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，歡迎參加 Capri Holdings Limited 2023 年第四季和全年財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我想將會議交給主持人、卡普里控股有限公司投資者關係副總裁 Jennifer Davis。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.

大家早安，感謝您參加 Capri Holdings Limited 第四季和全年 23 財年電話會議。今天早上和我在一起的有董事長兼執行長約翰‧伊多爾 (John Idol)；財務長兼營運長湯姆愛德華茲 (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，今天電話會議中所做的某些陳述可能構成前瞻性陳述，這些陳述受到風險和不確定性的影響，可能導致實際結果與我們的預期不同。

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 SEC 提交的文件中進行了描述，這些文件可在公司網站上查看。投資者不應假設本次電話會議中所做的聲明將在以後繼續有效，並且本公司不承擔更新電話會議中討論的任何資訊的義務。

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，否則今天電話會議上的所有財務資訊都將按照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、長期資產減損、ERP 實施成本、卡布里島轉型成本、重組和其他費用、慈善捐贈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.

若要查看相應的 GAAP 指標和相關調節表，請查看今天稍早發佈在我們網站 capriholdings.com 上的收益報告。

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，提醒一下，去年第四季和全年的財政日曆中多了一周。因此，除非另有說明，第四季和 23 財年的營收成長率將在 52 週不變貨幣的基礎上進行討論。

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

現在我想把電話轉給董事長兼執行長約翰·伊多爾先生。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。大家早安。回顧 23 財年，營收成長了高個位數，每股盈餘成長了中個位數。這些結果是在 52 週不變貨幣基礎上衡量的。

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.

雖然這還沒有達到我們最初的預期，但我們業務的許多方面都表現良好。首先，所有品牌的營收均有所成長，其中 Versace 和 Jimmy Choo 實現兩位數成長，Michael Kors 實現中個位數成長。事實上，我們 Versace 和 Jimmy Choo 在 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件的成長，Versace 女裝配件零售額成長超過 40%，Jimmy Choo 成長超過 20%，Michael Kors 則只有低個位數。

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，我們持續成長所有品牌的鞋類產品，Versace 和 Michael Kors 的女鞋零售額實現兩位數成長，Jimmy Choo 實現個位數成長。

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，我們為資料庫增加了 1,260 萬個新名字，資料庫總規模增加了 18%。這是該公司史上最大的年增幅。結合我們自己零售通路的成長，我們相信這將繼續證明我們奢侈品牌的實力和吸引力。

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

第五，我們透過股票回購向股東返還 13.5 億美元，這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、我們奢侈品牌的實力以及我們策略性舉措的執行力。

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 財年按品牌劃分的最新進展。從范思哲開始。在 23 財年，我們實現了超過 11 億美元的創紀錄收入，展示了品牌的動能和我們策略成長計畫的成功。以固定匯率計算，范思哲 23 財年的營收成長了 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，這是我們成長策略的關鍵組成部分。女士配件是 Versace 表現最強勁的品類，23 財年我們零售通路的銷售額比前一年增長了 40% 以上。憑藉我們的支柱 La Medusa、Virtus 和 Greca Goddess，我們在將 Versace 定位為領先奢華皮革品牌的目標方面取得了重大進展。

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，這是我們成長策略的另一個組成部分。我們持續打造專注於標誌性品牌代碼的核心產品，鞋類表現良好。在 23 財年，隨著我們繼續獲得女性奢華時尚鞋類領域的權威，我們自己的零售通路中的女鞋銷售額增長了兩位數。成衣方面，女裝表現出色，自有零售通路銷售額呈現兩位數成長。

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.

就男士成衣而言，我們正處於品牌重新定位的早期階段。我們正在提升產品種類，納入更多訂製款式，以順應服裝時尚趨勢。如預期，下半年銷售額下降，導致 23 財年男裝成衣銷售額下降。

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，這些業務實現了兩位數的強勁成長。

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) 2023 秋冬時裝秀在洛杉磯舉行，為奧斯卡週末拉開序幕，該系列的靈感來自好萊塢的活力、魅力和力量。該系列標誌著范思哲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.

這場演出受到了品牌好友的廣泛關注，其中包括安妮·海瑟薇、杜阿·利帕、克里斯·李、麥莉·賽勒斯、利爾·納斯·X、查寧·塔圖姆和艾爾頓·約翰等。與 23 年春季時裝秀相比，這場時裝秀產生了超過 4 億次展示次數，社群媒體參與度增加了 60%。

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

圍繞著時裝秀的活力和興奮使范思哲全球資料庫的數量同比增長了約 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 財年的策略性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.

轉向吉米·週 (Jimmy Choo)。在 23 財年，我們實現了創紀錄的 6.33 億美元收入，我們繼續執行擴大配件收入並利用我們迷人的鞋類機會的戰略舉措。以 52 週固定匯率計算，23 財年的營收成長了 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，這是我們成長策略的關鍵組成部分。隨著我們開發和投資永恆的標誌性款式，我們成功地擴大了我們的產品系列。同時，我們透過新穎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 財年實現了兩位數的強勁成長。因此，女士配件成為 Jimmy Choo 表現最強勁的品類，23 財年我們零售通路的銷售額比前一年增長了 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。 23 財年，鞋類銷售主要由場合鞋類的成長所推動。隨著人們繼續參與社交活動並享受特殊活動，這個類別表現良好。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之外，我們還看到香水、眼鏡和珠寶領域的成長，這強化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。第四季度，Jimmy Choo 推出了成功的膠囊系列，慶祝日本動畫系列《美少女戰士》30 週年。此次合作包括配件和鞋履。去化率達90%以上。

