Capri Holdings Ltd (CPRI) 2022 Q4 法說會逐字稿

Greetings, and welcome to the Capri Holdings Limited Fourth Quarter and Full Year Fiscal 2023 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Jennifer Davis, Vice President, Investor Relations for Capri Holdings Limited. Thank you. You may begin.

您好，歡迎來到 Capri Holdings Limited 第四季度和全年 2023 財年收益電話會議。 （操作員說明）提醒一下，正在錄製此會議。我現在想把會議轉交給你的主持人，卡普里控股有限公司投資者關係副總裁詹妮弗戴維斯。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited Fourth Quarter and Full Year 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 第四季度和全年財政 '23 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；首席財務官兼首席運營官 Tom Edwards。

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.

在我們開始之前，讓我提醒您，在今天的電話會議上做出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。

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.

這些風險和不確定性在今天的新聞稿和公司向美國證券交易委員會提交的文件中有所描述，這些文件可在公司網站上查閱。投資者不應假設本次電話會議期間所作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, long-lived asset impairments, ERP implementation costs, Capri transformation costs, restructuring and other charges, charitable donations and the war in Ukraine.

除非另有說明，否則今天電話會議的所有財務信息都將以非公認會計原則為基礎呈現。這些非 GAAP 措施不包括與 COVID-19 相關費用、長期資產減值、ERP 實施成本、Capri 轉型成本、重組和其他費用、慈善捐款和烏克蘭戰爭相關的某些成本。

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

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

Additionally, as a reminder, last year's fourth quarter and full year included an extra week in the fiscal calendar. Therefore, revenue growth rates for the fourth quarter and fiscal year '23 will be discussed on a 52-week constant-currency basis, unless otherwise noted.

此外，作為提醒，去年第四季度和全年在財政日曆中增加了一周。因此，除非另有說明，否則第四季度和 23 財年的收入增長率將以 52 週固定匯率為基礎進行討論。

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

現在，我想將電話轉給董事長兼首席執行官 John Idol 先生。約翰？

Thank you, Jennifer. And good morning, everyone. Looking back on fiscal '23, revenue increased high single digits and earnings per share increased mid-single digits. These results were measured on a 52-week constant currency basis.

謝謝你，詹妮弗。大家早上好。回顧 23 財年，收入增長了高個位數，每股收益增長了中等個位數。這些結果是在 52 週的固定貨幣基礎上衡量的。

While this was not up to our original expectations, many aspects of our business performed well. First, revenue increased across all houses with double-digit growth at Versace and Jimmy Choo as well as mid-single-digit growth at Michael Kors. In fact, we achieved record revenue at Versace and Jimmy Choo in fiscal '23.

雖然這不符合我們最初的預期，但我們業務的許多方面都表現良好。首先，所有品牌的收入都有所增長，Versace 和 Jimmy Choo 實現兩位數增長，Michael Kors 實現中等個位數增長。事實上，我們在 Versace 和 Jimmy Choo 的 23 財年實現了創紀錄的收入。

Second, we accelerated growth of accessories across all houses, with retail sales of women's accessories increasing over 40% at Versace, over 20% at Jimmy Choo and low single digits at Michael Kors.

其次，我們加快了所有品牌配飾的增長，Versace 的女性配飾零售額增長超過 40%，Jimmy Choo 增長超過 20%，而 Michael Kors 的增長僅為個位數。

Third, we continued to grow footwear across all brands with retail sales of women's footwear increasing low double digits at Versace and Michael Kors as well as high single digits at Jimmy Choo.

第三，我們所有品牌的鞋類產品繼續增長，Versace 和 Michael Kors 的女鞋零售額以低兩位數增長，而 Jimmy Choo 則以高個位數增長。

Fourth, we added 12.6 million new names to our database, representing an 18% increase in our total database size. This is the largest year-over-year increase in the company's history. Combined with the growth in our own retail channel, we believe this continues to demonstrate the strength and desirability of our luxury houses.

第四，我們向數據庫添加了 1260 萬個新名稱，這意味著我們的數據庫總容量增加了 18%。這是該公司歷史上最大的同比增幅。結合我們自己的零售渠道的增長，我們相信這將繼續證明我們豪宅的實力和吸引力。

Fifth, we returned $1.35 billion to shareholders through share repurchases, reflecting our strong balance sheet and free cash flow generation.

第五，我們通過股票回購向股東返還了 13.5 億美元，反映了我們強勁的資產負債表和自由現金流的產生。

These results demonstrate the power of our business model, the strength of our luxury houses and the execution of our strategic initiatives.

這些結果證明了我們商業模式的力量、我們豪宅的實力以及我們戰略計劃的執行。

Now I'd like to update you with the progress we made by brand in fiscal '23. Starting with Versace. In fiscal '23, we achieved record revenue of over $1.1 billion, demonstrating the momentum of the brand and the success of our strategic growth initiatives. Versace revenue in fiscal '23 increased 14% in constant currency.

現在，我想向您介紹我們在 23 財年各品牌取得的最新進展。從范思哲開始。在 23 財年，我們實現了創紀錄的超過 11 億美元的收入，展示了品牌的發展勢頭和我們戰略增長計劃的成功。范思哲在 23 財年的收入按固定匯率計算增長了 14%。

Looking at product, starting with accessories, which are a key component of our growth strategy. Women's accessories was Versace's strongest performing category, with fiscal '23 sales in our retail channel up over 40% versus prior year. With our pillars La Medusa, Virtus and Greca Goddess, we are making significant progress in our goal to position Versace as a leading luxury leather house.

看看產品，從配件開始，這是我們增長戰略的關鍵組成部分。女士配飾是 Versace 表現最強勁的品類，23 財年我們零售渠道的銷售額比上一年增長了 40% 以上。憑藉我們的支柱 La Medusa、Virtus 和 Greca Goddess，我們正在朝著將 Versace 定位為領先的奢華皮具品牌的目標取得重大進展。

Turning to footwear, which is another component of our growth strategy. Footwear performed well as we continued to build our core offering focused on our iconic brand codes. In fiscal '23, women's footwear sales in our own retail channel increased double digits as we continued to gain authority in women's luxury fashion footwear. In terms of ready-to-wear, women's performed well, with sales in our own retail channels increasing double digits.

轉向鞋類，這是我們增長戰略的另一個組成部分。鞋類表現良好，因為我們繼續打造專注於我們標誌性品牌代碼的核心產品。在 23 財年，我們自己的零售渠道中的女鞋銷售額增長了兩位數，因為我們繼續在女性奢侈時尚鞋類領域獲得權威。成衣方面，女裝表現不俗，自有零售渠道銷售額實現兩位數增長。

Looking at men's ready-to-wear, we are in the early stages of repositioning the brand. We are elevating the assortment to include more tailored styles to capitalize on the sartorial fashion trend. As expected, sales declined in the back half of the year, which resulted in flat men's ready-to-wear sales in fiscal '23.

在男士成衣方面，我們正處於品牌重新定位的早期階段。我們正在提升品類，以包括更多量身定制的款式，以利用裁縫時尚潮流。正如預期的那樣，下半年銷售額下降，導致 23 財年男裝成衣銷售額持平。

Another key indicator of demand for the Versace brand is the strength of our fragrance, eyewear and jewelry businesses, which increased strong double digits.

范思哲品牌需求的另一個關鍵指標是我們的香水、眼鏡和珠寶業務的實力，實現了兩位數的強勁增長。

Moving to brand awareness and consumer engagement. Versace's Fall-Winter 2023 show was held in Los Angeles to kick off the Oscars weekend with a collection inspired by the energy, glamor and power of Hollywood. This collection marked the full repositioning of Versace's women's ready-to-wear.

轉向品牌知名度和消費者參與度。范思哲 (Versace) 的 2023 秋冬時裝秀在洛杉磯舉行，以靈感來自好萊塢的活力、魅力和力量的系列拉開了奧斯卡週末的序幕。該系列標誌著 Versace 女裝成衣的全面重新定位。

The show was widely attended by friends of the house, including Anne Hathaway, Dua Lipa, Chris Lee, Miley Cyrus, Lil Nas X, Channing Tatum and Elton John, among others. The fashion show generated over 400 million impressions as well as a 60% increase in social media engagements relative to the spring '23 show.

安妮·海瑟薇 (Anne Hathaway)、杜阿·利帕 (Dua Lipa)、克里斯·李 (Chris Lee)、麥莉·賽勒斯 (Miley Cyrus)、莉爾·納斯 X (Lil Nas X)、查寧·塔圖姆 (Channing Tatum) 和埃爾頓·約翰 (Elton John) 等品牌摯友廣泛出席了這場演出。與 23 年春季時裝秀相比，時裝秀產生了超過 4 億次展示，社交媒體參與度增加了 60%。

The energy and excitement around the fashion show helped contribute to an approximate 40% year-over-year increase in Versace's global database.

時裝秀所帶來的活力和興奮使 Versace 的全球數據庫同比增長了約 40%。

Overall, we made significant progress executing our strategic initiatives in fiscal '23. We remain steadfast and clear in our efforts to position Versace as a leading global luxury brand with a focus on leather goods.

總體而言，我們在執行 23 財年的戰略舉措方面取得了重大進展。我們堅定而明確地致力於將 Versace 定位為專注於皮革製品的全球領先奢侈品牌。

Turning to Jimmy Choo. In fiscal '23, we achieved record revenue of $633 million as we continue to execute on our strategic initiatives to expand our accessories revenue and capitalize on our glamorous footwear opportunities. Revenue in fiscal '23 increased 13% on a 52-week constant currency basis.

轉向 Jimmy Choo。在 23 財年，我們實現了創紀錄的 6.33 億美元收入，因為我們繼續執行我們的戰略計劃以擴大我們的配飾收入並利用我們迷人的鞋類機會。按 52 週固定匯率計算，23 財年的收入增長了 13%。

Looking at product, starting with accessories, which is a key component of our growth strategy. We are successfully expanding our collection as we develop and invest in timeless iconic styles. At the same time, we are driving newness and excitement with novelty and fashion updates.

看看產品，從配件開始，這是我們增長戰略的關鍵組成部分。隨著我們開發和投資永恆的標誌性款式，我們正在成功地擴展我們的系列。與此同時，我們通過新奇和時尚的更新來推動新鮮感和興奮感。

Sales of our Avenue and Bon Bon families increased strong double digits in fiscal '23. As a result, women's accessories was Jimmy Choo's strongest performing category, with fiscal '23 sales in our retail channel up over 20% versus prior year.

我們的 Avenue 和 Bon Bon 系列的銷售額在 23 財年強勁增長了兩位數。因此，女士配飾是 Jimmy Choo 表現最強勁的品類，23 財年我們零售渠道的銷售額比上一年增長了 20% 以上。

Turning to footwear. In fiscal '23, footwear sales were driven primarily by growth in occasion footwear. This category performed well as people continue to embrace social activities and enjoy special events. Sneakers also performed well, driven by our new Diamond Maxi. Beyond our core categories, we saw growth in fragrance, eyewear and jewelry, which reinforced our luxury lifestyle positioning.

轉向鞋類。在 23 財年，鞋類銷售主要受到休閒鞋類產品增長的推動。這一類別表現良好，因為人們繼續參與社交活動並享受特殊活動。在我們新款 Diamond Maxi 的推動下，運動鞋也表現出色。除了我們的核心品類，我們還看到了香水、眼鏡和珠寶的增長，這鞏固了我們奢華生活方式的定位。

Now turning to brand awareness and consumer engagement. During the fourth quarter, Jimmy Choo launched a successful capsule collection in celebration of the 30th anniversary of the Japanese animated series Sailor Moon. The collaboration included accessories and footwear. Sell-through rates of over 90% were achieved.

現在轉向品牌知名度和消費者參與度。在第四季度，Jimmy Choo 推出了一個成功的膠囊系列，以慶祝日本動畫系列美少女戰士誕生 30 週年。合作包括配飾和鞋類。實現了超過 90% 的銷售率。

Additionally, the collaboration generated strong engagement across social media, including approximately 80 million impressions and helped contribute to a 17% year-over-year increase in Jimmy Choo's global consumer database. Overall, we are pleased with the progress at Jimmy Choo as we continue to execute on our strategic initiatives.

此外，此次合作在社交媒體上產生了強大的參與度，包括約 8000 萬次展示，並幫助 Jimmy Choo 的全球消費者數據庫同比增長 17%。總的來說，我們對 Jimmy Choo 的進展感到滿意，因為我們繼續執行我們的戰略舉措。

Now turning to Michael Kors. Revenue of $3.9 billion increased 4% on a 52-week constant currency basis. We were pleased with the continued growth in our own retail channel, with full-year sales up mid-single digits. However, total revenue was below our original expectation, driven by double-digit declines in wholesale in the back half of fiscal '23.

