Capri Holdings Ltd (CPRI) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Capri Holdings Limited Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jennifer Davis, Vice President of Investor Relations. Please go ahead, Ma'am.

您好，歡迎參加 Capri Holdings Limited 2023 年第二季度收益電話會議。 （操作員說明）作為提醒，本次會議正在錄製中。現在我很高興向您介紹您的主持人，投資者關係副總裁詹妮弗戴維斯。請繼續，女士。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited Second 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 第二季度 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, impairment charges, restructuring and other charges. To view the corresponding GAAP measures and related reconciliation, please view the earnings release posted on 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、減值費用、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. John?

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。約翰？

Thank you, Jennifer, and good morning, everyone. We were pleased with our second quarter performance as Capri Holdings delivered strong revenue growth and record earnings per share. Results were driven by momentum across all 3 of our luxury houses, reflecting the continued execution of our strategic initiatives as well as the power of our brands.

謝謝你，詹妮弗，大家早上好。我們對第二季度的業績感到滿意，因為 Capri Holdings 實現了強勁的收入增長和創紀錄的每股收益。結果是由我們所有 3 家奢侈品公司的勢頭推動的，這反映了我們戰略計劃的持續執行以及我們品牌的力量。

While we remain confident in our long-term growth potential, we are now more cautious in our revenue outlook for the remainder of fiscal 2023 due to an increasingly uncertain macroeconomic environment, foreign currency headwinds and the ongoing impact of COVID-related restrictions in China. Accordingly, we will carefully manage our business by focusing on profitability and controlling expenses. Despite near-term headwinds, we will remain focused on executing the strategic initiatives that we presented at our recent Investor Day to drive sustainable future growth.

儘管我們對我們的長期增長潛力仍然充滿信心，但由於宏觀經濟環境越來越不確定、外匯逆風以及中國與 COVID 相關限制的持續影響，我們現在對 2023 財年剩餘時間的收入前景更加謹慎。因此，我們將通過專注於盈利能力和控制費用來謹慎管理我們的業務。儘管近期面臨不利因素，但我們將繼續專注於執行我們在最近的投資者日上提出的戰略舉措，以推動可持續的未來增長。

Before turning to second quarter results, I would like to welcome Emmanuel Gintzburger as our new Chief Executive Officer of Versace. He has a proven track record of building global fashion luxury houses. We believe his experience and vision for Versace will help us further accelerate our growth plans and strengthen our strategic initiatives. We look forward to you getting to know him in the future.

在談到第二季度業績之前，我想歡迎 Emmanuel Gintzburger 成為范思哲的新任首席執行官。他在打造全球時尚奢侈品公司方面有著良好的記錄。我們相信他對范思哲的經驗和遠見將幫助我們進一步加快我們的增長計劃並加強我們的戰略計劃。我們期待您在未來認識他。

Now turning to second quarter performance. Revenue was in line with our expectations, increasing 9% on a reported basis and 18% in constant currency. Operating margin of 19.8% was above our expectations, reflecting better-than-anticipated gross margin and diligent expense management. We delivered record second quarter earnings per share of $1.79.

現在轉向第二季度的表現。收入符合我們的預期，按報告基礎增長 9%，按固定匯率計算增長 18%。 19.8% 的營業利潤率高於我們的預期，反映了好於預期的毛利率和勤勉的費用管理。我們實現了創紀錄的第二季度每股收益 1.79 美元。

In terms of customer acquisition, we added more than 12 million new names across our databases versus the prior year. This is the largest year-over-year increase in our history, demonstrating the strength and desirability of our brands.

在客戶獲取方面，與去年相比，我們在數據庫中增加了超過 1200 萬個新名稱。這是我們歷史上最大的同比增長，展示了我們品牌的實力和吸引力。

Now looking at second quarter group revenue trends by geography. In the Americas, revenue increased 15% with double-digit growth across all of our houses driven by sustained demand for luxury products.

現在按地理位置查看第二季度集團收入趨勢。在美洲，由於對奢侈品的持續需求，我們所有品牌的收入都增長了 15%，實現了兩位數的增長。

In EMEA, revenue increased 3% on a reported basis and 20% in constant currency. This was driven by strong growth across all our houses benefiting from robust domestic consumer demand as well as an increase in travel.

在歐洲、中東和非洲地區，收入按報告基礎增長 3%，按固定匯率計算增長 20%。這是由我們所有房屋的強勁增長推動的，這得益於強勁的國內消費需求以及旅行的增加。

In Asia, revenue decreased 2% on a reported basis but increased 12% in constant currency. This reflects strong results in Japan and Southeast Asia with Mainland China revenue down in the high-teens and down low double-digit in constant currency.

在亞洲，收入在報告的基礎上下降了 2%，但按固定匯率計算則增長了 12%。這反映了日本和東南亞的強勁業績，中國大陸的收入下降了十幾歲，而按固定匯率計算則下降了兩位數。

Moving to second quarter revenue trends by brand. Starting with Versace. We were pleased with the brand's performance as revenue and operating margin were ahead of our expectations. Revenue increased 9% on a reported basis and 28% on a constant currency compared to prior year as we continue to execute on our strategic initiatives and consumers responded to Donatella's bold and fearless design vision.

轉向按品牌劃分的第二季度收入趨勢。從范思哲開始。我們對該品牌的表現感到滿意，因為收入和營業利潤率超出了我們的預期。由於我們繼續執行我們的戰略計劃，消費者對 Donatella 大膽無畏的設計願景做出了回應，因此與去年相比，報告的收入增長了 9%，按固定匯率計算增長了 28%。

Turning to product. Starting with accessories, which are a key component of our growth strategy. Women's accessories sales in our retail channel increased approximately 60% versus prior year. We are gaining traction by focusing on our existing pillars of La Medusa and Virtus while expanding the assortment with the launch of Greca Goddess.

轉向產品。從配件開始，這是我們增長戰略的關鍵組成部分。我們零售渠道的女士配飾銷售額與去年相比增長了約 60%。我們通過專注於現有的 La Medusa 和 Virtus 支柱，同時通過推出 Greca Goddess 來擴大產品種類，從而獲得牽引力。

We are pleased with the initial response to our new Greca pillar. With these 3 pillars, La Medusa, Virtus and Greca, we are making significant progress in our goal to position Versace as a leading luxury leather house.

我們對我們新的 Greca 支柱的初步反應感到滿意。憑藉 La Medusa、Virtus 和 Greca 這 3 個支柱，我們在將 Versace 定位為領先的豪華皮具品牌的目標方面取得了重大進展。

Another component of our growth strategy is to expand women's footwear. Versace continued to gain authority as a women's luxury footwear brand as we expanded our core offering focused on iconic codes. Second quarter sales in our retail channel were strong driven by styles featuring a range of Versace codes, including Greca and Medusa. In women's and men's ready-to-wear, consumers embraced the La Greca pattern as well as new Barocco prints. We also continued to expand our core lines, which incorporate iconic house codes to broaden Versace's reach.

我們增長戰略的另一個組成部分是擴大女鞋業務。隨著我們擴展以標誌性代碼為重點的核心產品，范思哲繼續獲得作為女性奢侈鞋履品牌的權威。我們零售渠道的第二季度銷售額受到一系列范思哲代碼風格的強勁推動，包括 Greca 和 Medusa。在女裝和男裝成衣中，消費者接受了 La Greca 圖案以及新的 Barocco 印花。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，以擴大 Versace 的影響力。

Moving to brand awareness and consumer engagement. Versace continued to deepen consumer desire through powerful storytelling. The house's fall 2022 campaign, which was shot in Rome, starred Lily James embracing Versace's Italian heritage and runway glamor. Additionally, Versace was among the top engaged Italian fashion brands on social media during Milan Fashion Week. The spring 2023 show was inspired by Donatella's vision of the modern Versace woman, who is both bold and glamorous. The show generated over 23 million views globally and was the most mentioned show online during Milan Fashion Week.

轉向品牌知名度和消費者參與度。范思哲通過強有力的故事講述不斷加深消費者的慾望。該品牌 2022 年秋季廣告大片在羅馬拍攝，由 Lily James 主演，她擁抱 Versace 的意大利傳統和時裝秀魅力。此外，范思哲是米蘭時裝週期間社交媒體上參與度最高的意大利時尚品牌之一。 2023 年春季時裝秀的靈感來自多納泰拉 (Donatella) 對大膽而迷人的現代范思哲女性的願景。該秀在全球產生了超過 2300 萬的觀看次數，是米蘭時裝週期間網上被提及次數最多的秀。

Now turning to Asia. Versace restaged the fall 2022 fashion show in Bangkok, Thailand, coinciding with the launch of the fall collection. Celebrities, models and influencers attended the event and generated nearly 50 million impressions across social media.

現在轉向亞洲。范思哲在泰國曼谷重演 2022 年秋季時裝秀，同時推出秋季系列。名人、模特和影響者參加了此次活動，並在社交媒體上產生了近 5000 萬次印象。

The combination of these brand-building activities and our data analytics capabilities led to an increased consumer acquisition driving 40% year-over-year growth in Versace's global database. Overall, Versace's strong second 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.

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，范思哲強勁的第二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 second quarter results. Revenue was in line with our expectations, and operating margin was better than anticipated. Revenue increased 4% on a reported basis and 15% in constant currency compared to prior year as we continue to execute on our strategic initiatives and consumers responded to Sandra Choi's glamorous design vision.

搬到吉米週。我們對第二季度的業績感到滿意。收入符合我們的預期，營業利潤率好於預期。由於我們繼續執行我們的戰略計劃，消費者對 Sandra Choi 迷人的設計願景做出了回應，因此與去年相比，收入在報告的基礎上增長了 4%，按固定匯率計算增長了 15%。

Turning to product. One of Jimmy Choo's key strategies is to expand accessories. Women's accessories sales in our retail channel increased over 30% in the second quarter. Our iconic Bon Bon continued to perform well, and we expanded our VARENNE family with the launch of VARENNE Avenue. We were pleased with the early response to Avenue, and sales have exceeded our expectations. Another key product strategy for Jimmy Choo is to maximize our casual opportunity. Casual footwear sales in our retail channel increased strong double digits driven by strong performance of the new Diamond Light Maxi with its unique platform sole that resembles diamonds set in stone.

