潤目標。但如果我把指導寫出來，這意味著後半部分息稅前利潤率下降到十幾歲。所以只是好奇，是什麼推動了這一預測？也許這既適合你，也適合湯姆。

And then secondly, any update to the search process around Jonathan's replacement at Versace?

其次，圍繞喬納森接替范思哲的搜索過程是否有任何更新？

Yes, I'll take -- we'll take half and half. I'll take the Jonathan piece. First off, we want to thank Jonathan for all of his efforts prior to us acquiring the company. He did an outstanding job trying to really reset the company. And then the great thing about us acquiring Versace is we've cleaned the house. And as we've told you, we walked away from $150 million worth of multiple other lines that were in the company, just shut them down. We have spent hundreds of millions of dollars in refitting, rebuilding, opening new stores.

是的，我要——我們要一半一半。我要拿喬納森那塊。首先，我們要感謝喬納森在我們收購公司之前所做的所有努力。他在試圖真正重置公司方面做得非常出色。然後我們收購范思哲的好處是我們已經打掃了房子。正如我們告訴你的那樣，我們放棄了公司內價值 1.5 億美元的多條其他生產線，只是將它們關閉。我們在改裝、重建、開設新店方面花費了數億美元。

We believe in luxury. I told everyone when we bought Versace, this takes time. But if you invest properly and you believe in the future of luxury, the returns are really spectacular. You can look at some of our competitors and how those returns have turned out and how the revenues have -- are looking over time.

我們相信奢華。我們買范思哲的時候我告訴大家，這需要時間。但如果你投資得當，並且相信奢侈品的未來，那麼回報真的很可觀。你可以看看我們的一些競爭對手，以及這些回報是如何產生的，以及收入是如何——隨著時間的推移而變化的。

So I think we've really positioned Versace to be set up for, at minimum, hitting our $2 billion goals and to hit our long-term margin targets. And we will absolutely find a new leader. It is going to be one of the most sought-after positions in the luxury industry. So I have no concerns about that. It will probably take us north of 6 months until we have someone into that role. Jonathan's with us until March. And in the meantime, I'll be working closely with Jonathan and the management team to continue to achieve our strategic objectives.

所以我認為我們已經真正將范思哲定位為至少達到我們 20 億美元的目標並達到我們的長期利潤目標。我們絕對會找到一個新的領導者。這將成為奢侈品行業最受歡迎的職位之一。所以我對此並不擔心。我們可能要花 6 個月的時間才能找到合適的人選。喬納森和我們在一起直到三月。與此同時，我將與喬納森和管理團隊密切合作，繼續實現我們的戰略目標。

And by the way, we have an outstanding management team at Versace. So I'm really proud of the teams that are at Versace, at Jimmy Choo and at Michael Kors. I think in all three companies, we have some of the best executives not only in our corporate offices, but in our store locations. They're just really great people and dedicated and super enthusiastic.

順便說一句，我們在范思哲擁有一支出色的管理團隊。所以我為范思哲、Jimmy Choo 和 Michael Kors 的團隊感到非常自豪。我認為在所有這三家公司中，我們都有一些最優秀的高管，不僅在我們的公司辦公室，而且在我們的商店位置。他們都是非常棒的人，而且非常敬業而且非常熱情。

In terms of the margin targets, I'm going to let Tom speak to that. But just know, we're super pleased gross margins are coming in a little higher than we had anticipated. Some of that mix between how we're driving the accessories business versus ready-to-wear. And even though it may not have a higher initial markup when you get through the sell-through after markdowns, et cetera, it's a terrific business. And so we're doing better than we had anticipated. And as well as our e-commerce business is really outstanding at Versace.

就保證金目標而言，我將讓湯姆談談。但要知道，我們非常高興毛利率比我們預期的要高一點。我們如何推動配飾業務與成衣之間的一些混合。即使在降價等之後通過銷售時它可能沒有更高的初始加價，但這是一項了不起的業務。所以我們做得比我們預期的要好。除了我們的電子商務業務，范思哲也非常出色。

So some of those things are really helping us drive the business. But we're going to continue to invest. We're not going to step back and think that we have completed our mission. Our mission is still a long road in front of us to get to $2 billion. And you have to spend money to do that. And you have to believe in the development of marketing, product and retail stores and your e-commerce platforms to be able to reach those types of targets. So we will continue to invest in Versace. But let me let Tom talk specifically about the third and fourth quarter.

因此，其中一些事情確實有助於我們推動業務發展。但我們將繼續投資。我們不會退後一步，認為我們已經完成了我們的使命。要達到 20 億美元，我們的使命還有很長的路要走。你必須花錢才能做到這一點。您必須相信營銷、產品和零售商店以及您的電子商務平台的發展能夠達到這些類型的目標。所以我們會繼續投資范思哲。但是讓我讓湯姆具體談談第三和第四節。

Sure. When we look at the back half, Erinn, in third and fourth quarter, first, I just want to point out, we expect margin expansion in both Q3 and Q4 versus prior year. So Versace is still building and expanding margin. And for the year, we've raised our forecast and now expect the mid-teens operating margin. So as John mentioned, we're very pleased with the progress of Versace.

當然。當我們查看第三季度和第四季度的後半部分 Erinn 時，首先，我只想指出，我們預計第三季度和第四季度的利潤率都將與去年同期相比有所增長。所以范思哲仍在建立和擴大利潤。對於這一年，我們已經提高了我們的預測，現在預計營業利潤率將在十幾歲左右。正如約翰所說，我們對范思哲的進步感到非常高興。

When you look at the quarters, just kind of walking through it, Q3 is a seasonally lower operating margin quarter for Versace. It does not include December, which is the most profitable month of the year for the brand because of our lagged reporting. And it's also the lowest absolute sales quarter. So we're seeing deleverage.

當您查看季度時，略過一遍，第三季度對於范思哲來說是季節性較低的營業利潤率季度。它不包括 12 月，這是該品牌一年中最賺錢的月份，因為我們的報告滯後。這也是最低的絕對銷售季度。所以我們看到去槓桿化。

For both Q3 and Q4, we're also increasing our investments in brand growth. We're ramping up stores to be fully opened versus the prior year. So we have full store cost. And we're also lapping some COVID-related savings that we were able to achieve and garner last year on both payroll and rent. So those are some of the puts and takes.

對於第三季度和第四季度，我們也在增加對品牌增長的投資。與前一年相比，我們正在增加商店全面開業。所以我們有完整的商店成本。而且我們還節省了一些與 COVID 相關的節省，這些節省是我們去年在工資和租金方面能夠實現和獲得的。所以這些是一些看跌期權。

But really, we're still growing versus prior year, very pleased with that trajectory and pace and very pleased with the overall brand position.

但實際上，與去年相比，我們仍在增長，對這一軌跡和速度非常滿意，並對整體品牌地位非常滿意。

Thank you very much, Erinn. I'd like to thank everyone for joining us today. I'm sorry, we ran over a little bit. But hopefully, you heard some interesting information about Capri Holdings and how we intend on continuing our growth trajectory. And again, very excited about having Josh join the team, and he'll be with us on our next call and be talking about the continued success of the Michael Kors brand. Thank you, everyone, and have a great day.

非常感謝，艾琳。我要感謝大家今天加入我們。對不起，我們跑了一點。但希望您聽到一些關於 Capri Holdings 的有趣信息，以及我們打算如何繼續我們的增長軌跡。再一次，對於喬希加入團隊感到非常興奮，他將在我們的下一次電話會議上與我們一起談論 Michael Kors 品牌的持續成功。謝謝大家，祝您有美好的一天。

This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。