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，此次合作在社群媒體上產生了強大的參與度，包括約 8,000 萬次展示，並幫助 Jimmy Choo 的全球消費者資料庫年增了 17%。總體而言，我們對 Jimmy Choo 所取得的進展感到滿意，因為我們將繼續執行我們的策略性舉措。

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。以 52 週固定匯率計算，營收成長 4%，達 39 億美元。我們對自己的零售通路的持續成長感到高興，全年銷售額成長了中個位數。然而，由於 23 財年後半段批發業務出現兩位數下降，總收入低於我們最初的預期。

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。在配件方面，23 財年我們零售通路的銷售額在全球範圍內實現了低個位數成長。消費者對我們以 Michael Kors Signature 和硬體為特色的核心標誌性系列做出了積極反應。

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.

憑藉我們的標誌性和硬體策略，我們繼續創造慾望，因為我們標誌性的 Michael Kors 品牌引起了消費者的共鳴。 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.

看鞋類。我們仍然相信，我們可以大幅拓展 Michael Kors 鞋類業務，以推動營收增量。我們零售通路的鞋類銷售額成長了兩位數，因為我們提供了具有標誌性硬體品牌元素和標誌性細節的令人興奮的時尚。

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。男裝是 23 財年我們零售通路中表現最強勁的類別，銷售額以兩位數的速度強勁成長。隨著產品多元化，我們仍然熱衷於大幅增加配件系列的機會。

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.

在許可證方面，收入下降了兩位數。這是由於手錶銷量下降以及香水因過渡到新的 EuroItalia 許可證而大幅下降所致。

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。本季度，我們專注於在中國重新點燃Michael Kors 的Jet Set 故事，在【三亞】進行了令人印象深刻的2 天品牌體驗。背景。

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露以及頂級名人、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 億次曝光。既然中國已經重新開放，我們打算在中國進行更多的品牌活化活動。

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.

紐約時裝週期間，Michael Kors 再次成為社群媒體上參與度最高的時尚品牌。該劇在西村舉行，歌頌了 20 世紀 70 年代紐約的永恆魅力和波西米亞風情。出席者包括凱特·哈德森、麗婭·米歇爾、凱蒂·霍爾姆斯和艾倫·旁派。該節目產生了超過 2500 萬次直播觀看次數。

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.

我們的行銷舉措幫助 Michael Kors 全球資料庫年增了 17%，展現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通路的成長感到滿意，因為消費者對我們的 Jet Set 定位和提升策略做出了反應。

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 Capri 對 24 財年的展望。 Versace、Jimmy Choo 和 Michael Kors 是我們擁有 3 個極其強大的品牌來推動成長的動力。我們認識到美洲近期存在不確定性。然而，亞洲的強勁趨勢和歐洲、中東和非洲地區的持續成長令我們感到鼓舞。

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

就全年而言，我們預計收入將成長低個位數，每股收益將成長中個位數。

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，我們將在執行策略性舉措的同時繼續推動成長。在我們所有的奢侈品牌中，我們致力於繼續發展我們的電子商務管道，並透過客戶告知、商店翻新和產品擴展機會來提高商店生產力。

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資料庫。我們的數據分析能力將幫助我們與消費者建立更深層的連結。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.

現在來看看我們的一些品牌特定舉措。在范思哲，我們將利用強大的品牌知名度和參與度來影響消費者的需求。我們在將 Versace 定位為領先的奢華皮革品牌的目標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大我們的平台，女士配件是我們成長最快的類別之一。

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，范思哲在亞洲擁有巨大的成長潛力，因為與我們的奢侈品同行相比，它的滲透率仍然顯著不足。我們仍然相信，我們擁有正確的策略，隨著時間的推移，范思哲的營收將成長到至少 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.

轉向吉米·週 (Jimmy Choo)。我們將繼續透過強調魅力來提高品牌熱度。隨著我們在該類別中獲得權威，我們對大幅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，我們還有一個擴大休閒鞋業務的重要機會。憑藉這兩個類別的成長潛力以及我們核心場合鞋類業務的持續成長，我們對 Jimmy Choo 隨著時間的推移實現 10 億美元收入的能力仍然充滿信心。

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。透過強化我們標誌性的 Jet Set 品牌代碼，我們看到了有意義的成長機會。首先，我們將繼續發展我們的核心配件，讓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，鞋類仍然是未來成長的重要驅動力，特別是當我們翻新商店並為該類別分配更多空間時。

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

第三，我們有很大的機會發展男裝，特別是考慮到我們在配件類別中的權威。

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 最大的成長機會將來自亞洲，與奢侈品同業相比，我們在亞洲的滲透率明顯不足。我們仍然樂觀地認為，憑藉這些機會，隨著時間的推移，Michael Kors 的收入將增加至 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擁有持久的價值和強大的品牌資產，使我們對自己隨著時間的推移實現可持續收入和盈利增長的能力充滿信心。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。大家早安。從第四季業績開始。以 52 週固定匯率計算，營收為 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.

淨利潤為 1.21 億美元，稀釋後每股收益為 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銷。

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.

現在更詳細地討論第四季的業績。除非另有說明，收入成長率將以 52 週固定匯率計算。

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.