轉向產品。 Jimmy Choo 的主要策略之一是擴展配飾。第二季度，我們零售渠道的女士配飾銷售額增長了 30% 以上。我們標誌性的 Bon Bon 繼續表現良好，隨著 VARENNE Avenue 的推出，我們擴大了我們的 VARENNE 家族。我們對 Avenue 的早期反應感到滿意，銷售額超出了我們的預期。 Jimmy Choo 的另一個關鍵產品策略是最大化我們的休閒機會。由於新款 Diamond Light Maxi 的強勁表現，其零售渠道的休閒鞋類銷售額強勁增長，其獨特的厚底鞋底類似於鑲嵌在石頭上的鑽石。

Moving to brand awareness and consumer engagement. Jimmy Choo continues to drive consumer acquisition and engagement by combining storytelling and data analytics. We are excited to feature Kendall Jenner as the face of Jimmy Choo's new fall 2022 campaign. In a continuation of our Time to Dare series, Kendall embodies the glamorous, confident and daring spirit of the brand. Kendall has nearly 300 million followers across her social media accounts, which has increased Jimmy Choo's consumer reach.

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。我們很高興能邀請 Kendall Jenner 擔任 Jimmy Choo 2022 年秋季新廣告的代言人。作為 Time to Dare 系列的延續，Kendall 體現了該品牌迷人、自信和大膽的精神。 Kendall 在她的社交媒體賬戶上擁有近 3 億粉絲，這增加了 Jimmy Choo 的消費者覆蓋面。

In Japan, Jimmy Choo introduced actress and model Ayami Nakajo as the latest friend of the house. In a series of images set against the Tokyo skyline, she is featured with autumn's must-have accessories, boots and sneakers. The actress has over 2 million followers on Instagram and is helping us reach new customers.

在日本，Jimmy Choo 介紹了女演員和模特 Ayami Nakajo 作為品牌的最新朋友。在一系列以東京天際線為背景的照片中，她身穿秋季必備配飾、靴子和運動鞋。這位女演員在 Instagram 上擁有超過 200 萬粉絲，正在幫助我們吸引新客戶。

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 second quarter results speak to the strength of the brand and the success of our strategic initiatives, reinforcing our confidence in the luxury house's future growth potential.

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 第二季度強勁的業績說明了品牌的實力和我們戰略舉措的成功，增強了我們對豪宅未來增長潛力的信心。

Turning to Michael Kors. We were pleased with the second quarter results. Revenue was in line with our expectations, and operating margin was better than anticipated. Revenue increased 9% on a reported basis and 15% in constant currency compared to the prior year as we continue to execute on our strategic initiatives and consumers responded to Michael's glamorous jet set design vision.

轉向邁克爾科爾斯。我們對第二季度的業績感到滿意。收入符合我們的預期，營業利潤率好於預期。隨著我們繼續執行我們的戰略計劃，消費者對邁克爾迷人的噴氣機設計願景做出了回應，與去年相比，報告的收入增長了 9%，按固定匯率計算增長了 15%。

Turning to product. As we continue to elevate our assortment, we introduced our new Empire Hardware and Art Deco logo design that embodies the style of Michael Kors and his love of New York City. The Empire Hardware debuted on our new Parker bags as well as on a selection of shoes, ready-to-wear and eyewear. We see a significant opportunity in products featuring our newly highly recognizable MK hardware codes as they build brand identity and consumer loyalty.

轉向產品。隨著我們不斷提升產品系列，我們推出了新的 Empire Hardware 和 Art Deco 標誌設計，體現了 Michael Kors 的風格和他對紐約市的熱愛。 Empire Hardware 首次出現在我們的新派克手袋以及一系列鞋子、成衣和眼鏡上。我們在具有高度識別性的新 MK 硬件代碼的產品中看到了巨大的機會，因為它們可以建立品牌標識和消費者忠誠度。

In accessories, consumers responded positively to the glamorous hardware of our new Parker bags. We are pleased with the initial response to the collection, and sales exceeded our expectations globally. Signature also continued to perform well. As a result, accessories sales in our retail channel increased mid-single digits globally.

在配飾方面，消費者對我們新款派克手袋的迷人硬件反應積極。我們對該系列的初步反應感到滿意，全球銷售超出了我們的預期。 Signature 也繼續表現良好。因此，我們零售渠道的配件銷售額在全球範圍內增長了中個位數。

Turning to footwear. As we discussed during our July Investor Day, we believe we can significantly expand Michael Kors footwear to drive incremental revenue. Footwear sales in our retail channel increased high single digits during the quarter as we continue to capitalize on our brand codes and deliver exciting fashion.

轉向鞋類。正如我們在 7 月投資者日期間所討論的那樣，我們相信我們可以顯著擴展 Michael Kors 鞋類以推動增加收入。由於我們繼續利用我們的品牌代碼並提供令人興奮的時尚，本季度我們零售渠道的鞋類銷售額增長了高個位數。

Looking at men's, which is another growth opportunity for Michael Kors, second quarter retail sales increased strong double digits globally as we focused on timeless essentials with a modern edge. Accessories sales were strong driven by Signature styles.

男裝是 Michael Kors 的另一個增長機會，第二季度全球零售額增長了兩位數，因為我們專注於具有現代優勢的永恆必需品。標誌性款式推動配飾銷售強勁。

Now turning to brand awareness and consumer engagement. Michael's fall campaigns reflect his love for New York City as well as his passion for travel. The Michael Kors Collection campaign celebrates the allure and glamor of New York City with opulent extravagance.

現在轉向品牌知名度和消費者參與度。 Michael 的秋季廣告系列反映了他對紐約市的熱愛以及他對旅行的熱情。 Michael Kors Collection 活動以奢華奢華彰顯紐約市的魅力和魅力。

The MICHAEL Michael Kors campaign highlights the brand's Jet Set DNA as Bella Hadid and friends explore London. In Asia, as we increased our focus in the region, Michael Kors created a localized extension of the global Jet Set campaign featuring Chinese supermodel He Cong.

當 Bella Hadid 和朋友們探索倫敦時，MICHAEL Michael Kors 的宣傳活動突出了該品牌的 Jet Set DNA。在亞洲，隨著我們加大對該地區的關注，Michael Kors 為中國超模何聰打造了全球 Jet Set 活動的本地化延伸。

During New York Fashion Week, Michael Kors was the most highly engaged brand on social media. The theme of the spring 2023 show was urban resort, which combined the elegance of city life with the laid-black glamor of our resort getaway. The show generated over 23 million views globally.

在紐約時裝週期間，Michael Kors 是社交媒體上參與度最高的品牌。 2023 年春季秀的主題是城市度假，它將城市生活的優雅與我們度假勝地的黑色魅力相結合。該節目在全球產生了超過 2300 萬次觀看。

In China, Michael Kors took over an immersive venue in the heart of Shanghai to view the spring '23 fashion show. Brand ambassadors, Gao Yuanyuan and Wang FeiFei, were joined by over 750 guests, including top models, influencers and press. As a result, the event generated over 50 million social media impressions, and the fashion show was live streamed by over 21 million viewers on Weibo. The combined power of our Jet Set storytelling and our data analytics capabilities contributed to a 17% year-over-year increase in Michael Kors global database.

在中國，Michael Kors 在上海市中心的一個沉浸式場地觀看了 23 年春季時裝秀。品牌大使高圓圓、王霏霏等750多位嘉賓出席，其中包括頂級模特、網紅和媒體。結果，該活動在社交媒體上產生了超過 5000 萬的印象，時裝秀在微博上被超過 2100 萬觀眾直播。我們的 Jet Set 講故事能力和我們的數據分析能力相結合，促成 Michael Kors 全球數據庫同比增長 17%。

Turning to our retail fleet. I am also pleased to announce that we will be opening 2 new Michael Kors flagship locations, one on Madison Avenue in New York City and one on Bond Street in London. They are scheduled to open next year before the holiday season. Both locations are approximately 10,000 square feet and will showcase our entire luxury assortment. These stores are being designed not only to elevate the brand, but also to drive more significant retail revenue in major cities.

轉向我們的零售車隊。我也很高興地宣布，我們將開設 2 個新的 Michael Kors 旗艦店，一個位於紐約市的麥迪遜大道，一個位於倫敦的邦德街。他們計劃在明年假期前開放。這兩個地點的面積約為 10,000 平方英尺，將展示我們的整個豪華產品系列。這些商店的設計不僅是為了提升品牌，而且是為了在主要城市推動更大的零售收入。

Finally, I'm happy to announce that we launched Michael Kors Pre-Loved during the quarter driven by our commitment to sustainability. The Michael Kors Pre-Loved site is the official marketplace for buying and selling gently used items from Michael Kors. Our goal is to give consumers the best value for their past purchases while giving those items a new beginning with another stylish Michael Kors customer. Overall, Michael Kors' second quarter results speak to the strength of the brand as well as the success of our strategic initiatives. As we continue to elevate the brand positioning, we are confident in Michael Kors' future potential.

最後，我很高興地宣布，在我們對可持續發展的承諾的推動下，我們在本季度推出了 Michael Kors Pre-Loved。 Michael Kors Pre-Loved 網站是購買和銷售 Michael Kors 二手物品的官方市場。我們的目標是為消費者提供他們過去購買的最佳價值，同時讓這些商品與另一位時尚的 Michael Kors 客戶一起重新開始。總體而言，Michael Kors 第二季度的業績說明了品牌的實力以及我們戰略舉措的成功。隨著我們不斷提升品牌定位，我們對 Michael Kors 的未來潛力充滿信心。

In conclusion, we were pleased with Capri's second quarter results as we delivered strong revenue growth and record earnings per share. Looking forward, while we recognize there are near-term macro uncertainties, our powerful brands have enduring value and proven resilience, reinforcing our conviction in Capri's ability to deliver strong revenue and earnings growth over time. Our confidence is also underpinned by the talented group of employees at Capri Holdings that are executing our strategic initiatives.

總之，我們對 Capri 的第二季度業績感到滿意，因為我們實現了強勁的收入增長和創紀錄的每股收益。展望未來，雖然我們認識到短期內存在宏觀不確定性，但我們強大的品牌具有持久的價值和久經考驗的韌性，這增強了我們對 Capri 隨著時間的推移實現強勁收入和盈利增長的能力的信念。 Capri Holdings 執行我們戰略計劃的才華橫溢的員工也支持了我們的信心。

Now let me turn the call over to Tom.

