Capri Holdings Ltd (CPRI) 2023 Q1 法說會逐字稿

Greetings, and welcome to Capri Holdings Limited First Quarter 2023 Earnings Conference Call. (Operator Instructions). As a reminder, this conference is being recorded.

您好，歡迎來到 Capri Holdings Limited 2023 年第一季度收益電話會議。 （操作員說明）。提醒一下，本次會議正在錄製中。

I'd now like to turn the conference over to your host, Jennifer Davis, Vice President of Investor Relations. Please proceed.

我現在想將會議轉交給您的主持人，投資者關係副總裁詹妮弗戴維斯。請繼續。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited First Quarter Fiscal '23 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 第一季度 23 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。

Unless otherwise noted, all financial information on today's call 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. 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。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。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. We are pleased that the year is off to a better-than-anticipated start, driven by strength across all 3 of our luxury houses. Our powerful brands continue to resonate with consumers, as evidenced by the 12 million new names added across our databases over the last year. Additionally, consumers are responding to the innovative and exciting fashion luxury products, led by the design visions of Donatella Versace, Sandra Choi and Michael Kors.

謝謝你，詹妮弗，大家早上好。我們很高興今年的開局好於預期，這得益於我們所有 3 家豪宅的實力。我們強大的品牌繼續引起消費者的共鳴，去年我們的數據庫中增加了 1200 萬個新名字就證明了這一點。此外，消費者對由 Donatella Versace、Sandra Choi 和 Michael Kors 的設計理念引領的創新和令人興奮的時尚奢侈品做出了回應。

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. Looking forward, we remain optimistic about our future growth potential based on the strategies outlined at our recent Investor Day. While we recognize there are near-term macro uncertainties, our confidence in Capri Holdings' ability to achieve our long-term goals is grounded in the proven resilience of the luxury industry, the strength of our luxury portfolio and the talented group of employees executing our strategic initiatives. As a result, Capri Holdings is positioned to deliver multiple years of revenue and earnings growth as well as increased shareholder value.

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。展望未來，根據我們最近的投資者日概述的戰略，我們對未來的增長潛力保持樂觀。雖然我們承認存在近期的宏觀不確定性，但我們對 Capri Holdings 實現長期目標的能力的信心是基於奢侈品行業已證明的彈性、我們奢侈品組合的實力以及執行我們的員工的才華橫溢的團隊。戰略舉措。因此，Capri Holdings 的定位是實現多年的收入和收益增長以及增加的股東價值。

Now turning to the first quarter performance. We were pleased that revenue, gross margin, operating margin and earnings per share all exceeded our expectations, resulting in record first quarter revenue and earnings per share. Total revenue in the first quarter increased 8.5% on a reported basis or 15.2% in constant currency, reflecting better-than-anticipated results at all 3 brands. Operating margin of 18.5% was above our expectations. As a result, earnings per share of $1.50 was better than anticipated.

現在轉向第一季度的表現。我們很高興收入、毛利率、營業利潤率和每股收益都超出了我們的預期，從而實現了創紀錄的第一季度收入和每股收益。第一季度總收入在報告的基礎上增長了 8.5%，或按固定匯率計算增長了 15.2%，這反映了所有 3 個品牌的業績都好於預期。 18.5%的營業利潤率高於我們的預期。因此，每股 1.50 美元的收益好於預期。

Looking at group revenue trends by geography. In the Americas, revenue growth continued to exceed our expectations, increasing 11% on a reported basis or 13% in constant currency. In EMEA, revenue increased 21% on a reported basis or 37% in constant currency, also above our expectations. This was driven by strong growth across all houses benefiting from robust domestic consumer demand as well as an increase in pan-European travel. In Asia, revenue decreased 14% on a reported basis or 7% in constant currency. This reflects Mainland China revenue down mid-30%, partially offset by improving trends in Japan and Southeast Asia. Excluding Mainland China, sales in Asia increased 21% on a reported basis or 35% in constant currency.

按地域查看集團收入趨勢。在美洲，收入增長繼續超出我們的預期，在報告的基礎上增長了 11%，或按固定匯率計算增長了 13%。在歐洲、中東和非洲地區，收入在報告的基礎上增長了 21%，或按固定匯率計算增長了 37%，也高於我們的預期。這得益於強勁的國內消費需求以及泛歐旅行的增加，所有房屋的強勁增長都得到了推動。在亞洲，按報告基礎計算的收入下降了 14%，或按固定匯率計算下降了 7%。這反映出中國大陸收入下降了 30% 左右，部分被日本和東南亞的改善趨勢所抵消。不包括中國大陸，亞洲的銷售額在報告的基礎上增長了 21%，或按固定匯率計算增長了 35%。

Moving to first quarter performance by brand, starting with Versace. We were pleased with the results, which were ahead of our expectations. Revenues increased 15% on a reported basis or 30% in constant currency compared to prior year, demonstrating the strength of the brand and the success of our strategic growth initiatives. All categories performed well as we continued to reinforce and amplify Versace's iconic brand codes. In women's accessories, which are a key component of Versace's growth strategy, sales in our retail channel increased approximately 80% versus prior year.

從 Versace 開始，按品牌劃分第一季度業績。我們對結果感到滿意，這超出了我們的預期。與去年相比，報告的收入增長了 15%，或按固定匯率計算增長了 30%，這表明了品牌的實力和我們戰略增長計劃的成功。隨著我們繼續強化和擴大 Versace 的標誌性品牌代碼，所有類別都表現良好。在作為 Versace 增長戰略的關鍵組成部分的女性配飾方面，我們零售渠道的銷售額與去年相比增長了約 80%。

With our 3 pillars, La Medusa, Greca and Virtus, we are gaining traction in accessories. The category is growing much faster than anticipated. We are confident in our ability to position Versace as a leading luxury leather house and expand accessories revenues to $1 billion over time. Footwear also performed well as we continued to build our core offering focused on our iconic brand codes, while also innovating with bold new styles.

憑藉我們的 3 個支柱，La Medusa、Greca 和 Virtus，我們在配飾方面越來越受歡迎。該類別的增長速度比預期的要快得多。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。鞋類也表現出色，因為我們繼續以標誌性品牌代碼為重點打造核心產品，同時還以大膽的新款式進行創新。

In the first quarter, women's footwear sales in our retail channel increased approximately 50%. Performance was driven by dress styles, which increased approximately 75% compared to prior year as consumers responded positively to styles featuring a range of Versace codes, including Greca and Medusa. Additionally, we saw strength across both women's and men's ready-to-wear. Donatella's spring 2022 collection performed well as consumers embraced Ornate prints and a celebration of the La Greca brand code. We continue to expand our core lines, which incorporate iconic house codes to broaden Versace's reach.

第一季度，我們零售渠道的女鞋銷售額增長了約 50%。業績受到服裝款式的推動，與去年相比增長了約 75%，因為消費者對包括 Greca 和 Medusa 在內的一系列 Versace 代碼款式反應積極。此外，我們看到了女裝和男裝成衣的實力。 Donatella 的 2022 年春季系列表現出色，消費者接受了華麗的印花和對 La Greca 品牌代碼的慶祝。我們繼續擴展我們的核心產品線，其中包含標誌性的品牌代碼，以擴大 Versace 的影響力。

During the quarter, we also saw strong sales across categories from our highly anticipated collaboration with Fendi. Fendace was an amalgamation of signature elements and reimagined classic silhouettes from 2 iconic Italian luxury houses, Fendi and Versace. With an exchange of roles and brand codes, Donatella designed a Fendi by Versace collection, while Fendi Artistic Director, Kim Jones and Sylvia Fendi designed a Versace by Fendi line. This partnership has generated significant revenue and increased brand awareness for Versace.

在本季度，我們還看到了與 Fendi 備受期待的合作，實現了跨品類的強勁銷售。 Fendace 融合了標誌性元素和來自 2 家標誌性意大利奢侈品牌 Fendi 和 Versace 的經典款式。通過交換角色和品牌代碼，Donatella 設計了 Fendi by Versace 系列，而 Fendi 藝術總監 Kim Jones 和 Sylvia Fendi 設計了 Versace by Fendi 系列。這種合作夥伴關係為范思哲帶來了可觀的收入並提高了品牌知名度。

Moving to brand awareness and consumer engagement. Versace continues to deepen consumer desire by combining powerful storytelling with data analytics. Versace's summer campaign, La Vacanza took the iconic very Versace look to Calabria Italy. Iris Law started in her first Versace campaign with unapologetic flare embracing the Versace Vacation lifestyle and reflecting the latest vibrant summer styles. Versace continued to dress many of the world's most famous celebrities during the quarter, which helped to build consumer desire and increase engagement. Versace's presence at the Met Ball was exceptional with the atelier dressing Blake Lively, Cardi B, Gigi Hadid, Lilly James, Gabrielle Union and Dwyane Wade, among others. As a result, Versace was the most engaged brand across all social media channels for the Met Gala.

