Capri Holdings Ltd (CPRI) 2022 Q1 法說會逐字稿

Greetings. Welcome to Capri Holdings Limited First Quarter Fiscal 2022 Earnings Conference Call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎來到 Capri Holdings Limited 2022 財年第一季度收益電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Jennifer Davis, Vice President of Investor Relations. Thank you. You may begin.

我現在將會議轉交給投資者關係副總裁詹妮弗戴維斯。謝謝你。你可以開始了。

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

大家早上好，感謝您參加 Capri Holdings Limited 2022 財年第一季度電話會議。今天早上和我在一起的是董事長兼首席執行官 John Idol；以及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 these 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這些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, ERP implementation costs, Capri transformation costs, restructuring and other charges.

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、ERP 實施成本、Capri 轉型成本、重組和其他費用相關的某些成本。

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 to our website earlier today at capriholdings.com.

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。

I would also like to note that we have accompanying slides posted on our website.

我還想指出，我們的網站上發布了隨附的幻燈片。

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.

謝謝你，詹妮弗，大家早上好。

Last month, we shared Capri Holdings' growth strategies and long-term outlook during our Investor Day. The initiatives that supported our growth opportunities centered around 5 strategic pillars, which are being executed at Versace, Jimmy Choo and Michael Kors. These pillars form the foundation that position Capri Holdings to deliver multiple years of strong revenue and earnings growth.

上個月，我們在投資者日分享了 Capri Holdings 的增長戰略和長期前景。支持我們增長機會的舉措圍繞著 5 個戰略支柱展開，這些支柱正在 Versace、Jimmy Choo 和 Michael Kors 執行。這些支柱構成了 Capri Holdings 多年來實現強勁收入和盈利增長的基礎。

I would like to take a moment now to review our 5 strategic pillars. First, we plan to maximize the full potential of our 3 distinct fashion luxury houses. While each brand is unique with its own heritage, they all have consistent philosophies of fashion leadership and luxury. Second, we will create the most innovative and exciting fashion luxury product, led by the design visions of Donatella Versace, Sandra Choi and Michael Kors. Third, we will create compelling communication to deepen consumer desire and engagement with each of our luxury houses. Fourth, we will leverage our seamless omnichannel capabilities to accelerate revenue growth. And fifth, we will build upon our corporate values with communities, both internally and externally. We are already successfully executing against these strategies and are encouraged on our progress.

現在我想花點時間回顧一下我們的 5 個戰略支柱。首先，我們計劃最大限度地發揮我們 3 家獨特的時尚奢侈品品牌的全部潛力。雖然每個品牌都是獨一無二的，都有自己的傳統，但它們都擁有一致的時尚領導和奢華理念。其次，我們將在 Donatella Versace、Sandra Choi 和 Michael Kors 的設計理念的引領下，打造最具創新性和令人興奮的時尚奢侈品。第三，我們將創建引人入勝的溝通方式，以加深消費者對我們每一家豪宅的渴望和參與度。第四，我們將利用我們無縫的全渠道能力來加速收入增長。第五，我們將在內部和外部的社區中建立我們的企業價值觀。我們已經成功地執行了這些策略，並為我們的進步感到鼓舞。

Now turning to first quarter performance. We were pleased that revenue, gross margin, operating margin and earnings per share all significantly exceeded our expectations. These results were driven by strength across all 3 of our luxury houses as they continued to deepen consumer desire and engagement, adding 10 million new consumers to their databases.

現在轉向第一季度的業績。我們很高興收入、毛利率、營業利潤率和每股收益都大大超出了我們的預期。這些結果是由我們所有 3 家奢侈品公司的實力推動的，因為它們繼續加深消費者的需求和參與度，在他們的數據庫中增加了 1000 萬新消費者。

Total revenue in the first quarter increased 178%, reflecting robust growth across all channels and regions. Additionally, gross margin expanded 90 basis points, and operating margin reached 20.8%, both meaningfully better than anticipated. As a result, earnings per share of $1.42 was well ahead of our expectation.

第一季度總收入增長 178%，反映了所有渠道和地區的強勁增長。此外，毛利率擴大 90 個基點，營業利潤率達到 20.8%，均明顯好於預期。因此，每股 1.42 美元的收益遠高於我們的預期。

Moving to first quarter performance by brand. Starting with Versace. We were pleased with results which were materially ahead of our expectations. Revenue increased 158% in the first quarter, demonstrating the strength of the brand and the success of our strategic growth initiatives. All categories performed well as Versace's bold and fearless designs were positively received by consumers.

按品牌劃分的第一季度業績。從范思哲開始。我們對大大超出我們預期的結果感到滿意。第一季度收入增長 158%，顯示了品牌的實力和我們戰略增長計劃的成功。所有品類都表現出色，范思哲大膽無畏的設計受到消費者的好評。

In women's accessories, we saw continued improvement with sales more than double prior year. Consumer response to the La Medusa and Virtus collections was strong. Overall, we are excited with the traction in accessories and the category is growing much faster than we anticipated.

在女性配飾方面，我們看到持續改善，銷售額比去年增加了一倍多。消費者對 La Medusa 和 Virtus 系列的反應強烈。總體而言，我們對配件的吸引力感到興奮，並且該類別的增長速度比我們預期的要快得多。

We are confident in our ability to position Versace as a leading luxury leather house and expand accessories revenue to $1 billion over time.

我們有信心將 Versace 定位為領先的奢侈皮具品牌，並隨著時間的推移將配飾收入擴大到 10 億美元。

Footwear also delivered strong performance with sales more than doubling prior year levels. In April, we introduced our new Greca sneaker for men and women, which features the iconic Greek key pattern. The consumer response to this new addition in our active family was positive.

鞋類也表現強勁，銷售額是去年的兩倍多。 4 月，我們推出了全新 Greca 男女款運動鞋，採用標誌性的希臘鑰匙圖案。消費者對我們活躍家庭中的這一新成員的反應是積極的。

In women's dress footwear, Versace is expanding its authority as we execute on our initiative to build a core offering focused on our iconic brand codes. Additionally, we saw strength across both men's and women's ready-to-wear.

在女士正裝鞋履領域，范思哲正在擴大其權威，因為我們正在執行我們的計劃，以打造專注於我們標誌性品牌代碼的核心產品。此外，我們看到了男裝和女裝成衣的實力。

Seasonal offerings incorporated the Trésor de la Mer pattern, which was featured in the Versace Spring 2021 Runway Show. We also continue to expand our core lines, which incorporate iconic house codes to increase sales and broaden Versace's reach.

季節性產品採用了 Trésor de la Mer 圖案，該圖案曾在 Versace 2021 春季時裝秀中亮相。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 continues to deepen consumer desire. The brand's summer campaign, La Vacanza took the iconic very Versace look to the Italian Riviera. The campaign showcased the crystal clear waters and blue skies of Liguria, featuring iconic fashion from the summer collection.

轉向品牌知名度和消費者參與度。范思哲不斷加深消費者的渴望。該品牌的夏季廣告系列 La Vacanza 將標誌性的 Versace 外觀帶到了意大利里維埃拉。該活動展示了利古里亞清澈的海水和蔚藍的天空，展示了夏季系列的標誌性時尚。

We were very encouraged to see a return of in-person red carpet events during the quarter, a wonderful sign of recovery and an opportunity for Versace to once again adorn the world's most famous celebrities. Versace's presence on the red carpet was extensive, dressing celebrities including Lily Aldridge, Hailey Bieber, Dua Lipa, Zendaya, Nick Jonas, Leslie Odom Jr. and Usher.

我們很高興看到本季度現場紅地毯活動的回歸，這是恢復的美好跡象，也是范思哲再次為世界上最著名的名人裝扮的機會。范思哲在紅地毯上的出現非常廣泛，為名人打扮，包括 Lily Aldridge、Hailey Bieber、Dua Lipa、Zendaya、Nick Jonas、Leslie Odom Jr. 和 Usher。

In June, Versace launched a mini capsule in collaboration with Lady Gaga's Born This Way Foundation. The capsule included a readdition of an Atelier Versace jacket that Lady Gaga wore on tour as well as unisex T-shirts. The capsule sold out within hours and a portion of the proceeds were donated to Lady Gaga's Born This Way Foundation.

六月，范思哲與 Lady Gaga 的 Born This Way Foundation 合作推出了一款迷你膠囊。該膠囊包括Lady Gaga在巡迴演出中穿著的Atelier Versace夾克以及男女皆宜的T卹。膠囊在數小時內售罄，部分收益捐贈給 Lady Gaga 的 Born This Way 基金會。

We are also thrilled to have global superstar Dua Lipa featured in our fall campaign, where she will introduce the new La Greca collection. The pop culture icon has over 90 million followers on her social media accounts. Dua Lipa epitomizes the Versace brand with her impeccable style, fearless attitude and universal appeal. These initiatives, among others, helped to drive a 24% year-over-year increase in Versace's global database.

我們也很高興全球巨星 Dua Lipa 出現在我們的秋季廣告中，她將在其中介紹新的 La Greca 系列。這位流行文化偶像在她的社交媒體賬戶上擁有超過 9000 萬粉絲。 Dua Lipa 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。除其他外，這些舉措幫助推動范思哲全球數據庫同比增長 24%。

Overall, Versace's strong first quarter results speak to the strength of the brand and reinforce our confidence in the luxury house's long-term growth potential.

總體而言，范思哲強勁的第一季度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。

Moving to Jimmy Choo. Results were well ahead of our expectations, with revenues increasing 178% as we are beginning to realize the benefits of our strategic growth initiatives.

搬到吉米週。結果遠遠超出我們的預期，隨著我們開始意識到戰略增長計劃的好處，收入增長了 178%。

In accessories, sales showed robust growth as we continue to focus on our 3 key hero handbag families: VARENNE, Madeline and Bon Bon. Sales of women's handbags increased over 150% in the first quarter.

在配飾方面，由於我們繼續專注於我們的 3 個主要英雄手袋系列：VARENNE、Madeline 和 Bon Bon，銷售額顯示出強勁增長。一季度女士手袋銷量增長超過150%。

In footwear, we have seen strong signs of recovery in dress styles as people are returning to work, attending events and enjoying special occasions. Our casual offerings represent a significant growth opportunity and continued to perform well in the quarter. Results were led by the success of our new sneaker introductions in Diamond Light and Diamond X Strap.