從按通路劃分的收入開始。公司零售總額成長低個位數。這些結果是由電子商務和商店銷售的成長所推動的。在我們龐大且不斷成長的資料庫和資料分析能力的推動下，我們看到電子商務持續成長。

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.

在批發管道，收入下降了兩位數，原因是美洲 POS 銷量下降，以及去年我們的合作夥伴開始恢復庫存，銷量強勁。

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，因此收入成長了 6%。在亞洲，收入成長了 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 (Versace) 的營收較前一年下降 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.

按地區劃分，范思哲在美洲的總收入下降了兩位數，原因是批發大幅下降。歐洲、中東和非洲地區的收入成長較低個位數，反映出我們自己的零售通路的成長。亞洲地區的收入實現了中個位數的成長，主要是受到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 的營收比去年成長了 6%。全球零售額成長低個位數。從地理來看，美洲地區的總收入略有下降。歐洲、中東和非洲地區的營收成長幅度在 20% 左右。在中國重新開放的推動下，亞洲地區的收入下降了中個位數，與上一季相比有所改善。

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 的營收比前一年下降了 2%。全球零售額成長較低個位數，但被批發額兩位數下降所抵銷。

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.

按地區劃分，美洲地區的銷售額出現高個位數下降。零售額下降了個位數，而批發收入下降了兩位數。歐洲、中東和非洲地區的收入成長較低個位數。亞洲的收入成長了十幾歲，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.

現在來看看公司的整體利潤率表現。毛利率成長了 90 個基點，達到 64.6%，我們所有 3 個品牌都實現了成長。這項改善主要反映了入境運輸成本的下降、價格上漲和通路組合。

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.

營運費用佔收入的百分比為 55.6%，而去年為 49.5%，反映出批發銷售下降所推動的費用去槓桿化。在營運費用去槓桿化的推動下，公司總營運利潤率為 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.

Versace 的營業利潤率為 5.1%，而去年為 15.9%。這低於我們的預期，主要反映了批發收入低於預期的費用去槓桿化。

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%。由於收入槓桿高於預期，這超出了我們的預期。 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.

我們本季的稅率為負 16.2%，而去年的稅率為正 28.3%，這主要反映了不確定的外國稅務狀況的解決以及較低稅收管轄區的收入組合。

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。本季末，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，在本財年回購了價值 13.5 億美元的股票，這表明我們擁有強勁的資產負債表和自由現金流。

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.

本年度資本支出為 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，本季末我們的庫存為 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，我將在報告的基礎上討論收入成長率。

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 財年總營收約為 57 億美元。這一前景包括中國重新開放帶來的強於先前預期的趨勢以及美洲消費趨勢放緩。此外，這也反映了美元近期的走強。

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 Versace 營收約為 12 億美元，比 2023 財年成長約 8%； Jimmy Choo 營收約 7 億美元，成長約 11%，Michael Kors 營收約 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、通路組合和運費下降的推動下，成長率將小幅擴張。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 的營業利潤率將在 15% 左右，Jimmy Choo 的營業利潤率將達到個位數高位，Michael Kors 的營業利潤率將在 20% 左右。

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性項目的期望。我們預計淨利息支出約為 2000 萬美元，有效稅率約為 15%。我們預計加權平均已發行股數為 1.22 億股。因此，我們繼續預計稀釋後每股收益約為 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，其中包括商店開業和改造以及 IT 支出，包括對我們數位平台的投資。

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財年的資本配置計畫而言，考慮到宏觀環境和較高的利率，我們認為重新引入債務償還和股票回購是審慎的做法。

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.

現在我想花點時間就今年上半年和下半年的收入和獲利節奏提供一些看法。

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出現中個位數下降。在我們自己的零售通路中，我們預計收入將出現低個位數成長。這反映出亞洲強勁的兩位數趨勢以及歐洲、中東和非洲地區的持續成長，但部分被美洲疲軟的趨勢所抵消。

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，因為 POS 銷量下降，加上我們的合作夥伴恢復庫存頭寸，導致去年銷量強勁。

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.

今年下半年，我們預計收入將實現高個位數成長。在我們自己的零售通路中，在亞洲強勁趨勢以及世界其他地區溫和成長的推動下，我們預計銷售額將以低兩位數成長，但以固定匯率計算將成長高個位數。

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員工數量的增加，我們預計趨勢將在 23 財年下半年大幅下滑週年紀念日時趨於正常化。

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.

與去年相比，這種收入節奏將導致 24 財年上半年因去槓桿化而導致利潤率下降。今年下半年，我們預期利潤率將擴大。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措施的推動。

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.

現在轉向第一季指引。

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。這比前一年下降了約 12%，我們預計這將是 24 財年季度營收年減最大的一次。在我們自己的零售通路中，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以及歐洲、中東和非洲地區的持續成長，但鑑於充滿挑戰的消費環境，我們預計美洲的收入將會下降。此外，正如預期的那樣，我們預計第一季批發通路的年減幅將最大，營收下降約 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.

鑑於美洲 POS 銷售下降以及我們的合作夥伴恢復庫存狀況導致去年的銷售強勁，我們預計第一季批發業績將比去年同期最弱。

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.

對於按品牌劃分的第一季收入，我們預測 Versace 收入約為 2.45 億美元，下降約 11%。我們預計銷售額將會下降，因為我們正在零售和批發通路中進行 22 年春季 Fendace 合作，取得了令人難以置信的成功。

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，我們預計銷售額將會下降，因為由於宏觀經濟環境的不確定性，我們的合作夥伴正在採取更謹慎的方式來規劃業務。

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 的營收約為 1.8 億美元，成長約 5%，主要由零售推動； Michael Kors 營收約 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.