轉向品牌知名度和消費者參與度。范思哲通過將強大的故事講述與數據分析相結合，不斷加深消費者的需求。范思哲的夏季廣告大片 La Vacanza 將標誌性的范思哲造型帶到了意大利卡拉布里亞。 Iris Law 在她的第一個 Versace 廣告活動中開始了她毫無歉意的 Versace 度假生活方式，並反映了最新的充滿活力的夏季風格。范思哲在本季度繼續為許多世界上最著名的名人著裝，這有助於建立消費者的願望並提高參與度。范思哲在大都會舞會上的表現非常出色，工作室穿著 Blake Lively、Cardi B、Gigi Hadid、Lilly James、Gabrielle Union 和 Dwyane Wade 等。因此，范思哲成為 Met Gala 所有社交媒體渠道中參與度最高的品牌。

In June, Cher and Donatella United in celebration of Pride Month 2022. As Chersace created a limited capsule collection in support of Gender Spectrum, a charity committed to the health and well-being of gender diverse youth. The combination of these brand-building activities and our data analytics capabilities, led to increased consumer acquisition driving 40% year-over-year growth in Versace's global database. Overall, Versace's strong first quarter results speak to the strength of the brand and the success of our strategic initiatives, reinforcing our confidence in the luxury house's long-term growth potential.

6 月，Cher 和 Donatella 聯合慶祝 2022 年驕傲月。Chersace 創建了一個限量膠囊系列以支持 Gender Spectrum，這是一個致力於性別多元化青年健康和福祉的慈善機構。這些品牌建設活動與我們的數據分析能力相結合，導致消費者購買量增加，推動范思哲全球數據庫同比增長 40%。總體而言，范思哲強勁的第一季度業績說明了品牌的實力和我們戰略舉措的成功，增強了我們對奢侈品公司長期增長潛力的信心。

Moving to Jimmy Choo. We were pleased with the results, which were ahead of our expectations. Revenues increased 21% on a reported basis or 30% in constant currency compared to prior year as we continue to execute on our strategic initiatives to expand accessories and maximize our casual opportunity. In women's accessories, which are an important pillar of Jimmy Choo's growth strategy, sales in our retail channel increased over 50% in the first quarter. Women's accessories are among the fastest-growing categories driven by strength in our VARENNE and Bon Bon families. The VARENNE Quad has quickly become one of our iconic handbag styles with its clean lines, timeless design and exceptional craftsmanship.

搬到吉米週。我們對結果感到滿意，這超出了我們的預期。隨著我們繼續執行我們的戰略計劃以擴大配件並最大限度地利用我們的休閒機會，收入在報告的基礎上增加了 21%，或按固定匯率計算增加了 30%。在作為 Jimmy Choo 增長戰略的重要支柱的女性配飾方面，我們零售渠道的銷售額在第一季度增長了 50% 以上。在我們的 VARENNE 和 Bon Bon 系列實力的推動下，女性配飾是增長最快的類別之一。 VARENNE Quad 以其簡潔的線條、永恆的設計和卓越的工藝迅速成為我們標誌性的手提包款式之一。

Turning to footwear. Sales in our retail channel increased strong double digits. We continue to see strength in dress styles driven by a return to office, social events and special occasions. In casual, our glamorous pool slides quickly became a summer wardrobe foundation for our consumers as they responded positively to slides made with our JC logo jacquard as well as styles embellished with pearls or our Crystal Sea.

轉向鞋類。我們零售渠道的銷售額強勁增長了兩位數。在重返辦公室、社交活動和特殊場合的推動下，我們繼續看到著裝風格的強勢。在休閒方面，我們迷人的泳池滑梯很快成為我們消費者夏季衣櫥的基礎，因為他們對使用我們的 JC 徽標提花製成的滑梯以及飾有珍珠或水晶海的款式做出了積極的反應。

In sneakers, we have seen strong reaction to our new classic gift contemporary Rome trainer in both women and men's.

在運動鞋方面，我們看到了對我們新款經典禮物當代羅馬運動鞋的強烈反響，男女款均適用。

Moving to brand awareness and consumer engagement. Jimmy Choo continues to drive consumer acquisition and engagement by combining storytelling and data analytics. Our storytelling for summer bought Jimmy Choo's DNA of glamor, daring and confidence to life. Shot in Miami, the campaign featured Precious Lee and Barbara Palvin, celebrating the glamorous Jimmy Choo lifestyle. Jimmy Choo's reputation as a favorite brand among style icons also builds desire and increases brand engagement.

轉向品牌知名度和消費者參與度。 Jimmy Choo 通過結合講故事和數據分析繼續推動消費者獲取和參與。我們夏天的故事講述了 Jimmy Choo 的魅力、大膽和對生活的信心。該廣告在邁阿密拍攝，以 Precious Lee 和 Barbara Palvin 為主角，慶祝 Jimmy Choo 迷人的生活方式。 Jimmy Choo 作為時尚偶像中最受歡迎的品牌的聲譽也激發了人們的慾望並增加了品牌參與度。

During the quarter, celebrities wearing Jimmy Choo included Jennifer Lopez, Selena Gomez, Katy Perry, Billie Eilish, Sean Menendez, Joe Jonas and Nick Jonas. We also utilized a wide community of influencers to leverage brand heat and accelerate regional potential. In May, Jimmy Choo hosted 18 global influencers in Central Pay to celebrate the summer collection launch. The influencers shared over 400 posts and generated approximately 20 million impressions. Our engaging customer communication, which combines storytelling with data analytics helped contribute to a 30% year-over-year increase in Jimmy Choo's global consumer database. Overall, Jimmy Choo's strong revenue growth and operating margin expansion reinforces our confidence in the luxury house's future potential.

在本季度，穿著 Jimmy Choo 的名人包括 Jennifer Lopez、Selena Gomez、Katy Perry、Billie Eilish、Sean Menendez、Joe Jonas 和 Nick Jonas。我們還利用廣泛的影響者社區來利用品牌熱度並加速區域潛力。 5 月，Jimmy Choo 在 Central Pay 接待了 18 位全球影響者，慶祝夏季系列發布。這些影響者分享了 400 多個帖子，並產生了大約 2000 萬次印象。我們引人入勝的客戶溝通將講故事與數據分析相結合，幫助 Jimmy Choo 的全球消費者數據庫同比增長 30%。總體而言，Jimmy Choo 強勁的收入增長和營業利潤率擴張增強了我們對豪宅未來潛力的信心。

Turning to Michael Kors. Our first quarter performance was better than anticipated. Revenues increased 5% on a reported basis or 9% in constant currency compared to prior year. We continue to elevate our product. And as part of this strategy, we have achieved our goal to grow signature penetration to 50% of revenue across all product categories. We now see a significant opportunity in products featuring our new MK hardware codes. These highly recognizable codes build brand identity and drive consumer loyalty.

轉向邁克爾科爾斯。我們第一季度的表現好於預期。與上年相比，按報告的基礎上的收入增長了 5%，或按固定匯率計算增長了 9%。我們繼續提升我們的產品。作為該戰略的一部分，我們已經實現了將簽名滲透率提高到所有產品類別收入的 50% 的目標。我們現在看到了具有我們新 MK 硬件代碼的產品的重要機會。這些高度可識別的代碼建立品牌標識並提高消費者忠誠度。

In accessories, Signature continued to perform well, driven by updates in soft neutrals, feminine pinks and jacquard materials. Consumers also responded positively to our vacation inspired collection of Ocean Blue Ombre and White Signature. Additionally, we were pleased with the success of our new platforms, Carly and Heather, which feature our MK hardware.

在配飾方面，Signature 繼續表現出色，這得益於柔和中性色、柔美粉色和提花材料的更新。消費者也對我們以假期為靈感的 Ocean Blue Ombre 和 White Signature 系列反應積極。此外，我們對採用 MK 硬件的新平台 Carly 和 Heather 的成功感到高興。

In footwear, consumers responded positively to the elevated execution of our seasonal flats and sandals. Branded hardware and bold studding performed exceptionally well. Looking at women's ready-to-wear, we saw strong sales of dresses from romantic Palm Lace to Bodycon logo jacquard styles. Men's remained the best performing category with robust sales across accessories, footwear and apparel.

在鞋類方面，消費者對我們季節性平底鞋和涼鞋的高執行率反應積極。品牌硬件和大膽的鉚釘表現異常出色。在女裝成衣方面，我們看到從浪漫的棕櫚蕾絲到 Bodycon 標誌提花款式的連衣裙銷量強勁。男裝仍然是表現最好的品類，配飾、鞋類和服裝銷售強勁。

During the quarter, we were excited to launch the Michael Kors Ellesse capsule collection, offering a luxurious and modern take on retro at leisure. The collection's vibrant, sporty and glamorous designs were brought to life in a series of pop-up installations and activations around the world. The collaboration created energy and excitement, generating strong engagement as well as solid sell-throughs.

在本季度，我們很高興推出 Michael Kors Ellesse 膠囊系列，在休閒時提供奢華和現代的複古風格。該系列充滿活力、運動感和魅力四射的設計在世界各地的一系列彈出式裝置和活動中栩栩如生。合作創造了活力和興奮，產生了強烈的參與度和穩固的銷售。

In terms of brand awareness and consumer engagement, we continued our jet-set storytelling in Miami. For summer, the campaign again featured Quintessential jet-setter, Bella Hadid, wearing Michael's latest fashion designs while carrying statement accessories. Bella and friends enjoyed bright days and cool summer nights on the go in true jet-set style.