在鞋類方面，隨著人們重返工作崗位、參加活動和享受特殊場合，我們看到著裝風格出現明顯復甦跡象。我們的休閒產品代表了一個重要的增長機會，並在本季度繼續表現良好。結果是由我們在 Diamond Light 和 Diamond X Strap 中推出的新運動鞋的成功引領的。

As we shared at our recent Investor Day, one of Jimmy Choo's strategic growth initiatives is its core collection. This permanent collection of accessories and footwear was launched at the end of June and is centered on 3 design pillars that represent Jimmy Choo's DNA: Crystal, Pearl and JC Monogram.

正如我們在最近的投資者日上所分享的，Jimmy Choo 的戰略增長計劃之一是其核心系列。這個永久的配飾和鞋履系列於 6 月底推出，以代表 Jimmy Choo 的 DNA 的 3 個設計支柱為中心：水晶、珍珠和 JC Monogram。

The core collection enables us to translate our brand codes across product categories and consumer communication to create a recognizable and authentic identity for Jimmy Choo. Additionally, growth in the core collection will enable us to expand gross margins over time. The initial reaction from consumers has been encouraging.

核心系列使我們能夠跨產品類別和消費者溝通翻譯我們的品牌代碼，為 Jimmy Choo 創建一個可識別和真實的身份。此外，核心系列的增長將使我們能夠隨著時間的推移擴大毛利率。消費者的初步反應令人鼓舞。

In terms of brand awareness and consumer engagement, Jimmy Choo's summer 2021 campaign features our Beach Capsule Collection and celebrates the summer holidays with laid-back glamor. To launch the beach collection, Jimmy Choo hosted 10 influencers in Sanya, China for a social media activation event using the hashtag, #ChooTravels. The activations generated over 14 million views on Weibo.

在品牌知名度和消費者參與度方面，Jimmy Choo 的 2021 年夏季活動以我們的海灘膠囊系列為特色，以悠閒的魅力慶祝暑假。為了推出海灘系列，Jimmy Choo 在中國三亞邀請了 10 位有影響力的人參加社交媒體激活活動，使用標籤 #ChooTravels。這些激活在微博上產生了超過 1400 萬的瀏覽量。

Jimmy Choo had a strong showing on the red carpet. Celebrities wearing Jimmy Choo included Beyoncé, Viola Davis, Laura Dern, Lizzo, Reese Witherspoon and Zendaya.

Jimmy Choo 在紅毯上的表現非常搶眼。穿著 Jimmy Choo 的名人包括 Beyoncé、Viola Davis、Laura Dern、Lizzo、Reese Witherspoon 和 Zendaya。

With the return of weddings, Jimmy Choo has enjoyed unique success in user-generated content on social media, specifically in the bridal sector. The #IDOINCHOO hashtag is a top trending bridal hashtag on Instagram.

隨著婚禮的回歸，Jimmy Choo 在社交媒體上的用戶生成內容方面取得了獨特的成功，特別是在婚禮領域。 #IDOINCHOO 標籤是 Instagram 上最流行的新娘標籤。

In June, Jimmy Choo collaborated with Billy Porter to create a capsule to coincide with Pride. To mark the collection's release, Jimmy Choo donated a portion of the proceeds to support The Trevor Project, whose mission is ending LGBTIQ youth suicide.

六月，Jimmy Choo 與 Billy Porter 合作打造了一個膠囊，以配合 Pride。為了紀念該系列的發布，Jimmy Choo 捐贈了部分收益來支持 Trevor 項目，該項目的使命是結束 LGBTIQ 青年自殺。

Our glamorous product and engaging marketing helped contribute to a 14% year-over-year increase in Jimmy Choo's global consumer database. Overall, we're optimistic about Jimmy Choo's future growth opportunities. We have the key building blocks to expand our assortments to meet all of our consumers' needs every day, anytime, anywhere, from formal to casual across accessories and footwear.

我們迷人的產品和引人入勝的營銷幫助 Jimmy Choo 的全球消費者數據庫同比增長 14%。總體而言，我們對 Jimmy Choo 未來的增長機會持樂觀態度。我們擁有關鍵的構建模塊來擴展我們的產品種類，以滿足我們消費者每天、隨時隨地、從正式到休閒、配飾和鞋類的所有需求。

Now turning to Michael Kors. Our first quarter performance was better than anticipated, with revenues increasing 184% compared to prior year, reflecting broad-based strength. We continue to increase signature penetration across all product categories by expanding our offering and developing new designs. Overall, signature represented 36% of the assortment compared to 30% last year, helping support higher gross margins and AURs. With our signature strategy, we continued to create desire as our iconic Michael Kors branding resonated with consumers.

現在轉向邁克爾·科爾斯。我們第一季度的業績好於預期，收入與去年同期相比增長了 184%，反映了廣泛的實力。我們通過擴展我們的產品和開發新設計，繼續提高所有產品類別的簽名滲透率。總體而言，簽名佔該品種的 36%，而去年為 30%，有助於支持更高的毛利率和 AUR。憑藉我們的標誌性戰略，我們繼續創造願望，因為我們標誌性的 Michael Kors 品牌引起了消費者的共鳴。

Now moving to accessories. Revenue in our retail channel increased triple digits globally, as consumers responded to the fresh updates but continued to energize our signature styles.

現在轉向配件。我們的零售渠道收入在全球範圍內增長了三位數，因為消費者對新的更新做出了反應，但繼續為我們的標誌性風格注入活力。

In footwear, casual performed well as we excited consumers with laid-back yet Luxe styles offering iconic Michael Kors branding. Consumers also responded positively to Kors styles updated in signature.

在鞋類方面，休閒鞋表現出色，因為我們以悠閒而奢華的款式和標誌性的 Michael Kors 品牌令消費者興奮不已。消費者也對簽名中更新的 Kors 款式反應積極。

Looking at women's ready-to-wear, we saw strong results in MKGO, which capitalized on our consumers' active lifestyle.

在女裝成衣方面，我們看到了 MKGO 的強勁業績，它利用了我們消費者積極的生活方式。

Turning to men's. First quarter sales increased over 300% driven by accessories. The men's business remains one of our fastest-growing categories at Michael Kors.

轉向男裝。在配件的推動下，第一季度銷售額增長了 300% 以上。男士業務仍然是 Michael Kors 增長最快的類別之一。

In watches and jewelry, we continued to see strong performance. Revenue in watches was driven by traditional styles that are true to our DNA, with bold, sophisticated and distinctive designs.

在手錶和珠寶方面，我們繼續看到強勁的表現。手錶的收入是由符合我們 DNA 的傳統風格驅動的，具有大膽、精緻和獨特的設計。

In jewelry, we have seen a positive consumer response to our elevated assortment focused on sterling silver, precious metal platings and semiprecious stones.

在珠寶方面，我們看到消費者對我們以 925 純銀、貴金屬鍍層和半寶石為重點的升級品種做出了積極的反應。

In terms of brand awareness and consumer engagement. We continued our highly successful the I Must Travel Campaign (sic) [The Eye Has to Travel Campaign], which reflects Michael's love of travel and our consumers jet-set lifestyle.

在品牌知名度和消費者參與度方面。我們繼續非常成功的“我必須旅行”活動（原文如此）[The Eye Has to Travel Campaign]，這反映了邁克爾對旅行的熱愛和我們消費者的噴氣式生活方式。

For summer, the campaign again featured quintessential jetsetter Bella Hadid and was filled with color, sun and sea, which are also trademarks of the Michael Kors jet-set lifestyle.

夏季，該活動再次以典型的噴氣式飛機貝拉·哈迪德為特色，並充滿了色彩、陽光和大海，這也是 Michael Kors 噴氣式飛機生活方式的標誌。

Michael Kors drove strong consumer engagement across social media platforms in the first quarter. We used influencers to create local relevance and generate global buzz around the launch of our new Bradshaw accessories collection. These influencers generated more than 153 million impressions across the social media platforms.

Michael Kors 在第一季度推動了跨社交媒體平台的強大消費者參與度。我們利用有影響力的人來建立當地相關性，並圍繞我們新的 Bradshaw 配飾系列的推出引起全球轟動。這些影響者在社交媒體平台上產生了超過 1.53 億次印象。

In June, we activated our campaign around Pride, celebrating Michael's lifelong support of the LGBTIQ community. We launched a dedicated Pride capsule that featured a rainbow wave pattern and heart logo. A portion of the profits were donated to OutRight Action International, which works to advance human rights for the LGBTIQ community globally.

六月，我們圍繞 Pride 啟動了我們的活動，慶祝邁克爾對 LGBTIQ 社區的終生支持。我們推出了一個專門的 Pride 膠囊，上面有彩虹波浪圖案和心形標誌。部分利潤捐贈給了 OutRight Action International，該組織致力於促進全球 LGBTIQ 社區的人權。

In China, Michael Kors took over the Paramount Theater in Shanghai in celebration of Michael's 40th Anniversary Show. The event began with a preshow greeting from brand ambassador Gao Yuanyuan, followed by the live stream of the show, which featured in-studio commentary from brand ambassadors, Wang FeiFei and Lareina Song. As a result, the show generated 26 million views in Asia.

在中國，Michael Kors 接管了上海派拉蒙劇院，慶祝邁克爾的 40 週年演出。活動以品牌大使高圓圓的預演致辭拉開帷幕，緊接著是秀場直播，品牌大使王霏霏和宋麗娜在演播室解說。結果，該節目在亞洲產生了 2600 萬次觀看。

These marketing initiatives continued to highlight our brand pillars of speed, energy and optimism. This helped contribute to a 20% year-over-year increase in Michael Kors' global database.

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 20%。

Overall, we are extremely optimistic about the future growth of Michael Kors. The strategies we've put in place over the past 2 years have been generating high consumer engagement as well as attracting new and younger customers. Additionally, we continue to elevate the brand positioning at Michael Kors, which is driving higher profitability.

總體而言，我們對 Michael Kors 的未來增長極為樂觀。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客戶。此外，我們繼續提升 Michael Kors 的品牌定位，從而推動更高的盈利能力。

In total, Capri Holdings' first quarter results significantly exceeded our expectations, demonstrating the power of our 3 luxury houses and the execution of our strategic initiatives. The strength we are experiencing today is a direct result of the dedication, focus and talent of all of our employees around the world.