現在轉向 Michael Kors。按 52 週固定匯率計算，收入為 39 億美元，增長 4%。我們對自己零售渠道的持續增長感到滿意，全年銷售額增長了中等個位數。然而，總收入低於我們最初的預期，這是受 23 財年下半年批發兩位數下降的推動。

Turning to product. In accessories, fiscal '23 sales in our retail channel increased low single digits globally. Consumers responded positively to our core iconic collections featuring Michael Kors Signature and hardware.

轉向產品。在配飾方面，我們零售渠道的 23 財年全球銷售額增長了低個位數。消費者對我們以 Michael Kors 簽名和硬件為特色的核心標誌性系列反響積極。

With our Signature and hardware strategy, we continue to create desire as our iconic Michael Kors branding resonated with consumers. Signature continues to represent over 50% of accessory sales in fiscal '23.

憑藉我們的簽名和硬件戰略，我們繼續創造慾望，因為我們標誌性的 Michael Kors 品牌與消費者產生共鳴。 Signature 繼續佔 23 財年配件銷售額的 50% 以上。

Looking at footwear. We continue to believe we can significantly expand Michael Kors footwear to drive incremental revenue. Footwear sales in our retail channel increased double digits as we delivered exciting fashion featuring iconic hardware branding elements and Signature detailing.

看著鞋類。我們仍然相信我們可以顯著擴大 Michael Kors 鞋類業務以增加收入。我們零售渠道的鞋類銷售額增長了兩位數，因為我們提供了具有標誌性硬件品牌元素和標誌性細節的令人興奮的時裝。

Turning to men's. Men's was the strongest performing category in our retail channel in fiscal '23, with sales increasing strong double digits. We remain enthusiastic about our opportunity to significantly grow our accessories collection as we diversify the offering.

轉向男裝。在 23 財年，男裝是我們零售渠道中表現最強勁的類別，銷售額以兩位數的速度增長。隨著我們產品的多樣化，我們仍然熱衷於有機會顯著增加我們的配飾系列。

In terms of licensing, revenue declined low double digits. This was driven by a decline in watches as well as a significant decline in fragrance due to the transition to our new license EuroItalia.

在許可方面，收入下降了兩位數。這是由於手錶銷量下降以及由於向我們的新許可 EuroItalia 過渡導致香水銷量大幅下降所致。

Now turning to brand awareness and consumer engagement. During the quarter, we focused on reigniting the Jet Set storytelling of Michael Kors in China, with an impressive 2-day brand experience in [Sanya] This resort destination on the island of Hainan was the perfect backdrop for over 100 friends of the brand to experience the full world of Michael Kors.

現在轉向品牌知名度和消費者參與度。在本季度，我們專注於重新點燃 Michael Kors 在中國的 Jet Set 故事，在 [三亞] 令人印象深刻的 2 天品牌體驗 這個位於海南島的度假勝地是該品牌 100 多位朋友的完美背景體驗 Michael Kors 的完整世界。

Guests included Michael Kors newest global brand ambassador, Shu Qi; China brand ambassador, Feifei Wang and Bai Lu as well as top celebrities, performers, influencers and the press. The event generated over 4 billion impressions across celebrity, social media and the press. We intend to execute more brand activations in China now that the country has reopened.

嘉賓包括 Michael Kors 最新全球品牌大使舒淇；中國品牌大使王菲菲和白鹿以及頂級名人、表演者、影響者和媒體。該活動在名人、社交媒體和媒體上產生了超過 40 億次印象。現在中國已經重新開放，我們打算在中國開展更多品牌活動。

During New York Fashion Week, Michael Kors was once again the most engaged fashion brand on social media. The show, which took place in the West Village, celebrated the timeless glamor and Bohemia of New York in the 1970s. Attendees included Kate Hudson, Lea Michele, Katie Holmes and Ellen Pompeo. The show generated over 25 million live stream views.

在紐約時裝週期間，Michael Kors 再次成為社交媒體上參與度最高的時尚品牌。該節目在西村舉行，慶祝 70 年代紐約永恆的魅力和波西米亞風情。與會者包括凱特·哈德森、麗亞·米歇爾、凱蒂·赫爾姆斯和艾倫·蓬佩奧。該節目產生了超過 2500 萬的直播觀看次數。

Our marketing initiatives helped contribute to a 17% year-over-year increase in Michael Kors global database, demonstrating the continued strength and desirability of the brand. Overall, we were pleased with the growth in our own retail channel in fiscal '23 as consumers responded to our Jet Set positioning and elevation strategy.

我們的營銷舉措幫助 Michael Kors 全球數據庫同比增長了 17%，展示了該品牌的持續實力和吸引力。總體而言，我們對 23 財年我們自己的零售渠道的增長感到滿意，因為消費者對我們的 Jet Set 定位和提升戰略做出了回應。

Now turning to Capri's outlook for fiscal '24. With Versace, Jimmy Choo and Michael Kors, we have 3 incredibly powerful brands to drive growth. We recognize there are near-term uncertainties in the Americas. However, we are encouraged by the strong trends in Asia and continued growth in EMEA.

現在轉向卡普里島對 24 財年的展望。憑藉 Versace、Jimmy Choo 和 Michael Kors，我們擁有 3 個非常強大的品牌來推動增長。我們認識到美洲近期存在不確定性。然而，我們對亞洲的強勁趨勢和 EMEA 的持續增長感到鼓舞。

For the full year, we anticipate revenue will increase low single digits and EPS will increase mid-single digits.

對於全年，我們預計收入將增長低個位數，每股收益將增長中個位數。

In fiscal '24 and beyond, we will continue to drive growth as we execute on our strategic initiatives. Across all of our luxury houses, we are focused on continuing to grow our e-commerce channel as well as increasing store productivity through client telling, store renovations, and product expansion opportunities.

在 24 財年及以後，我們將在執行戰略計劃時繼續推動增長。在我們所有的奢侈品牌中，我們專注於繼續發展我們的電子商務渠道，並通過客戶告知、商店裝修和產品擴展機會提高商店生產力。

We intend to grow and leverage our databases. Our data analytics capabilities will help us foster deeper connections with our consumers. Furthermore, we will utilize this data to empower our sales associates with more impactful client telling opportunities.

我們打算發展和利用我們的數據庫。我們的數據分析能力將幫助我們與消費者建立更深層次的聯繫。此外，我們將利用這些數據為我們的銷售人員提供更有影響力的客戶告知機會。

Now looking at some of our brand-specific initiatives. At Versace, we will capitalize on our powerful brand awareness and engagement to influence consumer desire. We have made significant progress in our ambition to position Versace as a leading luxury leather house.

現在看看我們的一些特定於品牌的舉措。在范思哲，我們將利用我們強大的品牌知名度和參與度來影響消費者的慾望。我們在將 Versace 定位為領先的奢侈皮具品牌的雄心壯志方面取得了重大進展。

Women's Accessories is one of our fastest-growing categories as we continue to gain authority and expand our platforms.

隨著我們不斷獲得權威並擴展我們的平台，女士配飾是我們增長最快的類別之一。

Additionally, Versace has tremendous growth potential in Asia as it remains significantly underpenetrated relative to our luxury peers. We remain confident that we have the right strategies in place to grow Versace to at least $2 billion in revenue over time.

此外，范思哲在亞洲具有巨大的增長潛力，因為它相對於我們的奢侈品同行仍然嚴重不足。我們仍然相信，我們已經制定了正確的戰略，可以隨著時間的推移將范思哲的收入增長到至少 20 億美元。

Turning to Jimmy Choo. We will continue to drive brand heat through our emphasis on glamor. We remain optimistic about our ability to significantly grow accessories revenue as we gain authority in the category.

轉向 Jimmy Choo。我們將繼續通過強調魅力來推動品牌熱度。隨著我們在該類別中獲得授權，我們對顯著增加配件收入的能力保持樂觀。

Additionally, we have a meaningful opportunity to increase our casual footwear business. With the growth potential of these 2 categories as well as continued growth in our core occasion footwear business, we remain confident in Jimmy Choo's ability to achieve $1 billion in revenue over time.

此外，我們有一個有意義的機會來增加我們的休閒鞋業務。憑藉這兩個類別的增長潛力以及我們核心場合鞋類業務的持續增長，我們仍然相信 Jimmy Choo 有能力隨著時間的推移實現 10 億美元的收入。

Finally, turning to Michael Kors. By reinforcing our iconic Jet Set brand codes, we see meaningful growth opportunities. First, we will continue to grow our core accessories, where consumers turn to us as a fashion authority.

最後，轉向 Michael Kors。通過加強我們標誌性的 Jet Set 品牌代碼，我們看到了有意義的增長機會。首先，我們將繼續發展我們的核心配飾，消費者將我們視為時尚權威。

Second, footwear remains an important driver of future growth, especially as we renovate stores and allocate more space to the category.

其次，鞋類仍然是未來增長的重要驅動力，尤其是在我們翻新門店並為該品類分配更多空間的情況下。

Third, we have a significant opportunity to grow men's, particularly given our authority in the accessories category.

第三，我們有發展男裝的重要機會，特別是考慮到我們在配飾類別中的權威。

And fourth, Michael Kors largest growth opportunity will come from Asia, where we are significantly underpenetrated relative to our luxury peers. We remain optimistic that with these opportunities, we will grow Michael Kors revenue to $5 billion over time.

第四，Michael Kors 最大的增長機會將來自亞洲，與我們的奢侈品同行相比，我們在亞洲的滲透率嚴重不足。我們仍然樂觀地認為，有了這些機會，我們將隨著時間的推移將 Michael Kors 的收入增加到 50 億美元。

In closing, our 3 powerful iconic brands have enduring value and strong brand equity, giving us confidence in our ability to deliver sustainable revenue and earnings growth over time. Now let me turn the call over to Tom, who will review our fourth quarter results and guidance in more detail.

最後，我們的 3 個強大的標誌性品牌具有持久的價值和強大的品牌資產，使我們相信我們有能力隨著時間的推移實現可持續的收入和盈利增長。現在讓我把電話轉給湯姆，他將更詳細地審查我們第四季度的業績和指導。

Thank you, John. And good morning, everyone. Starting with fourth quarter results. Revenue of $1.3 billion decreased 3% on a 52-week constant currency basis, slightly ahead of our expectations.

謝謝你，約翰。大家早上好。從第四季度的結果開始。按 52 週固定匯率計算，收入為 13 億美元，下降 3%，略高於我們的預期。

Net income was $121 million, resulting in diluted earnings per share of $0.97. This was also slightly above our expectations, reflecting better-than-anticipated revenue and operating margin, partially offset by higher-than-expected interest expense and taxes.

淨收入為 1.21 億美元，每股攤薄收益為 0.97 美元。這也略高於我們的預期，反映出好於預期的收入和營業利潤率，部分被高於預期的利息支出和稅收所抵消。

Now turning to fourth quarter results in more detail. Revenue growth rates will be shared on a 52-week constant-currency basis, unless otherwise stated.

現在轉向更詳細的第四季度結果。除非另有說明，否則收入增長率將按 52 週固定貨幣計算。

Starting with revenue by channel. Total company retail sales increased low single digits. These results were driven by growth in both e-commerce and store sales. We saw continued growth in e-commerce, driven by our large and growing database and data analytics capabilities.

從渠道收入開始。公司零售總額以低個位數增長。這些結果是由電子商務和商店銷售的增長推動的。在我們龐大且不斷增長的數據庫和數據分析能力的推動下，我們看到了電子商務的持續增長。

In the wholesale channel, revenue declined double digits, impacted by lower POS sales in the Americas as well as lapping strong sell-ins in the prior year as our partners began to build back their inventory positions.

在批發渠道，收入下降了兩位數，這是受到美洲 POS 銷售額下降以及上一年銷售強勁的影響，因為我們的合作夥伴開始重建庫存。

Turning to revenue performance by geography. In the Americas, revenue decreased 10%. Retail sales declined low single digits as we saw consumer spending soften across all brands. In wholesale, revenue declined double digits.

轉向按地理位置劃分的收入表現。在美洲，收入下降了 10%。由於我們看到所有品牌的消費者支出都疲軟，零售額下降了低個位數。在批發方面，收入下降了兩位數。

In EMEA, revenue increased 6% as all houses benefited from continued strong consumer demand. And in Asia, revenue increased 7%, primarily reflecting improving trends in China.

在歐洲、中東和非洲地區，由於所有房屋都受益於持續強勁的消費者需求，收入增長了 6%。在亞洲，收入增長了 7%，主要反映了中國的改善趨勢。

Looking at revenue performance by brand. At Versace, revenue decreased 9% compared to prior year. As anticipated, global retail sales increased in the low single digits, but were offset by declines in wholesale.