我們預計我們自己的零售通路的銷售額將小幅下降，反映出美洲消費環境充滿挑戰，但部分被亞洲的強勁趨勢和歐洲、中東和非洲地區的持續成長所抵消。在批發方面，我們預計會大幅下降。

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.

看看營業利益率。如預期，我們預計第一季營業利潤率約為 8.5%，而去年同期為 18.5%。這一下降主要反映了批發收入下降導致的大幅去槓桿化。此外，還包括增加投資，主要是在行銷方面，這將在未來幾季正常化。

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.

就各品牌的營業利潤率而言，我們預期范思哲的營業利潤率約為損益平衡。這一下降主要反映了收入下降導致的大幅去槓桿化，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，這也反映出行銷投資年增了 2,000 萬美元，以支持女裝系列的全面重新定位。其中包括洛杉磯的秋冬時裝秀、上週在坎城舉行的 La Vacanza 秀以及由安妮海瑟薇 (Anne Hathaway) 和克里斯李 (Chris Lee) 主演的新廣告大片。我們預計行銷投資將在未來幾季正常化。

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，Michael Kors 的營業利潤率將達到十幾位數，這主要反映了批發銷售下降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性項目的期望。我們預計淨利息支出約為 400 萬美元，有效稅率約為 15%，加權平均已發行股數為 1.2 億股。因此，我們預計稀釋後每股收益約為 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.

總而言之，回顧 23 財年，以 52 週固定匯率計算，卡布里島實現了高個位數的收入成長和中個位數的每股盈餘成長。

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.

雖然這還沒有達到我們最初的預期，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業務模式的力量。

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、我們三個強大標誌性品牌的實力以及執行我們戰略計劃的優秀員工團隊，我們對隨著時間的推移實現長期目標的能力充滿信心。現在我們將開放提問熱線。

(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。那麼您能否詳細說明一下您在美洲提到的近期不確定性？您今天在各個分銷管道中發現了哪些顯著差異？

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，最大的問題就是你們今天的知名度。或者是什麼讓您對第一季之後嵌入指南中的零售通路改進充滿信心？

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，收入高個位數增長，52 週不變的每股收益中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的批發業務確實出現了負面變化，但我認為我們對 Versace 所發生的事情感到非常滿意，該品牌創紀錄的業績，Jimmy Choo 創紀錄的業績。

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每年都在成長，但除了新冠疫情期間，基本上都是存在的。儘管 Michael Kors 的批發業務受到了最大的影響，但以 52 週固定匯率計算，我們的成長仍然超出了預期。

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，當你看看公司 16% 的整體營業利潤率時，我認為除了我們向股東返還 13.5 億美元之外，卡布里島還有很多積極的事情。所以我認為這個商業模式是合理的。我認為這三個品牌處於非常非常好的發展和前進的位置。

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，正如我們在我和湯姆準備好的演講中所說，這與我們在世界各地看到的情況有關，亞洲對公司來說一直發展得非常非常好。現在特別是中國，隨著重新開放，我們看到了很大的力量，坦白說，做得比我們預期的要好一些，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.

我們還能夠重新與所有 3 家奢侈品牌合作，並開始透過活動真正為我們的品牌注入活力。我們和Michael Kors談到了三亞的活動，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，透過 Versace，我們確實能夠製作更多單獨的動畫，我認為您可以期待 24 財年推出的一些非常重要的動畫。

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.

因此，我們對在那裡能夠做的事情感到滿意。正如我們多次提到的，我們在豪華車和更平易近人的豪華車級別的競爭中的滲透率明顯不足。我們認為，我們將準備好在未來幾年內真正推動這項進程。

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、中東和非洲地區，我們對所有 3 個品牌所發生的情況感到非常滿意。這項業務非常穩定且不斷成長，我們看到消費者在歐洲境內旅行。

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，有一些美國人、中東人和印度人前往該國或歐洲，這對我們來說是積極的。所以我們看到遊客旅行。我們還沒有看到亞洲遊客真正回到該市場。但我們確實認為，這在 24 日曆年可能會比今年更加顯著，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兩個非常積極的市場。然後，當我們觀察美洲時，我們確實看到了北美的連續下降。我們首先在北美百貨公司看到了它，而且它不僅僅是 Michael Kors 的一部分。我們在奢侈品方面也看到了這一點，范思哲 (Versace) 和吉米·週 (Jimmy Choo) 也是如此。

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.

我們在今年第一季看到了這種加速。我想你已經從許多公開談論這場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.

事實上，我們認為這種情況有兩個部分組成。第一，去年的這個時候，許多商店的庫存仍然不足，特別是在 Michael Kors 一側，我們無法將庫存水準提高到所需的水平。

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.

因此，我們面臨批發運輸大量商品的困難。尤其是在 Versace，我們面臨著巨大的出貨量和巨大成功的開始，這確實發生在我們與 Fendace 的第一季。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.

但我認為我們的感受是，消費者對 2022 年的財務狀況感覺非常好，但在 23 年初變得更加保守。

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的一些變化。我們看到消費者變得更有信心了。我不想說有任何重大的改變。但我們看到他們對店內提供的新鮮事物做出了明確的反應，而這遍及所有 3 個品牌。

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.