總的來說，Capri Holdings 第一季度的業績大大超出了我們的預期，展示了我們 3 家豪宅的實力以及我們戰略計劃的執行。我們今天所經歷的力量是我們全球所有員工的奉獻、專注和才能的直接結果。

Looking forward, we are pleased with the progress our luxury houses are making towards their strategic goals and the pace of their revenue growth. While it is clear the world will continue to see challenges as the global pandemic evolves, including regional closures and temporary restrictions, we believe the ultimate path to recovery remains strong. As we have shown, Capri Holdings has the proven ability to successfully navigate these challenging times. Capri Holdings, with our 3 powerful luxury houses, is positioned to deliver multiple years of revenue and earnings growth.

展望未來，我們對我們的豪宅在實現其戰略目標和收入增長速度方面取得的進展感到高興。儘管隨著全球大流行的發展，世界將繼續面臨挑戰，包括區域性關閉和臨時限制，但我們認為複甦的最終道路仍然強勁。正如我們所展示的，Capri Holdings 已證明有能力成功度過這些充滿挑戰的時代。 Capri Holdings 擁有 3 家實力雄厚的豪宅，有望實現多年的收入和盈利增長。

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 first quarter results.

謝謝你，約翰，大家早上好。從第一季度的結果開始。

Revenue of $1.25 billion increased 178% versus prior year, meaningfully exceeding our expectations. Performance was driven by better-than-anticipated results across all brands and regions. Net income was $221 million, resulting in diluted earnings per share of $1.42. This was above our expectations, reflecting better-than-anticipated revenue, gross margin and operating margin.

收入為 12.5 億美元，較上年增長 178%，大大超出我們的預期。業績是由所有品牌和地區的業績好於預期推動的。淨收入為 2.21 億美元，攤薄後每股收益為 1.42 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。

Looking at revenue trends by channel. Total company retail sales increased 135%. These results were driven by robust e-commerce sales, which increased approximately 60% as well as strong store sales. Retail store sales improved sequentially, reflecting increased traffic trends and clienteling initiatives. In the wholesale channel, revenue improved sequentially as sales rebounded compared to the initial impact of the pandemic last year.

按渠道查看收入趨勢。公司總零售額增長 135%。這些結果是由強勁的電子商務銷售推動的，增長了約 60% 以及強勁的商店銷售。零售店銷售額環比增長，反映了客流量趨勢和客戶計劃的增加。在批發渠道，與去年大流行的最初影響相比，隨著銷售額的反彈，收入環比增長。

By geography, the Americas was the strongest performing region, with total revenue increasing 304% versus prior year. In EMEA, where an average of 25% of stores were closed during the quarter, revenue increased 148%. And in Asia, revenue increased 55% despite restrictions and store closures that impacted numerous countries.

按地域劃分，美洲是表現最強勁的地區，總收入較上年增長 304%。在本季度平均關閉 25% 的商店的歐洲、中東和非洲地區，收入增長了 148%。在亞洲，儘管限制和商店關閉影響了許多國家，但收入增長了 55%。

Turning to revenue performance by brand. Versace revenue was $240 million, 158% increase compared to prior year and above our expectations. Global sales in our retail channel increased 141% with e-commerce sales increasing triple digits. Store sales also increased in the triple digits.

轉向按品牌劃分的收入表現。范思哲收入為 2.4 億美元，與去年相比增長 158%，高於我們的預期。我們零售渠道的全球銷售額增長了 141%，電子商務銷售額增長了三位數。商店銷售額也以三位數增長。

By geography, the Americas was once again the best-performing region with revenue increasing 480%. Revenue in EMEA increased 222% and revenue in Asia increased 29%.

從地理位置來看，美洲再次成為表現最好的地區，收入增長了 480%。歐洲、中東和非洲地區的收入增長了 222%，亞洲的收入增長了 29%。

Versace ended June with a global luxury fleet of 208 retail stores, a net increase of 4 from prior year.

范思哲在 6 月份結束時在全球擁有 208 家零售店，比去年淨增加 4 家。

For Jimmy Choo, revenue during the quarter increased 178% to $142 million, well above expectations as we began to benefit from our strategic growth initiatives. Global sales in our retail channel increased 153% with e-commerce sales once again increasing triple digits. Store sales also increased materially.

對於 Jimmy Choo，本季度收入增長 178% 至 1.42 億美元，遠高於預期，因為我們開始從戰略增長計劃中受益。我們零售渠道的全球銷售額增長了 153%，電子商務銷售額再次增長了三位數。門店銷售額也大幅增長。

By geography, the Americas was the best-performing region with revenue increasing 533%. Revenue in EMEA increased 213% and revenue in Asia increased 86%.

從地域來看，美洲是表現最好的地區，收入增長了 533%。歐洲、中東和非洲地區的收入增長了 213%，亞洲的收入增長了 86%。

Jimmy Choo ended the quarter with a global fleet of 233 retail stores, a net increase of 5 from prior year.

Jimmy Choo 在本季度末在全球擁有 233 家零售店，比上年淨增加 5 家。

At Michael Kors, total revenue of $871 million increased 184% compared to last year, also exceeding expectations. Global sales in our retail channel increased 130%. E-commerce sales increased strong double digits, while retail store sales also increased significantly. Wholesale revenue increased substantially year-over-year as shipments normalized in the first quarter of fiscal 2022. However, wholesale revenue remains well below historic levels, in line with our strategic initiative to have a smaller wholesale business, while improving profitability.

Michael Kors 的總收入為 8.71 億美元，與去年相比增長了 184%，也超出了預期。我們零售渠道的全球銷售額增長了 130%。電子商務銷售額強勁增長兩位數，而零售店銷售額也顯著增長。隨著 2022 財年第一季度出貨量正常化，批發收入同比大幅增長。然而，批發收入仍遠低於歷史水平，這符合我們在提高盈利能力的同時擁有更小的批發業務的戰略舉措。

The Americas was also the best-performing region for Michael Kors, with revenue increasing 278%. Revenue in EMEA increased 109% and revenue in Asia increased 61%.

美洲也是 Michael Kors 表現最好的地區，收入增長了 278%。歐洲、中東和非洲地區的收入增長了 109%，亞洲的收入增長了 61%。

Michael Kors ended the quarter with a global fleet of 820 retail stores, a net decrease of 2 from prior year.

Michael Kors 在本季度結束時在全球擁有 820 家零售店，比上年淨減少 2 家。

Now looking at total company margin performance. We were pleased with gross margin expansion of 90 basis points. This improvement reflected better-than-anticipated performance in the retail channel across all 3 brands, including material increases versus prior year at Versace and Jimmy Choo driven by our strategic initiative. However, as anticipated, wholesale penetration was approximately double prior year levels, resulting in an overall lower gross margin for Michael Kors in the quarter.

現在看看公司的總利潤率表現。我們對毛利率擴大 90 個基點感到滿意。這一改善反映了所有 3 個品牌在零售渠道的表現好於預期，包括在我們的戰略舉措推動下，Versace 和 Jimmy Choo 與去年相比的實質性增長。然而，正如預期的那樣，批發滲透率大約是去年水平的兩倍，導致 Michael Kors 在本季度的整體毛利率下降。

Operating expense as a percent of revenue was 47.2%, better than our expectations as higher revenues resulted in increased expense leverage. On an absolute basis, operating expense increased approximately $140 million versus prior year, primarily reflecting the significant increase in revenue, which generated higher variable expenses. Additionally, the increase reflected reinvestments in our business as sales recover as well as the unfavorable impact of foreign currency exchange rate. As a result of higher gross margin and lower operating expense as a percent of revenue, total company operating margin of 20.8% was above our expectations.

營業費用佔收入的百分比為 47.2%，好於我們的預期，因為收入增加導致費用槓桿增加。在絕對基礎上，運營費用比上年增加了約 1.4 億美元，主要反映了收入的顯著增加，這產生了更高的可變費用。此外，增長反映了隨著銷售復甦以及外匯匯率的不利影響對我們業務的再投資。由於較高的毛利率和較低的營業費用佔收入的百分比，公司總營業利潤率為 20.8%，高於我們的預期。

All brands' operating margins also exceeded our expectations, reflecting both better gross margins and operating expense leverage. At Versace, operating margin was 20%. At Jimmy Choo, operating margin was 7.7%. And at Michael Kors, operating margin was 27.6%.

所有品牌的營業利潤率也超出了我們的預期，反映了更好的毛利率和營業費用槓桿。范思哲的營業利潤率為 20%。 Jimmy Choo 的營業利潤率為 7.7%。 Michael Kors 的營業利潤率為 27.6%。

Now turning to our balance sheet. We ended the quarter with cash of $356 million and debt of $1.3 billion, resulting in net debt of approximately $1 billion. Total liquidity at the end of the quarter was $1.4 billion.

現在轉向我們的資產負債表。我們在本季度結束時擁有 3.56 億美元的現金和 13 億美元的債務，淨債務約為 10 億美元。本季度末的總流動資金為 14 億美元。

Looking at inventory, we ended the quarter with $760 million, down 20% compared to prior year. 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 7.6 億美元，與去年同期相比下降了 20%。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。

During the first quarter, we repurchased approximately $50 million worth of shares and have an additional $350 million of availability remaining under our share repurchase authorization.

在第一季度，我們回購了價值約 5000 萬美元的股票，並在我們的股票回購授權下剩餘 3.5 億美元的可用空間。

Now turning to guidance. Before going into detail, I would like to take a moment to provide some perspective around our full year outlook. We are increasing our revenue guidance primarily to reflect the higher-than-expected first quarter results and stronger anticipated sales in the second quarter. We remain cautiously optimistic about the balance of the year, even though we are seeing some store closures and regional restrictions as the pandemic continues to impact certain regions of the world.

現在轉向指導。在詳細介紹之前，我想花點時間就我們的全年展望提供一些觀點。我們正在增加我們的收入指導，主要是為了反映高於預期的第一季度業績和第二季度更強勁的預期銷售額。儘管隨著大流行繼續影響世界某些地區，我們看到一些商店關閉和區域限制，但我們對今年的餘額保持謹慎樂觀。

In addition, we are experiencing increased delays in receiving merchandise and challenges at the factory level due to temporary closures. However, the current situation is incorporated in our outlook for the year.

此外，由於臨時關閉，我們在工廠層面遇到了越來越多的商品接收延遲和挑戰。然而，目前的情況已納入我們的年度展望。

Now looking at full year fiscal 2022 guidance. We forecast Capri Holdings revenue of approximately $5.3 billion. This assumes Versace revenue of approximately $1.025 billion, Jimmy Choo revenue of approximately $550 million and Michael Kors revenue of approximately $3.725 billion. As a reminder, guidance includes approximately $75 million associated with the 53rd week.