現在讓我把電話轉給湯姆。

Thank you, John, and good morning, everyone. Starting with second quarter results. Revenue of $1.41 billion increased 9% versus prior year and 18% in constant currency, in line with our expectations.

謝謝你，約翰，大家早上好。從第二季度的結果開始。收入為 14.1 億美元，同比增長 9%，按固定匯率計算增長 18%，符合我們的預期。

Net income was $245 million, resulting in diluted earnings per share of $1.79. This was above our expectation primarily reflecting higher-than-anticipated gross margin and diligent operating expense management.

淨收入為 2.45 億美元，攤薄後每股收益為 1.79 美元。這超出了我們的預期，主要反映了高於預期的毛利率和勤奮的運營費用管理。

Turning to revenue performance by brand. At Versace, revenue increased 9% versus prior year and 28% in constant currency. Global retail sales increased double digits in constant currency.

轉向按品牌劃分的收入表現。范思哲的收入同比增長 9%，按固定匯率計算增長 28%。按固定匯率計算，全球零售額增長兩位數。

By geography, total revenue in the Americas increased 12%. Revenue in EMEA increased 10% on a reported basis and 28% in constant currency. Revenue in Asia increased 2% on a reported basis and 20% in constant currency, reflecting strong growth in Japan and Southeast Asia, partially offset by an expected decline in China.

按地域劃分，美洲的總收入增長了 12%。歐洲、中東和非洲地區的收入在報告的基礎上增長了 10%，按固定匯率計算增長了 28%。亞洲的收入在報告的基礎上增長了 2%，按固定匯率計算增長了 20%，反映了日本和東南亞的強勁增長，部分被中國的預期下降所抵消。

For Jimmy Choo, revenue increased 4% to prior year and 15% in constant currency. Global retail sales increased double digits in constant currency. By geography, total revenue in the Americas increased 13%. Revenue in EMEA increased 2% on a reported basis and 20% in constant currency. Revenue in Asia decreased 2% on a reported basis but increased 12% in constant currency, reflecting increases in Japan and Southeast Asia, partially offset by an expected decline in China.

對於 Jimmy Choo，收入比上年增長 4%，按固定匯率計算增長 15%。按固定匯率計算，全球零售額增長兩位數。按地域劃分，美洲的總收入增長了 13%。歐洲、中東和非洲地區的收入在報告的基礎上增長了 2%，按固定匯率計算增長了 20%。亞洲的收入在報告的基礎上下降了 2%，但按固定匯率計算增長了 12%，這反映了日本和東南亞的增長，部分被中國的預期下降所抵消。

At Michael Kors, revenue increased 9% compared to last year and 15% in constant currency. Global retail sales increased high single digits in constant currency. By geography, total revenue in the Americas increased 16%. Revenue in EMEA was flat on a reported basis but increased 15% in constant currency. Revenue in Asia decreased 5% on a reported basis but increased 7% in constant currency, reflecting strong growth in Japan and Southeast Asia, partially offset by an expected decline in China.

Michael Kors 的收入與去年相比增長了 9%，按固定匯率計算則增長了 15%。按固定匯率計算，全球零售額增長了高個位數。按地域劃分，美洲的總收入增長了 16%。 EMEA 的收入在報告的基礎上持平，但按固定匯率計算增長了 15%。亞洲的收入在報告的基礎上下降了 5%，但按固定匯率計算增長了 7%，這反映了日本和東南亞的強勁增長，部分被中國的預期下降所抵消。

Now looking at total company margin performance. Gross margin of 67.1% was 50 basis points below prior year as we continued to be impacted by higher supply chain costs. But this was above our expectations, reflecting the benefits of our strategic initiatives.

現在看看公司的總利潤率表現。由於我們繼續受到供應鏈成本上升的影響，毛利率為 67.1%，比去年低 50 個基點。但這超出了我們的預期，反映了我們戰略舉措的好處。

Operating expense as a percent of revenue was 47.3% compared to 49.1% last year, reflecting leverage on the increase in sales. On an absolute basis, operating expense increased approximately 5% or $30 million versus prior year, primarily reflecting increased marketing and higher variable expenses associated with the increase in sales.

營業費用佔收入的百分比為 47.3%，而去年為 49.1%，反映了銷售額增長的槓桿作用。在絕對基礎上，運營費用比上一年增加了約 5% 或 3000 萬美元，主要反映了與銷售增長相關的營銷增加和可變費用增加。

Total company operating margin of 19.8% expanded 130 basis points versus prior year and was 280 basis points above our expectations. Better-than-anticipated results were primarily driven by greater gross margin expansion and lower operating expenses. All brand operating margins exceeded our expectations.

公司總營業利潤率為 19.8%，較上年增長 130 個基點，高於我們的預期 280 個基點。業績好於預期的主要原因是毛利率擴大和運營費用降低。所有品牌的營業利潤率都超出了我們的預期。

At Versace, operating margin of 20.1% expanded 60 basis points versus prior year. At Jimmy Choo, operating margin of 5.6% expanded 490 basis points year-over-year. And in Michael Kors, operating margin of 25.8% expanded 80 basis points versus prior year. Our tax rate for the quarter was 14.6% compared to last year's rate of 3.7%, which reflected a discrete benefit.

范思哲的營業利潤率為 20.1%，較上年增長 60 個基點。 Jimmy Choo 的營業利潤率為 5.6%，同比增長 490 個基點。 Michael Kors 的營業利潤率為 25.8%，較上年增長 80 個基點。我們本季度的稅率為 14.6%，而去年的稅率為 3.7%，這反映了離散收益。

Now turning to our balance sheet. We ended the quarter with cash of $215 million and debt of $1.6 billion, resulting in net debt of $1.4 billion. As part of our ongoing commitment to return cash to shareholders, we repurchased approximately $350 million worth of shares in the second quarter. Additionally, we repurchased another $100 million worth of shares quarter-to-date in the third quarter. Given our strong free cash flow generation and balance sheet, our Board has authorized a new $1 billion share repurchase program.

現在轉向我們的資產負債表。我們在本季度結束時擁有 2.15 億美元的現金和 16 億美元的債務，淨債務為 14 億美元。作為我們向股東返還現金的持續承諾的一部分，我們在第二季度回購了價值約 3.5 億美元的股票。此外，我們在第三季度至今又回購了價值 1 億美元的股票。鑑於我們強大的自由現金流產生和資產負債表，我們的董事會已授權一項新的 10 億美元股票回購計劃。

Looking at inventory. We ended the quarter with $1.18 billion, a 36% increase over a historically low-level last year. Relative to pre-COVID levels, second quarter inventory increased 10%. This was a significant sequential deceleration compared to the first quarter and in line with our expectations.

看著庫存。我們以 11.8 億美元結束本季度，比去年的歷史低位增長 36%。相對於 COVID 之前的水平，第二季度的庫存增加了 10%。與第一季度相比，這是一個顯著的連續減速，符合我們的預期。

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. We feel good about the quality of our inventory and believe we're in a great position heading into the holiday season. 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.

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。我們對我們的庫存質量感覺良好，並相信我們在進入假日季節時處於有利地位。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. We are taking a more conservative view to our revenue outlook for the remainder of fiscal '23, given the increasingly uncertain macroeconomic environment, foreign currency headwinds and the ongoing impact of COVID-related restrictions in China. Therefore, we now forecast Capri Holdings annual revenue of approximately $5.7 billion. This represents an approximate 1% increase over prior year on a reported basis, while on a constant currency basis, revenue is expected to increase approximately 7%.

現在轉向指導。鑑於宏觀經濟環境日益不確定、外匯逆風以及中國與 COVID 相關的限制措施的持續影響，我們對 23 財年剩餘時間的收入前景持更為保守的看法。因此，我們現在預測 Capri Holdings 的年收入約為 57 億美元。這意味著在報告的基礎上比上一年增加約 1%，而在固定貨幣基礎上，收入預計將增加約 7%。

While we continue to see solid trends in our own retail channel across all 3 brands, guidance now includes an approximate $100 million reduction in revenue from the wholesale channel primarily driven by Michael Kors. The remainder of the reduction is split evenly between the impact of foreign currency exchange rates and increased restrictions in China.

雖然我們繼續看到所有 3 個品牌在我們自己的零售渠道中的穩健趨勢，但現在的指導包括主要由 Michael Kors 推動的批發渠道收入減少約 1 億美元。其餘的減少在外匯匯率的影響和中國增加的限制之間平均分配。

Looking at full year revenue guidance by brand, we now assume Versace revenue of approximately $1.15 billion, increasing approximately 6% on a reported basis and approximately 22% in constant currency; Jimmy Choo revenue of approximately $640 million, increasing approximately 4% on a reported basis and approximately 14% in constant currency; and Michael Kors revenue of approximately $3.91 billion, down 1% on a reported basis and an increase of approximately 2% in constant currency.

從品牌全年收入指引來看，我們現在假設范思哲收入約為 11.5 億美元，按報告基礎增長約 6%，按固定匯率計算增長約 22%； Jimmy Choo 收入約為 6.4 億美元，按報告基礎增長約 4%，按固定匯率計算增長約 14%； Michael Kors 的收入約為 39.1 億美元，按報告基礎下降 1%，按固定匯率計算增長約 2%。

For the year, we now expect gross margin expansion of approximately 50 basis points relative to fiscal '22. The increase compared to our prior outlook reflects the ongoing benefits of the company's strategic initiatives.

今年，我們現在預計毛利率相對於 22 財年增長約 50 個基點。與我們之前的展望相比，這一增長反映了公司戰略舉措的持續收益。

We now expect a full year operating margin of approximately 18.3%, an increase of 30 basis points relative to prior guidance. This increase reflects higher gross margin and approximately $60 million of expense savings compared to previous expectations.

我們現在預計全年營業利潤率約為 18.3%，相對於之前的指引增加 30 個基點。與之前的預期相比，這一增長反映了更高的毛利率和約 6000 萬美元的費用節省。

For Versace, we continue to anticipate an operating margin of approximately 16%. For Jimmy Choo, we continue to expect an operating margin of approximately 5%. And for Michael Kors, we now anticipate an operating margin of approximately 25%.