所以我們在北美關注的是兩件事。第一，我們認為整個夏季的大部分時間業務都將保持疲軟。當我說“軟”時，有點平坦，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面臨更疲軟的可比市場。雖然我們仍然認為北美只會有一些小幅成長，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，這就是我們在自己的零售通路方面為後半部分帶來舒適度的原因。

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，當你看到——我將從 Versace 開始，我們對洛杉磯時裝秀所發生的事情感到非常興奮。我希望你們都能夠看到它。我認為，這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，我們在該系列的配件和鞋類部分上下了很大的功夫。這就是女裝成衣的重新定位，我們已經知道我們可以看到這一點，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.

基於該展會，我們也為該品牌吸引了大量新客戶群。我們剛剛在坎城與 Dua Lipa 合作舉辦的非常成功的演出中也看到了同樣的事情發生。

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 的發展感到非常滿意，特別是在今年下半年，還有一些新配件的推出，

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 一直在穩步前進。顯然，我們對那裡發生的事情非常滿意，特別是在配件領域，這是我們真正設定的目標。我們認為這將繼續對我們在全球範圍內產生影響。

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。您會發現我們的資料庫成長了 17%，這是一個非常驚人的數字。

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，我們預計明年下半年會大幅下滑。我認為我們更好地理解百貨公司領域現在發生的衰退。

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.

我想說，它們將基於以下幾點：第一，我們告訴您，我們在銷售點沒有足夠的銷售人員，這將在秋季大幅增加。所以我們對此感覺很好，我們可以看到商店裡的變化，那些銷售人員已經在改變。

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效果非常好。我認為百貨公司裡的消費者可能不會接受我們所接受的價格上漲。我們看到了這一點。我們將堅持我們的海拔策略。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公司內的產品。你會在秋季看到這一點。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今年第四季度，我們降低了全價，您在 [Kors] 活動中看到的是， 33%。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.

我們之前告訴過您，我們將減少促銷。我們告訴過你，如果這意味著品牌的健康發展，我們將放棄銷售。我們做到了。我們透過提升品牌和減少促銷來放棄一些銷售。我們將堅持這項策略。

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.

我要指出的最後一件事是，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，預計在未來 60 天內開業。如果我們喜歡我們最初看到的東西（我們認為我們會喜歡），我們將為 Michael Kors 品牌在全球範圍內進行一項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，我們認為，在新冠疫情爆發之前我們開始說要做的所有事情，以及我們正在執行的、我們感覺良好的事情，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——我很抱歉這麼長的解釋，但是其中有很多內容可以讓你明白為什麼我們對我們所做的預測感到滿意。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.

馬特（Matt），只是在下半場為 24 財年的知名度增加了一分。正如我在準備好的發言中提到的，我們預計零售業在固定匯率基礎上將出現高個位數成長。這實際上是由中國兩位數的強勁增長推動的，我們已經看到了成果和巨大的勢頭。

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，現在已經這樣做了。美洲轉向溫和成長。這些確實是其中的組件，約翰提供了所有背景信息，但我想在真正驅動它的背景下給出這些內容。

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，這就是您在第一季預測中看到的情況。這確實對我們的獲利能力產生了最大的影響，實際上是由於北美百貨公司確實重新調整了庫存水平，導致整個集團的批發量下降。

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.

我們知道這對我們來說是正確的事情，這樣我們就不會再一次陷入降價的庫存。我們希望保護品牌健康。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艾克·博魯喬 (Ike Boruchow) 與富國銀行 (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。約翰，我想，看看 [Kors] 的前景，你會從中獲得 1 億美元，范思哲則獲得 5,000 萬美元。我想，就 Kors 而言，你們是否正在增加批發壓力？或者，與 3 個月前的前景相比，零售業是否有潛在的疲軟？

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

那麼對於范思哲來說，美國高端消費者的疲軟是否導致了略微下調？

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，湯姆，也許，就今年的毛利率而言，只是有點好奇形狀，也許是前半部分，後半部分，在我看來，毛利率實際上可能是前半部分在擴張方面的加權，只是基於在頻道組合上。但由於批發量下降了這麼多，但我只是想更清楚地了解這一點。

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 收入指引的變化，我將首先從總體上討論 1 億美元，從 5.8 到 5.7，很好——其中大部分是由外匯變化推動的。因此，美元相對於我們先前的預測走強，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。因此，這些作品流向了 Michael Kors 和 Versace。我們看到了 Jimmy Choo 的強大力量，並對他的表現感到非常滿意。

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.

今年的毛利率，我們預計上半年和下半年毛利率都會有所擴張。其中的驅動程式略有不同。在上半年，這將反映我們在第四季度看到的情況，我們有運輸、入境貨運管道組合的幫助，我們將看到這種情況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，交通將開始啟動。但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增長的基礎，並將繼續推動毛利率的增長時間回到了半年。因此，我們再次預計今年的利潤率會擴大，並且預計在下半年實現。

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.

讓我談談范思哲的另一件事。在即將到來的第一季之後，范思哲基本上每季都會恢復成長。因此，我們發生了幾件事：第一，我們即將迎來 Fendace 的巨大周年紀念日，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.

我們不能週年紀念。這對我們來說是不可能的事。它發生得非常非常快。這幾乎是在六週的時間內發生的。坦白說，如果你承認這一點的成功，我們實際上在第一季略有上升。所以我們只需要經歷並超越它。

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.