現在正在查看 2022 財年全年指導。我們預測 Capri Holdings 的收入約為 53 億美元。這假設 Versace 收入約為 10.25 億美元，Jimmy Choo 收入約為 5.5 億美元，Michael Kors 收入約為 37.25 億美元。提醒一下，指導包括與第 53 週相關的大約 7500 萬美元。

For gross margin, we now expect approximately 100 basis points of expansion for the year, an increase from our prior guidance of 50 basis points. This increase reflects stronger first quarter results as well as gross margin expansion in each quarter of the year despite higher transportation costs.

對於毛利率，我們現在預計今年將增長約 100 個基點，高於我們之前 50 個基點的指導。儘管運輸成本較高，但這一增長反映了強勁的第一季度業績以及每年每個季度的毛利率增長。

We continue to forecast operating expense of approximately $2.6 billion. This reflects lower-than-anticipated expenses in the first quarter, offset by additional investments in the remainder of the year.

我們繼續預測運營費用約為 26 億美元。這反映了第一季度低於預期的支出，但被今年剩餘時間的額外投資所抵消。

As discussed during our recent Investor Day, we believe it is important to support our future growth and build momentum into fiscal 2023. Therefore, we will be reinvesting approximately $25 million to $30 million in marketing, e-commerce and regional growth initiatives. As a result, we now expect an operating margin of approximately 16%, an increase of 200 basis points relative to our prior guidance.

正如我們最近的投資者日所討論的那樣，我們認為支持我們未來的增長並為 2023 財年建立動力非常重要。因此，我們將在營銷、電子商務和區域增長計劃中再投資約 2500 萬至 3000 萬美元。因此，我們現在預計營業利潤率約為 16%，相對於我們之前的指導增加 200 個基點。

For Versace, we anticipate operating margin in the low double-digit range. For Jimmy Choo, we expect an operating margin in the negative low single-digit range. And for Michael Kors, we anticipate an operating margin in the mid-20% range.

對於范思哲，我們預計營業利潤率在兩位數的低位。對於 Jimmy Choo，我們預計營業利潤率在負的低個位數範圍內。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 now anticipate net interest expense of approximately $5 million, an effective tax rate of approximately 17% and weighted average shares outstanding of 156 million. As a result, we now expect to generate diluted earnings per share of approximately $4.50 for fiscal 2022.

談到我們對某些非運營項目的期望。我們現在預計淨利息支出約為 500 萬美元，有效稅率約為 17%，加權平均流通股數為 1.56 億股。因此，我們現在預計 2022 財年每股攤薄收益約為 4.50 美元。

Turning to our second quarter guidance. We expect total company revenue of approximately $1.25 billion. We forecast Versace revenue of approximately $260 million, Jimmy Choo revenue of approximately $120 million, and Michael Kors revenue of approximately $870 million. We now anticipate our second quarter operating margin will be approximately 13%, an increase of 200 basis points relative to our prior guidance. This reflects a 50 basis point increase in gross margin versus last year as well as expense leverage on our higher revenue forecast.

轉向我們的第二季度指導。我們預計公司總收入約為 12.5 億美元。我們預計 Versace 收入約為 2.6 億美元，Jimmy Choo 收入約為 1.2 億美元，Michael Kors 收入約為 8.7 億美元。我們現在預計我們第二季度的營業利潤率將約為 13%，相對於我們之前的指導增加 200 個基點。這反映了毛利率與去年相比增加了 50 個基點，以及我們更高收入預測的費用槓桿。

For Versace, we now anticipate an operating margin in the low double-digit range. For Jimmy Choo, we continue to expect an operating margin in the negative low double-digit range. And for Michael Kors, we now anticipate an operating margin in the low 20% range.

對於范思哲，我們現在預計營業利潤率在兩位數的低位。對於 Jimmy Choo，我們繼續預計營業利潤率處於負的低兩位數範圍內。對於 Michael Kors，我們現在預計營業利潤率在 20% 左右。

Turning to our expectations around certain nonoperating items. Interest expense is forecast to be approximately $1 million. Our effective tax rate is expected to be approximately 12%, and we forecast weighted average shares outstanding of 156 million. As a result, we now expect diluted earnings per share of approximately $0.90.

談到我們對某些非運營項目的期望。利息費用預計約為 100 萬美元。我們的有效稅率預計約為 12%，我們預測已發行的加權平均股數為 1.56 億股。因此，我們現在預計每股攤薄收益約為 0.90 美元。

In conclusion, we are pleased with our first quarter results and the momentum of our business. This performance reflects the strength of our fashion luxury houses and execution of our strategic initiatives. As the world emerges from the pandemic, we remain confident that Capri Holdings is positioned to deliver multiple years of revenue and earnings per share growth as well as increased shareholder value.

總之，我們對第一季度業績和業務發展勢頭感到滿意。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。隨著世界從大流行中走出來，我們仍然相信 Capri Holdings 能夠實現多年的收入和每股收益增長以及增加的股東價值。

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 from Omar Saad with Evercore ISI.

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

Excellent job pretty much on all fronts. Congratulations. I wanted to follow up on the Versace strength and the Choo strength. Did you guys talk about any sort of customer response, wholesale customer response or marketplace response you're seeing on the La Greca signature print? And I was also wondering with Choo, is the strength sneakers and heels product or is it really kind of shifting back towards the heels product side?

出色的工作幾乎在所有方面。恭喜。我想跟進 Versace 的實力和 Choo 的實力。你們是否談到了您在 La Greca 簽名印刷品上看到的任何類型的客戶響應、批發客戶響應或市場響應？我也想知道 Choo 是力量型運動鞋和高跟鞋產品，還是真的回到了高跟鞋產品方面？

Thank you, and good morning, Omar. By the way, I'm joining you for today's call from Paris, France, where we have just, a little over a month ago, opened our brand-new world flagship for Versace, which I might say is spectacular. So it's quite exciting to be here to see that.

謝謝你，早上好，奧馬爾。順便說一句，我今天在法國巴黎與您一起參加電話會議，一個多月前，我們剛剛在這里為 Versace 開設了全新的世界旗艦店，我可以說這非常壯觀。因此，能夠在這裡看到這一點非常令人興奮。

Omar, to answer both of your questions, first, on Versace. As we discussed in our earlier prepared remarks, the momentum that we're seeing in accessories is really -- it's coming much quicker than we had anticipated. And the two new collections that we introduced, first, the Virtus, which is the Barocco V, it's really selling across not only accessories products but really strong in footwear, belts and on some of our ready-to-wear categories. So that real initial design that was very early days from Donatella has been, quite frankly, a huge success for the company.

奧馬爾，首先回答你的兩個問題，關於范思哲。正如我們在之前準備好的評論中所討論的那樣，我們在配飾方面看到的勢頭確實——它比我們預期的要快得多。我們推出的兩個新系列，首先是 Virtus，即 Barocco V，它不僅在配飾產品中銷售，而且在鞋類、腰帶和我們的一些成衣類別中也非常強大。因此，坦率地說，多納泰拉早期的真正初始設計對公司來說是一個巨大的成功。

And then she came right back with really pushing this new La Medusa collection, which obviously takes our Medusa icon and really puts it in the forefront. And that collection has far exceeded our expectations. And quite frankly, we're having trouble keeping up with demand in the stores right now. So that's, I guess, to some degree, a good problem to have. And again, we're seeing that resonate across men's knit shirts and belts and other product categories. So really quite pleased with that pillar for us.

然後她又回來了，真正推動了這個新的 La Medusa 系列，它顯然採用了我們的 Medusa 圖標，並真正把它放在了最前沿。而那個系列遠遠超出了我們的預期。坦率地說，我們現在很難跟上商店的需求。所以，我想，在某種程度上，這是一個很好的問題。再一次，我們看到男士針織襯衫和腰帶以及其他產品類別產生了共鳴。對我們來說，這個支柱真的很高興。

And now before we've even landed La Greca, which is the overall signature pattern, the signature of La Greca on our sneakers in both Trigreca and the La Greca sneaker are, again, we're having trouble keeping up with demand, which is not something we ever anticipated to -- position to be in right now.

現在，在我們甚至還沒有推出作為整體標誌性圖案的 La Greca 之前，我們在 Trigreca 和 La Greca 運動鞋中的運動鞋上的 La Greca 標誌又一次無法滿足需求，即不是我們所期望的——現在的位置。

So the good news is, is that the pillars that we've kind of put in place today are already absolutely resonating with the customer. And interestingly, resonating with a younger customer as well, which is something we've hoped for. And you can see that the database grew by 20%, which is really quite extraordinary because these are all growing on top of what were large increases over the kind of the last 18 months.

所以好消息是，我們今天建立的支柱已經絕對引起了客戶的共鳴。有趣的是，也能引起年輕客戶的共鳴，這是我們所希望的。你可以看到數據庫增長了 20%，這真的很不尋常，因為這些都是在過去 18 個月的大幅增長之上增長的。

The response from our own teams, our own stores, to La Greca coming has been really strong. And importantly, the wholesale channel for us, which again, is not the cornerstone of our business, but an important part, has reacted very, very strong to this. And I think what they're pleased about seeing with all of the pillars that we've been introducing is there's a real rhythm to Versace now, where maybe in the past, we were a little bit more full fashion driven and we didn't have enough core products. And again, our large competitors have those core products, which really, you can generate a lot of revenue and also you can generate a tremendous amount of gross profit. We now have those. And it's a matter of us executing against that.

我們自己的團隊、我們自己的商店對 La Greca 的到來反應非常強烈。重要的是，對我們來說，批發渠道再次不是我們業務的基石，而是重要的一部分，對此反應非常非常強烈。而且我認為他們很高興看到我們一直在介紹的所有支柱是范思哲現在有一個真正的節奏，也許在過去，我們有點更全面的時尚驅動，我們沒有有足夠的核心產品。再說一次，我們的大型競爭對手擁有這些核心產品，它們確實可以產生大量收入，也可以產生巨大的毛利潤。我們現在有了這些。這是我們執行反對的問題。

And I think we've told you, and we'll talk more about it in our upcoming call in October, is that the launch of La Greca is going to be very, very powerful. I mean this will be 365 degrees. Super excited about the fact that Dua Lipa, who is one of the most famous music artists in the world, has agreed to be the face for Versace for our campaign. And with her 90 million-plus fans and along with our huge following, I think we're going to make quite an impact around the world.