對於范思哲，我們繼續預計營業利潤率約為 16%。對於 Jimmy Choo，我們繼續預計營業利潤率約為 5%。對於 Michael Kors，我們現在預計營業利潤率約為 25%。

Turning to our expectations around certain nonoperating items. We now anticipate net interest expense of approximately $6 million. Our effective tax rate is expected to be approximately 10%, and we forecasted weighted average shares outstanding of 136 million. As a result, we are reiterating our diluted earnings per share guidance of approximately $6.85 for fiscal '23, representing double-digit growth versus prior year.

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 600 萬美元。我們的有效稅率預計約為 10%，我們預測已發行的加權平均股數為 1.36 億股。因此，我們重申我們在 23 財年的稀釋後每股收益指引約為 6.85 美元，與上一年相比實現了兩位數的增長。

Turning to third quarter guidance. We anticipate total company revenue of approximately $1.53 billion. This represents an approximate 5% decrease year-over-year on a reported basis or flat to prior year in constant currency.

轉向第三季度的指導。我們預計公司總收入約為 15.3 億美元。這意味著在報告的基礎上同比下降約 5%，或按固定匯率計算與上一年持平。

For third quarter revenue by brand, we forecast Versace revenue of approximately $240 million, decreasing approximately 4% on a reported basis and increasing approximately 12% in constant currency. As a reminder, Versace reports on a 1-month lag, and their third quarter does not include December.

對於第三季度按品牌劃分的收入，我們預計范思哲收入約為 2.4 億美元，按報告基礎下降約 4%，按固定匯率計算增長約 12%。提醒一下，范思哲報告滯後 1 個月，他們的第三季度不包括 12 月。

Jimmy Choo revenue of approximately $180 million, increasing approximately 1% on a reported basis and 10% in constant currency. And Michael Kors revenue of approximately $1.11 billion, decreasing approximately 6% on a reported basis and approximately 3% to prior year in constant currency. This now includes an approximate $65 million reduction in revenue from the wholesale channel.

Jimmy Choo 的收入約為 1.8 億美元，按報告基礎增長約 1%，按固定匯率計算增長 10%。 Michael Kors 的收入約為 11.1 億美元，在報告的基礎上下降約 6%，按固定匯率計算比上年下降約 3%。這現在包括批發渠道收入減少約 6500 萬美元。

Looking at operating margin, we now expect third quarter operating margin of approximately 20.5%. This reflects gross margin expansion offset by expense deleverage on lower sales.

從營業利潤率來看，我們現在預計第三季度營業利潤率約為 20.5%。這反映了毛利率擴張被銷售額下降導致的費用去槓桿所抵消。

In terms of operating margin by brand, for Versace, we anticipate an operating margin in the high single-digit range. Third quarter is a seasonally lower margin quarter for Versace since it does not include December, which is the single most profitable month of the year. For Jimmy Choo, we also expect operating margin in the high single-digit range. And for Michael Kors, we anticipate operating margin in the mid- to high 20% range.

在按品牌劃分的營業利潤率方面，我們預計 Versace 的營業利潤率將在高個位數範圍內。第三季度是 Versace 利潤率較低的季節性季度，因為它不包括 12 月，這是一年中最賺錢的月份。對於 Jimmy Choo，我們還預計營業利潤率在高個位數範圍內。對於 Michael Kors，我們預計營業利潤率在 20% 的中高範圍內。

Turning to our expectations around certain nonoperating items. We forecast net interest expense of approximately $6 million, an effective tax rate of approximately 5% and weighted average shares outstanding of 133 million. As a result, we now expect diluted earnings per share of approximately $2.20.

談到我們對某些非運營項目的期望。我們預計淨利息支出約為 600 萬美元，有效稅率約為 5%，加權平均流通股數為 1.33 億股。因此，我們現在預計每股攤薄收益約為 2.20 美元。

Now I would like to take a moment to discuss our revenue expectations for the fourth quarter. We now anticipate revenue of $1.4 billion, a decline of 6% on a reported basis and flat on a constant currency basis. As a reminder, last year's fourth quarter included a 53rd week. Excluding the impact of the extra week, guidance represents a revenue increase of approximately 5% in constant currency. This reflects growth in our retail channel that is consistent with our third quarter trends as well as lower wholesale revenue.

現在我想花點時間討論一下我們對第四季度的收入預期。我們現在預計收入為 14 億美元，在報告的基礎上下降 6%，在固定貨幣基礎上持平。提醒一下，去年第四季度是第 53 週。排除額外一周的影響，指引表示按固定匯率計算的收入增長約 5%。這反映了我們零售渠道的增長與我們第三季度的趨勢以及較低的批發收入一致。

In conclusion, we are pleased with our second quarter results as we delivered strong revenue growth, operating margin expansion and record earnings per share. While we are taking a more cautious view of the back half of the year, we are maintaining our full year earnings guidance, which is a testament to the strength of our business model.

總之，我們對第二季度的業績感到滿意，因為我們實現了強勁的收入增長、營業利潤率擴張和創紀錄的每股收益。雖然我們對下半年的看法更為謹慎，但我們仍維持全年盈利指引，這證明了我們商業模式的實力。

Beyond fiscal '23, we remain optimistic about the long-term growth potential for Versace, Jimmy Choo and Michael Kors. Our powerful brands have enduring value and proven resilience, reinforcing our confidence in the ability to deliver strong revenue and earnings growth over time.

在 23 財年之後，我們仍然對 Versace、Jimmy Choo 和 Michael Kors 的長期增長潛力持樂觀態度。我們強大的品牌具有持久的價值和久經考驗的韌性，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) Our first question comes from Matthew Boss with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

Great. So John, as we consider the increased caution that you're now embedding in your back half guide, have you seen any notable softening in demand across your brand portfolio to date at direct-to-consumer? Maybe could you elaborate on the $100 million Michael Kors wholesale reduction? And then just how do you see current inventory levels for the accessories category positioned into holiday?

偉大的。所以約翰，當我們考慮到您現在在後半部分指南中嵌入的更加謹慎時，您是否看到迄今為止在直接面向消費者的品牌組合中的需求有任何明顯的疲軟？也許你能詳細說明一下 Michael Kors 的 1 億美元批發折扣嗎？然後，您如何看待假期中配飾類別的當前庫存水平？

And so I'll first start talking about our own retail channels. In North America and in Europe, we're seeing very robust sales in both of those markets. We're actually quite pleased in our own channels. And as it relates to our direct-to-consumer/e-commerce part of the business, that's actually trending extremely strong. You could see by the level of database increase that we had at Michael Kors, which was 17%. And that's on a very, very large database already. We're definitely attracting consumers. We're engaging with consumers, and we're seeing very strong results.

所以我將首先開始談論我們自己的零售渠道。在北美和歐洲，我們看到這兩個市場的銷售都非常強勁。實際上，我們對自己的頻道非常滿意。由於它與我們直接面向消費者/電子商務的業務部分有關，這實際上趨勢非常強勁。你可以從我們在 Michael Kors 的數據庫增長水平看出，即 17%。這已經在一個非常非常大的數據庫上。我們肯定會吸引消費者。我們正在與消費者互動，我們看到了非常強勁的結果。

We were also pleased with what we're seeing happening with our accessories business. As you know, we've traded -- we've really been moving the positioning of that part of our business up as we're elevating the brand, in particular, in Michael Kors, although we have been taking price increases at both Versace and at Jimmy Choo. And that's all been going very well for us. So in our own direct-to-consumer channels, we're feeling very positive.

我們也對我們在配件業務中所看到的情況感到滿意。如您所知，我們已經進行了交易——我們確實在提升品牌的這部分業務的定位，特別是在 Michael Kors，儘管我們一直在 Versace 的價格上漲在 Jimmy Choo。這對我們來說進展順利。因此，在我們自己的直接面向消費者的渠道中，我們感覺非常積極。

I would put one caveat on that, that's China. China, we have actually seen a slowdown. We saw that happening about a month, 1.5 months ago, where things have actually gotten a little more difficult. And that's predominantly because of the COVID restrictions, and we are having various either cities or malls open and close. And it's been causing a great deal of difficulty, and I'm sure you've seen the data.

我要對此提出一個警告，那就是中國。中國，我們實際上已經看到了放緩。我們看到這種情況發生在大約一個月前，也就是 1.5 個月前，實際上事情變得更加困難了。這主要是因為 COVID 的限制，我們有不同的城市或購物中心開放和關閉。它已經造成了很大的困難，我相信你已經看到了數據。

Actual internal travel inside of China is down as well, domestic travel. So we've taken a much more cautious approach even than where we were before on China, and we think that it's going to take time for that region to recover for us.

中國境內的實際國內旅行也有所下降，國內旅行。因此，即使在中國問題上，我們也採取了比以前更加謹慎的態度，我們認為該地區需要時間來恢復。

In terms of the wholesale channel, we have seen some slowing in that channel over the last few weeks in particular. We don't know whether that's a shift in consumer behavior. We don't know whether that's a result of less stimulus checks. We're not really sure what that is. But we've taken a more cautious view.

在批發渠道方面，特別是在過去幾週，我們看到該渠道有所放緩。我們不知道這是否是消費者行為的轉變。我們不知道這是否是刺激檢查減少的結果。我們不確定那是什麼。但我們採取了更為謹慎的觀點。

As we've told you in the past, and this is probably more of a Michael Kors issue than anything, we'd rather have less inventory in the channel. We'd rather preserve our margins. We've worked very hard over the last 3 years to elevate the Michael Kors brand, and we don't want to take a step backwards. And so we think that having the appropriate amount of inventory in those channels will make it so that we keep our brand integrity. And I think that's been a very positive thing.

正如我們過去告訴過你的那樣，這可能更像是 Michael Kors 的問題，而不是任何事情，我們寧願在渠道中減少庫存。我們寧願保留我們的利潤。在過去的 3 年裡，我們一直在努力提升 Michael Kors 品牌，我們不想退後一步。因此，我們認為在這些渠道中擁有適當數量的庫存將使我們保持品牌完整性。我認為這是一件非常積極的事情。

I will note one other issue in the department store channel. We've started to add sales associates back in both in North America and Europe, where we had really pared back on that program pretty significantly going into COVID and coming out of COVID, we didn't fund it as aggressively as we are now doing. And as we're adding sales associates back into our shop-in-shops around the United States and Europe, we're seeing a very significant uplift in the business.