按品牌查看收入表現。范思哲的收入與去年相比下降了 9%。正如預期的那樣，全球零售額以較低的個位數增長，但被批發額的下降所抵消。

By geography, total Versace revenue in the Americas decreased double digits, driven by significant declines in wholesale. Revenue in EMEA increased low single digits, reflecting growth in our own retail channel. Revenue in Asia increased in the mid-single digits, primarily driven by improving trends in China.

按地域劃分，范思哲在美洲的總收入下降了兩位數，原因是批發業務大幅下滑。歐洲、中東和非洲地區的收入增長低個位數，反映了我們自己的零售渠道的增長。亞洲的收入以中個位數增長，主要受中國趨勢改善的推動。

For Jimmy Choo, revenue increased 6% compared to prior year. Global retail sales increased low single digits. By geography, total revenue in the Americas decreased slightly. Revenue in EMEA increased in the low 20% range. Revenue in Asia decreased in the mid-single digits, a sequential improvement relative to prior quarter, driven by the reopening of China.

Jimmy Choo 的收入比上一年增長了 6%。全球零售額增長低個位數。按地域劃分，美洲的總收入略有下降。歐洲、中東和非洲地區的收入增長了 20% 左右。在中國重新開放的推動下，亞洲的收入下降了中個位數，與上一季度相比環比有所改善。

At Michael Kors, revenue decreased 2% compared to prior year. Global retail sales increased low single digits, offset by double-digit declines in wholesale.

Michael Kors 的收入與去年相比下降了 2%。全球零售銷售額以低個位數增長，被批發兩位數下降所抵消。

By geography, sales in the Americas decreased high single digits. Retail sales declined low single digits, while wholesale revenue declined double digits. Revenue in EMEA increased low single digits. Revenue in Asia increased in the mid-teens, primarily reflecting improving trends in China.

按地域劃分，美洲的銷售額下降了高個位數。零售額下降了低個位數，而批發收入下降了兩位數。歐洲、中東和非洲地區的收入增長了低個位數。亞洲的收入在十幾歲中期有所增長，主要反映了中國的改善趨勢。

Now looking at total company margin performance. Gross margin expanded 90 basis points to 64.6%, with expansion across all 3 of our houses. This improvement primarily reflects moderating inbound transportation costs, price increases and channel mix.

現在看看公司的總體利潤率表現。毛利率擴大了 90 個基點，達到 64.6%，我們所有 3 個房屋的毛利率都在擴大。這一改善主要反映了入境運輸成本、價格上漲和渠道組合的緩和。

Operating expense as a percent of revenue was 55.6% compared to 49.5% last year, reflecting expense deleverage, driven by lower wholesale sales. Total company operating margin was 9.1% compared to 14.2% last year, driven by operating expense deleverage.

營業費用佔收入的百分比為 55.6%，而去年為 49.5%，反映了批發銷售額下降導致的費用去槓桿化。在運營費用去槓桿化的推動下，公司總運營利潤率為 9.1%，而去年為 14.2%。

At Versace, operating margin of 5.1% compared to 15.9% last year. This was below our expectations primarily reflecting expense deleverage on lower-than-anticipated wholesale revenue.

范思哲的營業利潤率為 5.1%，而去年為 15.9%。這低於我們的預期，主要反映了低於預期的批發收入導致的費用去槓桿化。

At Jimmy Choo, operating margin of negative 4.6% compared to negative 9.6% last year. This was ahead of our expectations, driven by leverage on higher-than-anticipated revenue. And in Michael Kors operating margin of 16.2% compared to 20.6% last year. The decline reflects expense deleverage on lower wholesale revenue.

Jimmy Choo 的營業利潤率為負 4.6%，而去年為負 9.6%。這超出了我們的預期，這是受到高於預期收入的槓桿作用的推動。 Michael Kors 的營業利潤率為 16.2%，而去年為 20.6%。這一下降反映了批發收入下降導致的費用去槓桿化。

Our tax rate for the quarter was negative 16.2% compared to last year's rate of positive 28.3%, primarily reflecting the resolution of uncertain foreign tax positions as well as mix of earnings in lower tax jurisdictions.

我們本季度的稅率為負 16.2%，而去年為正 28.3%，這主要反映了不確定的外國稅收狀況的解決以及較低稅收管轄區的收益組合。

Now turning to our balance sheet. We ended the quarter with cash of $249 million and debt of $1.83 billion, resulting in net debt of $1.58 billion. We repurchased approximately $400 million worth of shares in the fourth quarter and $1.35 billion worth for the fiscal year, demonstrating our strong balance sheet and free cash flow generation.

現在轉向我們的資產負債表。本季度結束時，我們的現金為 2.49 億美元，債務為 18.3 億美元，淨債務為 15.8 億美元。我們在第四季度回購了價值約 4 億美元的股票，本財年回購了價值 13.5 億美元的股票，展示了我們強勁的資產負債表和自由現金流生成。

Capital expenditures for the year were $226 million and were primarily spent on new store development, renovations, IT and e-commerce enhancements. Looking at inventory, we ended the quarter with $1.06 billion, a 4% decline versus prior year.

這一年的資本支出為 2.26 億美元，主要用於新店開發、翻新、IT 和電子商務增強。從庫存來看，我們在本季度結束時為 10.6 億美元，比去年同期下降 4%。

Now turning to guidance, where I will discuss revenue growth rates on a reported basis, unless otherwise stated.

現在轉向指導，除非另有說明，否則我將在報告的基礎上討論收入增長率。

We expect total company fiscal '24 revenue of approximately $5.7 billion. This outlook includes stronger-than-previously-anticipated trends from the reopening of China as well as slower consumer trends in the Americas. Additionally, it reflects the recent strengthening of the U.S. dollar.

我們預計公司 24 財年的總收入約為 57 億美元。這一前景包括中國重新開放帶來的強於此前預期的趨勢以及美洲消費趨勢放緩。此外，它反映了近期美元的走強。

By brand, we expect Versace revenue of approximately $1.2 billion, increasing approximately 8% over fiscal '23; Jimmy Choo revenue of approximately $700 million, increasing approximately 11% and Michael Kors revenue of approximately $3.8 billion, decreasing approximately 2%.

按品牌劃分，我們預計范思哲的收入約為 12 億美元，比 23 財年增長約 8%； Jimmy Choo 收入約為 7 億美元，增長約 11%，Michael Kors 收入約為 38 億美元，下降約 2%。

For the year, we anticipate modest growth margin expansion, driven by regional mix, channel mix and lower freight. We continue to expect a full-year operating margin of approximately 16.5%.

今年，我們預計在區域組合、渠道組合和運費下降的推動下，利潤率將適度擴張。我們繼續預計全年營業利潤率約為 16.5%。

By brand, we anticipate Versace operating margin in the mid-teens range, jimmy Choo operating margin in the high single-digit range and Michael Kors operating margin in the low 20% range.

按品牌劃分，我們預計 Versace 的營業利潤率在十幾歲左右，jimmy Choo 的營業利潤率在高個位數範圍內，而 Michael Kors 的營業利潤率在 20% 的低範圍內。

Turning to our expectations around certain nonoperating items. We expect net interest expense of approximately $20 million and an effective tax rate of approximately 15%. We anticipate weighted average shares outstanding of 122 million. As a result, we continue to expect to generate diluted earnings per share of approximately $6.40.

轉向我們對某些非經營項目的期望。我們預計淨利息支出約為 2000 萬美元，有效稅率約為 15%。我們預計加權平均流通股為 1.22 億股。因此，我們繼續預計每股攤薄收益約為 6.40 美元。

Turning to capital expenditures, we anticipate spending approximately $260 million, which includes store openings and remodels as well as IT expenditures, including investments in our digital platforms.

談到資本支出，我們預計支出約為 2.6 億美元，其中包括開店和改造以及 IT 支出，包括對我們數字平台的投資。

In terms of our capital allocation plans for fiscal '24, given the macro environment and higher interest rates, we believe it is prudent to reintroduce the debt repayment in conjunction with share repurchases.

就我們 24 財年的資本配置計劃而言，鑑於宏觀環境和更高的利率，我們認為重新引入債務償還與股票回購是謹慎的做法。

Now I would like to take a moment to provide some perspective around the cadence of revenue and earnings between the first and second half of the year.

現在我想花點時間談談今年上半年和下半年的收入和盈利節奏。

We expect first half revenue to decline in the mid-single-digit range. In our own retail channel, we anticipate a low single-digit increase in revenue. This reflects strong double-digit trends in Asia and continued growth in EMEA, partially offset by softer trends in the Americas.

我們預計上半年收入將下降到中等個位數範圍。在我們自己的零售渠道中，我們預計收入將實現低個位數增長。這反映了亞洲強勁的兩位數趨勢和 EMEA 的持續增長，部分被美洲的疲軟趨勢所抵消。

In wholesale, we expect sales down double digits, given declines at POS in addition to lapping strong sell-ins the prior year as our partners build back their inventory positions.

在批發方面，我們預計銷售額將下降兩位數，原因是 POS 的下降以及上一年隨著我們的合作夥伴建立庫存頭寸而實現的強勁銷售。

In the second half of the year, we anticipate revenue will increase high single digits. In our own retail channel, we expect sales to increase low double digits, but high single digits on a constant currency basis, driven by strong trends in Asia as well as modest growth in the rest of the world.

下半年，我們預計收入將實現高個位數增長。在我們自己的零售渠道中，我們預計在亞洲強勁趨勢以及世界其他地區溫和增長的推動下，按固定匯率計算，銷售額將增長低兩位數，但高個位數。

In wholesale, we anticipate trends to normalize as we anniversary the significant declines in the second half of fiscal '23 as we begin to benefit from increasing staffing levels in American department stores.

在批發方面，隨著我們開始受益於美國百貨公司人員配置水平的增加，我們預計隨著我們紀念 23 財年下半年的大幅下滑，趨勢將正常化。

Relative to prior year, this revenue cadence will result in lower margins in the first half of fiscal '24 [due] to deleverage. In the back half of the year, we expect margin expansion. This will be driven by expense leverage on higher sales as well as the expense reduction initiatives we have implemented.

與上一年相比，由於去槓桿化，這種收入節奏將導致 24 財年上半年的利潤率降低。下半年，我們預計利潤率將擴大。這將受到更高銷售額的費用槓桿以及我們實施的費用削減計劃的推動。

We anticipate first half operating margin of approximately 13% and second half operating margin of approximately 19.5%.

我們預計上半年營業利潤率約為 13%，下半年營業利潤率約為 19.5%。

Now turning to first quarter guidance.

現在轉向第一季度指導。

We expect total company revenue of approximately $1.2 billion. This represents an approximate 12% decrease versus prior year, which we expect to be the largest year-over-year decline in quarterly revenue for fiscal '24. In our own retail channel, we anticipate revenue will decline mid-single digits.

我們預計公司總收入約為 12 億美元。這比上一年減少了約 12%，我們預計這將是 24 財年季度收入的最大同比降幅。在我們自己的零售渠道中，我們預計收入將下降中個位數。

While we are seeing strong trends in Asia and continued growth in EMEA, we anticipate revenue will decrease in the Americas, given the challenging consumer environment. Additionally, as anticipated, in the first quarter, we expect to see the largest year-over-year decline in the wholesale channel, with revenue down approximately 30%.

雖然我們看到亞洲的強勁趨勢和 EMEA 的持續增長，但鑑於充滿挑戰的消費環境，我們預計美洲的收入將下降。此外，正如預期的那樣，在第一季度，我們預計批發渠道的同比降幅最大，收入下降約 30%。

We expect first quarter wholesale performance to be the weakest year-over-year, given declines at POS sales in the Americas as well as lapping strong sell-ins the prior year as our partners build back their inventory positions.

我們預計第一季度的批發業績將是同比最弱的，因為美洲的 POS 銷售額下降，並且隨著我們的合作夥伴建立庫存頭寸，上一年的銷售強勁。

For our first quarter revenue by brand, we forecast Versace revenue of approximately $245 million, decreasing approximately 11%. We expect a decline in sales as we are lapping the incredibly successful Spring '22 Fendace collaboration in both the retail and wholesale channels.

對於我們按品牌劃分的第一季度收入，我們預計范思哲收入約為 2.45 億美元，下降約 11%。我們預計銷售額會下降，因為我們在零售和批發渠道上都取得了令人難以置信的成功 Spring '22 Fendace 合作。

Additionally, in wholesale, we anticipate sales will decline as our partners are taking a more cautious approach to planning the business due to the uncertain macroeconomic environment.