我想我們已經告訴過你，我們將在 10 月份的電話會議中更多地討論它，La Greca 的推出將非常非常強大。我的意思是這將是 365 度。世界上最著名的音樂藝術家之一 Dua Lipa 同意在我們的競選活動中擔任 Versace 的代言人，這讓我們感到非常興奮。憑藉她超過 9000 萬的粉絲以及我們龐大的追隨者，我認為我們將在世界範圍內產生相當大的影響。

So again, I just -- we're so pleased and I hope some of you -- most of you on this call are based in New York, please go to see our new Greene Street store, which opened a few weeks ago. It's a smaller version of our flagship here. But you'll really see the whole thing come together right there. And of course, La Greca will be there in September.

再說一次，我只是 - 我們很高興，我希望你們中的一些人 - 在這次電話會議上的大多數人都在紐約，請去看看我們幾週前開業的新格林街商店。這是我們這裡的旗艦產品的縮小版。但你真的會看到整個事情就在那裡融合在一起。當然，La Greca 將在 9 月出現。

Jimmy Choo. Two things are happening at Jimmy Choo. First, we've seen a return to socializing, obviously, in the United States. We're starting to see that in Europe. We've been on a very, very strong run in China with Jimmy Choo really during the entire pandemic. The balance of Asia is a bit challenged for all of the company's brands just because of closures. But -- so where we've seen reopenings occur and people resuming socially engaging with one another. The dress business is really quite strong. I would say it's not really the go to work part of the dress business, but it's more things around parties, around -- especially casual for the summertime, people going away on holidays. And then lastly, bridal has really bounced back very, very strong for us. And that's a big business for Jimmy Choo. So we're feeling quite good about that.

吉米週。 Jimmy Choo 正在發生兩件事。首先，很明顯，在美國，我們看到了社交的回歸。我們開始在歐洲看到這一點。在整個大流行期間，我們與 Jimmy Choo 在中國的表現非常非常強勁。由於關閉，該公司所有品牌的亞洲平衡都受到了挑戰。但是 - 所以我們已經看到重新開放發生並且人們恢復彼此的社交互動。服裝業務真的很強大。我想說這並不是著裝行業真正的上班部分，而是更多關於派對的事情，周圍 - 特別是夏季休閒，人們在假期離開。最後，新娘真的反彈了，對我們來說非常非常強大。這對 Jimmy Choo 來說是一筆大生意。所以我們對此感覺很好。

But on the other side, the casual part of our business, which, as I've commented before, has really not been a strength of the company. We've really made huge inroads, in particular in our sneakers and our Diamond franchise, which has really taken hold. Again, we're having a little difficulty keeping up with demand on that. Again, I guess, to some degree, a good place to be. But we're learning how high is high on that category.

但另一方面，我們業務的休閒部分，正如我之前評論過的，這實際上並不是公司的優勢。我們確實取得了巨大的進展，特別是在我們的運動鞋和我們的 Diamond 專營權方面，它們確實佔據了主導地位。同樣，我們在跟上需求方面有點困難。再一次，我想，在某種程度上，一個好地方。但我們正在了解該類別的高度。

And I just want to end with Jimmy Choo. We talked a lot about the accessories growth, too, which was about 150%. Again, our core groups are really starting to resonate. And we have a new introduction that will be coming for spring from our -- we've hired one of the most talented individuals from one of the major luxury groups who is now designing our handbags and the new product that's coming is really quite spectacular. Plus we have the JC Monogram that will be coming.

我只想以 Jimmy Choo 結束。我們也談了很多關於配件的增長，大約是 150%。再一次，我們的核心群體真的開始產生共鳴。我們將在春季推出一個新的介紹——我們已經從主要奢侈品集團之一聘請了一位最有才華的人，他們現在正在設計我們的手袋，即將推出的新產品真的非常壯觀。此外，我們還有即將推出的 JC Monogram。

So I think we have a lot in our arsenal with Jimmy Choo to really start accelerating that business and I think the product will be there starting for fall and beyond. So thank you, Omar.

因此，我認為我們與 Jimmy Choo 合作的武器庫中有很多東西可以真正開始加速這項業務，我認為該產品將在秋季及以後開始出現。所以謝謝你，奧馬爾。

Our next question is from Kimberly Greenberger with Morgan Stanley.

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

Great. Thanks for the great overview. My questions this morning are for Tom. Tom, I'm wondering, can you just talk about the much better gross margin performance that you're seeing? I know wholesale is coming back, but you've reduced it compared to historical levels. It was a real sort of notable inflection in your guidance today and obviously the beat here in the quarter. So can you just dive into that a little bit more? Are you sort of purposefully suppressing the exposure that you've got to wholesale to basically reposition the brands? And are you seeing any impact? Maybe you can just talk about some of the headwinds that you're seeing from the shipping delays and the factory delays that you're currently encountering. And if you've got any visibility on timing on those, that would be great as well.

偉大的。感謝您的精彩概述。今天早上我的問題是給湯姆的。湯姆，我想知道，你能談談你看到的更好的毛利率表現嗎？我知道批發回來了，但與歷史水平相比，你已經減少了。這是您今天的指導中真正值得注意的轉折點，顯然是本季度的節拍。所以你能再深入一點嗎？你是不是故意壓制你必須通過批發來重新定位品牌的曝光率？你看到任何影響了嗎？也許您可以談談您從運輸延誤和目前遇到的工廠延誤中看到的一些不利因素。如果你對這些時間有任何了解，那也很好。

Sure, Kimberly. Thank you. Thank you for those questions.

當然，金伯利。謝謝你。謝謝你的這些問題。

Let me just say one thing before I turn it over to Tom. Kimberly, the growth in the quarter, I just want you to be really clear, was first led by the great performance at retail. So I just want you to know that.

讓我先說一件事，然後再交給湯姆。金佰利，本季度的增長，我只想讓你很清楚，首先是由零售業的出色表現帶動的。所以我只是想讓你知道。

The second thing that happened in the quarter, because I think this will add color to your -- to Tom's commentary, is the wholesale business in North America, which is the biggest piece of our wholesale business, has actually rebounded very, very positively. Still not running at the rates that we're seeing in our full price business, but the sell-throughs are excellent. We're seeing consumers return into the stores -- into the department stores, which I have to tell you is really exciting to see.

本季度發生的第二件事，因為我認為這將為您的評論增添色彩 - 湯姆的評論是北美的批發業務，這是我們批發業務的最大部分，實際上已經非常非常積極地反彈。仍然沒有以我們在全價業務中看到的速度運行，但銷售量非常好。我們看到消費者回到商店——回到百貨公司，我不得不告訴你，看到這真的很令人興奮。

So I just want you to get a feel for the color that it's not just happening in our retail stores, but people are absolutely returning and shopping in department stores. Sorry, Tom, go ahead.

所以我只是想讓你感受一下這種顏色不僅發生在我們的零售店，而且人們絕對會在百貨商店購物。對不起，湯姆，繼續。

Thanks, John. And Kimberly, looking at the gross margin, it really was driven by retail. Wholesale was also above expectations. And it's all about full price sell-through. So we saw great performance across all brands with better full price sell-through. At Michael Kors, signature was a larger portion of the business. At Jimmy Choo and Versace, accessories, as well as some pricing at Jimmy Choo and Michael Kors. And that was -- we've seen gross margin expansion despite the wholesale mix being higher and higher transportation costs.

謝謝，約翰。而金佰利，看看毛利率，它確實是由零售驅動的。批發也超出預期。這都是關於全價銷售的。因此，我們看到所有品牌都表現出色，全價銷售情況更好。在 Michael Kors，簽名是業務的很大一部分。 Jimmy Choo 和 Versace 的配飾，以及 Jimmy Choo 和 Michael Kors 的一些定價。那就是——儘管批發組合的運輸成本越來越高，但我們已經看到毛利率在擴大。

When we look at wholesale, we have already said that we want that business to be smaller than it was in the past and more profitable. And that's really where we're coming out. When we look at the year, we were at a 25% penetration in the prior year. We expect that to be similar. So wholesale is going to grow off of a smaller base, but be a smaller business that's more profitable. And in the first quarter, we saw it off of a very low base that was impacted by COVID, that we expect that growth to level off in the second half in line with our strategy.

當我們看批發時，我們已經說過我們希望該業務比過去更小，並且更有利可圖。這就是我們真正要出來的地方。當我們回顧這一年時，我們在前一年的滲透率為 25%。我們希望這會是相似的。因此，批發將在較小的基礎上發展壯大，但會成為更有利可圖的小型企業。在第一季度，我們看到它擺脫了受 COVID 影響的非常低的基數，我們預計下半年增長將趨於平穩，符合我們的戰略。

You had asked about delays of receipts and factory closures. As noted in the prepared remarks, we are seeing delays, but that is really built into the current forecast. So we've anticipated the situation will continue. We have built it into our expectations. And despite that, we're still expecting to grow margin on the gross margin line every quarter this year.

您曾詢問收貨延遲和工廠關閉的問題。正如準備好的評論中指出的那樣，我們看到了延誤，但這確實是當前預測的一部分。因此，我們預計這種情況將繼續下去。我們已將其納入我們的期望。儘管如此，我們仍然預計今年每個季度的毛利率都會增長。

Our next question is from Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

Let me add my congrats. Great job, guys. Tom, so just stick with the gross margin. On the decline in Kors, understandable on the channel mix. Could you maybe just give us some color on where does the gross margin sit maybe relative to 2 years ago? I'm just kind of curious how much expansion you've seen relative to fiscal '20?

讓我補充一下我的祝賀。幹得好，伙計們。湯姆，所以只要堅持毛利率。關於 Kors 的下滑，關於渠道組合可以理解。你能否給我們一些關於毛利率相對於 2 年前的位置的顏色？我只是有點好奇，相對於 20 財年，你看到了多少擴張？

And then John, as a quick follow-up. You gave some details on the outlook for the business at your Analyst Day for the next fiscal year. I'm just curious, I mean, such a robust start to this year. Can you say if there's an area in the model right now where you're already seeing the most potential upside to that $5 number for next year to come from?