在品牌知名度和消費者參與度方面，我們繼續在邁阿密進行噴氣式講故事。夏季，該活動再次以典型的噴氣式飛機設計者貝拉·哈迪德 (Bella Hadid) 為特色，她穿著邁克爾最新的時裝設計，同時攜帶著個性化的配飾。貝拉和朋友們在旅途中以真正的噴氣式飛機享受明亮的白天和涼爽的夏夜。

Michael Kors presence at the Met Gala was also extensive and drove brand heat and consumer engagement. Michael dressed celebrities, including Addison Rae, Ciara, Lori Harvey, Isaac Gonzales, Sigourney Weaver and Chinese supermodel, Hakon, among others. In June, we activated our campaign around pride celebrating Michael's lifelong support for the LGBTIQ+ community. We launched a dedicated pride capsule that featured a rainbow MK charm logo on a white background. A portion of the profits were donated to OutRight Action International, which works to advance human rights for the LGBTIQ+ community globally. In China, we launched the Qixi capsule collection for Chinese Valentine's Day, featuring our China watch and jewelry ambassador, Bai Lu, actress Chen Duling, as well as actor and model, Lu Chun. Combined, they have 136 million followers across social media helping further expand Michael Kors exposure in the region. The combined power of our jet-set storytelling and data analytics capabilities contributed to a 17% year-over-year increase in Michael Kors global database.

Michael Kors 在 Met Gala 上的亮相也很廣泛，並推動了品牌熱度和消費者參與度。 Michael 穿著名人，包括 Addison Rae、Ciara、Lori Harvey、Isaac Gonzales、Sigourney Weaver 和中國超模 Hakon 等。 6 月，我們圍繞自豪感啟動了我們的活動，以慶祝邁克爾對 LGBTIQ+ 社區的終生支持。我們推出了一個專門的驕傲膠囊，在白色背景上有一個彩虹 MK 魅力標誌。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。在中國，我們為七夕推出了七夕膠囊系列，其中包括我們的中國手錶和珠寶大使白露、女演員陳都靈以及演員和模特盧純。他們在社交媒體上擁有 1.36 億粉絲，這有助於進一步擴大 Michael Kors 在該地區的曝光率。我們的噴氣式講故事和數據分析能力的綜合力量促成了 Michael Kors 全球數據庫的 17% 同比增長。

Overall, we remain optimistic about the future growth of Michael Kors. The strategies we put in place prior to the pandemic have been generating strong consumer demand as well as attracting new and younger customers. At the same time, they enable us to drive strong profitability even with elevated supply chain costs and other macro headwinds.

總體而言，我們對 Michael Kors 的未來增長保持樂觀。我們在大流行之前實施的策略一直在產生強勁的消費者需求並吸引新的和年輕的客戶。同時，即使供應鏈成本上升和其他宏觀不利因素，它們也使我們能夠推動強勁的盈利能力。

In conclusion, we are pleased with the progress our luxury houses are making towards their strategic goals. Looking forward, we remain optimistic about the long-term growth potential for Versace, Jimmy Choo and Michael Kors. With our portfolio of iconic founder-led fashion luxury houses, Capri Holdings is positioned to deliver multiple years of revenue and earnings growth.

總之，我們對我們的豪宅在實現其戰略目標方面取得的進展感到高興。展望未來，我們對范思哲、Jimmy Choo 和 Michael Kors 的長期增長潛力保持樂觀。憑藉我們由創始人領導的標誌性時尚奢侈品公司的投資組合，Capri Holdings 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. Revenue of $1.36 billion increased 9% versus prior year or 15% in constant currency, exceeding our expectations. Performance was driven by better-than-anticipated results across all 3 of our luxury houses. Net income was $215 million, resulting in diluted earnings per share of $1.50. This was above our expectations, reflecting better-than-anticipated revenue, gross margin and operating margin.

謝謝你，約翰，大家早上好。從第一季度的結果開始。收入為 13.6 億美元，同比增長 9%，按固定匯率計算增長 15%，超出了我們的預期。我們所有 3 家豪宅的業績都好於預期，推動了業績的增長。淨收入為 2.15 億美元，攤薄後每股收益為 1.50 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。

Turning to revenue performance by brand. Versace revenue of $275 million increased 15% versus prior year or 30% in constant currency, which was above our expectations. Global retail sales increased double digits. By geography, total revenue in the Americas increased 32%. Revenue in EMEA increased 23% on a reported basis or 40% in constant currency. Revenue in Asia decreased 20% on a reported basis or 9% in constant currency, reflecting increases in Japan and Southeast Asia, offset by an expected decline in China. Versace ended June with a global luxury fleet of 208 retail stores, flat to prior year.

轉向按品牌劃分的收入表現。范思哲收入為 2.75 億美元，同比增長 15%，或按固定匯率計算增長 30%，高於我們的預期。全球零售額增長兩位數。按地域劃分，美洲的總收入增長了 32%。歐洲、中東和非洲地區的收入在報告的基礎上增長了 23%，或按固定匯率計算增長了 40%。亞洲的收入在報告的基礎上下降了 20%，或按固定匯率計算下降了 9%，這反映了日本和東南亞的增長，但被中國的預期下降所抵消。范思哲在 6 月份結束時在全球擁有 208 家零售店，與去年持平。

For Jimmy Choo, revenue of $172 million increased 21% to prior year or 30% in constant currency, above our expectations. Global retail sales increased strong double digits. By geography, total revenue in the Americas increased 42%. Revenue in EMEA increased 32% on a reported basis or 51% in constant currency. Revenue in Asia decreased 4% on a reported basis but increased 3% in constant currency, reflecting increases in Japan and Southeast Asia, partially offset by a decline in China. Jimmy Choo ended the quarter with a global fleet of 236 retail stores, a net increase of 3 from prior year.

Jimmy Choo 的收入為 1.72 億美元，較上年增長 21%，或按固定匯率計算增長 30%，高於我們的預期。全球零售額強勁增長兩位數。按地域劃分，美洲的總收入增長了 42%。歐洲、中東和非洲地區的收入在報告的基礎上增長了 32%，或按固定匯率計算增長了 51%。亞洲的收入在報告的基礎上下降了 4%，但按固定匯率計算增長了 3%，這反映了日本和東南亞的增長，部分被中國的下降所抵消。 Jimmy Choo 在本季度結束時在全球擁有 236 家零售店，比上年淨增加 3 家。

At Michael Kors, total revenue of $913 million increased 5% compared to last year or 9% in constant currency, also exceeding expectations. Global retail sales increased in the low single digits. By geography, total revenue in the Americas increased 6%. Revenue in EMEA increased 16% on a reported basis or 30% in constant currency. Revenue in Asia decreased 16% on a reported basis or 10% in constant currency, reflecting strong increases in Japan and Southeast Asia, offset by a decline in China. Michael Kors ended the quarter with a global fleet of 821 retail stores, a net increase of 1 from prior year.

Michael Kors 的總收入為 9.13 億美元，與去年相比增長了 5%，按固定匯率計算增長了 9%，也超出了預期。全球零售額以低個位數增長。按地域劃分，美洲的總收入增長了 6%。歐洲、中東和非洲地區的收入在報告的基礎上增長了 16%，或按固定匯率計算增長了 30%。亞洲的收入在報告的基礎上下降了 16%，或按固定匯率計算下降了 10%，這反映了日本和東南亞的強勁增長，但被中國的下降所抵消。 Michael Kors 在本季度結束時在全球擁有 821 家零售店，比上年淨增加 1 家。

Now looking at total company margin performance. Gross margin of 66.2% was below 68.1% last year, primarily due to anticipated higher supply chain costs. Margin performance was above our expectations, reflecting the ongoing benefits of the company's strategic initiatives. Operating expense as a percent of revenue was 47.7% compared to 47.2% last year, reflecting increased marketing and support of the business. On an absolute basis, operating expense increased approximately 10% or $57 million versus prior year. As a result of better-than-anticipated gross margin and operating expense leverage, total company operating margin of 18.5% was 200 basis points above our expectations.

現在看看公司的總利潤率表現。毛利率為 66.2%，低於去年的 68.1%，主要是由於預期供應鏈成本上升。利潤率表現高於我們的預期，反映了公司戰略舉措的持續效益。營業費用佔收入的百分比為 47.7%，而去年為 47.2%，反映出市場營銷和業務支持的增加。在絕對基礎上，運營費用比上一年增加了約 10% 或 5700 萬美元。由於好於預期的毛利率和營業費用槓桿，公司總營業利潤率為 18.5%，比我們的預期高出 200 個基點。

All brand operating margins also exceeded our expectations. At Versace, operating margin was 18.9% compared to 20% last year. At Jimmy Choo, operating margin was 11% compared to 7.7% in the prior year. And in Michael Kors, operating margin was 24.3% compared to 27.6% last year.

所有品牌的營業利潤率也超出了我們的預期。范思哲的營業利潤率為 18.9%，而去年為 20%。 Jimmy Choo 的營業利潤率為 11%，而去年為 7.7%。 Michael Kors 的營業利潤率為 24.3%，而去年為 27.6%。

Now turning to our balance sheet. We ended the quarter with cash of $221 million and debt of $1.4 billion, resulting in net debt of approximately $1.2 billion. Total liquidity at the end of the quarter was $900 million. As part of our ongoing commitment to return cash to shareholders, we repurchased approximately $300 million worth of shares in the first quarter. We have an additional $700 million of availability remaining under our share repurchase authorization.