此外，在批發方面，由於不確定的宏觀經濟環境，我們的合作夥伴正在採取更加謹慎的方式來規劃業務，因此我們預計銷售額將會下降。

We anticipate Jimmy Choo revenue of approximately $180 million, increasing approximately 5%, driven primarily by retail; and Michael Kors revenue of approximately $775 million, decreasing approximately 15%.

我們預計 Jimmy Choo 的收入約為 1.8 億美元，增長約 5%，主要由零售驅動； Michael Kors 的收入約為 7.75 億美元，下降約 15%。

We expect sales in our own retail channel will decline modestly, reflecting the challenging consumer environment in the Americas, partially offset by strong trends in Asia and continued growth in EMEA. In wholesale, we anticipate significant declines.

我們預計我們自己零售渠道的銷售額將適度下降，反映出美洲充滿挑戰的消費環境，部分被亞洲的強勁趨勢和 EMEA 的持續增長所抵消。在批發方面，我們預計會出現大幅下降。

Looking at operating margin. As anticipated, we expect first quarter operating margin will be approximately 8.5% compared to prior year of 18.5%. The majority of this decline reflects the significant deleverage on lower wholesale revenue. In addition, it also includes higher investments, primarily in marketing, which will normalize in future quarters.

看營業利潤率。正如預期的那樣，我們預計第一季度營業利潤率約為 8.5%，而去年同期為 18.5%。這一下降的大部分反映了批發收入下降導致的顯著去槓桿化。此外，它還包括更高的投資，主要是在營銷方面，這將在未來幾個季度正常化。

In terms of operating margin by brand, we anticipate Versace operating margin of approximately breakeven. The majority of this decline reflects significant deleverage on lower revenue, including the significant decline in wholesale.

就品牌的營業利潤率而言，我們預計范思哲的營業利潤率約為盈虧平衡。這一下降主要反映了收入下降導致的顯著去槓桿化，包括批發業務的大幅下降。

In addition, it also reflects $20 million higher marketing investments year-over-year to support the full repositioning of the women's collection. This includes the Fall-Winter fashion show in Los Angeles, the La Vacanza show last week in Cannes and the new campaign featuring Anne Hathaway and Chris Lee. We anticipate marketing investments will normalize in future quarters.

此外，它還反映了 2000 萬美元的營銷投資同比增加，以支持女裝系列的全面重新定位。這包括在洛杉磯舉行的秋冬時裝秀、上週在戛納舉行的 La Vacanza 秀以及由安妮海瑟薇和克里斯李主演的新廣告。我們預計營銷投資將在未來幾個季度正常化。

We anticipate Jimmy Choo operating margin in the high single digits and Michael Kors operating margin in the mid-teens, primarily reflecting expense deleverage on lower wholesale sales.

我們預計 Jimmy Choo 的營業利潤率將達到高個位數，而 Michael Kors 的營業利潤率將達到十幾歲左右，這主要反映了較低批發銷售額帶來的費用去槓桿化。

Turning to our expectations around certain nonoperating items. We forecast net interest expense of approximately $4 million, an effective tax rate of approximately 15% and weighted average shares outstanding of 120 million. As a result, we expect diluted earnings per share of approximately $0.70.

轉向我們對某些非經營項目的期望。我們預測淨利息支出約為 400 萬美元，有效稅率約為 15%，加權平均流通股數為 1.2 億股。因此，我們預計每股攤薄收益約為 0.70 美元。

In conclusion, looking back on fiscal '23, Capri generated high single-digit revenue growth and mid-single-digit earnings per share growth on a 52-week constant currency basis.

總之，回顧 23 財年，Capri 在 52 週的固定貨幣基礎上實現了高個位數的收入增長和中等個位數的每股收益增長。

While this was not up to our original expectations, we were still able to deliver strong operating margins of 16.2% and returned $1.35 billion to shareholders. This is a testament to the power of our diversified business model.

雖然這不符合我們最初的預期，但我們仍然能夠實現 16.2% 的強勁營業利潤率，並向股東返還 13.5 億美元。這證明了我們多元化商業模式的力量。

We remain confident in our ability to achieve our long-term goals over time due to the resilience of the luxury industry, the strength of our 3 powerful iconic brands and the talented group of employees executing our strategic initiatives. Now we will open up the line for questions.

由於奢侈品行業的韌性、我們 3 個強大的標誌性品牌的實力以及執行我們戰略計劃的才華橫溢的員工團隊，我們對隨著時間的推移實現長期目標的能力充滿信心。現在我們將開通提問熱線。

(Operator Instructions) Our first question comes from the line of 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 maybe could you elaborate on the near-term uncertainties you cited in the Americas? Any notable differences that you're seeing across distribution channels today?

偉大的。那麼也許你能詳細說明你在美洲提到的近期不確定性嗎？您今天在分銷渠道中看到的任何顯著差異？

And then, as we look to FY '24, to me, the big question is just the visibility that you have today. Or what gives you confidence in the retail channel improvement that you're embedding in the guide beyond the first quarter?

然後，當我們展望 24 財年時，對我來說，最大的問題就是你今天的知名度。或者是什麼讓您對您在第一季度之後嵌入指南中的零售渠道改進充滿信心？

Matt. So in terms of -- first, I'd like to say, I think we are proud of our results for last year, with high single-digit revenue growth, mid-single-digit earnings per share growth on a 52-week constant currency basis.

馬特。因此，首先，我想說，我認為我們對去年的業績感到自豪，收入實現高個位數增長，每股收益連續 52 周保持中等個位數增長貨幣基礎。

While we definitely saw a negative inflection in the back half of the year for the wholesale portion of our business, I think we're very pleased with what happened at Versace, record results for that brand, record results for Jimmy Choo.

雖然今年下半年我們業務的批發部分確實出現了負面變化，但我認為我們對 Versace 發生的事情感到非常滿意，該品牌創下業績記錄，Jimmy Choo 創下業績記錄。

I've mentioned before, Jimmy Choo has grown every year, but it's been basically in existence with the exception of the COVID period. And while Michael Kors saw the largest impact to the wholesale in the group, we still, on a 52-week constant currency basis, outgrew.

我之前提到過，Jimmy Choo 每年都在增長，但除了 COVID 時期外，它基本上都存在。雖然 Michael Kors 看到了對集團批發的最大影響，但我們仍然以 52 週的固定匯率為基礎，超出了增長。

So I think -- and when you look at the overall operating margin of the company at 16%, I think there's a lot of positive things to Capri in addition to the $1.35 billion that we returned to shareholders. So I think the business model is sound. I think the 3 brands are in very, very good position to grow, moving forward.

所以我認為——當你看到公司 16% 的整體營業利潤率時，我認為除了我們向股東返還的 13.5 億美元之外，卡普里還有很多積極的事情。所以我認為商業模式是合理的。我認為這 3 個品牌處於非常非常好的成長和前進的位置。

So as it relates to what we see around the world, as we said in both mine and Tom's prepared remarks, Asia has been going very, very well for the company. And now in particular, China, with the reopening, we see a lot of strength there and quite frankly, are doing a little bit better than we had even anticipated, which is a good sign.

因此，就我們在世界各地所看到的情況而言，正如我們在我和湯姆準備好的發言中所說的那樣，亞洲對公司來說一直非常非常好。現在特別是中國，隨著重新開放，我們看到了很多力量，坦率地說，比我們預期的要好一點，這是一個好兆頭。

We're also able to get back in with all 3 of the luxury houses and start to really animate our brands with events. We talked about the Sanya event with Michael Kors, very successful. We talked about the Sailor Moon, which was much more targeted to Asia, very successful in both China and Japan.

我們還能夠重新加入所有 3 家豪華品牌，並開始通過活動真正為我們的品牌注入活力。我們和Michael Kors談了三亞的活動，非常成功。我們談到了美少女戰士，它更針對亞洲，在中國和日本都非常成功。

And then with Versace, we've really been able to do more individual animations, and I think you can look forward to some pretty significant animations that will be coming in fiscal '24.

然後與范思哲一起，我們真的能夠製作更多的個人動畫，我認為你可以期待一些非常重要的動畫，這些動畫將在 24 財年出現。

So we feel good about what we're going to be able to do there. And as we've mentioned many times, we are significantly underpenetrated to our competition on both the luxury and more accessible luxury levels. And we think that we're going to be ready to really move the needle there in the upcoming few years.

所以我們對我們將能夠在那裡做的事情感覺很好。正如我們多次提到的那樣，我們在奢侈品和更容易獲得的奢侈品層面上對我們的競爭明顯不足。而且我們認為我們將準備好在未來幾年真正將針頭移到那裡。

And then in EMEA, we're very pleased with what we see happening there across all 3 of the houses. The business is very steady and growing, and we see the consumer traveling inside of Europe.

然後在歐洲、中東和非洲，我們對我們在所有 3 個房屋中看到的情況感到非常滿意。業務非常穩定且不斷增長，我們看到消費者在歐洲內部旅行。

There, obviously, has been some travel by Americans and Middle Eastern and India coming into the country or into Europe, which has been a positive for us. So we are seeing tourist travel. We're yet to see the Asian tourists really return to that market. But we do think that, that will come probably more significantly in calendar '24 than this year, we might see some return in the back half of the year.

顯然，美國人、中東人和印度人有一些旅行進入該國或歐洲，這對我們來說是積極的。所以我們看到的是旅遊。我們還沒有看到亞洲遊客真正回到那個市場。但我們確實認為，這在 24 年日曆中可能會比今年更顯著，我們可能會在今年下半年看到一些回報。

So we see 2 very positive markets for us on a global basis. And then when we look at the Americas, we definitely saw a sequential decline in North America. We saw it first in the North American department stores, and it wasn't just the Michael Kors piece of the business. We saw it on the luxury side as well with Versace and Jimmy Choo.

因此，我們在全球範圍內看到了 2 個非常積極的市場。然後當我們看美洲時，我們肯定看到北美連續下降。我們首先在北美百貨公司看到它，它不僅僅是 Michael Kors 的業務。我們在 Versace 和 Jimmy Choo 的奢侈品方面也看到了這一點。

And we saw that accelerate in the first calendar quarter of this year. And I think you've heard that from the many people who have spoken publicly about the performance.

我們在今年第一季度看到了這種加速。我想你已經從許多公開談論表演的人那裡聽到了這一點。

And really, we see that as a situation that's got 2 pieces to it. Number one, at this time last year, many of the stores were not stocked still properly, in particular on the Michael Kors side, where we were not able to get our inventory levels up to where they needed to be.

實際上，我們認為這種情況有 2 個部分。第一，去年這個時候，許多商店的庫存仍然不足，尤其是在 Michael Kors 方面，我們無法將庫存水平提高到需要的水平。

So we were up against shipping quite a bit of merchandise in wholesale. And in Versace, in particular, we were up against the very large shipments and beginning of a big success, which really happened in our first quarter with Fendace. So there's some things that are kind of going on there in the noise.

所以我們反對批發大量商品。特別是在范思哲，我們面臨著非常大的出貨量和巨大成功的開始，這在我們與 Fendace 的第一季度確實發生了。所以在噪音中有些事情正在發生。

But I think what we're feeling is that the consumer, who was feeling very good about their financial situation in calendar 2022, has been more conservative in the beginning of calendar '23.

但我認為我們的感覺是，對 2022 日曆年的財務狀況感覺良好的消費者在 23 日曆開始時更加保守。

We are starting to see some movement with spring merchandise and some of the summer deliveries. We see the consumer getting a little bit more confident. I don't want to say there's a step change of any significance. But we see them responding definitely to newness that's being delivered inside the stores, and that's across all 3 of the houses.

我們開始看到春季商品和一些夏季商品出現一些變動。我們看到消費者變得更有信心了。我不想說有任何重要的階躍變化。但我們看到他們對店內提供的新鮮事物做出了肯定的反應，這在所有 3 個房屋中都是如此。

So what we're looking at in North America is two things. Number one, we think that business will remain soft probably through the majority of the summertime. When I say soft, sort of flattish, down a couple of points, up a couple of points, depending on where we are in the group.

所以我們在北美看到的是兩件事。第一，我們認為在夏季的大部分時間裡，業務可能會保持疲軟。當我說軟的，有點平淡的時候，下降幾分，上升幾分，這取決於我們在小組中的位置。

And then I think that we're up against softer comparables in the back half of the year. While we still think North America will have some just minor increases, we think that Europe and Asia will continue to move forward in a very positive manner. So that's what gives us our comfort level around the back half in terms of our own retail channels.