然後是約翰，作為快速跟進。您在下一財年的分析師日提供了有關業務前景的一些詳細信息。我只是好奇，我的意思是，今年的開局如此強勁。你能說現在模型中是否有一個區域，你已經看到明年 5 美元的最大潛在上漲空間來自哪裡？

Sure. Ike, I'll take the first part. When we look at gross margin versus a couple of years ago, Michael Kors is significantly above where it was in that pre-COVID world. And that's really due to those initiatives that we've been talking about coming to fruition. It's inventory management and lower SKUs and more tightly managing our product to drive full price sell-through. Signature continuing to increase and then pricing actions, particularly in the accessories line. Now that will continue to occur through the year and drive margins as we look into next year. So well ahead of where we were historically on the gross margin line.

當然。艾克，我將參加第一部分。當我們對比幾年前的毛利率時，Michael Kors 明顯高於 COVID 之前的水平。這真的是由於我們一直在談論的那些舉措正在取得成果。它是庫存管理和更低的 SKU，以及更嚴格地管理我們的產品以推動全價銷售。簽名繼續增加，然後定價行動，特別是在配件線。現在，這將在全年繼續發生，並在我們展望明年時提高利潤率。遠遠領先於我們歷史上的毛利率水平。

Yes. And I'd just like to add one thing for everyone on this call. I think we mentioned this some time ago. With Michael Kors, we are not focused on LLY. And really because we've reset the business and what our expectations are for the business. So it's going to be hard comparing it when we're trying to have a smaller wholesale business.

是的。我只想在這次電話會議上為每個人添加一件事。我想我們前段時間提到過這個。對於 Michael Kors，我們並不專注於 LLY。真的是因為我們已經重置了業務以及我們對業務的期望。因此，當我們試圖擁有較小的批發業務時，將很難比較它。

And I also might add that even when we're looking at LLY, there's still situations in Japan and Southeast Asia and Australia and Europe, which are -- we are not back, by any stretch of the imagination, to full prior year levels. And unfortunately, many of you on this call know that the Delta virus is spreading the variant. And so I think that will probably slow down some of our expectations around Europe rebounding as quickly as we would have liked to have seen.

而且我還可以補充一點，即使我們關注 LLY，日本、東南亞、澳大利亞和歐洲仍然存在這種情況——無論如何，我們都沒有回到去年的全部水平。不幸的是，本次電話會議中的許多人都知道 Delta 病毒正在傳播該變種。所以我認為這可能會減緩我們對歐洲的一些預期，以我們希望看到的速度反彈。

But on the other hand, we see North America going much quicker than we've seen. And we see strength in China, where, again, we've had strong double-digit growth across the entire group. So there's going to just be puts and takes as we go through this. But again, I want to remind you, Michael Kors, we're kind of not focused on where we were 2 years ago. We're only focused on our expectations. More profitable business, growing in a way that's really focused on full price sell-throughs and growing categories, not just accessories, as we talked about in our long-term strategies, where we see opportunity to grow some of our ready-to-wear businesses, men's accessories. So the complexion of Michael Kors is going to feel different from that standpoint.

但另一方面，我們看到北美的發展速度比我們看到的要快得多。我們在中國看到了實力，我們再次在整個集團中實現了兩位數的強勁增長。所以當我們經歷這個過程時，只會有看跌期權。但是，我想再次提醒你，Michael Kors，我們有點不關注 2 年前的情況。我們只關注我們的期望。更有利可圖的業務，以真正專注於全價銷售和增長類別的方式發展，而不僅僅是配飾，正如我們在長期戰略中談到的那樣，我們看到了發展一些成衣的機會企業，男士配飾。所以從這個角度來看，Michael Kors 的膚色會有所不同。

And Ike, as it relates to fiscal year 2023, I think that's too early for us to point to that. Obviously, the first quarter was well ahead of our expectations. Tom mentioned in his prepared remarks, we're seeing continued strength in the second quarter. The back half of the year, we've just got to see how some closures look or restrictions as this Delta kind of moves through some of the economies around the world. We feel quite optimistic that even if there are bumps over the next 3, 4, 5 months, that we think the world is on its way to recovery. And again, we think that our products are resonating with the consumers and we think our brand strategies are really quite clear. And as you know, we talked about -- we did not change our brand strategies as we went through COVID. We did decide with Michael Kors to make things a bit more smaller and more focused. But in Versace and Jimmy Choo, we never feared from what we were trying to achieve.

艾克，因為它與 2023 財年有關，我認為現在指出這一點還為時過早。顯然，第一季度遠超我們的預期。湯姆在他準備好的講話中提到，我們看到第二季度的持續增長。今年下半年，我們只需要看看隨著這種三角洲類型在世界各地的一些經濟體中移動，一些關閉或限制的情況如何。我們感到非常樂觀，即使未來 3、4、5 個月會出現顛簸，我們認為世界正在復蘇。再一次，我們認為我們的產品引起了消費者的共鳴，我們認為我們的品牌戰略非常明確。如您所知，我們談到了——在經歷 COVID 時，我們沒有改變我們的品牌戰略。我們確實決定與 Michael Kors 一起讓事情變得更小、更專注。但在 Versace 和 Jimmy Choo，我們從不懼怕我們想要實現的目標。

So I think it all bodes well for the future. And I think the results are kind of speaking for themselves. So thank you for the question, Ike.

所以我認為這對未來來說都是好兆頭。而且我認為結果有點不言自明。所以謝謝你的問題，艾克。

Our next question is from Matthew Boss with JPMorgan.

我們的下一個問題來自摩根大通的 Matthew Boss。

Congrats on a great quarter. So maybe 2-part question. On operating margin, Tom, as we think about the bridge between today's 16% operating margin forecast for the year relative to the 14% prior, have you changed back half assumptions at all really today? Or is this really first and second quarter?

祝賀一個偉大的季度。所以也許是兩部分的問題。關於營業利潤率，湯姆，當我們考慮今天 16% 的營業利潤率預測與之前的 14% 之間的橋樑時，您今天真的改變了一半的假設嗎？或者這真的是第一季和第二季嗎？

And then, John, on the continued digital strength and then the sequential improvement that we're seeing at brick-and-mortar as the world reopens. I guess, maybe larger picture, where are you most optimistic across the brand portfolio as we think about changes in customer behavior after the pandemic relative to before?

然後，約翰，關於持續的數字實力，以及隨著世界重新開放，我們在實體店看到的連續改進。我想，也許是更大的圖景，當我們考慮大流行之後相對於之前的客戶行為變化時，您對品牌組合最樂觀的地方是什麼？

Matt, thanks for the question. And looking at the operating margin going from our prior guidance of 14%, we're really pleased to increase it to 16%, and it's really a combination of factors. It is the overdelivery in Q1 and Q2 as we look at that quarter. When we look at the back half of the year, I would say we're reinvesting some of the benefits that we saw in lower spending, lower expenses in the first quarter into the back part of the year. So that's about $25 million to $30 million that we want to reinvest in order to drive the business and continue to position us and further build momentum into fiscal year '23.

馬特，謝謝你的問題。從我們之前指導的 14% 的營業利潤率來看，我們真的很高興將其提高到 16%，這確實是多種因素的結合。當我們查看該季度時，這是第一季度和第二季度的超額交付。當我們回顧今年下半年時，我想說我們正在將我們在第一季度的較低支出和支出中看到的一些好處再投資到今年下半年。因此，我們希望再投資約 2500 萬至 3000 萬美元，以推動業務發展並繼續定位我們並進一步為 23 財年建立動力。

So I think that this is a balance. We're very pleased to be increasing the guidance, but also want to make sure we're doing the right things to support our business to achieve that longer-term growth. We're expected to deliver double-digit revenue growth and mid-teens earnings per share growth over a longer period of time.

所以我認為這是一種平衡。我們很高興增加指導，但也希望確保我們正在做正確的事情來支持我們的業務以實現長期增長。預計我們將在較長時間內實現兩位數的收入增長和十幾歲左右的每股收益增長。

So Matt, great question you asked, by the way, which really dovetails into Tom's remarks just now. The -- obviously, the e-commerce business for us is growing rapidly basically in every region of the world. And we want to continue to spend the money to fuel that business. And what's great about that is we get a few things. First off, we drive customer engagement. Secondly, we build our databases. And we think we've got a fairly sophisticated team that's working with our data analytics and the way that we're working to drive customer growth and engagement, as I said. All of that is something that, I think, we have a pretty good idea on how we can do and we've got a good feeling for that.

所以馬特，順便說一句，你問的問題很好，這確實與湯姆剛才的言論相吻合。 - 顯然，我們的電子商務業務基本上在世界每個地區都在迅速增長。我們希望繼續花錢來推動這項業務。最棒的是我們得到了一些東西。首先，我們推動客戶參與。其次，我們建立我們的數據庫。正如我所說，我們認為我們有一個相當成熟的團隊正在使用我們的數據分析以及我們努力推動客戶增長和參與的方式。所有這一切，我認為，我們對如何做有一個很好的想法，我們對此有很好的感覺。

And all 3 of the brands really were able to -- at Versace, we can grow these accessories too, as I said in my prepared remarks, $1 billion. And that's a very realistic number. And if we look at the penetration of where that is, even in our e-commerce channel today from Versace, we have so much room to grow. So we can drive that business.

正如我在準備好的講話中所說，所有 3 個品牌都能夠——在 Versace，我們也可以種植這些配飾，價值 10 億美元。這是一個非常現實的數字。如果我們看看它在哪裡的滲透率，即使在我們今天的 Versace 電子商務渠道中，我們也有很大的增長空間。所以我們可以推動這項業務。

And at Jimmy Choo, same thing, accessories and our footwear -- and our casual footwear capabilities. At Michael Kors, we have really a huge opportunity in our ready-to-wear categories online, in particular, where those could be much bigger percentages of our business and also very profitable for us.

在 Jimmy Choo，同樣的東西，配飾和我們的鞋履——以及我們的休閒鞋履能力。在 Michael Kors，我們在在線成衣品類中確實擁有巨大的機會，特別是在這些品類中，這些品類可能占我們業務的更大比例，而且對我們來說也非常有利可圖。

So I think we feel good about our capabilities from a digital standpoint. We feel good about our capabilities from an omni standpoint and we've made those investments over the last few years. We're continuing to make a lot of investments around that.