現在轉向我們的資產負債表。我們在本季度結束時擁有 2.21 億美元的現金和 14 億美元的債務，淨債務約為 12 億美元。本季度末的總流動資金為 9 億美元。作為我們向股東返還現金的持續承諾的一部分，我們在第一季度回購了價值約 3 億美元的股票。根據我們的股票回購授權，我們還有 7 億美元的可用空間。

Looking at inventory, we ended the quarter with $1.265 billion, a 66% increase over a historically low level last year. Relative to pre-COVID levels, first quarter inventory increased 25%. As a reminder, we anticipated elevated inventory levels as we implemented new programs to receive seasonal merchandise earlier as well as hold more core inventory given supply chain delays. As we look at inventory flow for the remainder of the year, we expect levels will moderate sequentially and as planned, be below prior year by the end of the fiscal year.

從庫存來看，本季度末我們的庫存為 12.65 億美元，比去年的歷史低位增長了 66%。相對於 COVID 之前的水平，第一季度庫存增加了 25%。提醒一下，我們預計庫存水平會上升，因為我們實施了新計劃以提早接收季節性商品，並在供應鏈延遲的情況下持有更多核心庫存。當我們查看今年剩餘時間的庫存流量時，我們預計水平將按計劃按計劃在本財年結束時低於上年。

Now turning to guidance. Starting with the full year overview. We are maintaining the outlook we shared during our recent Investor Day. As we noted then, the U.S. dollar has further strengthened. And as a result, we reduced revenue by $100 million for the full year. However, we are pleased to maintain our operating margin expectation of 18% and earnings per share of $6.85. Additionally, as we look at revenue, we now expect the impact of COVID-related restrictions in China will continue into the second half of fiscal '23. As a result, we anticipate approximately $50 million less in revenue from Mainland China relative to our prior forecast. We now assume revenue in Mainland China will decline approximately 20% year-over-year in the third quarter and approximately 10% in the fourth quarter.

現在轉向指導。從全年概覽開始。我們將維持我們在最近的投資者日期間分享的前景。正如我們當時所指出的，美元進一步走強。因此，我們全年的收入減少了 1 億美元。但是，我們很高興維持 18% 的營業利潤率預期和 6.85 美元的每股收益。此外，當我們查看收入時，我們現在預計中國與 COVID 相關的限制措施的影響將持續到 23 財年的下半年。因此，與我們之前的預測相比，我們預計來自中國大陸的收入將減少約 5,000 萬美元。我們現在假設中國大陸的收入將在第三季度同比下降約 20%，在第四季度下降約 10%。

Now turning to detailed full year guidance. Starting with revenue, we forecast Capri Holdings revenue of approximately $5.85 billion. This represents an approximately 3% increase over prior year on a reported basis, while on a constant currency basis, revenue is expected to increase approximately 10%. Looking at full year revenue guidance by brand, we assume Versace revenue of approximately $1.175 billion, increasing approximately 8% on a reported basis and approximately 24% in constant currency. Jimmy Choo revenue of approximately $650 million, increasing approximately 6% on a reported basis and approximately 13% in constant currency. And Michael Kors revenue of approximately $4.025 billion, increasing approximately 2% on a reported basis and approximately 6% in constant currency.

現在轉向詳細的全年指導。從收入開始，我們預測 Capri Holdings 的收入約為 58.5 億美元。這意味著在報告的基礎上比上一年增加約 3%，而在固定貨幣基礎上，收入預計將增加約 10%。從品牌全年收入指引來看，我們假設 Versace 收入約為 11.75 億美元，按報告基礎增長約 8%，按固定匯率計算增長約 24%。 Jimmy Choo 的收入約為 6.5 億美元，按報告基礎增長約 6%，按固定匯率計算增長約 13%。 Michael Kors 的收入約為 40.25 億美元，在報告的基礎上增長約 2%，按固定匯率計算增長約 6%。

For the year, we continue to expect gross margin will be approximately flat to fiscal '22. This reflects the ongoing benefits from our strategic initiatives, offset by lower sales in China which is a higher-margin region as well as the negative impact of foreign currency. In addition, we expect transportation costs to remain elevated through the year. We continue to expect a full year operating margin of approximately 18%. For Versace, we anticipate an operating margin of approximately 16%. For Jimmy Choo, we expect an operating margin of approximately 5%. And for Michael Kors, we anticipate an operating margin of approximately 24%.

今年，我們繼續預計毛利率將與 22 財年大致持平。這反映了我們的戰略舉措帶來的持續收益，但被利潤率較高的中國的銷售額下降以及外彙的負面影響所抵消。此外，我們預計全年運輸成本將保持高位。我們繼續預計全年營業利潤率約為 18%。對於范思哲，我們預計營業利潤率約為 16%。對於 Jimmy Choo，我們預計營業利潤率約為 5%。對於 Michael Kors，我們預計營業利潤率約為 24%。

Turning to our expectations around certain nonoperating items. We now anticipate net interest income of approximately $10 million. Our effective tax rate is expected to be approximately 10%, and we forecast weighted average shares outstanding of 140 million. As a result, we expect to generate diluted earnings per share of approximately $6.85 for fiscal '23, representing double-digit growth.

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。我們的有效稅率預計約為 10%，我們預計加權平均流通股為 1.4 億股。因此，我們預計 23 財年每股攤薄收益約為 6.85 美元，實現兩位數增長。

Turning to second quarter guidance. We anticipate total company revenue of approximately $1.4 billion. This represents an approximate 8% increase versus prior year on a reported basis and an approximate 16% increase in constant currency. We continue to anticipate revenue in Mainland China will be down approximately 20% year-over-year in the fiscal second quarter. For second quarter revenue by brand, we forecast Versace revenue of approximately $300 million, increasing approximately 7% on a reported basis and approximately 26% in constant currency. Jimmy Choo revenue of approximately $140 million, increasing approximately 3% on a reported basis and 9% in constant currency. And Michael Kors revenue of approximately $960 million, increasing approximately 9% on a reported basis and approximately 14% in constant currency.

轉向第二季度的指導。我們預計公司總收入約為 14 億美元。根據報告的基礎，這比上一年增加了約 8%，按固定匯率計算增加了約 16%。我們繼續預計第二財季中國大陸的收入將同比下降約 20%。對於第二季度按品牌劃分的收入，我們預計范思哲收入約為 3 億美元，按報告基礎增長約 7%，按固定匯率計算增長約 26%。 Jimmy Choo 的收入約為 1.4 億美元，按報告基礎增長約 3%，按固定匯率計算增長 9%。 Michael Kors 的收入約為 9.6 億美元，在報告的基礎上增長約 9%，按固定匯率計算增長約 14%。

Looking at operating margin, we continue to expect second quarter operating margin of approximately 17%. As a reminder, we anticipate higher supply chain costs in the second quarter versus prior year, resulting in gross margin contraction. Additionally, this reflects the negative impact of foreign currency as well as lower revenue from China, which is a structurally higher-margin region. In terms of operating margin by brand, for Versace, we anticipate an operating margin in the mid-teens range. For Jimmy Choo, we expect operating margin to be slightly positive. And for Michael Kors, we anticipate an operating margin in the low to mid-20% range.

從營業利潤率來看，我們繼續預計第二季度的營業利潤率約為 17%。提醒一下，我們預計第二季度的供應鏈成本將高於去年同期，導致毛利率收縮。此外，這反映了外彙的負面影響以及來自中國的收入下降，中國是一個結構性利潤率較高的地區。在按品牌劃分的營業利潤率方面，我們預計 Versace 的營業利潤率在十幾歲左右。對於 Jimmy Choo，我們預計營業利潤率將略為正數。對於 Michael Kors，我們預計營業利潤率在 20% 到中低位。

Turning to our expectations around certain nonoperating items. We forecast net interest income of approximately $3 million, an effective tax rate of approximately 11% and weighted average shares outstanding of 139 million. As a result, we now expect diluted earnings per share of approximately $1.55.

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 300 萬美元，有效稅率約為 11%，加權平均流通股數為 1.39 億股。因此，我們現在預計每股攤薄收益約為 1.55 美元。

In conclusion, we are pleased with our first quarter results. Looking forward, we remain optimistic about the long-term growth potential for Versace, Jimmy Choo and Michael Kors. Probably macro headwinds in the near term, our powerful brands have enduring value and proven resilience, reinforcing our confidence in the ability to deliver strong revenue and earnings growth over time.

總之，我們對第一季度的業績感到滿意。展望未來，我們對范思哲、Jimmy Choo 和 Michael Kors 的長期增長潛力保持樂觀。在短期內可能會遇到宏觀逆風，我們強大的品牌具有持久的價值和經證實的彈性，增強了我們對隨著時間的推移實現強勁收入和盈利增長的能力的信心。

Now we will open up the line for questions.

現在我們將打開問題的線路。

(Operator Instructions) The first question comes from Brooke Roach from Goldman Sachs.

（操作員說明）第一個問題來自高盛的 Brooke Roach。

John, given the volatility globally and a very uncertain macro, I'd love to hear your perspective and maybe some additional context around what you're seeing by key geographic region right now and the outlook that you're contemplating into the second half of your fiscal year for each of those regions. And then maybe as a follow-up, in North America, how do you see the handbag market evolving into the second half of the fiscal year? And where do you see the biggest opportunity for Michael Kors to gain market share over that period?