然後我認為我們在今年下半年要面對更軟的可比對象。雖然我們仍然認為北美只會有一些小幅增長，但我們認為歐洲和亞洲將繼續以非常積極的方式向前發展。因此，就我們自己的零售渠道而言，這就是讓我們在後半部分感到舒適的原因。

I also want to say that when you look at -- I'll start with Versace, we're really excited about what happened with our Los Angeles show. I hope you all were able to see it. That was -- I think, marked the full repositioning of the women's collection.

我還想說的是，當你看到——我將從范思哲開始，我們對洛杉磯秀所發生的事情感到非常興奮。我希望你們都能看到它。那是——我認為，標誌著女裝系列的全面重新定位。

As you know, we've been really working very hard on the accessories and the footwear part of the collection. That was the repositioning of the women's ready-to-wear, and we already know we can see because we get preorders from many of our high net worth clientele.

如您所知，我們一直在努力打造該系列的配飾和鞋履部分。那是對女裝成衣的重新定位，我們已經知道我們可以看到，因為我們收到了許多高淨值客戶的預訂。

We've also been attracting a very large new clientele base, based upon that show, to the brand. We also are seeing the same thing happening coming off of the highly successful show that we just had in our collaboration with Dua Lipa in Cannes.

根據該節目，我們還一直在為該品牌吸引大量新客戶群。我們也看到同樣的事情發生在我們剛剛與戛納 Dua Lipa 合作的非常成功的節目中。

So I feel very good about what's happening with Versace in particular, in the back half of the year and also some of the new accessories introductions,

所以我對 Versace 尤其是在今年下半年發生的事情以及一些新配飾的推出感到非常滿意，

Jimmy Choo has been moving along very solidly. Very pleased with what we see happening there, obviously, particularly in the accessories area, where that was a goal for us to really get set. And we think that's going to continue to have an impact for us globally.

Jimmy Choo 的發展非常穩健。很明顯，我們對那裡發生的事情感到非常滿意，尤其是在配飾領域，這是我們真正設定的目標。我們認為這將繼續在全球範圍內對我們產生影響。

And then lastly, with Michael Kors, I think we feel good about the fact that we have reinvigorated our positioning around Jet Set, which is resonating with the customer. You look a 17% growth in our database, that's quite an extraordinary number to be adding.

最後，對於 Michael Kors，我認為我們對圍繞 Jet Set 重新定位的事實感到滿意，這引起了客戶的共鳴。您在我們的數據庫中看到了 17% 的增長，這是一個非常了不起的數字。

And what we do see, Matt, is we see ourselves lapping in the back half of next year, where we saw the significant declines. I think we better understand the declines now that happened in the department store arena.

馬特，我們確實看到的是，我們看到自己在明年下半年陷入困境，我們看到了顯著下降。我認為我們現在可以更好地理解百貨商店領域發生的衰退。

I would say, they would be based upon the following: Number one, we told you we did not have enough sales associates at the point of sale, that will be ramped up significantly for the fall season. So we feel good about that, and we can see inflections in stores, where do have those sales associates already happening.

我會說，他們將基於以下幾點：第一，我們告訴過你我們在銷售點沒有足夠的銷售人員，秋季將大幅增加。所以我們對此感覺很好，我們可以看到商店中的變化，這些銷售人員已經在那裡發生了。

Secondly, I do think that our elevation strategy, as you know, has worked extremely well in our own stores. And I think that the consumer, who was in the department stores, probably didn't accept as much of the price increases that we took. We see that. And we are staying with our elevation strategy. We're not going to move away from that.

其次，我確實認為，如您所知，我們的提升策略在我們自己的商店中非常有效。而且我認為在百貨公司的消費者可能不會接受我們採取的那麼多的價格上漲。我們看到了。我們將堅持我們的提升策略。我們不會放棄這一點。

We are going to broaden some of the offerings within that to be able to maybe better balance that with inside the department stores. You'll see that coming for the fall season. So I think we feel good about that.

我們將擴大其中的一些產品，以便能夠更好地平衡百貨商店內部的產品。你會在秋季看到它的到來。所以我認為我們對此感覺良好。

And the other thing I want to point out is in Michael Kors brand, in both our Q3 and this -- I'm sorry, Q4 this year, we have reduced our full price, what you see at the [Kors] event, by 33%. And so that had a significant impact on our revenues.

我想指出的另一件事是 Michael Kors 品牌，在我們的第三季度和這個 - 對不起，今年第四季度，我們降低了我們的全價，你在 [Kors] 活動中看到的， 33%。因此，這對我們的收入產生了重大影響。

We told you before we were going to be less promotional. We told you we would give up volume, if that meant for the health of the brand. We did that. We are giving up some volume by elevating the brand and by becoming less promotional. We're going to stay with that strategy.

我們之前告訴過你我們將減少促銷活動。我們告訴過你，如果這意味著品牌的健康，我們會放棄銷量。我們做到了。我們通過提升品牌和減少促銷來放棄一些銷量。我們將堅持這一戰略。

And the last thing I'll just note that we'll open our 2 new prototype stores for Michael Kors, one in Miami and one in Vancouver that will open in the next probably 60 days. If we like what we see initially, which we think we will, we are going to go on a very significant store remodeling program for the Michael Kors brand on a global basis.

最後我要指出的是，我們將為 Michael Kors 開設 2 家新的原型店，一家在邁阿密，一家在溫哥華，可能會在接下來的 60 天內開業。如果我們喜歡我們最初看到的，我們認為我們會喜歡，我們將在全球範圍內為 Michael Kors 品牌進行非常重要的商店改造計劃。

So all the things that we started out saying we were going to do before COVID and also the things that we are executing against that we feel good about, we think, are going to have impact.

因此，我們開始說我們將在 COVID 之前做的所有事情，以及我們正在執行的我們感覺良好的事情，我們認為，都會產生影響。

So that gives us -- I'm sorry for the long explanation, but there's a lot in there that will give you the reason why we feel comfortable with the forecast that we've put together. And let me turn it over to Tom now.

所以這給了我們——我很抱歉解釋得太長，但其中有很多內容可以讓你了解我們對我們所做的預測感到滿意的原因。現在讓我把它交給湯姆。

And Matt, just one additional point here on the second half for FY '24 visibility. As I mentioned in the prepared remarks, we expect retail to be up high single digits on a constant currency basis. It's really driven by significant strong double-digit growth in China, where we're already seeing the results and great momentum.

而馬特，下半場只為 24 財年的知名度增加一分。正如我在準備好的評論中提到的那樣，我們預計零售業將在固定貨幣基礎上實現高個位數增長。這確實是由中國強勁的兩位數增長推動的，我們已經看到了結果和巨大的勢頭。

Europe will remain positive, which it's already doing now. And the Americas turns to moderate growth. And those are really the components there, and John provided all the context, but I wanted to give that in the context of what's really driving it.

歐洲將保持積極態度，它現在已經在這樣做了。美洲轉向溫和增長。這些確實是那裡的組成部分，約翰提供了所有的背景，但我想在真正推動它的背景下給出。

And I want to again remind everyone, the first 2 quarters are where we're going to see the significant wholesale declines, and that's what we said was going to happen, and that's what you see in the Q1 forecast. That's really the greatest impact to our profitability, is really around the wholesale declines across the group as the North American department stores really reset their inventory levels.

我想再次提醒大家，前兩個季度我們將看到批發量大幅下降，這就是我們所說的將會發生的情況，這就是您在第一季度預測中看到的情況。這確實是對我們盈利能力的最大影響，實際上是圍繞整個集團的批發量下降，因為北美百貨商店真的重新設置了庫存水平。

And we know that's the right thing to do for us so that we don't end up -- once again, we don't want too much inventory sitting for markdowns. We want to protect brand health. And we think we're doing the right things in order to set ourselves up for that success.

而且我們知道這對我們來說是正確的事情，這樣我們就不會結束——再一次，我們不希望有太多庫存用於降價。我們要保護品牌健康。我們認為我們正在做正確的事情，以便為成功做好準備。

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

我們的下一個問題來自 Ike Boruchow 與 Wells Fargo 的對話。

A couple of questions on the outlook. I guess, John, looking at the [Kors'] outlook, so you got $100 million off of that and Versace, $50 million. I guess just for Kors specifically, is that incremental pressure in wholesale that you're adding on to that? Or is that some potential weakness at retail versus the outlook 3 months ago?

關於前景的幾個問題。我想，約翰，看看 [Kors] 的前景，所以你從中得到了 1 億美元，而 Versace 得到了 5000 萬美元。我想特別是對於 Kors，您是否正在增加批發的增量壓力？或者與 3 個月前的前景相比，零售業存在一些潛在的弱點？

And then with Versace, is that U.S. consumer weakness at the high end that is leading to that slight revision down?

然後是范思哲，是美國消費者在高端市場的疲軟導致了輕微的下調嗎？

And then maybe, Tom, on the gross margin helpful for the year, just kind of curious the shape, maybe first half, back half, it seems to me like the gross actually might be front-half weighted in terms of expansion, just based on the channel mix. But with wholesale down so much, but I just kind of wanted to get a little bit more clarity there.

然後，也許，湯姆，關於對今年有幫助的毛利率，只是有點好奇形狀，也許是上半年，後半部分，在我看來毛利率實際上可能在擴張方面加權了前半部分，只是基於在頻道組合上。但是批發量下降了這麼多，但我只是想在那裡更清楚一點。

Sure. I can start. Regarding the change in guidance for revenue for Kors, and I'll talk about it in general first for $100 million from 5.8 to 5.7, good -- the majority of that was driven by a change in FX. So the dollar strengthened versus our prior forecast, and we adjusted that.

當然。我可以開始了。關於 Kors 收入指導的變化，我將首先從 5.8 到 5.7 的 1 億美元總體上談論它，很好——其中大部分是由外匯變化驅動的。因此，美元相對於我們之前的預測走強，我們對此進行了調整。

The other piece reflects the trends in North America that we were seeing. So those pieces flow through to Michael Kors and also to Versace. We're seeing great strength in Jimmy Choo and very pleased with that performance.

另一篇文章反映了我們所看到的北美趨勢。所以這些作品流向了 Michael Kors 和 Versace。我們在 Jimmy Choo 身上看到了巨大的力量，並對這種表現感到非常滿意。

For gross margin for the year, we expect expansion in gross margin in both first half and second half. There's slightly different drivers in it. And in the first half, it's going to mirror what we saw in Q4, where we have transportation, inbound freight channel mix helping, and we'll see that continue into the first half as well as a region mix.

對於今年的毛利率，我們預計上半年和下半年毛利率都會擴大。其中的驅動程序略有不同。在上半年，它將反映我們在第四季度看到的情況，我們有運輸、入境貨運渠道組合幫助，我們將看到這種情況將持續到上半年以及區域組合。

And then in the second half, transportation will begin to tap off. But the region, with China growing even stronger, will continue to drive results as well as the strategic initiatives that John mentioned across all of our houses, which is underlying our margin growth over the past several years that will continue and drive gross margin in the back half of the year. So again, we expect margin expansion for the year and expect it in both halves.

然後在下半年，交通將開始暢通無阻。但是，隨著中國變得更加強大，該地區將繼續推動業績以及約翰在我們所有公司中提到的戰略舉措，這是我們過去幾年利潤率增長的基礎，這將繼續並推動毛利率回到半年。因此，我們再次預計今年的利潤率會擴大，並預計在下半年都會擴大。

And let me just address one other thing, too, with Versace. Versace is going to return to growth basically every quarter after this upcoming first quarter. And so we have a couple of things happening: Number one, we have this huge anniversary that we're going up against -- of the Fendace, which was massively successful.

讓我也談談范思哲的另一件事。在即將到來的第一季度之後，范思哲基本上每個季度都會恢復增長。所以我們發生了幾件事：第一，我們迎來了我們要面對的這個巨大的周年紀念日——Fendace，它取得了巨大的成功。

We could not anniversary that. That was impossible thing for us to do. And it happened very, very rapidly. It happened almost in a 6-week period of time. And quite frankly, if you back out the success of that, we're actually slightly up in Q1. So we just have to live through that and get beyond that.

我們不能紀念那個。這對我們來說是不可能的事情。它發生得非常非常快。它幾乎發生在 6 週的時間內。坦率地說，如果你取消它的成功，我們實際上在第一季度略有上升。所以我們只需要經歷它並超越它。

The second thing that is happening, and I mentioned it in my prepared remarks, and I think I mentioned it on the call before, when we started this journey with Versace, first thing we had to do, fix and clean up the stores. We did that.

第二件事正在發生，我在準備好的發言中提到了它，我想我之前在電話中提到過，當我們開始與 Versace 的這段旅程時，我們必須做的第一件事就是修理和清理商店。我們做到了。

Second thing we had to do was clean up. We cut $150 million of product that was being sold at very low prices and under different labels, we got rid of that.