正在發生的第二件事，我在準備好的發言中提到過，我想我之前在電話中提到過，當我們開始與范思哲的旅程時，我們要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出售，我們擺脫了它們。

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.

我們要做的第三件事是讓配件業務繼續發展，正如我們所說，這對公司來說非常成功。正如您所記得的那樣，這家公司從盈利能力不佳變成了非常合理的營業利潤率，我們之所以將其保持在一定水平，是因為我們正在投資。

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上市，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.

現在我們正在著手改進女裝成衣，我們認為我們已經很好地處理了這一點，我希望當您看到秋季產品到達商店時，您會看到這一點。其中一些正在發生在 Dua Lipa 的“立即購買、立即穿著”系列中。

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士事務。 Versace 的男裝市佔率仍為 50%，5-0。因此，它對我們的總收入影響很大。我們將有意將該數字降低至 40% 左右。女裝將會上升，我們認為這將提高我們的利潤率，特別是女裝配飾。

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，但不是完全，但我們縮減了 T 卹、泳池滑梯、運動鞋等業務，這些都是很棒的業務擁有，但它們並不能真正提升奢侈品客戶的認知。

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，您會發現更多的剪裁款式。還有更多的產品——針對晚上、針對工作、針對某些白天的機會。因此，當你觀察 Versace 的主要下滑與北美的成長時，你會發現是男裝造成了這種情況。

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目標的人。所以我鼓勵你去商店。你會看到正在發生和已經發生的變化。

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.

這就是我們想做的事。我們希望確保店內女裝和男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.

這也恰好是現在的時尚潮流，但這就是范思哲歷史上的所在，也是我們希望它達到的目標。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（Brooke Roach）與高盛的對話。

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?

我希望您能談談您為使業務成本結構與您所看到的當前需求水準保持一致所做的努力。您正在採取哪些措施來提高利潤？您能否提供最新的想法，讓 Capri 的營業利潤率隨著時間的推移恢復到 18% 或更高？

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。我很樂意這樣做。因此，今年，鑑於批發業發生了巨大變化，我們在前幾季就注意到了這一點，但我們已經採取了一系列措施來降低成本結構並重新調整措施支出率。

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支出、項目、舉措，同時繼續投資於營銷和電子商務以及電子商務平台重新構建等舉措系統將幫助我們在未來增加收入並擴大利潤。

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% 時，我們最終給出了 20% 營業利潤率的長期目標，正如我們今年指出的那樣，這確實會伴隨著毛利的擴張，但主要是槓桿作用。 SG&A 的槓桿作用將首先由商店銷售密度的增加以及我們的企業活動的槓桿作用所驅動。

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，我們將繼續在行銷方面投入資金，並且我們在 23 財年大幅增加了行銷支出佔收入和總收入的百分比。我們也增加了 24 財年的支出，因為這將是透過槓桿推動我們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里克·帕特爾和雷蒙德·詹姆斯的台詞。

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.

您能否提供一些關於您在批發市場上看到的售入與售出情況的額外資訊？我們試圖更好地了解指導意見在不斷變化的市場條件方面反映了什麼，而不是卡布里島故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?

另外，您在後半部分談到了批發標準化。也許這裡有一些關於收入成長方向的額外信息，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，瑞克。我認為我們一直是一家真正關注我們的公司，我認為您特別指的是批發、銷售與直銷。我認為，在新冠疫情期間，我們的庫存管理工作做得很好。

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.

然後從新冠疫情中走出來，我想我們告訴過你，我們將依次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削減中看到了這一點。

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，我認為我們對自己零售店的庫存狀況以及可運送給批發合作夥伴的庫存感到滿意。我們每週監控一次。因此，我們與合作夥伴在產品最終如何進入商店方面確實保持同步。

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.

同樣，您會看到批發的下降幅度將比 POS 的下降幅度要大得多，因為我們再次與去年相比，當時我們當時正在給商店補充庫存，坦率地說，當時的庫存低於目標庫存水平。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，我們在整個集團範圍內交付的一些新產品正在出現一些萌芽。當我看到一些剛交付的新 Jimmy Choo 手提包時，你會發現 [Canvas] 和 [Straw] 的表現非常出色。我對該團隊所做的一切感到非常自豪。包袋上的 JC 標誌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.

我希望你看到吉賽兒的新廣告大片。自從吉賽兒重返時尚界以來，我們是第一批真正與她合作的公司之一。因此，我認為，我們圍繞著魅力進行了正確的行銷。我們已經在那裡提供了圍繞簽名和徽標的正確產品，並且我們正在看到結果。

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，我們對配件的批發和零售通路的發展感到非常滿意。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.

我們需要時間來重新平衡男士業務。這是正確的做法。如果我們相信奢侈品，如果我們相信未來，我們必須真正重新調整這部分業務。我們將對此進行一些打擊。但這是關於范思哲 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實現這一目標。

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足夠的彈藥，特別是安妮海瑟薇 (Anne Hathaway) 的新廣告大片，其中范思哲 (Versace) 的成衣偶像將登場。當然，我們的 La Greca 推出以及 La Medusa 和 Virtus 的穩定表現也取得了巨大成功。

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.

所以我們的程式碼確實開始引起共鳴。再說一次，我們剛剛結束了范思哲創紀錄的一年，我認為我們對此感到非常自豪。

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.