約翰，鑑於全球的波動性和非常不確定的宏觀，我很想听聽您的觀點，也許還有一些關於您現在在關鍵地理區域所看到的情況以及您對下半年的前景的看法您在每個這些地區的財政年度。然後也許作為後續行動，在北美，您如何看待手袋市場進入本財年下半年？您認為 Michael Kors 在此期間獲得市場份額的最大機會在哪裡？

First, then I'd like to say, you can see from the earnings release today that we're extremely proud of starting the year off on a very good, solid footing. We've shown record revenues during the quarter and the strongest adjusted earnings per share in the company's history. So we're off to a very good start, and I think that's a real testament to -- on the 3 luxury houses: Versace, Jimmy Choo and Michael Kors. And the strategic initiatives that we put in place, most of them all before the -- pre-pandemic. As you heard me say at our recent Investor Day that we've really transitioned this company and our transition is complete in terms of positioning ourselves as a luxury group.

首先，然後我想說，你可以從今天的收益發布中看到，我們為在一個非常好的、堅實的基礎上開始新的一年感到非常自豪。我們在本季度顯示了創紀錄的收入和公司歷史上最強勁的調整後每股收益。所以我們有了一個很好的開端，我認為這是對 3 家奢侈品牌的真實證明：范思哲、Jimmy Choo 和 Michael Kors。以及我們實施的戰略舉措，其中大部分都在大流行之前。正如您在我們最近的投資者日上聽到我所說的那樣，我們已經真正完成了這家公司的轉型，並且在將自己定位為奢侈品集團方面，我們的轉型已經完成。

So I think we're feeling very good about our accomplishments to date, and we think that -- if we continue to stay the course and really execute against our strategic initiatives, that there's going to be significant upside really at all 3 of the luxury houses.

因此，我認為我們對迄今為止的成就感覺非常好，而且我們認為——如果我們繼續堅持到底並真正執行我們的戰略計劃，那麼奢侈品的所有 3 個方面都會有顯著的上升空間房屋。

In terms of how we see the regional performance, I'll start with the current performance. As you could see, North America was quite strong, better than our anticipation. And we really feel that, that seems to be continuing as well. Now none of us know what's going to happen in the back half of the year with the consumer. But it appears that the luxury industry is quite robust and quite healthy. And we think that is going to continue for the foreseeable future in the back half of the year. There might be some consumer adjustments. Again, we don't know. But from what we're seeing currently, that seems to be holding up.

至於我們如何看待區域表現，我將從目前的表現開始。正如你所看到的，北美非常強大，比我們預期的要好。我們真的覺得，這似乎也在繼續。現在我們誰也不知道今年下半年消費者會發生什麼。但奢侈品行業似乎相當穩健且相當健康。我們認為，在可預見的未來，這種情況將在下半年繼續下去。可能會有一些消費者調整。再說一次，我們不知道。但從我們目前看到的情況來看，這似乎還在繼續。

In terms of Europe, I would say -- I would use the word surprised. We were very pleasantly surprised at how strong and robust the consumer is in Europe. I think that they are clearly showing a resilience and a desire to get back out and enjoy an open environment. Lockdowns are basically nonexistent in Europe. And even though COVID cases are on the rise around the world, I think people are learning to live with it. And so we think that, again, there's quite a bit of pent-up demand in Europe where they really reopened a bit later than North America. And we're seeing that kind of move through.

就歐洲而言，我會說——我會使用“驚訝”這個詞。我們對歐洲消費者的強大和強勁感到非常驚喜。我認為他們顯然表現出韌性和渴望退出並享受開放環境的願望。歐洲基本上不存在封鎖。儘管 COVID 病例在全球範圍內呈上升趨勢，但我認為人們正在學習與之共存。所以我們認為，歐洲有相當多的被壓抑的需求，他們真正重新開放的時間比北美晚了一點。我們正在看到這種轉變。

What we're also pleased about in both North America and Europe is the travel, the internal travel in both of these markets. And let me go back, I should say, EMEA, not just Europe, but EMEA. The travel is quite strong, and that's generating business both in the local markets. And we're seeing some return with our travel retail business. That's not where it was pre-pandemic, but we're definitely starting to see some pickup in that business.

我們在北美和歐洲也很高興的是旅行，這兩個市場的內部旅行。讓我回去，我應該說，EMEA，不僅僅是歐洲，還有 EMEA。旅行非常強勁，這在當地市場都產生了業務。我們看到我們的旅遊零售業務有所回報。這不是大流行前的情況，但我們肯定開始看到該業務有所回升。

And then when you move to Asia, I think we are very optimistic about certain of the Asian markets that Japan and Southeast Asia, the reopenings seem to be going quite well there. and the economies are building, especially in terms of consumer purchase in the luxury market. We are less optimistic, and you could see that in our forecast about China. There's a number of things happening there, again, most of which you all on this call know. First is there are different restrictions that are being put in place in multiple cities at multiple different times. We have stores that are opening and closing, working on reduced hours. So that's causing some issues in that marketplace.

然後當你搬到亞洲時，我認為我們對日本和東南亞的某些亞洲市場非常樂觀，那裡的重新開放似乎進展順利。經濟正在建設，尤其是在奢侈品市場的消費者購買方面。我們不那麼樂觀，你可以在我們對中國的預測中看到這一點。那裡發生了很多事情，再次，你們在本次電話會議上都知道其中的大部分。首先是在多個不同時間在多個城市實施了不同的限制。我們的商店正在營業和關閉，工作時間減少。因此，這在該市場中引起了一些問題。

Secondly, travel is down dramatically. We believe the report in June was close to 50%. Well, that's intercountry travel and that's definitely having an effect on all 3 of our luxury houses. We believe that it will recover in the latter part of this year. And you can see that by our forecasts getting consistently better. And we've already seen some recovery to date. We just think it's going to take us some time, and we thought we would plan more conservatively. I think we planned conservatively going into this year, and we maintain that perspective.

其次，旅遊大幅下降。我們認為 6 月份的報告接近 50%。嗯，那是跨國旅行，這肯定會對我們所有的 3 家豪宅產生影響。我們相信它會在今年下半年恢復。你可以從我們的預測中看到這一點越來越好。迄今為止，我們已經看到了一些復甦。我們只是認為這需要一些時間，我們認為我們會更保守地計劃。我認為我們計劃保守地進入今年，我們保持這種觀點。

Long term, we still have tremendous faith and confidence in how our luxury portfolio will perform in that market. And all 3 of our brands are significantly underdeveloped compared to our competitors. And whatever -- and again, I've referred to this many times over the past 2 to 3 years is there are going to be bumps in the road, whether it's certain issues around the macroeconomic headwinds, whether it's certain issues related to the pandemic and any other issues that might come up. We still believe in the long-term growth of the China market and how that will impact our company's revenues and earnings.

從長遠來看，我們仍然對我們的奢侈品組合在該市場的表現充滿信心和信心。與我們的競爭對手相比，我們所有的三個品牌都明顯落後。不管怎樣——在過去的 2 到 3 年裡，我已經多次提到這一點，無論是圍繞宏觀經濟逆風的某些問題，還是與大流行相關的某些問題，道路上都會有顛簸以及可能出現的任何其他問題。我們仍然相信中國市場的長期增長以及這將如何影響我們公司的收入和收益。

Lastly, in terms of the North American market, I view it not just for Michael Kors. I view it for all 3 of our luxury brands. As you heard us talk in Versace in our retail channel, accessories grew over 80% during the quarter, which was really an extraordinary performance. And in Jimmy Choo, accessories grew over 50%. Michael Kors is growing very, very strong in the mid-single digits. So we see the market in totality growing, and Michael Kors will continue to grow with the market. And again, as we reposition the Michael Kors brand, and we're a considerable way through that initiative, we think the customer is going to continue to respond very positively to the elevation. And the Michael Kors brand should continue to grow as we've seen that.

最後，就北美市場而言，我認為這不僅僅適用於 Michael Kors。我為我們所有的 3 個奢侈品牌都查看了它。正如您在我們的零售渠道中聽到我們在范思哲所說的那樣，配飾在本季度增長了 80% 以上，這確實是一個非凡的表現。而在 Jimmy Choo，配飾增長了 50% 以上。 Michael Kors 在中個位數增長非常非常強勁。所以我們看到整個市場都在增長，Michael Kors 將繼續隨著市場的增長而增長。再一次，隨著我們重新定位 Michael Kors 品牌，並且我們在這一舉措中取得了相當大的進展，我們認為客戶將繼續對提升做出非常積極的反應。正如我們所見，Michael Kors 品牌應該會繼續增長。

And if you recall, where we had significantly reduced our expectations for the Michael Kors brand heading quite frankly, into the pandemic or during the pandemic, we have now been pleasantly surprised at the resilience of the brand even with the repositioning, raising prices, elevating qualities and the consumer response to that. So we're feeling, again, quite optimistic.