我們要做的第二件事是清理。我們削減了 1.5 億美元的產品，這些產品以非常低的價格和不同的標籤銷售，我們擺脫了它。

Third thing we had to do was to get the accessories business going, which as we talked about, it's been hugely successful for the company. And as you recall, this company went from not even being fairly profitable to very reasonable operating margins, which we are holding at a certain level because we're investing.

我們必須做的第三件事是讓配件業務繼續發展，正如我們所說，這對公司來說已經取得了巨大的成功。正如你所記得的那樣，這家公司從甚至沒有相當盈利到非常合理的營業利潤率，我們將其保持在一定水平，因為我們正在投資。

Third -- the fourth thing we did was to get the women's footwear going, which happened much faster than we could have even -- have imagined, and we're very pleased with that.

第三——我們做的第四件事是讓女鞋繼續發展，這比我們想像的要快得多，我們對此非常滿意。

Now we're on to fixing the women's ready-to-wear, which we think we've got a pretty good handle on that, and I hope you will see that when you see the product arriving in the stores for fall. And some of it's happening right now with buy, wear -- [show] now, buy now collection of Dua Lipa.

現在我們開始修復女裝成衣，我們認為我們已經很好地處理了這一點，我希望當你看到秋天的產品到達商店時，你會看到這一點。其中一些正在發生，即購買、穿著——[展示]現在，現在購買 Dua Lipa 的系列。

The last piece is we have to fix the men's business. Men's for Versace is still 50% of the company, 5-0. So it weighs quite heavily on our total revenues. We're going to drive that number down purposely to probably 40%. And women's will rise, which we think will be better for our margins, in particular, women's accessories.

最後一點是我們必須解決男人的問題。 Versace 的男裝仍然是公司的 50%，5-0。所以它對我們的總收入影響很大。我們將故意將該數字降低到 40%。女裝將會上升，我們認為這將有利於我們的利潤率，尤其是女裝配飾。

But as a part of that, we have really vacated a lot of classifications in the business, not completely, but we've scaled back things like T-shirts, things like pool slides, things like sneakers, where those were businesses that were wonderful to have, but they were not really going to drive a luxury customer perception.

但作為其中的一部分，我們確實騰出了很多業務分類，不是完全騰空了，但我們縮減了 T 卹、泳池滑梯、運動鞋等東西，這些都是很棒的業務有，但它們並不能真正推動奢侈品客戶的認知。

So if you go in the stores today, there's much more sartorial tailoring. There is much more product that is -- that addresses evening, that addresses work, that addresses certain day opportunities. And so that is -- when you look at the primary declines in Versace versus the gains in North America, it's men's that's doing that.

因此，如果您今天走進商店，就會發現更多的剪裁剪裁。還有更多的產品——解決晚上的問題，解決工作問題，解決某些白天的機會問題。所以這就是 - 當你看到范思哲的主要下降與北美的增長時，是男性正在這樣做。

And I have to say, we're the ones who are really pushing that to be the case. So I, please, encourage you to go in the stores. You'll see that change that is happening and happened.

我不得不說，我們才是真正推動這種情況發生的人。所以我，拜託，鼓勵你去商店。你會看到正在發生的變化。

And that's what we want to do. We want to make sure that the sophistication level of women's and men's matches each other inside the stores, and we believe that's the right thing to do.

這就是我們想要做的。我們希望確保店內男女裝的精緻程度相互匹配，我們相信這是正確的做法。

It also happens to be what fashion trend is right now, but that's where historically Versace was, and that's where we want it to get. That's where we want it to get back to.

它也恰好是現在的時尚趨勢，但這是 Versace 歷史上的地方，也是我們想要的地方。這就是我們希望它回到的地方。

Our next question comes from the line of Brooke Roach with Goldman Sachs.

我們的下一個問題來自布魯克羅奇與高盛的合作。

I was hoping you could talk to your efforts to align the cost structure of the business to the current level of demand that you're seeing. What actions are you taking to improve your margins? And can you provide an update on your thoughts to return Capri to an 18% or greater operating profit margin over time?

我希望你能談談你為使企業的成本結構與你所看到的當前需求水平保持一致所做的努力。您正在採取哪些措施來提高利潤率？您能否提供最新的想法，讓 Capri 隨著時間的推移恢復到 18% 或更高的營業利潤率？

Sure, Brooke. I'd be happy to do that. So for this year, given the large change in wholesale, and we noted this in prior quarters, but we've worked through a number of initiatives to reduce our cost structure and recalibrate the rate of spending on initiatives.

當然，布魯克。我很樂意那樣做。因此，今年，鑑於批發的巨大變化，我們在前幾個季度注意到了這一點，但我們已經通過一些舉措來降低我們的成本結構並重新調整舉措的支出率。

We are looking at back-office type activities as well as corporate overhead and focusing on non-revenue driving expenses, projects, initiatives while continuing to invest in marketing and in e-commerce and those initiatives like the re-platforming of our e-commerce systems that will help us drive revenue and expand margins in the future.

我們正在研究後台類型的活動以及公司管理費用，並專注於非收入驅動費用、項目、計劃，同時繼續投資於營銷和電子商務以及那些計劃，例如我們電子商務的重新平台化將幫助我們在未來增加收入和擴大利潤的系統。

As we look ahead to getting to 18%, and we've ultimately given a long-term goal of 20% operating margin, that will really come with, as we noted in this year, gross profit expansion, but mostly of leverage. And the leverage on the SG&A will be driven, first and foremost, by increased store sales densities and then leverage on our corporate activities.

當我們展望達到 18% 並且我們最終給出了 20% 的營業利潤率的長期目標時，正如我們在今年指出的那樣，這將真正伴隨毛利潤擴張，但主要是槓桿。 SG&A 的槓桿作用將首先受到商店銷售密度增加的推動，然後是我們企業活動的槓桿作用。

Within that, we're going to continue to spend on marketing, and we've increased it in fiscal '23 significantly as a percent of revenue and as a total. And we've also built in an increase in fiscal '24 as that's going to be key to driving our long-term revenue and margin expansion via that leverage.

其中，我們將繼續在營銷上投入資金，並且我們在 23 財年顯著增加了它佔收入和總收入的百分比。而且我們還增加了 24 財年的增長，因為這將是通過這種槓桿推動我們的長期收入和利潤擴張的關鍵。

Our next question comes from the line Rick Patel with Raymond James.

我們的下一個問題來自 Rick Patel 和 Raymond James 的台詞。

Can you provide some additional color on what you're seeing at wholesale in terms of sell-in versus sell-through? We're trying to better understand what guidance reflects in terms of evolving market conditions versus Capri pulling back intentionally to protect its brands.

你能提供一些關於你在批發市場上看到的銷售和銷售方面的額外顏色嗎？我們正試圖更好地了解指導反映了不斷變化的市場條件與 Capri 有意撤回以保護其品牌。

Also, you touched on wholesale normalizing in the back half. Perhaps some additional color here on the direction of revenue growth and which brands we should see the most improvement?

此外，您還談到了後半部分的批發正常化。也許這裡有一些關於收入增長方向的額外顏色，以及我們應該看到哪些品牌的最大改進？

Thank you, Rick. I think we have always been a company that really looks at our, I think you're, in particular, referring to wholesale, sell-in versus sell-through. I think we did a great job managing our inventories all the way through COVID.

謝謝你，里克。我認為我們一直是一家真正關注我們的公司，我認為你特別指的是批發、銷售與銷售。我認為我們在 COVID 期間一直很好地管理我們的庫存。

And then coming out of COVID, and I think we told you that we would sequentially reduce our inventories across the company, and I think we did that. And you saw that in our inventory reduction this year at the end of the year.

然後從 COVID 中走出來，我想我們告訴過你我們將逐步減少整個公司的庫存，我想我們做到了。你在今年年底的庫存減少中看到了這一點。

So I think we feel good about our inventory positions that we own in our own retail stores as well as the inventory we own that will be available to ship to our wholesale partners. We monitor it weekly. And so we're really in lockstep with our partners on how that product ends up in the stores.

因此，我認為我們對我們在自己的零售店擁有的庫存狀況以及我們擁有的可運送給我們的批發合作夥伴的庫存感到滿意。我們每週對其進行監控。因此，我們真的與我們的合作夥伴就該產品如何最終進入商店保持一致。

Again, you'll see wholesale will decline much more significantly than what's happening at POS because again, we're up against last year, where we were restocking the stores at this point in time, when they were, quite frankly, below targeted inventory levels. So I think we feel good about that.

再一次，你會看到批發量的下降比 POS 的下降幅度要大得多，因為我們再次與去年相比，我們在這個時間點對商店進行補貨，坦率地說，當時他們低於目標庫存水平。所以我認為我們對此感覺良好。

And as I said, we're seeing some green shoots on some of the new products that we've delivered really across the group. When I look at some of the new Jimmy Choo totes that just got delivered, that you see in [Canvas] and in [Straw] performing extremely well. I'm very proud of everything that, that team is doing. The JC logo on the bags are -- is kind of a very, very strong driver for us.

正如我所說，我們在整個集團中真正交付的一些新產品上看到了一些萌芽。當我看到一些剛剛交付的新 Jimmy Choo 手提包時，你會發現它們在 [Canvas] 和 [Straw] 中表現得非常好。我為那個團隊所做的一切感到非常自豪。包上的 JC 標誌是——對我們來說是一種非常非常強大的驅動力。

I hope you saw the new campaign with Gisele. We were one of the first companies to really work with Gisele since she's come back to the fashion industry. And so we've got, I think, the right marketing around glamor. We've got the right products around signature and logo happening there, and we're seeing the results.

我希望你看到了 Gisele 的新廣告。自從 Gisele 重返時尚界後，我們是第一批真正與她合作的公司之一。所以我認為，我們已經有了圍繞魅力的正確營銷。我們已經有了圍繞簽名和徽標的正確產品，我們正在看到結果。

At Versace, as I said, we're very pleased with what's happening with our accessories, both in wholesale and in our own retail channels. And the women's business has been strong as well.

正如我所說，在范思哲，我們對我們的配飾在批發和我們自己的零售渠道中發生的事情感到非常高興。女性業務也很強勁。

The men's business is going to take time for us to rebalance. It's the right thing to do. If we believe in luxury, if we believe in the future, we have to really reset that part of the business. And we'll take some hits on that. But that's -- this is about the future of $2 billion plus for Versace, not whether we get there in a quarter or 2.

男士業務需要時間讓我們重新平衡。這是正確的做法。如果我們相信奢侈品，如果我們相信未來，我們就必須真正重置這部分業務。我們會對此採取一些措施。但那是——這是關於范思哲 20 億美元以上的未來，而不是我們是否在一個季度或兩個季度內到達那裡。

But I do think we have the ammunition, in particular, with the new Anne Hathaway campaign, with icons coming for Versace in terms of the ready-to-wear. And of course, we're having very good success with our La Greca launch and the solid performance of La Medusa and Virtus.

但我確實認為我們有彈藥，特別是新的安妮海瑟薇廣告，范思哲在成衣方面的偶像。當然，我們在推出 La Greca 以及 La Medusa 和 Virtus 的穩健表現方面取得了巨大成功。

So our codes are really starting to resonate. And again, we just came off of a record year for Versace, and I think we're quite proud of that.

所以我們的代碼真的開始產生共鳴。再一次，我們剛剛結束了 Versace 創紀錄的一年，我認為我們為此感到非常自豪。

And then in terms of Michael Kors, I think that look, this is a very painful thing that we're going through, with the reduction in the wholesale channel for us. I think that, that is something that we have to work harder at, and I said that in the last calls, in particular, with getting more sales associates into the stores to really be present and to clientele and to be able to conclude transactions.

然後就 Michael Kors 而言，我認為，隨著我們批發渠道的減少，這是我們正在經歷的一件非常痛苦的事情。我認為，這是我們必須更加努力的工作，我在最近的電話中說過，特別是讓更多的銷售人員進入商店，真正出現在客戶面前，並能夠完成交易。

I think that we were slow to rebuild that program coming out of COVID, and that's a mistake that we made. I think you'll see that in a much better place come fall season. We're also seeing some green shoots while our hardware program was launched last fall season and probably didn't deliver exactly the results we were looking for.

我認為我們重建 COVID 項目的速度很慢，這是我們犯的一個錯誤。我想你會在秋季到來時在一個更好的地方看到它。當我們的硬件計劃於去年秋季推出時，我們也看到了一些萌芽，並且可能沒有提供我們正在尋找的結果。

As we reduce some of the size of that hardware, we're getting very, very strong performance on that now. So between our signature, which I mentioned is over 50% of our business, and now the hardware growth, we're really starting to see come online. We think we've got the product in place to reset with our wholesale partners.