就 Michael Kors 而言，我認為，隨著我們批發管道的減少，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事情，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.

我認為我們在新冠疫情後重建該計劃的速度很慢，這是我們犯的一個錯誤。我想你會在秋季看到一個更好的地方。當我們的硬體計劃在去年秋季推出時，我們也看到了一些萌芽，但可能沒有提供我們想要的結果。

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.

隨著我們縮小硬體的尺寸，我們現在獲得了非常非常強大的性能。因此，從我們的簽名（我提到的占我們業務的 50% 以上）到現在的硬體成長，我們確實開始看到上線。我們認為我們已經準備好產品，可以與批發合作夥伴一起重置。

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.

再說一遍，我們要做的就是穩定這個業務。我們不是在尋求成長。我們還沒有做到這一點，但我們確實認為我們將在秋季實現這一目標。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蒙特利爾銀行資本市場部的西蒙·西格爾 (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，您是否——或者您能否分享一下本季度行銷中的 AUR 佔銷售額的百分比？湯姆，您能否詳細說明一下您如何考慮債務水平的方法？然後我認為全年股價的指引高於第一季度，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。 Simeon，范思哲的 AUR 上升了，這是由兩件事驅動的：價格上漲和全價銷售，特別是我們的配件和鞋類。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.

我想我在上次電話會議中提到過，我們目前不會再提價。我們對范思哲進行了很多大幅提價。所以我認為我們目前已經基本完成了。

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 的 AUR 再次上升。我們也多次漲價。我們將在 Jimmy Choo 上再做一些嘗試，但我認為這將在今年第三和第四季結束，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，我們都會在這些價格點內取得平衡。我想您也曾聽我提過 Michael Kors。

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.

您必須真正以良好、更好、最佳的策略來看待事物，並對定價進行分級，才能真正接觸到多個處於不同收入水平的不同消費者。因此，我認為我們正在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，這是由於我們看到較小的袋子數量顯著增加。

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，我們在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量的上升，這是我們在經歷新冠疫情時看到的手提包，我們看到了背包，我們大型手袋的收入顯著增加。這已經放緩了。

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，我們看到隨著人們返回更多的社交活動，出去參加聚會。我們在全球範圍內都看到了這一點。這不是美國的情況。再說一遍，我認為我們是一家專注於時尚的公司。

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.

再說一遍，我們有一個年輕的消費者，很多人都在談論如何吸引年輕的消費者。我們繼續贏得年輕消費者，但我們相信，我們已經達到了不成比例的水平，不是壞的方式，而是好的方式。

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，顧客往往希望獲得更多樂趣並打扮得更漂亮一些。我們認為，客戶正在對我們提供的時尚做出反應。

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.

這也是我在硬體方面向大家提到的地方，我們看到一些稍小的硬體包確實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.

西蒙，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，今年的淨利息預計為 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.

不過，過去我們一直在回購股票和償還債務之間保持平衡。所以這確實是我們平常做法的回歸。在當前環境下，我們認為這樣做是謹慎的，並以真正強勁的自由現金流來管理兩者，去年年底約為 5.4 億美元，並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，這是由於作為長期薪酬的一部分，我們在 6 月份的時間範圍內正常發行股票。

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.

這就是為什麼今年的運行率高於前一年，其中包括 13.5 億美元的股票回購，而且這些資金正在流動。

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亞歷克斯·斯特拉頓（Alex Straton）——對不起。摩根士丹利的亞歷克斯·斯特拉頓。

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。聽起來你們在定價方面遇到了一些百貨公司的阻力，但是您是否觀察到直接面向消費者的管道中存在任何這種情況或敏感性？如果您對家庭收入水準的變化有任何了解，那也會有幫助。

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，很高興聽到你們持續致力於有限的促銷活動。但您會如何描述那裡更廣泛的環境？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。我想澄清的是，這並不是百貨公司的抵制。消費者和我們在美國、歐洲，當然還有日本的百貨公司合作夥伴都非常棒，順便說一句，他們完全支持我們的提升策略。因此，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，我們在自己的商店中能夠比在百貨公司中更好地銷售更高的價格。

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.

我認為部分結果或部分原因是我們在商店內沒有那麼多銷售人員來真正與最終消費者合作，了解產品為何更貴或談論品質問題等等等。

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.

所以我認為這是——我想確保我明確表示，我們認為這是我們犯的一個大錯誤，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，而這需要時間才能到位。

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，百貨公司的人員配備齊全，雖然仍達不到大流行前的水平，但明顯是上個假期季節的兩倍多。我們在北美和歐洲的合作夥伴對此也感到非常高興。

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，你需要在每個方面對你的定價策略進行分層——無論是最高端的奢侈品零售商還是更適合平價奢侈品類別的品牌，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.

我認為我們只是要對我們的配件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，但不僅僅是 Michael Kors 獨有的。

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.

我們也在與范思哲合作，因為我們與范思哲有非常大的鞋類業務，我們也希望平衡其中一些價格點。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.

就整個環境而言，我們當然會看到更積極的促銷環境。我認為這是由於許多公司在假期結束後進入春季時庫存過多，而且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.

我認為我們很快就領先了​​。正如您從我們自己的庫存中看到的那樣，我們的狀況良好。因此，我們並沒有強烈的願望或需要去做一些事情——採取可能損害品牌的行動。

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.