如果您還記得，坦率地說，在進入大流行或大流行期間，我們已經大大降低了對 Michael Kors 品牌的期望，我們現在對該品牌的彈性感到驚喜，即使重新定位、提高價格、提升質量和消費者對此的反應。因此，我們再次感到非常樂觀。

There's going to be bumps in the road for all of us over the next 12 to 24 months. But I think we feel that the strength of our 3 luxury houses will power us through that and continue to see very strong revenue and earnings growth for the company. Thank you, Brooke.

在接下來的 12 到 24 個月裡，我們所有人的道路上都會遇到坎坷。但我認為我們認為，我們 3 家豪宅的實力將推動我們度過難關，並繼續為公司帶來非常強勁的收入和盈利增長。謝謝你，布魯克。

The next question comes from Omar Saad from Evercore.

下一個問題來自 Evercore 的 Omar Saad。

Nice results. My question is actually on inventories. I wanted to see if there was any major variations across the brand -- the 3 brands or if it's relatively evenly spread across their sizes? And maybe, John, talk a little bit about core inventories, what gives you such confidence in carrying a higher level of core inventories, especially for those of us who remember Signature several years ago, got a little bit over its skis. And maybe also touch upon consumer demand for core classics versus more fashion and newness and what you're seeing in the split there?

不錯的結果。我的問題實際上是關於庫存的。我想看看品牌之間是否有任何重大差異——三個品牌，或者它們的尺寸是否相對均勻分佈？也許，約翰，談談核心庫存，是什麼讓你對持有更高水平的核心庫存充滿信心，特別是對於我們這些幾年前還記得 Signature 的人來說，有點過頭了。也許還涉及消費者對核心經典的需求，而不是更多的時尚和新奇，以及你在分裂中看到的情況？

I'm going to let Tom take the general inventory question, and I'll get to your slightly more specific parts of that. Tom?

我打算讓湯姆回答一般庫存問題，然後我會討論你稍微更具體的部分。湯姆?

Thanks, Omar. And first, I'd just say that what we're seeing is how we planned inventory. So it's very consistent with our expectations to have the higher inventory and the comparison against what is a really historically low level where we did not have enough inventory last year to meet consumer demand. So compared to pre-COVID levels, inventories up 25%. And as we looked at the broader inventory and supply chain situation, the delays are more related to on the water for a product coming from Asia to the U.S. and to EMEA. So that is where we're holding a little more core inventory and pulling out fashion more where that is impacted.

謝謝，奧馬爾。首先，我只想說我們看到的是我們如何計劃庫存。因此，與我們去年沒有足夠庫存來滿足消費者需求的歷史低水平相比，這與我們對更高庫存的預期非常一致。因此，與 COVID 之前的水平相比，庫存增加了 25%。當我們審視更廣泛的庫存和供應鏈情況時，延誤更多地與從亞洲到美國和歐洲、中東和非洲的產品的水有關。所以這就是我們持有更多核心庫存並在受影響的地方更多地撤出時尚的地方。

Overall, what we're seeing now is delays are shorter. However, compared to pre-COVID, what we're seeing today would still be extremely long compared to those times. We expect delays to continue and for cost to remain high through the year. And we believe that we're in a very good spot to continue to see levels of inventory sequentially decline through the year. And as I mentioned in the prepared remarks, at the end of the year be below the prior year. So we see it playing out as anticipated and want to have the inventory in hand to be able to meet consumer demand as we see it.

總的來說，我們現在看到的是延遲更短。但是，與 COVID 之前相比，我們今天所看到的與那個時代相比仍然會非常長。我們預計延誤將繼續，成本將在全年保持高位。而且我們相信，我們處於一個非常好的位置，可以繼續看到全年庫存水平連續下降。正如我在準備好的評論中提到的那樣，今年年底將低於上一年。因此，我們看到它按預期進行，並希望手頭有庫存以滿足我們所看到的消費者需求。

Omar, I'll take your questions and break them up a little bit. First, I want to remind everyone on this call, this is -- we planned our inventories to be at this level. We did 2 things. We moved our design calendar up by almost 90 days. And we did that purposely because at the time when the pandemic was probably at its peak, we were seeing delays up to that amount on the water. So we made the determination that we were not satisfying the consumer demand, and we needed to adjust our design calendars as well as just the inventories and when we were taking them in to avoid really the delays that we were seeing.

奧馬爾，我會接受你的問題，然後把它們分解一下。首先，我想在這次電話會議上提醒大家，這是 - 我們計劃將我們的庫存保持在這個水平。我們做了兩件事。我們將設計日曆提前了近 90 天。我們是故意這樣做的，因為在大流行可能達到頂峰的時候，我們看到水上延誤達到了這個數量。所以我們下定決心，我們不能滿足消費者的需求，我們需要調整我們的設計日曆以及庫存以及我們何時接收它們，以避免我們看到的真正延誤。

Now this is predominantly in North America, but not exclusively to North America. We were also seeing pretty significant delays going into Europe as well. So that was the first thing that we did. The second decision that we made was to take core and hold it a bit more towards a 6-month basis as opposed to a 90-day basis, which had been our historical averages. So we're seeing the peak of that as we speak today. We are going to probably pull back on the core piece of that to a more historic level. And we think that, that's probably appropriate given as Tom mentioned, some of the delays have reduced down.

現在，這主要是在北美，但不僅限於北美。我們還看到進入歐洲的時間也出現了相當大的延誤。所以這是我們做的第一件事。我們做出的第二個決定是採用核心並將其保持在 6 個月的基礎上，而不是 90 天的基礎，這是我們的歷史平均水平。因此，正如我們今天所說的那樣，我們看到了它的頂峰。我們可能會將其核心部分撤回到更具歷史意義的水平。我們認為，正如湯姆所說，這可能是適當的，一些延遲已經減少。

But still -- we are still seeing 30-plus day delays at the ports. So we'll reduce some of that. And again, as Tom had mentioned, we'll be back to actually below in Q4 prior year levels. And that's really when we started this whole initiative to kind of change our inventory flow. So there's nothing in our inventories that weren't planned this way. And additionally, we really feel like we're in a good place for the fall season. This is across all 3 of the groups. So it's Michael Kors, Jimmy Choo and Versace, where we move design calendars, and we are also in a better position in terms of our core inventories.

但是——我們仍然看到港口有 30 多天的延誤。所以我們會減少一些。同樣，正如湯姆所提到的，我們將回到去年第四季度的實際水平以下。那真的是我們開始整個計劃以改變我們的庫存流動的時候。所以我們的庫存中沒有任何東西不是這樣計劃的。此外，我們真的覺得我們在秋季的好地方。這適用於所有 3 個組。因此，我們將設計日曆移至 Michael Kors、Jimmy Choo 和 Versace，我們在核心庫存方面也處於更好的位置。

Lastly -- next, core versus fashion, as you heard me say in the Michael Kors piece, we're up to about 50% signature. And that's kind of where we want to hold it. We don't want it to go much higher than that. And we think that's the right place for us to be. Fashion represents the balance of that. We do believe that there is an opportunity with our new MK hardware pieces to get a further lift with the consumer. And really, as we have said consistently, those brand codes really are engaging with the customer and creates a further loyalty. So we'll see, hopefully, a lift from that, and we've seen some very good initial reactions on some of our new introductions.

最後——接下來，核心與時尚，正如你在 Michael Kors 的文章中聽到我所說的那樣，我們的簽名率高達 50%。這就是我們想要持有它的地方。我們不希望它比這更高。而且我們認為那是我們應該去的地方。時尚代表了這種平衡。我們確實相信，我們的新 MK 硬件有機會在消費者中獲得進一步的提升。實際上，正如我們一直所說的那樣，這些品牌代碼確實在與客戶互動並創造了進一步的忠誠度。因此，希望我們會看到一個提升，我們已經看到對我們的一些新介紹的一些非常好的初步反應。

I might add also that in Jimmy Choo, when we bought the company, the company did not have any signature hardware, and we've introduced that a little over 2 years ago, and we are seeing incredible response from that. So we're learning from some of our sister companies across the group and seeing things happen that are quite strong. And of course, you know in Versace, we have now 3 codes. We have the Greca. We have La Medusa, and we're just introducing -- I'm sorry, we have La Greca, La Medusa, Virtus and we're just introducing La Greca. So we feel we're in an excellent place for Versace. We won't really be introducing any new additional brand codes and we feel quite strong about that. So in terms of our inventories, we feel good about where they are right now. I want to remind you also that we have in transit still -- Tom, exactly how much?

我還可以補充一點，在 Jimmy Choo 中，當我們收購該公司時，該公司沒有任何標誌性硬件，而我們在 2 年多前推出了這一點，我們看到了令人難以置信的反響。因此，我們正在向整個集團的一些姊妹公司學習，並看到發生的事情非常強大。當然，你知道在范思哲，我們現在有 3 個代碼。我們有希臘語。我們有 La Medusa，我們只是在介紹 -- 對不起，我們有 La Greca、La Medusa、Virtus，我們只是在介紹 La Greca。所以我們覺得我們對范思哲來說是一個很好的地方。我們不會真正引入任何新的額外品牌代碼，我們對此感到非常強烈。因此，就我們的庫存而言，我們對它們現在的位置感到滿意。我還想提醒你，我們還在運輸途中——湯姆，到底有多少？

It's double what it was prior year, and it's a significant percent of what you see on our balance sheet. So it is not all here.