隨著我們減小該硬件的一些尺寸，我們現在獲得了非常非常強大的性能。因此，在我們的簽名（我提到的占我們業務的 50% 以上）和現在的硬件增長之間，我們真的開始看到上線了。我們認為我們已經準備好與我們的批發合作夥伴一起重置的產品。

And again, all we're looking to do is to stabilize that business. We're not looking for growth. We're not there yet, but we do think that we will be there for the fall season. Thank you.

同樣，我們要做的就是穩定該業務。我們不尋求增長。我們還沒有到那兒，但我們確實認為我們會在秋季到達那裡。謝謝。

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

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

John, did you -- or could you share what AUR was for this quarter maybe in marketing as a percent of sales? And then Tom, could you just elaborate at all on how you're thinking about the approach to debt levels? And then I think the full year shares were guided above the 1Q, so any color on the repurchases on the other side of that?

約翰，你有沒有——或者你能分享一下本季度 AUR 在營銷中佔銷售額的百分比嗎？然後湯姆，你能否詳細說明你是如何考慮債務水平的方法的？然後我認為全年股票的指導高於第一季度，那麼另一邊的回購有什麼顏色嗎？

Sure. So Simeon, at Versace, AURs are up, and that's driven by two things: by price increase and by full price sell-throughs, in particular, on our accessories and our footwear. So we feel good about what's happening there.

當然。所以 Simeon，在范思哲，AURs 上升了，這是由兩件事驅動的：價格上漲和全價銷售，特別是我們的配飾和鞋類。所以我們對那裡發生的事情感覺很好。

I think I mentioned on the previous call, we will not be taking any more price increases at this point. We took a lot of substantial price increases in Versace. And so I think we're pretty much finished with that for the moment.

我想我在之前的電話會議上提到過，此時我們不會再漲價了。我們把范思哲大幅提價拿了很多。所以我認為我們現在已經差不多完成了。

Jimmy Choo, again, AURs are up. We also took many price increases. We're going to take a few more in Jimmy Choo, but I think that will kind of end towards the third and fourth calendar quarter of this year, and we feel we're in a really good position.

Jimmy Choo，AUR 再次上升。我們也進行了多次漲價。我們將在 Jimmy Choo 上多做一些，但我認為這將在今年第三和第四季度結束，我們覺得我們處於一個非常好的位置。

Both at Jimmy Choo and Versace, we're going to balance inside of those price points. And I think that's something you've heard me mention about Michael Kors as well.

在 Jimmy Choo 和 Versace，我們將在這些價格點內進行平衡。我想這也是你聽我提到過的關於 Michael Kors 的事情。

You have to really look at things on a good, better, best strategy and tier your pricing to be able to really reach multiple different consumers who are at different income levels. And so I think we're in the process of fine-tuning that across those two areas.

你必須真正以好的、更好的、最好的策略來看待事物，並對你的定價進行分級，才能真正接觸到處於不同收入水平的多個不同消費者。所以我認為我們正在對這兩個領域進行微調。

Michael Kors, the average unit retail has not declined. The average transaction has declined slightly, and that is driven by -- we see a significant uptick in smaller bags.

Michael Kors 的平均單位零售量並沒有下降。平均交易量略有下降，這是由——我們看到小包顯著增加。

So some of the decline that you've seen in our own stores that we reported this past quarter, is actually unit sales are up, and this is something that we -- as we went through COVID, we saw totes we saw backpacks, we saw large handbags significantly increase in revenues. That has slowed down.

因此，您在我們上個季度報告的我們自己的商店中看到的一些下降實際上是單位銷售額上升，這是我們 - 當我們經歷 COVID 時，我們看到手提包，我們看到背包，我們看到大手袋的收入顯著增加。這已經放緩。

And what is speeding up is smaller bags, and we saw that with people returning to more social activities, going out to parties. And we see this globally. This is not a U.S. situation. And again, I think we are -- look to as a company that does [read] fashion.

正在加速的是更小的袋子，我們看到隨著人們回歸更多的社交活動，外出參加派對。我們在全球範圍內都看到了這一點。這不是美國的情況。再說一次，我認為我們是——被視為一家從事[閱讀]時尚的公司。

And again, we have a younger consumer who's been here, and a lot of people talk about gaining younger consumers. And we continue to gain younger consumers, but we've already have, we believe, a disproportionate level, not in a bad way, but in a good way.

再一次，我們有一個更年輕的消費者來過這裡，很多人都在談論吸引更年輕的消費者。我們繼續吸引更年輕的消費者，但我們相信，我們已經擁有了一個不成比例的水平，不是以壞的方式，而是以好的方式。

And so that customer tends to want to have a little more fun and get dressed up a little bit. And we think that, that customer is responding to the fashion that we're delivering.

因此，客戶往往希望獲得更多樂趣並打扮一下。我們認為，客戶正在響應我們提供的時尚。

And that's also where I mentioned to you on the hardware, where we're seeing some of the slightly smaller hardware bags really start to get a lift inside the company. So we're quite pleased with that. And that's just a trend that's happening in fashion. I'll turn it over to Tom.

這也是我在硬件方面向您提到的地方，我們看到一些稍微小一點的硬件包真的開始在公司內部得到提升。所以我們對此非常滿意。這只是時尚界正在發生的一種趨勢。我會把它交給湯姆。

Simeon, regarding debt levels, first, I'd like to say, our debt levels are very manageable, and our leverage is below 2x. And as we guided, net interest is $20 million for the year, expected to be.

Simeon，關於債務水平，首先，我想說，我們的債務水平非常可控，我們的槓桿率低於 2 倍。正如我們所指導的那樣，今年的淨利息為 2000 萬美元，預計為 2000 萬美元。

However, in the past, we've always been balanced between buying back shares and repaying debt. So this is really a return to our usual practice. And in the current environment, we think it's prudent to do so and to manage both with really strong free cash flow, which ended the year -- last year about $540 million and expect to continue to generate strong free cash flow, going forward.

然而，在過去，我們總是在回購股票和償還債務之間取得平衡。所以這真的是回到了我們通常的做法。在當前環境下，我們認為這樣做並以非常強勁的自由現金流來管理兩者是謹慎的做法，去年年底約為 5.4 億美元，預計未來將繼續產生強勁的自由現金流。

With regard to shares, the full-year share count was guided above Q1, and that's due to the normal issuance of shares in the June timeframe for our employees as part of long-term compensation.

在股票方面，全年股票數量指導高於第一季度，這是由於作為長期補償的一部分，我們的員工在 6 月份的時間框架內正常發行股票。

So that's why the year is above the run rate coming out of the prior year, which included the $1.35 billion of share repurchases, and that's flowing through.

所以這就是為什麼今年高於上一年的運行率，其中包括 13.5 億美元的股票回購，並且正在流過。

Our next question comes from the line of Alex Straton -- I'm sorry. Alex Straton with Morgan Stanley.

我們的下一個問題來自 Alex Straton——對不起。 Alex Straton 與摩根士丹利。

I just had a couple of follow-ups on pricing and promotions. It sounds like you guys had some department store pushback on pricing, but have you observed any of that or sensitivity there in the direct-to-consumer channel? If you have any color on variation by household income level, that'd also be helpful.

我剛剛對定價和促銷進行了一些跟進。聽起來你們在百貨公司的定價方面遇到了一些阻力，但您是否在直接面向消費者的渠道中觀察到任何這種情況或敏感度？如果您對家庭收入水平的變化有任何顏色，那也會有所幫助。

I think just finally, it's great to hear that you guys have an ongoing commitment to limited promotions. But how would you describe the broader environment there? And what expectations you have embedded into the guidance?

我想最後，很高興聽到你們一直致力於有限的促銷活動。但是你會如何描述那裡更廣闊的環境呢？您對指南有何期望？

Yes. Thanks, Alex. I want to be clear, it wasn't a pushback by the department stores. The consumer and our department store partners, both in United States, Europe and of course, we have them in Japan as well, have been terrific and, by the way, have been totally on board with our elevation strategy. So we've had great support from them on that.

是的。謝謝，亞歷克斯。我想澄清一下，這不是百貨公司的反擊。消費者和我們的百貨商店合作夥伴，無論是在美國、歐洲，當然，我們在日本也有他們，都非常棒，順便說一下，他們完全支持我們的提升策略。所以我們在這方面得到了他們的大力支持。

I would say that we were able to sell higher price points in our own stores better than that what happened in the department stores.

我想說的是，與百貨公司相比，我們能夠在自己的商店中更好地銷售更高的價格點。

And I think part of the result of that or part of the reason for that was we did not have as many sales associates inside the stores to really work with the end consumer on either why the product was more expensive or talking about quality issues, et cetera.

而且我認為部分結果或部分原因是我們在商店內沒有那麼多的銷售人員真正與最終消費者合作，了解為什麼產品更貴或談論質量問題等等等。

So I think that's -- and I want to make sure I make it clear that we think that's a big mistake that we made, and we're going to correct that mistake very rapidly. This is just a matter of getting the people hired now, and that's what takes time to get that in place.

所以我認為那是 - 我想確保我明確表示我們認為這是我們犯下的一個大錯誤，我們將非常迅速地糾正這個錯誤。這只是現在僱用人員的問題，而這正是需要時間才能到位的問題。

So we really feel like around September, we'll start to have a fully-staffed department store situation, still not up to pre-pandemic levels, but significantly over double what we had going into this past holiday season. And our partners feel great about that as well, both in North America and in Europe.

因此，我們真的覺得在 9 月左右，百貨商店將開始出現人滿為患的情況，但仍未達到大流行前的水平，但比上個假日季節的水平高出一倍多。我們在北美和歐洲的合作夥伴也對此感到滿意。

So I think that, and as I said before, you need to tier your pricing strategy in every -- whether it's the most high-end luxury retailers or brands that are more at the accessible luxury category, do that.

所以我認為，正如我之前所說，你需要對每一個定價策略進行分層——無論是最高端的奢侈品零售商還是更容易進入奢侈品類別的品牌，都要這樣做。

And I think we're just going to do some tweaking inside our accessories and some of our footwear businesses in the department stores, in particular, in Michael Kors, but not only exclusive to Michael Kors.

我認為我們將對我們的配飾和百貨公司的一些鞋類業務進行一些調整，特別是在 Michael Kors 中，但不僅限於 Michael Kors。

And we're doing that a little bit with Versace as well because we've got a very big footwear business with Versace, and we want to balance some of those price points as well. So I think that's going to be a constant fine-tuning for us.

我們也在與 Versace 合作，因為我們與 Versace 有很大的鞋類業務，我們也想平衡其中的一些價格點。所以我認為這對我們來說將是一個不斷的微調。

In terms of the environment at large, we certainly see a more active promotional environment. And I think that's a result of many companies having too much inventory coming out of the holiday season, heading into spring, also with certain retailers reducing orders.

就大環境而言，我們當然會看到更加活躍的促銷環境。我認為這是因為許多公司在假期結束後庫存過多，進入春季，同時某些零售商減少了訂單。

We've got ahead of it, I think, very quickly. And as you can see by our own inventories, we're in good shape. So we don't feel a huge desire or need to do things -- take out actions that would be brand damaging.

我們已經領先了，我想，很快。正如您從我們自己的庫存中看到的那樣，我們的狀況良好。所以我們沒有強烈的願望或需要做一些事情——採取會損害品牌的行動。

And I think that, again, we've said it before and in particular, around Michael Kors, if we have to give up some volume to protect the brand, we're going to do that. And again, this is more of a North America conversation because these conversations are really not the same level that you see in Europe or in Asia around the Michael Kors brand, in particular.

而且我認為，我們之前已經說過，特別是在 Michael Kors 周圍，如果我們不得不放棄一些銷量來保護品牌，我們就會這樣做。再一次，這更像是一場北美對話，因為這些對話實際上與您在歐洲或亞洲圍繞 Michael Kors 品牌看到的對話水平不同。

So we're going to stay steadfast to what we set out to do. We think that, again, when you see a 17% increase in a customer database, I think that as tremendous about what's happening to the consumer wanting to come to our brand, shop our brand and be a part of the Michael Kors lifestyle.

因此，我們將堅定不移地堅持我們的目標。我們再次認為，當您看到客戶數據庫增加 17% 時，我認為對於希望來到我們的品牌、購買我們的品牌並成為 Michael Kors 生活方式的一部分的消費者來說，發生的事情是巨大的。

Our next question comes from the line of Dana Telsey with Telsey Advisory Group.

我們的下一個問題來自 Telsey Advisory Group 的 Dana Telsey。

John, as you think about the Americas business and your retail store profile, what is the right number of stores? How do you see these remodels transforming the business? And what percentage of CapEx do you think goes into it?