我將在百貨商店頻道中指出另一個問題。我們已經開始在北美和歐洲重新增加銷售人員，在那裡我們確實大幅削減了進入 COVID 和退出 COVID 的計劃，我們沒有像現在這樣積極地資助它.隨著我們將銷售人員重新加入我們在美國和歐洲的店中店，我們看到了業務的顯著提升。

And we see that again. The more clienteling we can do, the more of the customer journey we can give in-store as well as online, the consumer is definitely responding to that. And then in terms of inventories, I think I'll turn it over to Tom.

我們再次看到了這一點。我們可以做的客戶服務越多，我們可以在店內和在線提供的客戶旅程就越多，消費者肯定會對此做出反應。然後在庫存方面，我想我會把它交給湯姆。

Thanks, Matt. And on inventories, we feel really good about the quality of the inventory. And that's in total and for accessories and believe we're in a great position for holiday. And this compares to last year when we really didn't have the inventory that we wanted or needed. So we feel like we're in a much, much better position.

謝謝，馬特。在庫存方面，我們對庫存的質量感覺非常好。總而言之，配件和相信我們在假期中處於有利位置。這與去年相比，當時我們真的沒有我們想要或需要的庫存。所以我們覺得我們處於一個非常非常好的位置。

And in terms of inventory levels, as I mentioned in the prepared remarks, up 36% versus prior year but only 10% versus pre-COVID. And that's a significant decline from where we were in Q1 and right in line with our expectations. So as we look forward, we continue to work through inventory and expect levels to be down sequentially and end the year below the prior year.

正如我在準備好的評論中提到的，就庫存水平而言，與去年相比增長了 36%，但與 COVID 之前相比僅增長了 10%。這與我們在第一季度的情況相比大幅下降，並且符合我們的預期。因此，正如我們展望的那樣，我們將繼續處理庫存，並預計庫存水平將依次下降，並在年底低於上一年。

I think that's an important note what Tom just said is we -- I think, have been giving you all a view into how we were planning inventories. We moved up deliveries dramatically. We moved up our design calendar. We flowed merchandise here to be ready for the fall season, but also to make sure that we didn't have vessels that were continuing to be stuck in different places.

我認為這是一個重要的注意事項，湯姆剛剛說的是我們 - 我認為，一直在讓大家了解我們是如何計劃庫存的。我們大幅提高了交付量。我們提高了設計日曆。我們將商品運送到這裡是為了為秋季做好準備，同時也是為了確保我們沒有船隻繼續滯留在不同的地方。

And so that cadence is something that we're going to stay with. And therefore, that was a year-long inventory adjustment. And again, I just want to remind everyone, we anticipate inventories to be below LY in Q4, which we think is really a testament to the great management of all of the production teams and the design teams in our company as well as the retail planning team. So we feel excellent about that. And I think that, that's going to bode well for our margins going forward.

因此，我們將保持這種節奏。因此，這是為期一年的庫存調整。再次提醒大家，我們預計第四季度庫存將低於LY，我們認為這確實證明了我們公司所有生產團隊和設計團隊的出色管理以及零售計劃團隊。所以我們對此感覺很好。我認為，這對我們未來的利潤率來說是個好兆頭。

Our next question comes from Kimberly Greenberger with Morgan Stanley.

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

Okay. Great. I wanted to ask about the gross margin results here. You are obviously navigating through some significant supply chain headwinds, but the results keep coming in sort of better than expected, John. And I'm wondering if that some of the pricing initiatives that you're engaging in? Or what do you -- to what do you attribute that better gross margin performance?

好的。偉大的。我想在這裡詢問毛利率結果。顯然，您正在克服一些重大的供應鏈逆風，但結果總是比預期的要好，約翰。我想知道您是否參與了一些定價計劃？或者你是什麼 - 你認為更好的毛利率表現是什麼？

And then Tom, on the -- I know -- I think the cost pressures in gross margin have been primarily inbound freight. Are you seeing any product cost inflation that's not the inbound freight? And when do you think -- I know that global freight rates are falling. When do you think we sort of get through the last of the headwinds on inbound freight?

然後湯姆——我知道——我認為毛利率的成本壓力主要是入境貨運。您是否看到任何不是入境運費的產品成本膨脹？你什麼時候認為 - 我知道全球運費正在下降。你認為我們什麼時候才能克服入境貨運的最後阻力？

I'm going to really let Tom address both questions, but I just thought I'd touch on the price increases. So as you know, we started price increases in Michael Kors almost 3 years ago as again, we were elevating the brand. And we're really pleased with what we've seen happen in particular with our new Parker collections and where we've been focusing on hardware.

我真的會讓湯姆解決這兩個問題，但我只是想我會談到價格上漲。如您所知，我們在大約 3 年前開始為 Michael Kors 提價，因為我們再次提升了品牌。我們對我們所看到的情況感到非常滿意，特別是我們的新派克系列以及我們一直專注於硬件的地方。

Again, as I mentioned in my prepared remarks, the Signature part of our business has been terrific. And that's really lended towards a higher gross margins for us because it's more a carryover product and clearly resonating with the consumer, reaching 50% of our revenues in Michael Kors, which is where we thought -- where we wanted to and projected to be.

同樣，正如我在準備好的評論中提到的，我們業務的簽名部分非常棒。這確實為我們帶來了更高的毛利率，因為它更像是一種結轉產品，並且明顯引起了消費者的共鳴，達到了我們在 Michael Kors 收入的 50%，這是我們認為的——我們想要和預計的地方。

And now we're seeing a very nice uptick with the hardware strategy, both in accessories and in footwear. Footwear, we achieved high single-digit growth in our retail channel and then accessories, mid-single digits. So that's I think bodes well for what we're doing from a strategy standpoint, also says that the consumers responded positively to not only product, but they haven't pushed back on the pricing piece.

現在，我們看到硬件戰略出現了非常好的增長，無論是在配飾方面還是在鞋類方面。鞋類，我們的零售渠道實現了高個位數增長，然後是配飾，中個位數。所以我認為從戰略的角度來看，這對我們正在做的事情來說是個好兆頭，也表示消費者不僅對產品做出了積極的反應，而且他們並沒有推遲定價。

I do want to say that we will take one last price increase for spring, and then we're going to pause our price increases in most of the group for fall season. And we'll see what happens beyond that. Again, we've raised prices very significantly over the last 3 years at Michael Kors.

我確實想說，我們將在春季進行最後一次提價，然後我們將在秋季暫停大部分地區的提價。我們將看到除此之外會發生什麼。同樣，我們在過去 3 年中大幅提高了 Michael Kors 的價格。

And in Jimmy Choo and Versace, we've done it pretty quickly actually. So we think we're in a great place. And I think you're seeing that flow through our gross margin. And that was in spite of -- I think you recall we had between 300 and 400 basis point increases in our cost of goods around freight. So thank goodness, we had put those strategies into place. That's really been holding up.

而在 Jimmy Choo 和 Versace，我們實際上很快就做到了。所以我們認為我們在一個很棒的地方。而且我認為你看到了我們的毛利率。儘管如此 - 我想你記得我們的貨運成本增加了 300 到 400 個基點。所以謝天謝地，我們已經將這些策略落實到位。這還真是堅持了下來。

And then lastly, we have reduced, and again, in particular, in Michael Kors, the amount of promotionality that we've had in the business. We've been stepping that down over the last 2 years. And we're going to step it down a fairly significant amount next year as well.

最後，我們減少了，特別是在 Michael Kors，我們在業務中的促銷量。在過去的 2 年裡，我們一直在降低這一點。明年我們也將把它降低相當大的數量。

So all of that, we, again, continue to hope shows up in the gross margin. But let me -- let Tom talk to you about the cost and the freight.

因此，我們再次希望所有這一切都出現在毛利率中。但是讓我——讓湯姆和你談談成本和運費。

Sure. And then, Kimberly, a little perspective on your gross margin. It is all being driven in terms of the upside by the strategic initiatives. If I look at Q2, our supply chain headwinds, which we knew would be there, were pretty much right in line with what we expected.

當然。然後，金佰利，對你的毛利率有一點看法。這一切都是由戰略舉措推動的。如果我看第二季度，我們知道會存在的供應鏈逆風幾乎符合我們的預期。

Costs are higher than last year. And as we look forward, and as we've said before, in the second half, we expect that supply chain costs versus prior year will be a little lower because we're comparing against our highest cost levels and times when we aired product for prior holiday. It doesn't necessarily mean they're coming down dramatically. It just means we're comparing against a much higher period.

成本高於去年。正如我們所期待的那樣，正如我們之前所說，在下半年，我們預計供應鏈成本與上一年相比會略低一些，因為我們正在與我們播出產品時的最高成本水平和時間進行比較之前的假期。這並不一定意味著他們正在急劇下降。這只是意味著我們正在與更高的時期進行比較。

So as we look at the second half, we look at the strategic initiatives continuing. And as you said and mentioned, they are delivering. And they continue to deliver very nicely above expectations.

因此，當我們看下半年時，我們會繼續關注戰略舉措。正如你所說和提到的，他們正在交付。他們繼續提供超出預期的出色表現。

Supply chain will be a positive. But we have Asia, in particular, China, which is a very high-margin region as a headwind as well as our FX. That all said, we do expect gross margin to be up in the back half. And we felt confident based on our Q2 results and our outlook for the future to raise our guidance for gross margin for the year by 50 basis points. So feeling good on that side.

供應鏈將是積極的。但我們有亞洲，尤其是中國，這是一個利潤率非常高的地區，也是我們的外匯逆風。綜上所述，我們確實預計下半年的毛利率會上升。基於我們的第二季度業績和對未來的展望，我們有信心將我們對今年毛利率的指導提高 50 個基點。所以在那方面感覺很好。

In terms of product costs, while there are pockets of cost increases, we don't see a material cost increase. We're looking forward, and that may be one of the benefits of the stronger dollar at some level.

在產品成本方面，雖然有一些成本增加，但我們沒有看到材料成本增加。我們期待著，這可能是美元走強在某種程度上的好處之一。

So the last question you mentioned was when will we through the freight cost increases? And I maybe provide a little perspective on what we're seeing out there. As opposed to last year when there were long delays, we were not seeing delays at this point.