它是前一年的兩倍，並且是您在我們的資產負債表上看到的相當大的百分比。所以這不是全部。

Right. So we're still getting our way through this supply chain situation. We think we'll be most of the way through it, kind of the September, October time period here, and that's when you'll start to see the more significant kind of declines in the inventory start to happen.

正確的。因此，我們仍在解決這種供應鏈情況。我們認為我們將大部分時間完成它，就像這裡的 9 月、10 月時間段，那時你會開始看到庫存開始出現更顯著的下降。

The next question comes from Matthew Boss from JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

So John, maybe larger picture, what in your view, drives the durability of the overall accessories category that we're seeing? Is mid- to high single digits still the best growth rate to consider multiyear? I guess, and also, are you seeing any signs of softening across the assortment as you dissect the portfolio by income demographic? Any pushback at all to your proactive pricing initiatives? And have you seen any changes so far to what has remained a rational promotional backdrop in your segment?

所以約翰，也許是更大的圖景，在您看來，是什麼推動了我們所看到的整體配件類別的耐用性？中高個位數仍然是考慮多年的最佳增長率嗎？我想，而且，當你按收入人口分析投資組合時，你是否看到整個分類出現疲軟的跡象？對您的主動定價計劃有任何阻礙嗎？到目前為止，您是否看到您的細分市場中仍然是合理的促銷背景有任何變化？

Thank you, Matt, for those questions. Number one, again, I want to reemphasize that we believe that we are in both footwear and accessories because footwear is a big part of our growth strategy for this company. Again, you heard about that in Jimmy Choo, and you heard about that in Versace, strong growth. We probably don't talk about it as much in Michael Kors, but you've heard about it in the Investor Day that we think we can add approximately $250 million to that part of our business.

謝謝你，馬特，這些問題。第一，我想再次強調，我們相信我們在鞋類和配飾領域都有業務，因為鞋類是我們這家公司增長戰略的重要組成部分。再一次，你在 Jimmy Choo 那裡聽說過，你在 Versace 那裡聽說過，強勁的增長。我們可能不會在 Michael Kors 中過多地談論它，但您在投資者日已經聽說過，我們認為我們可以為這部分業務增加大約 2.5 億美元。

So in luxury, it is both accessories and footwear that we think are driving consumer desire, consumer engagement and very important that both of those continue to grow in that mid-single-digit possibly high, but I think more realistically mid-single-digit range is what we think is the appropriate areas.

因此，在奢侈品方面，我們認為是配飾和鞋類推動了消費者的需求和消費者參與度，非常重要的是，這兩者都繼續以可能高的中個位數增長，但我認為更現實的是中個位數range是我們認為是合適的區域。

You know that we've taken price increases in the Michael Kors brand for over 2 years, there'll be more coming this fall and some in the spring season. And at Versace and Jimmy Choo, Jimmy Choo started its price increases a little over a year ago, and Versace is starting those as we speak. And I think I've mentioned previously that Versace is probably on the lower end of some of the pricing in particular, in accessories versus our luxury competitors.

你知道我們已經對 Michael Kors 品牌進行了 2 年多的漲價，今年秋天還會有更多漲價，春季還會有一些漲價。在 Versace 和 Jimmy Choo，Jimmy Choo 一年多前開始提價，而 Versace 就在我們說話的時候開始提價。而且我想我之前已經提到過，范思哲可能處於某些定價的低端，特別是在配飾方面與我們的奢侈品競爭對手相比。

We have not seen any consumer resistance to those increases. And we think that's really being driven by the strength of our designs from Donatella, Sandra and Michael and the great design teams that we have. The other issue is I think people continue to use accessories as a way to express themselves in terms of their fashion sensibility. And we see that as really being a very positive for the future. I would also tell you that interestingly enough, the resale market has, I think, created a comfort level with people in the luxury world that they can not only purchase and enjoy, but they can -- they see value in the ability to be able to resell product.

我們沒有看到任何消費者對這些增長的抵制。我們認為這真的是由多納泰拉、桑德拉和邁克爾的設計實力以及我們擁有的優秀設計團隊推動的。另一個問題是，我認為人們繼續使用配飾來表達自己的時尚感。我們認為這對未來非常積極。我還要告訴你，有趣的是，我認為轉售市場已經為奢侈品世界的人們創造了一種舒適度，他們不僅可以購買和享受，而且他們可以——他們看到了能力的價值轉售產品。

I think we all might have been concerned about it a few years back, but it's actually created a circular economy and one that we think is -- actually helps people, especially those who want fashion. They want it new, they want it early, and they might not have as much space to either keep these things in their home or they just want to update their wardrobes on a more regular basis, and this is a nice way to keep circulating the product.

我想幾年前我們可能都關心過它，但它實際上創造了一種循環經濟，我們認為它實際上幫助了人們，尤其是那些想要時尚的人。他們想要新的，他們想要早點，他們可能沒有足夠的空間來把這些東西放在家裡，或者他們只是想更定期地更新他們的衣櫃，這是保持循環的好方法產品。

So I think we feel very good about that. In terms of the last part of your question, promotional rationality. Look, we said it a number of times. It's not a relevant issue for us in Versace and Jimmy Choo. And this is really a North America issue for Michael Kors. We'd rather give up the revenues. We'd rather walk away from some of the business. And even if that means our competitors do certain things that we don't necessarily agree with, we're going to probably walk the business before we start to go back into what we saw before the pandemic. We learn things that we think in the end didn't end up being right for the brand and ultimately for the operating margin and gross margin performance.

所以我認為我們對此感覺很好。關於你問題的最後一部分，促銷合理性。看，我們說過很多次了。這對我們范思哲和 Jimmy Choo 來說不是一個相關的問題。這對於 Michael Kors 來說確實是北美問題。我們寧願放棄收入。我們寧願放棄一些業務。即使這意味著我們的競爭對手做了某些我們不一定同意的事情，我們也可能會在我們開始回到大流行之前看到的情況之前開展業務。我們了解到我們認為最終並不適合品牌並最終不適合營業利潤率和毛利率表現的事情。

So we stay clear to our vision. And the consumer hopefully will respond to us because of the great design, the -- I think, really exciting storytelling that's happening across all 3 of our luxury houses and really excited about what's happening at Michael Kors with our jet-set storytelling. And then the use of data analytics and how we're really targeting and serving customers, I think, in a more efficient way for them and a more exciting way. So again, we feel good.

因此，我們保持清晰的願景。由於出色的設計，消費者希望能對我們做出回應，我認為，我們所有 3 家豪華品牌都在講述非常激動人心的故事，並且對 Michael Kors 用我們的噴氣式故事講述發生的事情感到非常興奮。然後是數據分析的使用，以及我們如何真正瞄準和服務客戶，我認為，以一種對他們來說更有效、更令人興奮的方式。所以再一次，我們感覺很好。

We can't predict what's going to happen in the greater macro headwinds in the back half of the year. We're all certainly reading about it and hearing and we're not going into this with our eyes closed. That being said, I think we feel that our brands offer something that will excite the consumer and hopefully engage them and have them interact with us. Thank you very much, Matt.

我們無法預測下半年更大的宏觀逆風會發生什麼。我們當然都在閱讀和聽到它，我們不會閉著眼睛去研究它。話雖如此，我認為我們認為我們的品牌提供的東西會激發消費者的興趣，並希望能夠吸引他們並讓他們與我們互動。非常感謝，馬特。

The next question comes from Kimberly Greenberger from Morgan Stanley.

下一個問題來自摩根士丹利的 Kimberly Greenberger。

Okay. Great. Thanks for the great discussion and the comprehensive view on revenue. John, I thought that was really helpful. Maybe I'll go to the gross margin because we haven't talked about that a lot here during the Q&A session. Gross margin, Tom, you talked about the higher supply chain costs. First, if you could just look at the year-over-year change in gross margin and help us understand what the merchandise margin performance was as separate from some of those supply chain costs. And then within the supply chain cost, could you break down the elements or even just give us rough buckets on which of those things you view as transitory and could be recovered in future quarters or future years? And which of those cost increases in supply chain do you think are likely to be more lasting or more permanent? We're just trying to understand if we're sort of in a moment in time where there are some temporary pressures on the gross margin that could abate in the future or if anything has sort of fundamentally changed with the cost structure.

好的。偉大的。感謝您的精彩討論和對收入的全面看法。約翰，我認為這真的很有幫助。也許我會談到毛利率，因為我們在問答環節中沒有在這裡談論太多。毛利率，湯姆，你談到了更高的供應鏈成本。首先，如果您可以查看毛利率的同比變化，並幫助我們了解商品利潤率表現與某些供應鏈成本分開的情況。然後在供應鏈成本中，您能否分解這些要素，甚至只是粗略地告訴我們哪些您認為是暫時的並且可以在未來幾個季度或未來幾年恢復的東西？您認為供應鏈中的哪些成本增加可能更持久或更持久？我們只是想了解我們是否在某個時刻對毛利率有一些暫時的壓力，這些壓力可能會在未來減弱，或者成本結構是否發生了根本性的變化。

Sure. And thank you, Kimberly, for that. Let me start with Q1 because we're really pleased with performance. Gross margin was better than anticipated. And some of the dynamics occurring in the quarter are indicative of how we're looking at the year and how we pace out through the year. And it does touch on the strategic initiatives or as you were referring to them the merch margin as well as the supply chain pieces. So in the quarter, we saw the strategic initiatives continue to deliver, and that's across all 3 brands. That includes increase in full price sell-throughs, our pricing activities growing accessories at Jimmy Choo and Versace.