所以我認為從數字的角度來看，我們對自己的能力感覺很好。從全方位的角度來看，我們對自己的能力感到滿意，並且我們在過去幾年中進行了這些投資。我們將繼續圍繞這一點進行大量投資。

On brick-and-mortar, we're pleased with what we see happening in North America in terms of traffic, also happy with what we see happening in China. Again, Europe, we all wish things would go a little faster. We're just going to be -- that's going to depend on how countries open up and how the new green passport for Europe really works in allowing people to move country to country.

在實體店方面，我們對北美的交通狀況感到滿意，也對我們在中國看到的情況感到滿意。再說一次，歐洲，我們都希望事情能快一點。我們只是——這將取決於各國如何開放，以及歐洲的新綠色護照如何真正發揮作用，讓人們可以從一個國家轉移到另一個國家。

So I'd say we're optimistic but cautiously optimistic on the actual brick-and-mortar traffic part of the business. Hopefully, we'll see Europe have that same kind of lift we're seeing in North America. Thanks, Matt.

所以我想說我們對業務的實際實體交通部分持樂觀但謹慎樂觀的態度。希望我們會看到歐洲擁有與北美相同的提升。謝謝，馬特。

Our next question is from Lorraine Hutchinson with Bank of America.

我們的下一個問題來自美國銀行的 Lorraine Hutchinson。

I just wanted to ask to follow up a little bit on the reinvestments. You've spoken a lot at the Analyst Day about reinvesting any sales upside into marketing. And it sounds like you're doing that for some of it. But as we think about the rest of the year, should we continue to think about any further upside being reinvested or do you feel like you have a good enough base in terms of the store openings, the marketing, the campaigns that you have planned for the remainder of the year?

我只是想要求對再投資進行一些跟進。您在分析師日上談了很多關於將任何銷售收益再投資於營銷的問題。聽起來你正在這樣做。但是，當我們考慮今年餘下的時間時，我們是否應該繼續考慮再投資的任何進一步上漲，或者您是否覺得您在開店、營銷、計劃的活動方面有足夠的基礎今年剩下的時間？

Well, Lorraine, I think we're obviously very pleased with our revenue growth and our earnings per share growth, operating margin growth, et cetera. So I don't think we have an absolute desperate need to see the operating margin expand beyond this new 16% guidance. And truthfully, if we saw significant revenue upside again over the next few quarters, I don't know that we would 100% flow it all through. We might spend more on overall marketing and brand building and other initiatives for the company. I think that what we want to do is to continue to build for 2023, 2024, which I've said to you at our Investor Day, we're going to do over $7 billion with this company, and there's more to come even beyond that.

好吧，洛林，我認為我們顯然對我們的收入增長和每股收益增長、營業利潤率增長等感到非常滿意。所以我不認為我們絕對迫切需要看到營業利潤率超過這個新的 16% 指導。老實說，如果我們在接下來的幾個季度中再次看到顯著的收入增長，我不知道我們是否會 100% 實現這一目標。我們可能會在公司的整體營銷和品牌建設以及其他舉措上花費更多。我認為我們想做的是繼續為 2023 年和 2024 年建設，我在投資者日對你說過，我們將在這家公司上做超過 70 億美元，甚至還有更多那。

When you look at -- where Versace is going to do over $1 billion this year. And when we look at our projections, things are looking really good for that luxury house. Things are picking up at Jimmy Choo.

當你看看——范思哲今年的銷售額將超過 10 億美元。當我們查看我們的預測時，那棟豪宅的情況看起來非常好。 Jimmy Choo 的情況正在好轉。

So in our business, you need to invest to continue to grow your business. And I think that's the smart thing for us to do. And hopefully, if we continue to see the type of sell-throughs that we've seen across the group, hopefully, you'll see some of that also flow to the bottom line. But I don't think that's our absolute priority right now. Our absolute priority is to continue to make sure that all 3 of these luxury houses are building stronger and stronger bases so that as we look out into the future, we'll be looking at a much bigger number than $7 billion in terms of revenue. And as we've said, long-term operating margins that will hopefully have something with a [2 plus] in front of it. Thank you, Lorraine.

因此，在我們的業務中，您需要投資以繼續發展您的業務。我認為這對我們來說是明智之舉。希望，如果我們繼續看到我們在整個集團中看到的銷售類型，希望你會看到其中一些也流入底線。但我不認為這是我們現在的絕對優先事項。我們的絕對優先事項是繼續確保所有這 3 家豪宅都在建立越來越強大的基礎，這樣當我們展望未來時，我們的收入將超過 70 億美元。正如我們所說，長期營業利潤率有望在其前面有 [2 plus] 的東西。謝謝你，洛林。

Our next question is from Paul Lejuez with Citigroup.

我們的下一個問題來自花旗集團的 Paul Lejuez。

It's Tracy Kogan filling in for Paul. I was wondering what you're currently seeing in 2Q. You mentioned revenues were strong, but you are guiding the quarter 2, I think, down 13% versus 2 years ago, which is a pretty big deceleration versus what you saw in 1Q. So just wondering if what you're seeing now is what you're guiding to? Or if you're just assuming that things moderate as the quarter progresses?

是特蕾西·科根（Tracy Kogan）代替保羅。我想知道你目前在 2Q 看到了什麼。你提到收入很強勁，但我認為你在指導第二季度比兩年前下降了 13%，這與你在第一季度看到的情況相比是一個相當大的減速。所以只是想知道你現在所看到的是否就是你所引導的？或者，如果您只是假設隨著季度的進展情況會緩和？

Tracy, I'm going to let Tom touch on that. But remember, you can't go by what happened in Q1. Q1, most of the world was completely shut down. So I think while we're extremely proud, and I think we've had one of the best performances of a luxury group globally by the results, I think that we were up against some major closures.

特蕾西，我要讓湯姆談一談。但是請記住，您不能按照第一季度發生的事情進行。第一季度，世界大部分地區完全關閉。所以我認為，雖然我們非常自豪，而且我認為我們的成績是全球奢侈品集團中表現最好的之一，但我認為我們面臨著一些重大的倒閉。

Again, Q2, we have to be cautious. Europe is not open. Japan is closed. Most of Southeast Asia is either under lockdown or -- well, stores may be open, there's very little business transacting there. Australia is starting lockdowns.

同樣，第二季度，我們必須謹慎。歐洲不開放。日本關門了。東南亞的大部分地區要么處於封鎖狀態，要么——嗯，商店可能還在營業，那裡的生意很少。澳大利亞開始封鎖。

We have big international businesses. And while North America is really robust, as we've said in our remarks, and China is moving ahead very nicely, we've got some other issues still to deal with. So I think we need to be very cautious. But at the same point in time, we've said, we're off to a good start in the quarter, and we like the way the consumer is responding to our product from all 3 of the luxury houses. But Tom, do you want to comment on that?

我們有大型的國際業務。正如我們在講話中所說，雖然北美確實很強勁，而且中國的進展非常順利，但我們還有一些其他問題需要處理。所以我認為我們需要非常謹慎。但與此同時，我們已經說過，我們在本季度有了一個良好的開端，我們喜歡消費者對所有 3 家奢侈品公司產品的反應方式。但是湯姆，你想對此發表評論嗎？

Sure. And Tracy, I'd just refer and reiterate something that John mentioned a little earlier that having reset our business strategies and objectives and in particular, for Michael Kors, we really do believe the forecast is the more appropriate benchmark to evaluate our progress. And with Michael Kors, we're planning for a smaller but more profitable business. And these quarterly fluctuations versus LLY are really hard to look at because of wholesale already planning to be lower. And wholesale, of course, was up a lot in Q1. So the variations are really wholesale driven. When we look at retail, it continues to improve on a sequential basis across our houses, and we expect that trend in retail to continue in Q2.

當然。特雷西，我只想提及並重申約翰早些時候提到的一些事情，即重新設置了我們的業務戰略和目標，特別是對於邁克爾·科爾斯來說，我們確實相信預測是評估我們進展的更合適的基準。與 Michael Kors 合作，我們正計劃開展一項規模較小但利潤更高的業務。而且這些季度波動與 LLY 的關係真的很難看，因為批發業已經計劃降低。當然，批發在第一季度增長了很多。所以變化真的是批發驅動的。當我們看零售時，我們的房屋繼續連續改善，我們預計零售的這種趨勢將在第二季度繼續。

And one last thing, Tracy. We promised some time ago that in fiscal '23, we would be above pre-pandemic revenue and above pre-pandemic earnings per share. On the earnings per share side, we're going to be ahead of our original expectations. So we're really pleased with our profitability. Obviously, we've got a lot more runway to go with profitability, and you can understand that because as we -- as our revenues increase, we're going to create leverage. Yes, we're going to spend some of that on marketing. But as we get into '23 and whatnot, we're going to create a lot of leverage. And we think that's going to be exciting for the group and for our shareholders. Thank you, Tracy.

最後一件事，特蕾西。我們前段時間承諾，在 23 財年，我們的收入將高於大流行前的收入和大流行前的每股收益。在每股收益方面，我們將超過我們最初的預期。因此，我們對我們的盈利能力感到非常滿意。顯然，我們有更多的盈利能力，你可以理解這一點，因為隨著我們 - 隨著收入的增加，我們將創造槓桿作用。是的，我們將把其中的一部分花在營銷上。但隨著我們進入 23 年之類的，我們將創造很多影響力。我們認為這對集團和我們的股東來說將是令人興奮的。謝謝你，特蕾西。

Our next question is from Simeon Siegel with BMO Capital Markets.

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

Congrats on really nice results. John, did you say -- how was AUR this quarter? Could you share your perspective on maybe just the broader promotional landscape now and how do you think that will look into holiday? And then to the point about the launch in jewelry strength, just any color you can talk to us about broader licensing over the quarter and then where you see that going over the year?

恭喜取得非常好的結果。約翰，你有沒有說——AUR 這個季度怎麼樣？您能否分享您對現在可能只是更廣泛的促銷前景的看法，您認為這將如何看待假期？然後是關於珠寶實力的發布，您可以與我們討論本季度更廣泛的許可，然後您認為這一年的發展方向是什麼？

Sure. Thanks, Simeon. Simeon, we made a decision, really, going back kind of almost 2 years ago, that we were going to walk away from trying to chase every competitive environment situation around promotional activity. And we've stayed firm to that commitment. And I think -- well, we know, I don't think, I know that what you're seeing in the gross margin performance is not only full price sell-through, but it's just -- we've got considerably less activity around certain discounting that we did. Really, it was more of a North American situation.