所以你提到的最後一個問題是我們什麼時候才能通過運費增加？我可能會就我們所看到的情況提供一些看法。與去年有長時間延誤的情況相反，我們目前沒有看到延誤。

However, we're remaining cautious because we still have to get through potential port shutdowns if there are COVID-related restrictions and the normal buildup heading into Chinese New Year. So really, I think this is something we'll take a closer look at and monitor as we look at next year and renew our annual contracts for our freight carriers.

但是，我們仍然保持謹慎，因為如果有與 COVID 相關的限制和進入農曆新年的正常增長，我們仍然必須通過潛在的港口關閉。所以說真的，我認為這是我們在明年展望和續簽貨運承運人年度合同時會仔細研究和監控的事情。

(Operator Instructions) Our next question comes from Omar Saad with Evercore.

（操作員說明）我們的下一個問題來自於 Evercore 的 Omar Saad。

I was hoping maybe you could elaborate a little bit on the slowdown you're seeing in wholesale but not really in DTC. Any thoughts on why you're seeing a bit more of a slower trend in that channel versus DTC channel?

我希望你能詳細說明一下你在批發中看到的放緩，但在 DTC 中並沒有真正看到。關於為什麼您在該頻道中看到比 DTC 頻道更慢的趨勢有什麼想法嗎？

And then maybe, John, you could talk a little bit more detail about the data and analytics. You've mentioned several times in the call, it seems like you're hitting a tipping point in terms of your capabilities there.

然後，約翰，也許你可以談談數據和分析的更多細節。您在電話會議中多次提到，就您的能力而言，您似乎正在達到一個臨界點。

Sure. So Omar, I can only speak to -- we understand our own traffic, both online and internally at the store level. Our traffic on all 3 of our houses is up very significantly. And you can also see that by the capture.

當然。所以奧馬爾，我只能說——我們了解我們自己的流量，包括在線和商店內部的流量。我們所有 3 所房子的交通量都大大增加了。您還可以通過捕獲看到這一點。

You look at the numbers of Versace's database up 40%; Jimmy Choo, up 30%; and Michael Kors is up 17%. Those are, I think, pretty spectacular numbers. And again, I take my hat off to our teams, and it's really the storytelling that they're doing around great product innovation led by Michael and Donatella and Sandra.

你看看 Versace 的數據庫數量增加了 40%； Jimmy Choo，上漲 30%； Michael Kors 上漲了 17%。我認為，這些都是相當驚人的數字。再一次，我向我們的團隊脫帽致敬，真正講故事的是他們圍繞著由邁克爾、多納泰拉和桑德拉領導的偉大產品創新所做的事情。

And I think the product in the company is looking really good. And I'm quite bullish on how good the product is looking and how good the stores are looking. And I'm also seeing a lot of our data capture comes from point of sale. And our sales associates are so engaged right now, and you've heard us talk a lot about clienteling. And the group is getting better and better at that.

而且我認為公司的產品看起來非常好。而且我非常看好產品的外觀和商店的外觀。而且我還看到我們的很多數據捕獲來自銷售點。我們的銷售人員現在非常投入，您已經聽到我們談論了很多關於客戶服務的話題。這個團隊在這方面越來越好。

We have a group-wide tools in place that the sales associates can now really do a much better job of clienteling and capturing names. So we're seeing that strategy. It's been working for the last 2 years, and it's gaining even more steam.

我們有一個集團範圍內的工具，銷售人員現在可以真正更好地完成客戶和獲取名字的工作。所以我們看到了這種策略。它在過去 2 年裡一直在工作，而且它正在獲得更多的動力。

And so I'm very excited about what that means for us because, again, if you look at customer lifetime value, that's going to be very significant for us on a go-forward basis. We're also seeing traffic hold up relatively well in our stores.

因此，我對這對我們意味著什麼感到非常興奮，因為再一次，如果你看看客戶的終身價值，這對我們來說將是非常重要的。我們還看到我們商店的客流量相對較好。

And again, I want to speak to North America and to Europe. We're not seeing the same in China. And in fact, we're seeing traffic decelerate in the region. And we're hopeful that, that will begin to change at some point in time, but we're very cautious given the continuing of the zero-COVID policy in the region and how that may impact us.

再說一次，我想和北美和歐洲談談。我們在中國沒有看到同樣的情況。事實上，我們看到該地區的交通正在減速。我們希望這種情況會在某個時間點開始改變，但考慮到該地區零新冠病毒政策的持續以及這可能對我們產生的影響，我們非常謹慎。

In terms of the wholesale, I can't speak to the traffic because we don't know. We don't have counters inside the stores. I think that clearly, the consumer is probably being a little more cautious given what they're seeing with the macroeconomic headwinds.

在批發方面，我不能和流量說話，因為我們不知道。我們店內沒有櫃檯。我認為很明顯，鑑於宏觀經濟逆風，消費者可能會更加謹慎。

We know interest rates are rising. We know people are being impacted by fuel and impacted by potential mortgage resets. And we also know that this was, I think, the period of the last stimulus check. So we think a number of those things are probably impacting the consumer in that channel. And again, maybe it's going to be a little bit of shopping later this year versus last year because people thought that they didn't get it last year, it wouldn't be there.

我們知道利率正在上升。我們知道人們正受到燃料的影響，並受到潛在的抵押貸款重置的影響。而且我們也知道，我認為這是最後一次刺激檢查的時期。因此，我們認為其中一些事情可能正在影響該渠道中的消費者。再說一次，與去年相比，今年晚些時候可能會有一些購物，因為人們認為他們去年沒有得到它，它不會在那裡。

I think most companies are in a much better position today to be able to meet the consumers' desire. And again, we're just going to stay very focused and patient as we go through this period of time. We feel great about where the 3 brands are and how they're positioned and the way the product looks.

我認為今天大多數公司都處於更好的位置，能夠滿足消費者的需求。再一次，我們將在這段時間裡保持非常專注和耐心。我們對這 3 個品牌的位置、它們的定位以及產品的外觀感覺非常好。

So we still believe we're going to have a good holiday season. And we also believe that the American consumer is in fairly good financial shape, and we'll have a good holiday season. But we want to do that in the way that we set out, which is around our strategic initiatives. And part of that is to not take a promotional point of view.

所以我們仍然相信我們會有一個美好的假期。而且我們也相信美國消費者的財務狀況相當不錯，我們將度過一個美好的假期。但我們希望按照我們設定的方式做到這一點，即圍繞我們的戰略舉措。其中一部分是不採取促銷的觀點。

And we've said many, many times over the last 2 years, and I know you've all heard it. And I know there are some people who maybe don't believe it, but we're going to give up volume to protect our gross margin. And we think that's the right strategy for the health of our brands as we navigate through this interesting and challenging period.

在過去的兩年裡，我們已經說過很多很多次了，我知道你們都聽說過。我知道有些人可能不相信，但我們將放棄銷量以保護我們的毛利率。我們認為，在我們度過這個有趣且充滿挑戰的時期時，這對我們品牌的健康來說是正確的策略。

We did a pretty good job getting through COVID, and we'll do a good job getting through this period. But that's really led by the equity of our 3 strong houses. Thank you, Omar.

我們在度過 COVID 方面做得很好，我們會在這段時期做得很好。但這確實是由我們 3 家強隊的股權所主導。謝謝你，奧馬爾。

Our next question comes from Ike Boruchow with Wells Fargo.

我們的下一個問題來自富國銀行的 Ike Boruchow。

I'm actually going to go to Tom for this one. I kind of want to just focus on the balance sheet and on the interest expense that you guys are currently seeing going back to the summer, Tom, I think you guys were expecting about $35 million in interest income.

我實際上要去找湯姆這個。我有點想只關注資產負債表和你們目前看到的回到夏天的利息支出，湯姆，我認為你們預計會有大約 3500 萬美元的利息收入。

Now I think you said it's $6 million interest expense. Can you just walk us through the components of the balance sheet that are moving around with interest rates rising, what's floating, what's not? And just kind of how we should think about the run rate of payments?

現在我想你說這是 600 萬美元的利息費用。您能否簡單介紹一下隨著利率上升而變化的資產負債表的組成部分，什麼是浮動的，什麼不是？我們應該如何看待支付的運行率？

And does that impact how you think about capital allocation? It sounds like you just bought $100 million in stock quarter-to-date. So it sounds like the answer is no, but I just kind of wanted to double check on that.

這會影響您對資本配置的看法嗎？聽起來您本季度剛購買了 1 億美元的股票。所以聽起來答案是否定的，但我只是想仔細檢查一下。

Yes, I'll start with that, Ike, which is we're really comfortable with the strength of our balance sheet and free cash flow generation as well as the levels of debt that we have on now and the leverage rate, which is very, very manageable for us. So we have pivoted, as we noted in Investor Day, to return cash to shareholders first versus pay down debt, given the value we believe that exists in our share at the moment.

是的，我會從這個開始，艾克，這是我們對我們的資產負債表和自由現金流產生的實力以及我們現在擁有的債務水平和槓桿率非常滿意，這是非常，對我們來說非常易於管理。因此，正如我們在投資者日所指出的那樣，鑑於我們認為目前存在於我們股票中的價值，我們已經轉向首先向股東返還現金而不是償還債務。

So we'll be continuing to focus on that as we move forward. And then what you'll see is a little higher year-over-year debt balance, net debt balance as a result of that. And we believe that's the right position to be in under the current circumstances.

因此，在我們前進的過程中，我們將繼續關注這一點。然後你會看到比去年同期更高的債務餘額，因此是淨債務餘額。我們認為，在當前情況下，這是正確的立場。

In addition, you noted that interest expense has increased versus our original guidance, and it's really a couple of things. The first and foremost, interest rates are higher. So we're just paying more on revolving debt. We do have a bond out there that's at a fixed rate. Our revolver is at a variable rate. So that is impacted by that as well as higher debt balances.