我認為，我們之前已經說過，特別是在 Michael Kors 周圍，如果我們必須放棄一些銷售來保護品牌，我們就會這麼做。再說一次，這更多的是北美的對話，因為這些對話實際上與你在歐洲或亞洲看到的 Michael Kors 品牌的對話水平不同。

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初衷。我們再次認為，當您看到客戶資料庫增加 17% 時，我認為對於想要來到我們的品牌、購買我們的品牌並成為 Michael Kors 生活方式一部分的消費者來說，發生了巨大的變化。

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，當您考慮美洲業務和零售店概況時，合適的商店數量是多少？您如何看待這些改造對企業的轉變？您認為其中投入的資本支出百分比是多少？

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.

Dana，首先，如您所知，過去幾年我們擁有近 150 家商店，以建立正確的形象。這確實是電子商務業務的結果。一旦我們開啟電子商務，我們的一些商店的銷售就大大減少了。

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，並且還在不斷成長。正如我之前指出的，我們有一位年輕顧客，他一直是 Michael Kors 形象的一部分。這位客戶更傾向於數位化。

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.

因此，我們還有更多的門市需要關閉，更多的商店需要關閉，北美可能還有 25 家或 30 家左右的商店，然後我們就完成了。然後我們將翻新北美的每一家商店。我們在范思哲肩負著同樣的使命。我認為這對我們來說效果很好。我們很幸運，當我們購買Jimmy Choo時，大部分商店都經過了翻新。我們在那裡有幾家商店可以做。

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，而我們在這方面落後了幾年，主要是因為新冠疫情。我們只是覺得現在不是進行這些投資的正確時機。

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類空間。我們談論了很多我們的配件業務。但正如我們所指出的，我們整個集團的鞋類業務都取得了非常好的成長。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類環境的服務。我們認為我們可以做得比今天更好。

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.

您將在開設的兩家原型店中看到這一點，當我們開始翻新商店以便能夠讓鞋類佔據更大的份額時，這將成為核心支柱之一。你會看到許多奢侈品公司都在這樣做。再說一次，我們並不是唯一一個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 家附近的商店。實際上，您會看到商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了商店。

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。因此，我們將發展一些市場。北美會收縮一點，徹底翻新北美這裡的機隊。

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.

幾年內這將達到數億美元。我們將向您提供更多詳細信息，以及——但我們當然擁有——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，我們將投資一切，從公司的商店到公司內部的技術。我們相信我們擁有 3 個非常強大的品牌，並且都可以成長。我們將進行投資以支持這種成長。

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.

我想補充一點，達納今年的資本支出為 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 家的長期數量。正如約翰所指出的，當我們完成范思哲商店的翻新和改造後，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。這些新店裝修，就像他們在 Versace 和 Jimmy Choo 所做的那樣，應該會為這些商店帶來提升，這是我們提高商店生產力的另一個途徑。謝謝你，達納。

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洛林‧哈欽森 (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?

您能量化 Michael Kors 的批發收入從高峰到低谷的情況嗎？關於以下問題的任何評論：您認為您目前已將業務提升到正確的水平嗎？或者是否存在通往該通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考慮批發。今天我們的這個比例是 20 左右。我認為隨著時間的推移，我們說過我們希望看到批發業務的衰退，但發生的速度比我們希望的要快一些。

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 的單品犯了一些錯誤。

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.

但我們也看到了范思哲 (Versace) 和吉米·週 (Jimmy Choo) 的下滑，正如您所聽到的多家奢侈品公司的報導。因此，我們不會告訴您任何其他奢侈品公司沒有聽到的信息。

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。坦白說，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三個品牌中的一些最好的專賣店都有合作。

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確實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；第二，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重大的使命，也是以我們現有的方式擁有奢侈品集團的偉大之處之一，就是我們從各個不同品牌的客戶服務中學到了很多。我們開始在客戶服務方面真正取得一些非常重大的進展。

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.

現在它佔 Michael Kors 收入的兩位數部分，這是相當可觀的。我認為我們沒想到我們能這麼快達到這個水平。這是由技術驅動的。我們現在已經建立了系統，讓我們的銷售人員真正接觸客戶。

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.

我們現在能夠利用我們一直在使用和推動電子商務業務的數據分析，並且您將看到我們不斷報告電子商務收入的成長。

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，這正在成為我們業務的一個非常重要的部分。

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.

因此，我認為這就是我們期待成長的地方，再次，繼續穩定我們現有的批發合作夥伴，但不希望使其成為公司強大的成長引擎。

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空。我們有點超前了，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。我希望我們已經清楚地了解到，我們擁有 3 個非常強大的名字，首先是我們公司最大的業務部門 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，該品牌的價值將成長到 50 億美元。我們確實相信我們在亞洲的業務將翻一番，我們也確實相信我們將繼續發展我們的配件和鞋類業務。我們喜歡我們所做的重新定位，使 Michael Kors 更具抱負並重置價值觀，特別是圍繞 Jet Set。

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 所發生的事情感覺非常好。特別是，您將看到營業利潤率的擴大。我們已經討論這個問題有一段時間了。我們感覺自己處於一個非常有利的位置。

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，但我們認為明年我們會實現。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，Versace，正如我們多次談到的，我們的目標是 20 億美元。我們認為我們有一個非常好的路線圖來實現這一目標。

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.

我們也相信，除此之外還有更多的好處，您當然可以透過全球一些非常非常強大的名字看到這一點。我們相信范思哲就位於那個世界。

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，並期待為您提供有關我們進展的更多回饋。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。