當然。謝謝，西蒙。 Simeon，我們確實做出了一個決定，實際上，可以追溯到差不多 2 年前，我們將不再試圖追逐圍繞促銷活動的每一個競爭環境情況。我們一直堅定地履行這一承諾。而且我認為 - 好吧，我們知道，我不認為，我知道你在毛利率表現中看到的不僅是全價銷售，而且只是 - 我們的活動要少得多圍繞我們所做的某些折扣。真的，這更像是北美的情況。

Second, which is a huge issue, we don't have the inventory to do that. And so I can answer the question for everyone right now, because I keep hearing this question come up. It's not going to -- I don't care if our competitors do it. It doesn't matter. We don't have the inventory to do it. So it won't happen. And not only that, we just don't want to do it anymore. And we're going the opposite direction. As you've heard, we're raising prices on Michael Kors. And by the way, I mentioned on our previous call, we're going to raise prices again for spring season next year, prices are going to go up considerably. And also in Jimmy Choo, we've talked about that as well.

其次，這是一個大問題，我們沒有庫存來做這件事。所以我現在可以為每個人回答這個問題，因為我一直聽到這個問題出現。它不會——我不在乎我們的競爭對手是否這樣做。沒關係。我們沒有庫存來做這件事。所以它不會發生。不僅如此，我們只是不想再這樣做了。而我們正朝著相反的方向前進。正如您所聽說的，我們正在提高 Michael Kors 的價格。順便說一句，我在之前的電話會議中提到，明年春季我們將再次提高價格，價格將大幅上漲。在 Jimmy Choo 中，我們也談到了這一點。

So we're going in the opposite direction. And I hope I can kind of close the door on that conversation because I don't think it's -- I don't think -- I know everyone is waiting for that to happen again. That won't happen for us given the way we've purchased product, where product is flowing today and given where we think our brand is positioned. We're going up, not down. So that's really our clarity on that topic.

所以我們正朝著相反的方向前進。我希望我可以關閉那次談話的大門，因為我不認為——我不認為——我知道每個人都在等待這種情況再次發生。考慮到我們購買產品的方式，今天的產品在哪裡流動，以及我們認為我們的品牌定位在哪裡，這不會發生在我們身上。我們在上升，而不是下降。這就是我們對該主題的明確性。

Oh, on watches and jewelry, I'm sorry. Watches and jewelry. Wow. It's all I can say is, wow. I'm shocked at what's happened in our brand-new flagship store here in Paris. And the same thing we're hearing in North America that I commented to you about in the last call. It's definitely a new customer. So all of our very kind of bold Michael Kors watches in particular, really the more expensive watches are selling through very, very, very strong, and that's a result of a younger customer who is really finding Michael Kors. And that's what we're finding really almost globally.

哦，關於手錶和珠寶，對不起。手錶和珠寶。哇。我只能說，哇。我對我們在巴黎的全新旗艦店發生的事情感到震驚。和我們在北美聽到的同樣的事情，我在上次電話會議中向你評論過。這絕對是一個新客戶。因此，我們所有非常大膽的 Michael Kors 手錶，尤其是更昂貴的手錶，其銷量非常、非常、非常強勁，這是真正找到 Michael Kors 的年輕顧客的結果。這就是我們幾乎在全球範圍內發現的。

It's a new generation has discovered us. It's almost -- to them, we're a new brand. And they're the ones who are really driving our signature business and accessories, our watch business. And interestingly, in our jewelry business, as you probably are aware, we exited what we consider to be the fashion jewelry business and went to sterling silver product line, which is more elevated, more -- a lot more expensive. And that is doing really, really well globally.

新一代發現了我們。幾乎——對他們來說，我們是一個新品牌。他們是真正推動我們的標誌性業務和配飾，我們的手錶業務的人。有趣的是，在我們的珠寶業務中，正如您可能知道的那樣，我們退出了我們認為的時尚珠寶業務，轉而使用更高級、更貴的純銀產品線。這在全球範圍內做得非常非常好。

So we've finally got some nice traction on that business, both in our own stores and at our wholesale partners around the world. So good things are going to come for us, and I want to thank you -- thank our partners at Fossil.

因此，我們終於在我們自己的商店和世界各地的批發合作夥伴中對這項業務產生了很好的吸引力。所以好事會為我們而來，我要感謝你——感謝我們在 Fossil 的合作夥伴。

And last thing I'll just mention is, for the group, licensing revenues were up very significantly. As I've commented before, we have one of the largest fragrance businesses in the world with Versace and our partners at EuroItalia have done an amazing job. Our business is above LLY. And the same -- Michael Kors, our business is really up, I don't know, 50%, 60% in fragrance with the new launch of our new pillar.

最後我要提到的是，對於該集團來說，許可收入增長非常顯著。正如我之前評論過的，我們擁有世界上最大的香水企業之一，范思哲和我們在 EuroItalia 的合作夥伴做得非常出色。我們的業務在 LLY 以上。同樣——Michael Kors，我們的業務真的上升了，我不知道，隨著我們新支柱的新推出，香水業務增長了 50%、60%。

And so all things are really clicking for us on our license business, and we're pleased to see that on a global basis. Thank you very much, Simeon.

因此，所有事情都對我們的許可業務產生了影響，我們很高興在全球範圍內看到這一點。非常感謝你，西蒙。

Our next question is from Erinn Murphy with Piper Sandler.

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

I wanted to follow up on Versace and specifically just on the margin profile. June, historically, is not the biggest quarter, but you're already at 20% EBIT, John. So curious if there's any changes of how you're thinking about the long-term 20% guide, particularly given how robust the demand has been across accessories. I know it's early days, but you're clearly building a pretty robust platform there.

我想跟進范思哲，特別是利潤概況。從歷史上看，六月並不是最大的季度，但你的息稅前利潤已經達到 20%，約翰。很好奇您對長期 20% 指南的看法是否有任何變化，特別是考慮到配件需求的強勁程度。我知道現在還為時尚早，但您顯然正在那裡建立一個非常強大的平台。

Well, Erinn, I'm not surprised you asked that question because we were prepared for it, we knew everyone would be asking that question and we kind of ask ourselves that question, obviously.

好吧，Erinn，我對你問這個問題並不感到驚訝，因為我們已經為此做好了準備，我們知道每個人都會問這個問題，顯然我們會問自己這個問題。

I just left our CEO, Jonathan Akeroyd, here in Paris and, look, we know what our competition does. And we know the really strong competitors are between 25% and 40% operating margin. As I've mentioned on our Investor Day, I believe, one of the biggest things that will create leverage at Versace is higher revenues in our flagship stores. We have the right locations, we have the right amount of space, we don't need to build bigger. We could literally do 4x more business in every one of our stores and still not be probably half the dollars per square foot of our competition. That shows you how much runway we have to really go at Versace. And you know the numbers of our competitors.

我剛剛離開我們的首席執行官喬納森·阿克羅伊德，在巴黎這裡，看，我們知道我們的競爭對手在做什麼。我們知道真正強大的競爭對手的營業利潤率在 25% 到 40% 之間。正如我在投資者日所提到的，我相信，在 Versace 創造影響力的最重要的事情之一是我們旗艦店的更高收入。我們有合適的位置，我們有合適的空間，我們不需要建造更大的。我們實際上可以在我們的每一家商店中多做 4 倍的業務，但每平方英尺的美元可能仍然不到我們競爭對手的一半。這向你展示了我們在范思哲必須走多少跑道。你知道我們競爭對手的數量。

And so again, we have a very tight store base today, a little over 200. We'll get to 300 over time, but that's going to be super tight. We're looking at productivity. And as we drive that productivity, we will drive profitability. And again, I don't want to say we're surprised. We're pleasantly -- we're pleased that we're moving much quicker on the accessories than we thought. So if that continues on like this, the obvious answer is yes, we're going to move quicker than what we thought and that what we presented at our Investor Day. But I think we've got to, again, be cautious. We're still not out of the woods. Versace is a very big business in Europe, and we've got to get consumers back into the stores in Europe. Well, that's not the case here. And when we see that, you're going to see a very, very big lift again in operating margins for Versace.

同樣，我們今天的商店基礎非常緊張，略高於 200 家。隨著時間的推移，我們將達到 300 家，但這將非常緊張。我們正在關註生產力。隨著我們提高生產力，我們將提高盈利能力。再說一次，我不想說我們很驚訝。我們很高興——我們很高興我們在配件上的進展比我們想像的要快得多。因此，如果這種情況繼續下去，顯而易見的答案是肯定的，我們將比我們想像的更快，也比我們在投資者日展示的更快。但我認為我們必須再次保持謹慎。我們還沒有走出困境。范思哲在歐洲是一家非常大的企業，我們必須讓消費者重新回到歐洲的商店。好吧，這裡不是這樣。當我們看到這一點時，你會看到范思哲的營業利潤率再次出現非常非常大的提升。

So I think it's a great question you asked, and we're definitely seeing a path to that 20% operating margin for Versace. I can't say whether it's going to be quicker or not, but I think we're much, much more confident over the last 90 days. And again, we need to see La Greca get into the stores, see how that does. But if it does, and it gets in and it clicks, then we're really -- we'll be off to the races. Thank you, Erinn.

所以我認為你問的問題很好，我們肯定會看到范思哲實現 20% 營業利潤率的道路。我不能說它是否會更快，但我認為我們在過去 90 天裡變得更加自信。再一次，我們需要看到 La Greca 進入商店，看看效果如何。但如果確實如此，並且它進入並發出咔嗒聲，那麼我們真的 - 我們將參加比賽。謝謝你，艾琳。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

我們的問答環節已經結束。我想將會議交還給管理層以結束髮言。

I want to thank you all for joining us today on our first quarter earnings call. I would like to most importantly say thank you to all of our management and employees around the world. Our results are a direct reflection of all of the hard work and energy that they've put forth. And without them, we would not be achieving the success that we're having today.

我要感謝大家今天加入我們的第一季度財報電話會議。最重要的是，我要感謝我們在世界各地的所有管理層和員工。我們的結果直接反映了他們付出的所有辛勤工作和精力。沒有他們，我們就不會取得今天的成功。

So I want to thank them, in particular, and I'd like to thank everyone else for joining us today. Stay safe.

所以我要特別感謝他們，我要感謝今天加入我們的其他所有人。注意安全。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝你。今天的會議到此結束。此時您可以斷開線路，感謝您的參與。