此外，您注意到與我們最初的指導相比，利息費用有所增加，這實際上是幾件事。首先，利率更高。所以我們只是在循環債務上支付更多費用。我們確實有固定利率的債券。我們的左輪手槍是可變速率的。因此，這受到了這一點以及更高的債務餘額的影響。

The last part is a little lower interest income that we are generating from certain hedges that we had in place that are no longer in place, and we'll be revisiting them in the future. So that's the really the 3 puts and takes related to that, but it's really managing and buying back shares that we want to focus.

最後一部分是我們從已經不再存在的某些對沖中產生的較低的利息收入，我們將在未來重新審視它們。所以這實際上是與此相關的 3 個看跌期權，但它實際上是管理和回購我們想要關注的股票。

Our next question comes from Simeon Siegel with BMO.

我們的下一個問題來自 BMO 的 Simeon Siegel。

It's Dan on for Simeon here. Just to get your thoughts on where industry promotions and inventory go over the near term. And then given the successes you've had on the price and architecture, what guardrails you have in place there?

這裡是西蒙的丹。只是為了讓您對近期行業促銷和庫存的去向有所了解。然後考慮到你在價格和架構上取得的成功，你在那裡設置了哪些護欄？

Simeon, can you repeat that question? We kind of didn't understand you.

西蒙，你能重複一下這個問題嗎？我們有點不理解你。

Just your thoughts sector-wide where the promotions and the inventory go over the near term here, and then just how you protect the pricing and the Kors gains that you've had?

只是你的想法是整個行業的促銷和庫存在短期內的變化，然後你如何保護你所擁有的定價和 Kors 收益？

Okay. Look, we can't speak to the sector-wide or industry. Different companies are going to take different positions on their inventory or their sales trend. So we can't control that.

好的。看，我們不能談論整個行業或行業。不同的公司將對他們的庫存或銷售趨勢採取不同的立場。所以我們無法控制。

And we have a strategic vision for our 3 houses, and we believe that's working. We believe that's resonating with the consumer. And I want to point to Versace as a starting point. You look at what we've put in place in terms of trying to build and make Versace a luxury leather house.

我們對我們的 3 個房子有一個戰略願景，我們相信這是行之有效的。我們相信這會引起消費者的共鳴。我想以范思哲作為起點。你看看我們在試圖建立和使范思哲成為一家豪華皮具屋方面所做的工作。

Our accessories business increased by 60% in our own retail channel during the quarter. That's extraordinary. And I'm really -- again, I take my hat off to the entire design team back in Milan and all of our sales associates around the world. And they're really starting to gain some significant traction in that category, and our women's footwear business has been strong as well.

本季度，我們自己的零售渠道的配件業務增長了 60%。那是非同尋常的。我真的 - 再次，我向米蘭的整個設計團隊以及我們在世界各地的所有銷售人員致敬。他們真的開始在該類別中獲得一些重要的吸引力，我們的女鞋業務也很強勁。

I looked at Jimmy Choo. And with the launch of our new Avenue collection around VARENNE, our accessories business was up by 30%. And of course, Michael Kors in the mid-single digits, given what we've put in place around that strategy.

我看著吉米·週。隨著我們圍繞 VARENNE 推出新的 Avenue 系列，我們的配飾業務增長了 30%。當然，鑑於我們圍繞該策略採取的措施，Michael Kors 處於中個位數。

So we don't want to do anything to damage that. These are strategies that are working. And to Kimberly's earlier question, another tailwind that we're getting is the more we develop accessories, the higher the margins are for the company.

所以我們不想做任何破壞它的事情。這些策略正在奏效。對於金佰利早先的問題，我們得到的另一個好處是我們開發的配件越多，公司的利潤率就越高。

And again, if you look at where Versace's operating margins came in much, much higher than we had anticipated. And again, we're making great headway in that business in terms of profitability. We're 1.5 years or so ahead of what our original expectations were. And so that's a real testament to the product, also, again, our sales associates.

再一次，如果你看看范思哲的營業利潤率在哪裡，比我們預期的要高得多。再一次，我們在該業務的盈利能力方面取得了長足的進步。我們比我們最初的預期提前了 1.5 年左右。所以這是對產品的真實證明，同樣，我們的銷售人員也是如此。

And Jimmy Choo, the operating margins are moving forward. We're making some gross margin gains there as well. So there's so many good things happening for us that, yes, there might be some challenges this holiday season, but we're not going to try to overreact to that. And I think the more we stay focused on our strategies, the more the consumer will have a desire for all 3 of our luxury brands. Thank you very much.

和 Jimmy Choo 一樣，營業利潤率正在向前發展。我們在那裡也取得了一些毛利率增長。所以對我們來說有很多好事發生，是的，這個假期可能會有一些挑戰，但我們不會試圖對此反應過度。而且我認為我們越是專注於我們的戰略，消費者對我們所有三個奢侈品牌的渴望就越多。非常感謝。

Our next question comes from Oliver Chen with Cowen.

我們的下一個問題來自 Oliver Chen 和 Cowen。

John and Tom, nice job in a tough environment. On the topic of inflation, you reflected upon it earlier. I just would love your thoughts on how that is impacting the consumer and also the physical store traffic, any color between outlet and full price and what you're seeing with traffic as well.

約翰和湯姆，在艱難的環境中乾得不錯。關於通貨膨脹的話題，您之前曾對此進行過反思。我只是希望您對這如何影響消費者以及實體店客流量、直銷店和全價之間的任何顏色以及您所看到的客流量有什麼看法。

Thank you, Oliver. And I do want to acknowledge for the entire group. We think, obviously, last month was -- last quarter was really an extraordinary quarter for us.

謝謝你，奧利弗。我確實想為整個團隊致謝。顯然，我們認為上個月是 - 上個季度對我們來說確實是一個非凡的季度。

On a constant currency basis, the group was up 18%. And that's really, I think, speaks volumes to, again, our strategic initiatives and how the consumer is responding to that and how our talented employee base is really executing against that. So I appreciate you recognizing that.

按固定匯率計算，該集團上漲了 18%。我認為，這確實再次說明了我們的戰略舉措以及消費者對此的反應以及我們才華橫溢的員工群如何真正執行這一舉措。所以我很感激你認識到這一點。

In terms of -- I'm going to start with store traffic. Store traffic is, as I said, it's relatively good. And actually, we're seeing a bit stronger store traffic in the full price versus the outlets. And so we think that all, again, bodes well for a good holiday season. And we feel -- still feel very good in our own channels, in particular, about what will happen in North America and in Europe.

就——我將從商店流量開始。正如我所說，商店的客流量是比較好的。實際上，我們看到全價商店的客流量比直銷店要強一些。因此，我們認為這一切再次預示著一個美好的假期。我們覺得 - 在我們自己的渠道中仍然感覺非常好，特別是關於北美和歐洲將發生的事情。

Again, much less confident in what will happen in China. But I wanted to say on balance for that, we're seeing very strong traffic in Japan and in Southeast Asia, where it's been able to offset some of that decline that we've had in Japan -- I mean, in China. And I would also say, Australia as well, it's been quite robust.

再一次，對中國將發生的事情信心不足。但我想平衡地說，我們看到日本和東南亞的流量非常強勁，它能夠抵消我們在日本 - 我的意思是在中國的一些下降。我還要說，澳大利亞也是如此，它非常強大。

In terms of the inflation, I think that what we hear anecdotally from people in the stores is more here in North America, they're concerned about interest rate rises. And they're concerned about some of the costs. Many people are incurring costs again going back to work and commuting and all those expenses where they didn't have a lot of that this time last year.

就通貨膨脹而言，我認為我們從商店裡的人那裡聽到的軼事更多的是在北美，他們擔心利率上升。他們擔心一些成本。許多人再次承擔了重返工作和通勤的費用，以及去年這個時候他們沒有太多的所有這些費用。

So we're hearing that, whereas in Europe, we're hearing a great deal of caution around energy. As you, I'm sure, have read and have been hearing about, energy costs are up substantially in Europe. And so we would have thought things would have slowed down a little bit in Europe, and we haven't seen that yet. That doesn't mean that it's not going to come. But again, we're going to keep our eye closely on that.

所以我們聽到了這一點，而在歐洲，我們聽到了對能源的極大謹慎。我敢肯定，正如您已經閱讀並聽說過的那樣，歐洲的能源成本大幅上漲。所以我們會認為歐洲的情況會有所放緩，但我們還沒有看到。這並不意味著它不會到來。但同樣，我們將密切關注這一點。

And I think the consumer kind of got a bit more open later than it was in North America. So I think we're still seeing the positive of that where people are traveling throughout Europe. And as you are aware, the major cities in Europe are seeing quite a robust lift with people traveling, mainly Europeans traveling but also Americans traveling over to Europe.

而且我認為消費者的開放程度比北美要晚一些。所以我認為我們仍然看到人們在整個歐洲旅行的積極因素。如您所知，歐洲主要城市的人們旅行人數大幅增加，主要是歐洲人旅行，但也有美國人前往歐洲旅行。

So again, we're hopeful, but we are cautious knowing that the consumer is facing higher interest rates, higher energy costs and in many cases, higher food prices as well. And that will eventually have some impact. So we go into this with our eyes wide open and remain with a solid conviction around staying with our strategic objectives. Thank you, Oliver.

因此，我們再次充滿希望，但我們謹慎地知道消費者正面臨更高的利率、更高的能源成本，在許多情況下，還有更高的食品價格。這最終會產生一些影響。因此，我們睜大眼睛進行這項工作，並堅定地堅持我們的戰略目標。謝謝你，奧利弗。

Our next question comes from Adrienne Yih with Barclays.

我們的下一個問題來自 Barclays 的 Adrienne Yih。

Great. And really a great accomplishment in a very tough environment. So kudos to the team there. I believe this is probably going to be for Tom. I really want to focus on the wholesale piece of it.

偉大的。在非常艱難的環境中確實取得了巨大的成就。所以對那裡的團隊表示敬意。我相信這可能是給湯姆的。我真的很想專注於它的批發部分。

The total top line sales come in about $150 million. I think you talked about a $100 million reduction from the wholesale piece primarily from Kors for the annualized. I guess my question is what did it do? What was wholesale in the current quarter? Did it grow? Was it flat in the current quarter? Apologies if I missed that.