約翰，當你考慮美洲業務和你的零售店概況時，正確的商店數量是多少？您如何看待這些改造對業務的轉變？您認為資本支出的百分比是多少？

Dana, first off, as you know, we had close to 150 stores over the last few years to get to the right profile. And that really was a result of the e-commerce business. Once we turned on e-commerce, a number of our stores, the volumes reduced quite significantly.

達娜，首先，如你所知，我們在過去幾年中擁有近 150 家商店，以獲得正確的形象。這確實是電子商務業務的結果。一旦我們打開電子商務，我們的一些商店的數量就會大大減少。

We have a very, very strong e-commerce business, as you know, growing. And as I indicated before, we've got a younger customer who's always been part of the Michael Kors profile. And that customer is a bit more digital native.

如您所知，我們擁有非常非常強大的電子商務業務，並且在不斷發展。正如我之前指出的，我們有一位年輕的顧客，他一直是 Michael Kors 個人資料的一部分。而且該客戶更多是數字原住民。

So we've got a few more to go, a few more stores to close, probably another 25 or 30 or so in North America, and then we're done. And then we are going to renovate every single store in North America. We went on the same mission at Versace. I think it's working quite well for us there. We were fortunate when we bought Jimmy Choo, most of the store fleet was renovated. We've got a handful of stores to do there.

所以我們還有幾家店要開，還有幾家店要關，北美可能還有 25 或 30 家左右，然後我們就完成了。然後我們將翻新北美的每一家商店。我們在 Versace 執行同樣的任務。我認為它在那裡對我們來說工作得很好。當我們購買 Jimmy Choo 時，我們很幸運，大部分店面都進行了翻新。我們在那裡有幾家商店。

But Michael Kors, we want to reset the stores for two reasons: Number one, it's time to refresh many of the stores, and we are a few years behind on that, mainly because of COVID. We just didn't feel like that was the right moment to make those investments.

但是 Michael Kors，我們想要重置商店有兩個原因：第一，是時候更新許多商店了，我們在這方面落後了幾年，主要是因為 COVID。我們只是覺得那不是進行這些投資的合適時機。

And secondly, as we've said I think, in our Investor Day, summer of last year, we're going to upsize the shoe spaces inside of our retail store. We talk so much about our accessories business. But as we noted, we had very good growth across the whole group in footwear. We've learned a lot from our partners at Jimmy Choo about how to service customer create a really luxury environment for footwear. And we think we can do that much better than we're doing it today.

其次，正如我們所說，我認為，在去年夏天的投資者日，我們將擴大零售店內的鞋櫃空間。我們經常談論我們的配飾業務。但正如我們所指出的，我們在整個鞋類領域取得了非常好的增長。我們從 Jimmy Choo 的合作夥伴那裡學到了很多關於如何為客戶創造真正奢華的鞋履環境的知識。我們認為我們可以比現在做得更好。

You'll see that in the 2 prototype stores that open, and then that will be one of the core pillars when we start to renovate the stores as to be able to give footwear a much bigger presence. And you see many luxury companies doing this. Again, we're not the only one who is looking at this as an opportunity for us.

你會在 2 家開業的原型店中看到這一點，然後當我們開始翻新商店以便能夠讓鞋類產品有更大的影響力時，這將成為核心支柱之一。你會看到很多奢侈品公司都在這樣做。同樣，我們並不是唯一將此視為我們機會的人。

So you'll actually see the store count, while I said we probably have another 20 or 25 that's close in North America. You'll actually see the store count remain roughly flat or go up slightly, and that's mainly because of the stores we're opening in China.

所以你實際上會看到商店數量，而我說我們在北美可能還有 20 或 25 家關閉。實際上，你會看到門店數量大致持平或略有上升，這主要是因為我們在中國開設的門店。

And we have some additional stores we're opening in the Middle East and in India as well. So there are markets we will grow. North America will shrink a little bit and completely renovate the fleet here in North America.

我們還在中東和印度開設了一些額外的商店。所以我們會發展一些市場。北美會收縮一點，徹底改造北美這裡的艦隊。

And that will be a few hundred million dollars over a few year time period. We'll get back to you with more details around that and -- but we certainly have the -- the cash flow to be able to do this.

在幾年的時間裡，這將是幾億美元。我們會就此提供更多詳細信息，並且 - 但我們當然有 - 能夠做到這一點的現金流。

And as Tom mentioned before, we're going to invest in everything from stores in the company to our technology inside the company. We have a belief that we have 3 very powerful brands that can all grow. And we're going to invest to be able to support that growth.

正如湯姆之前提到的，我們將投資從公司商店到公司內部技術的所有方面。我們相信我們擁有 3 個非常強大的品牌，它們都可以成長。我們將進行投資以支持這種增長。

And Dana, I'd add, we guided to a CapEx this year of $260 million. A little over half of that is for stores and renovations that at Investor Day, we provided a longer-term number of about 300 a year. So as John was noting, as we finished Versace's store refurbishments, then and remodeling, we'll then move into Michael Kors. Will provide more details in the future, but that provides a little context.

達納，我要補充說，我們今年的資本支出為 2.6 億美元。其中一半多一點用於商店和裝修，在投資者日，我們提供了每年約 300 個的長期數量。因此，正如 John 所說，當我們完成 Versace 的商店翻新和改造後，我們將搬進 Michael Kors。將來會提供更多詳細信息，但這提供了一些背景信息。

Yes. And those new store renovations, like they've done in Versace, like they've done in Jimmy Choo, should give those stores a lift, which is another avenue for us for increasing store productivity. Thank you, Dana.

是的。那些新店的裝修，就像他們在范思哲所做的那樣，就像他們在 Jimmy Choo 所做的那樣，應該會給這些商店帶來提振，這是我們提高商店生產力的另一種途徑。謝謝你，丹娜。

Our next question comes from the line of Lorraine Hutchinson with Bank of America.

我們的下一個問題來自美國銀行的 Lorraine Hutchinson。

Can you quantify peak to trough wholesale revenues at Michael Kors? And just any comments on -- do you think you've taken the business to the right level at this point? Or is there a risk that there's another leg down to that channel?

你能量化 Michael Kors 從高峰到低谷的批發收入嗎？還有任何評論 - 你認為你現在已經將業務提升到了正確的水平嗎？或者是否存在通往該渠道的另一條腿的風險？

Well, Lorraine, I would say, across the group, we're looking at wholesale very carefully. It runs in that 20-something percentage for us today. And I think over time, we've said we want to see the wholesale business decline, happened a little faster to us than we would have liked to have seen happen.

好吧，洛林，我想說，在整個集團中，我們正在非常仔細地研究批發。它今天對我們來說佔了 20 左右的百分比。而且我認為隨著時間的推移，我們已經說過我們希望看到批發業務下降，發生在我們身上的速度比我們希望看到的要快一些。

And as I said, I think we made some missteps in the fall season and the beginning of the spring around the Michael Kors piece.

正如我所說，我認為我們在秋季和春季初圍繞 Michael Kors 的作品犯了一些錯誤。

But we've seen declines in Versace and Jimmy Choo as well, as you've heard that reported by multiple luxury companies. So we're not telling you anything that you're not hearing from other luxury companies.

但我們也看到 Versace 和 Jimmy Choo 的銷售額下降，正如您聽到多家奢侈品公司報告的那樣。因此，我們不會告訴您任何您未從其他奢侈品公司聽到的信息。

And so I think our goal is to stabilize the wholesale business. Our goal is not to grow the wholesale business. And our goal is, quite frankly, to shrink the wholesale business as a percent to total.

所以我認為我們的目標是穩定批發業務。我們的目標不是發展批發業務。坦率地說，我們的目標是縮小批發業務佔總業務的百分比。

We're very proud of the partners that we work with today. I think we work with the best stores in Europe and in North America and some of the best specialty stores in the world across all 3 of the houses.

我們為今天合作的合作夥伴感到非常自豪。我認為我們與歐洲和北美最好的商店以及世界上所有 3 個品牌的一些最好的專賣店合作。

But I think that our future really lies in our own direct-to-consumer business, driven by our retail stores first because it's the biggest part of our revenue; and second, by our e-commerce business.

但我認為我們的未來真正在於我們自己的直接面向消費者的業務，首先由我們的零售店推動，因為這是我們收入的最大部分；其次，通過我們的電子商務業務。

And one of the things we're really on a very strong mission around and one of the great things about having the luxury group the way that we have, is we've learned a lot from each of the different houses on clienteling. And we're starting to really make some very significant inroads in clienteling.

我們真正肩負著一項非常強大的使命，並且以我們現有的方式擁有奢侈品集團的一件好事是，我們從每個不同的客戶那裡學到了很多東西。我們開始真正在客戶服務方面取得一些非常重要的進展。

It is now double-digit part of the revenue for Michael Kors, which is quite impressive. I don't think we thought we could get to this level this quickly. And that's being driven by technology. We have systems in place now for our sales associates to really clientele with.

它現在是 Michael Kors 收入的兩位數部分，相當可觀。我不認為我們認為我們可以這麼快達到這個水平。這是由技術驅動的。我們現在已經為我們的銷售人員建立了真正的客戶系統。

We're now able to take the data analytics that we've been using and driving for our e-commerce business, and you see we keep reporting growth in our e-commerce revenues.

我們現在能夠採用我們一直在使用和推動電子商務業務的數據分析，你會看到我們一直在報告電子商務收入的增長。

But now, we're using that same data analytics to put in the hands for clienteling and direct customer communication, which is becoming a very -- and it will become even a more significant part of our business.

但是現在，我們正在使用相同的數據分析來進行客戶服務和直接客戶溝通，這正在成為一個非常重要的——而且它將成為我們業務中更重要的一部分。

So I think that's where we look to the growth, again, continue to stabilize with our existing wholesale partners, but not looking to make that a strong growth engine for the company.

所以我認為這就是我們期待增長的地方，再次，繼續與我們現有的批發合作夥伴保持穩定，但不希望使其成為公司強大的增長引擎。

So I'd like to thank everyone for taking the time. We ran a little bit over because usually, at the year-end call, it's time to give you a broader perspective. I hope what has come through loud and clear is that we have 3 very powerful names, starting with Michael Kors, our biggest business in the company.

所以我要感謝大家抽出寶貴的時間。我們有點跑題了，因為通常在年終電話會議上，是時候給你一個更廣闊的視角了。我希望大聲而明確的是，我們有 3 個非常有影響力的名字，首先是我們公司最大的業務 Michael Kors。

We do believe that, that brand will grow to $5 billion over time. We do believe that we will double our business in Asia, and we do believe that we will continue to grow our accessories and footwear business. And we like what we're doing with repositioning to be more aspirational and to reset the values, especially around Jet Set, for Michael Kors.

我們確實相信，隨著時間的推移，該品牌將增長到 50 億美元。我們相信我們在亞洲的業務會翻一番，我們相信我們會繼續發展我們的配飾和鞋類業務。我們喜歡我們正在做的事情，即重新定位，讓 Michael Kors 更有抱負並重新設定價值觀，尤其是圍繞 Jet Set 的價值觀。

Secondly, Jimmy Choo, we are feeling very good about what's happening in Jimmy Choo. In particular, you're going to see operating margin expansion. We've been talking about that for some time. We feel like we're in a very good position.

其次，Jimmy Choo，我們對 Jimmy Choo 發生的事情感覺非常好。特別是，您將看到營業利潤率擴張。我們已經討論了一段時間了。我們覺得我們處於非常有利的位置。

We won't get to probably double digit this year, but we think next year, we will. And as that business gets closer to $1 billion, it's going to be able to generate significant operating profit dollars for the company.

今年我們可能不會達到兩位數，但我們認為明年會。隨著該業務接近 10 億美元，它將能夠為公司帶來可觀的營業利潤。

And then lastly, Versace, as we've talked about many times, we have our sights set on $2 billion. We feel that we have a very good roadmap to get there.

最後，范思哲，正如我們多次談到的那樣，我們的目標是 20 億美元。我們覺得我們有一個非常好的路線圖可以到達那裡。

And we also believe that there's more upside beyond that, and you can certainly see that through some of the very, very powerful names across the globe. And we believe that Versace sits in that world.

我們還相信，除此之外還有更多的好處，你當然可以通過全球一些非常非常有影響力的名字看到這一點。我們相信范思哲就在那個世界裡。

So we feel strong about our future at pre -- and we look forward to giving you more feedback on our progress. Thank you very much for joining us today.

因此，我們對我們的未來充滿信心 - 我們期待就我們的進展向您提供更多反饋。非常感謝您今天加入我們。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。