當然。謝謝你，金伯利，為此。讓我從第一季度開始，因為我們對性能非常滿意。毛利率好於預期。本季度發生的一些動態表明我們如何看待這一年以及我們如何度過這一年。它確實涉及戰略計劃，或者正如您所指的那樣，商品利潤以及供應鏈部分。因此，在本季度，我們看到戰略舉措繼續實施，這涵蓋了所有 3 個品牌。這包括增加全價銷售，我們的定價活動增加了 Jimmy Choo 和 Versace 的配飾。

So all of that continued to deliver. And that was, of course, in the quarter, offset by high supply chain costs. And that was almost entirely the decline versus prior year of supply chain as well as the impact of negative FX and lower sales in China, which is a structurally higher margin region.

因此，所有這些都繼續交付。當然，這在本季度被高昂的供應鏈成本所抵消。這幾乎完全是供應鏈與上一年相比的下降，以及負外彙和中國銷售額下降的影響，中國是一個結構性利潤率較高的地區。

So now as we look at it, and I'll talk about the quarter pacing, we expect the supply chain negative to continue into the second quarter compared to prior year because those costs really started to add up in the third quarter and more in our holiday time frame last year. And then as we move through the increase or the headwind will lessen in the back half of the year for supply chain costs. Through this entire time, we expect the strategic initiatives or merch margins, as you might have been referring to them to be -- continue to deliver every quarter. And that's what will ultimately come through. So first quarter, we expected margin to be down but it was better than expected.

所以現在我們來看它，我將討論季度節奏，我們預計與去年相比，供應鏈的負面影響將持續到第二季度，因為這些成本在第三季度真正開始增加，在我們的去年的假期時間框架。然後，隨著我們通過增加或逆風將在今年下半年減少供應鏈成本。在整個過程中，我們預計戰略計劃或商品利潤，正如您可能一直提到的那樣 - 繼續每個季度交付。這就是最終會實現的。所以第一季度，我們預計利潤率會下降，但好於預期。

Q2, we still expect to be down due to supply chain in the second half as that year-over-year mitigates, we now expect gross margin to be positive year-over-year. And for those items to continue on an ongoing basis. So those we expect through this year and next. On the supply chain side as to what is transitory, certainly, the air freight costs were transitory in the past year, and we hope that we're not in a position with dislocations to do that at any high level. The other piece time will tell as the supply chain environment normalizes, and we get into a new season of contracting.

第二季度，我們仍然預計下半年供應鏈會下降，因為同比下降，我們現在預計毛利率同比為正。並讓這些項目持續進行。所以我們期望通過今年和明年。在供應鏈方面，關於什麼是暫時的，當然，過去一年的空運成本是暫時的，我們希望我們在任何高水平上都不會出現混亂。隨著供應鏈環境的正常化，我們將進入一個新的承包季節。

We are taking advantage of the lower delays and a little more not normal by any stretch of the imagination, but better than prior year to use things like less broker usage. But going forward, we hope that supply chain will ultimately become somewhat of a tailwind.

我們正在利用較低的延遲和更多不正常的想像，但比去年更好地使用較少的經紀人使用等東西。但展望未來，我們希望供應鏈最終會成為一股順風。

The next question comes from Ike Boruchow from Wells Fargo.

下一個問題來自富國銀行的 Ike Boruchow。

Maybe, John, just on the topic of M&A, there does seem to be some assets out there that do appear attractive. I know come forward has been mentioned in the news of late. But I guess I'm curious, current thinking on the M&A landscape, timing for CPRI. And when you think about potential targets for the business, are you solely focusing on owned brand acquisitions? Or does the idea of a licensing structure appeal to you as well when you kind of think about potential deals?

也許，約翰，就併購的話題而言，似乎確實有一些資產看起來確實很有吸引力。我知道最近的新聞中提到了挺身而出。但我想我很好奇，目前對併購領域的思考，以及 CPRI 的時機。當您考慮業務的潛在目標時，您是否只關注自有品牌收購？或者當您考慮潛在交易時，許可結構的想法是否也對您有吸引力？

So first and foremost, as it relates to where we see the greatest value that we can create for our shareholders. It is on executing against growth strategy initiatives. And from what you saw at the Investor Day, we firmly believe that we have the opportunity to take this group to $8 billion. And we feel very comfortable with our initiatives and our goals around Versace to grow that to $2 billion. Jimmy Choo, as you can see by the results, is really starting to work now for the group.

因此，首先，因為它關係到我們認為可以為股東創造的最大價值。它是針對增長戰略計劃執行的。從你在投資者日看到的情況來看，我們堅信我們有機會將這個群體帶到 80 億美元。我們對我們圍繞 Versace 將其增長到 20 億美元的舉措和目標感到非常滿意。從結果可以看出，Jimmy Choo 現在真的開始為團隊工作了。

And we do think that, that is $1 billion brand for the company. And we do think operating margins are going to start to get into that mid-teens range here in the not-too-distant future. Obviously, this quarter was very good for us. But just on a go-forward basis, we think we understand how we can unlock the value there. And then lastly, Michael Kors, as I said before, we're pleasantly surprised at our results and where we think the future lies.

我們確實認為，這對公司來說是 10 億美元的品牌。而且我們確實認為，在不久的將來，營業利潤率將開始進入十幾歲左右的範圍。顯然，這個季度對我們來說非常好。但只是在前進的基礎上，我們認為我們了解如何在那裡釋放價值。最後，Michael Kors，正如我之前所說，我們對我們的結果以及我們認為的未來所在感到驚喜。

In terms of, I'll call it capital allocation, look, the least expensive company that we could buy right now is [Capri]. And so our priority is to continue to return our value to shareholders through share repurchases. We think this is still an asset that is considerably undervalued. And based upon that, the Board and myself, I feel that, that is really one of the best uses of our capital.

就我而言，我稱之為資本配置，看，我們現在可以購買的最便宜的公司是 [Capri]。因此，我們的首要任務是繼續通過股票回購將我們的價值回報給股東。我們認為這仍然是一項被嚴重低估的資產。基於此，董事會和我自己認為，這確實是我們資本的最佳用途之一。

In terms of a third -- another acquisition for the company, we've been, I think, very clear that whatever it is, has to have scale to it because we don't want to buy something that's small and would distract management given we have this very big opportunity in front of us with our 3 existing luxury houses. Secondly, we think it really needs to be a European luxury brand. We believe that's where the value is and the sustained growth opportunity is for the group over many, many years.

就第三次收購——公司的另一次收購而言，我認為，我們一直非常清楚，無論它是什麼，都必須具有規模，因為我們不想購買一些小東西，因為我們不想買一些小東西，因為考慮到它會分散管理層的注意力現有的 3 棟豪宅擺在我們面前，這是一個非常大的機會。其次，我們認為它確實需要成為一個歐洲奢侈品牌。我們相信，這就是該集團多年來的價值和持續增長機會所在。

There are assets that either are available or will be available. We've said that previously. I don't think anything is going to happen that rapidly. And when it does, we believe that we have the balance sheet and the capacity to do an acquisition. Again, we don't want to do anything to distract from our strategic goals that we're trying to execute against today. But if the right asset were to come available, we would certainly be in the mix. We know there are competitors who will also bid for those assets.

有些資產可用或將可用。我們之前已經說過了。我不認為任何事情會發生得那麼快。當它發生時，我們相信我們擁有資產負債表和進行收購的能力。同樣，我們不想做任何事情來分散我們今天試圖執行的戰略目標。但是，如果有合適的資產可用，我們肯定會參與其中。我們知道有些競爭對手也會競標這些資產。

And as I reminded everyone in the past, in the luxury world, these assets are not going to be inexpensive. They're going to come with very high multiples on the purchase price. And you either pay for that asset or you don't get the asset. It's just that simple. So that's how we would view it. And lastly, we would not be interested in any licensing type of situation at all.

正如我過去提醒大家的那樣，在奢侈品世界中，這些資產不會便宜。他們將以非常高的購買價格出售。您要么為該資產付費，要么您沒有獲得該資產。就是這麼簡單。這就是我們如何看待它。最後，我們根本不會對任何許可類型的情況感興趣。

And on that note, I want to thank everyone for joining us this morning. And again, we are really pleased with our ability to start the year off on a very solid footing. We think that the balance of the year is going to be very good for the company. There are going to be some macro headwinds that we will face. And we believe that our 3 luxury houses have the ability to power us through whatever is in front of us and take us into the future.

在這點上，我要感謝大家今天早上加入我們。再一次，我們對我們能夠在一個非常穩固的基礎上開始新的一年感到非常高興。我們認為今年的餘額將對公司非常有利。我們將面臨一些宏觀逆風。我們相信，我們的 3 座豪宅有能力通過我們面前的一切為我們提供動力，並將我們帶入未來。

Thank you very much, and have a great summer. Bye.

非常感謝您，祝您度過一個愉快的夏天。再見。

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

非常感謝。今天的會議到此結束。此時您可以斷開線路，非常感謝您的參與。