總銷售額約為 1.5 億美元。我認為您談到了主要來自 Kors 的批發產品的年化減價 1 億美元。我想我的問題是它做了什麼？本季度批發的是什麼？它長大了嗎？本季度是否持平？抱歉，如果我錯過了。

And then your fiscal third quarter, December is typically your lowest sellout, right -- sell through in wholesale. So what season is that for at retail? And if my calculation is correct, that's a good heavy double-digit decline in wholesale like 20% or so. So if you can help me understand those numbers, that would be great.

然後你的第三財季，十二月通常是你的最低銷售量，對 - 批發銷售。那麼零售業是什麼季節？如果我的計算是正確的，那麼批發量下降了 20% 左右，這是一個很好的兩位數下降。所以如果你能幫助我理解這些數字，那就太好了。

Sure. Adrienne, maybe I could take a step back on our guidance versus our original and then walk through how wholesale fits into it. At the beginning of the year, we provided guidance for revenue of $6.1 billion, and we're now at $5.7 billion. And really, the difference is mostly FX.

當然。 Adrienne，也許我可以在我們的指導與我們原來的指導之間後退一步，然後了解批發如何適應它。今年年初，我們提供了 61 億美元的收入指導，現在我們的收入為 57 億美元。實際上，差異主要是FX。

It's about $225 million of FX, 75 of challenges in China related to restrictions and now $100 million of wholesale. I'd point out on a 52-week basis, constant currency for the year, we're growing 9%. So even with those challenges, we believe that the teams and the businesses are really delivering and controlling what they can.

大約 2.25 億美元的外匯，75 項在中國與限制相關的挑戰，以及現在 1 億美元的批發。我要指出的是，以 52 週為基礎，以全年不變的貨幣計算，我們增長了 9%。因此，即使面臨這些挑戰，我們相信團隊和企業確實在交付和控制他們所能做的。

With regard to wholesale, of the $150 million, $100 million is wholesale, the other half is FX and China. In Q2, wholesale was positive. In Q3, we expect it to be down as a result of this change primarily for Michael Kors.

批發方面，1.5億美元中，1億美元是批發，另一半是外彙和中國。在第二季度，批發是積極的。在第三季度，我們預計這一變化主要是針對 Michael Kors 的。

And as we looked at our guidance, while we do not break out wholesale and retail embedded in our previous guidance, wholesale is expected to be up very modestly for the year. Now for the year, we're expected to be down. And in Q3, I'm not sure particularly if you could repeat the last part of your question on Q3 as to the seasons that it related to?

當我們查看我們的指導時，雖然我們沒有打破我們先前指導中嵌入的批發和零售，但預計今年批發將非常溫和地增長。今年，我們預計會下降。在第三季度，我不確定您是否可以在第三季度重複您的問題的最後一部分，即它與季節相關？

Yes. I was wondering, so if you're selling through December, the order book, right? So the retailers are ordering for late spring, summer? Is that how it is? Is that what they're placing their orders for?

是的。我想知道，所以如果你在 12 月之前銷售，訂單簿，對嗎？所以零售商正在為春末、夏季訂購？是這樣嗎？這就是他們下訂單的目的嗎？

Adrienne, let me grab that for you. So one thing. In Q2, the reason why wholesale was up slightly for the group was because we were still facing delays in inventory from our [queue]. So we were really getting everybody into position for the fall season. And then as we saw things begin to slow down over the last few weeks, we made the decision. Let's just hold off. Let's not try to put this inventory in place that's going to possibly take away from all the good that we've done.

艾德里安，讓我為你拿走那個。所以一件事。在第二季度，該集團的批發量略有上升的原因是我們仍然面臨 [隊列] 的庫存延遲。所以我們真的讓每個人都為秋季做好準備。然後，當我們看到過去幾週情況開始放緩時，我們做出了決定。讓我們等一下。讓我們不要試圖將這個庫存放在可能會帶走我們所做的所有好事的地方。

In terms of the order book on a go-forward basis, again, we work very closely with our retail partners. And I would say it's a complete kind of a joint action plan. So we're just looking at sales and retail trends. And our partners pretty much work with us.

在向前推進的訂單方面，我們再次與我們的零售合作夥伴密切合作。我想說這是一個完整的聯合行動計劃。所以我們只關註銷售和零售趨勢。我們的合作夥伴幾乎與我們合作。

Business is up by X, then we flow inventory up by X. If it's down by Y, that we slowed down by Y. So we've got the inventory in place for a modest increase next year in wholesale on the retail side of things.

業務增加 X，然後我們將庫存增加 X。如果減少 Y，我們就放慢 Y。因此，我們已經準備好庫存，以便明年在零售方面的批發中適度增加.

We'll see how things play out. Again, there's nothing there that would give us any pause from an inventory standpoint. Again, the wholesale business across the group is kind of in that approximate 25% range. So it's not going to really impact our inventories dramatically one way or the other.

我們將看看事情如何發展。同樣，從庫存的角度來看，沒有任何東西可以讓我們停下來。同樣，整個集團的批發業務都在大約 25% 的範圍內。因此，它不會以某種方式真正顯著影響我們的庫存。

So we feel good about how we're going to end the year. We feel good about where we've positioned ourselves going into next year, and we already took a cautious approach to next year in the wholesale channel, given what we know today. So inventory management is key for us. Margin is key for us. Thank you very much.

因此，我們對今年將如何結束感到滿意。我們對明年的定位感到滿意，鑑於我們今天所知道的，我們已經對明年的批發渠道採取了謹慎的態度。所以庫存管理對我們來說是關鍵。保證金對我們來說是關鍵。非常感謝。

Our next question comes from Brooke Roach with Goldman Sachs.

我們的下一個問題來自高盛的布魯克·羅奇。

John, I'd like to follow up on some of the earlier comments about the momentum that you're seeing across your business within some of the various income demographic cohorts. I think you mentioned in a prior question differences in traffic just between your mainline and your outlet stores. But can you provide any additional context on how that's translating through to brand momentum to total sales and to your expectation for the holiday season?

約翰，我想跟進一些關於您在一些不同收入人群中看到的業務發展勢頭的早期評論。我認為您在之前的問題中提到了您的主線和直銷店之間的流量差異。但是，您能否提供任何其他背景信息來說明這將如何轉化為品牌動力、總銷售額以及您對假日季節的預期？

Yes. Thank you for the question, Brooke. As I think I indicated, traffic is the highest for us right now across the group online. We're very pleased with what we're seeing happening there. And again, I believe that's our team's tactics and how we're engaging with the customer.

是的。謝謝你的問題，布魯克。正如我想我所指出的那樣，我們現在在線組中的流量是最高的。我們對在那裡看到的一切感到非常滿意。再說一次，我相信這是我們團隊的策略，也是我們與客戶互動的方式。

I hope you've been watching our whole kind of reset with the Jet Set imagery around Michael Kors. I think that's really resonating. I think that Jimmy Choo's Time to Dare campaigns and very excited about having Kendall Jenner as our face for this fall season. And we just launched with Iris Law.

我希望你一直在觀看我們在 Michael Kors 周圍的 Jet Set 圖像的全部重置。我認為這真的很能引起共鳴。我認為 Jimmy Choo 的 Time to Dare 競選活動，並且很高興讓 Kendall Jenner 成為我們這個秋季的代言人。我們剛剛推出了 Iris Law。

Again, we're really attracting fashion customer, an excited customer about wanting to be a part of that brand. And then, of course, Versace, there's never a shortage of excitement around Versace. And we're really focused on our accessories business, and I think the marketing initiatives around there are working.

再一次，我們真的在吸引時尚客戶，一個興奮的客戶想要成為該品牌的一部分。然後，當然，范思哲，范思哲從不缺乏興奮。而且我們真的專注於我們的配件業務，我認為那裡的營銷計劃正在發揮作用。

We're hearing, again, from our sales associates in the stores. There's a much younger customer coming to Versace right now and a customer who's coming in just for the accessories. Now we haven't had that in a few years. It started last year with about 1.5 years ago with the launch of La Medusa, but we're now starting to see this regularly and consistently. So I think that, that's driving a lot of the engagement around our e-commerce site.

我們再次聽到我們在商店的銷售人員的意見。現在有一位年輕得多的顧客來到范思哲，還有一位顧客只是為了配飾而來。現在我們已經好幾年沒有這樣了。它始於去年，大約 1.5 年前推出了 La Medusa，但我們現在開始定期且持續地看到這一點。所以我認為，這推動了我們電子商務網站的大量參與。

And then in terms of traffic, I think people are back in store shopping. I think that's going to be the interesting part about the holiday season. I do believe people are shopping and looking and getting their lists together. And I think we're going to see something happen here in the next week or so. Hopefully, we get a little cold weather in North America and in Europe, that would be helpful.

然後在流量方面，我認為人們又回到了商店購物。我認為這將是假期期間有趣的部分。我確實相信人們在購物、尋找和整理他們的清單。我認為我們將在下週左右看到這裡發生一些事情。希望我們在北美和歐洲遇到一點寒冷的天氣，這會有所幫助。

And lastly, I can't speak to the differentiation between the traffic levels. The traffic levels are still good in the outlet channel, but they're just better in online and full price. And I think that bodes well for the customers' financial health and what we're seeing, again, in North America and in Europe. Thank you for that question, Brooke.

最後，我無法談論流量級別之間的差異。奧特萊斯渠道的流量水平仍然不錯，但在線和全價方面更好。而且我認為這對客戶的財務健康以及我們在北美和歐洲再次看到的情況是個好兆頭。謝謝你的問題，布魯克。

On that note, I would like to say thank you for everyone joining us today. We're very pleased with how the second quarter turned out for Capri. We're also very confident in the 3 luxury brands, Michael Kors, Versace and Jimmy Choo, and the strategic initiatives that we've put in place. And we are, again, very dedicated to keeping that as our guiding light.

在這點上，我想對今天加入我們的所有人表示感謝。我們對 Capri 第二季度的表現感到非常滿意。我們對 Michael Kors、Versace 和 Jimmy Choo 這 3 個奢侈品牌以及我們實施的戰略舉措也非常有信心。我們再次非常致力於將其作為我們的指路明燈。

And again, we look forward to speaking to you over the next 2 quarters. And we think the year will end up being a very strong year for the company, and we look forward to the future. Thank you.

同樣，我們期待在接下來的兩個季度與您交談。我們認為今年對公司來說將是非常強勁的一年，我們期待著未來。謝謝你。