Capri Holdings Ltd (CPRI) 2025 Q4 法說會逐字稿

Greetings. Welcome to Capri Holdings Limited fourth quarter fiscal 2025 financial results earnings call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Jennifer Davis, Vice President of Investor Relations. Thank you.

問候。歡迎參加 Capri Holdings Limited 2025 財年第四季財務業績收益電話會議。（操作員指示）請注意，本次會議正在錄音。現在我將會議交給投資人關係副總裁 Jennifer Davis。謝謝。

You may begin.

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 2025 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 2025 財年第四季和全年電話會議。今天早上和我一起的還有董事長兼執行長約翰艾多爾 (John Idol)；以及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，請允許我提醒您，今天電話會議上做出的某些陳述可能構成前瞻性陳述，這些陳述受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 today's call.

這些風險和不確定性在今天的新聞稿和公司的美國證券交易委員會文件中有所描述，可在公司網站上查閱。投資者不應假設本次電話會議中所作的聲明將在稍後的時間繼續有效，並且公司不承擔更新今天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 impairment charges restructuring and other charges, ERP implementation costs, Capri transformation costs and transaction-related expenses.

除非另有說明，否則今天電話會議上的所有財務資訊均以非 GAAP 為基礎呈現。這些非公認會計準則指標不包括與減損費用重組和其他費用、ERP 實施成本、Capri 轉型成本和交易相關費用相關的某些成本。

To view the corresponding GAAP measures and related reconciliation, please review our latest earnings release posted on our website earlier today at capriholdings.com. I would also like to note that given the pending sale of Versace, beginning in fiscal '26, we will reclassify Versace as a discontinued operation, which means it will no longer be included in our non-GAAP results. Therefore, comments on today's call will focus only on Michael Kors and Jimmy Choo.

要查看相應的 GAAP 指標和相關對賬，請查看我們今天早些時候在 capriholdings.com 網站上發布的最新收益報告。我還想指出，鑑於范思哲即將出售，從 26 財年開始，我們將把范思哲重新歸類為已停止營運的業務，這意味著它將不再包含在我們的非 GAAP 業績中。因此，今天電話會議上的評論將僅集中在 Michael Kors 和 Jimmy Choo 上。

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. I would like to begin today's call by discussing our recent announcement regarding the pending sale of Versace to Prada Group. After careful evaluation, we concluded that the most effective way to maximize value at Capri Holdings is to focus our resources on the compelling growth opportunities within our Michael Kors and Jimmy Choo brands. This transaction also positions us to substantially reduce our debt levels and reinstate a share repurchase program in the future. Both are important steps towards enhancing shareholder returns.

謝謝你，詹妮弗，大家早安。在今天的電話會議上，我想先討論我們最近宣布的關於范思哲即將出售給普拉達集團的消息。經過仔細評估，我們得出結論，實現 Capri Holdings 價值最大化的最有效方法是將我們的資源集中在 Michael Kors 和 Jimmy Choo 品牌的引人注目的成長機會上。此次交易還使我們能夠大幅降低債務水平並在未來恢復股票回購計劃。兩者都是提高股東回報的重要舉措。

Additionally, a strengthened financial foundation will enable us to more aggressively invest in reinvigorating the Michael Kors brand. With our new strategic initiatives in place, our strong balance sheet and focused senior leadership team, we are well positioned to accelerate the growth trajectory of both Michael Kors and Jimmy Choo.

此外，增強的財務基礎將使我們能夠更積極地投資重振 Michael Kors 品牌。憑藉我們實施的新策略舉措、強勁的資產負債表和專注的高階領導團隊，我們已準備好加速 Michael Kors 和 Jimmy Choo 的成長軌跡。

Entering fiscal 2026, we are optimistic about our path forward. While the macro environment has become more challenging with uncertainty around tariffs, we remain focused on executing against our strategic initiatives that are designed to improve current sales trends and position the company for future growth. Across our luxury houses, we are focused on building brand desirability through compelling storytelling, exciting fashion luxury product and engaging omnichannel consumer experience.

進入2026財年，我們對未來的道路充滿樂觀。儘管宏觀環境因關稅的不確定性而變得更具挑戰性，但我們仍然專注於執行旨在改善當前銷售趨勢並為公司未來成長做好準備的策略性舉措。在我們的奢侈品品牌中，我們專注於透過引人入勝的故事、令人興奮的時尚奢侈品和引人入勝的全通路消費者體驗來打造品牌吸引力。

While our strategies are tailored uniquely for each brand, our overarching goals are similar. First, in terms of building brand desirability. Our primary objective is to engage and inspire both new and existing consumers. Second, in terms of product, we are committed to creating exciting fashion designs and further enhancing our core styles, many of which feature our iconic brand codes. Third, our retail omnichannel strategy entails leveraging our enhanced data analytics and digital capabilities to grow e-commerce revenues as well as increased store sales densities. Fourth, we are focused on stabilizing and returning our wholesale business to growth.

雖然我們的策略針對每個品牌都是量身定制的，但我們的整體目標是相似的。首先，在打造品牌吸引力方面。我們的主要目標是吸引和激勵新舊消費者。其次，在產品方面，我們致力於創造令人興奮的時裝設計，並進一步增強我們的核心風格，其中許多風格都具有我們標誌性的品牌代碼。第三，我們的零售全通路策略需要利用我們增強的數據分析和數位能力來增加電子商務收入以及提高商店銷售密度。第四，我們致力於穩定和恢復批發業務的成長。

Now turning to our fourth quarter fiscal 2025 results. Overall, our business remained challenged, and we were disappointed with our performance. Revenue decreased 15% during the quarter as we were impacted by the continued softening demand for fashion luxury goods globally. Our performance was further affected by store closures as well as ongoing reductions in the wholesale channel.

現在來看看我們的 2025 財年第四季業績。總體而言，我們的業務仍然面臨挑戰，我們對我們的表現感到失望。由於受到全球時尚奢侈品需求持續疲軟的影響，本季營收下降了 15%。我們的業績受到商店關閉以及批發管道持續削減的進一步影響。

At Michael Kors, fourth quarter revenue decreased 16% compared to prior year. Despite these results, we began to see encouraging signs of progress stemming from our new brand storytelling and product initiatives during the fourth quarter. In our own retail channel, we saw a sequential improvement in March that accelerated into the first quarter.

Michael Kors 第四季營收較上年同期下降 16%。儘管結果如此，但我們在第四季度開始看到源自新品牌故事和產品計劃的令人鼓舞的進展跡象。在我們自己的零售通路中，我們看到 3 月的環比改善，而這種改善在第一季進一步加速。

Michael Kors is a powerful fashion luxury brand that has a strong heritage, and we are eager to build on this solid foundation. Guided by the insights gained from our data analytics and consumer feedback, we believe we have the right strategies underway to return the brand to growth over time.

Michael Kors 是一個強大的時尚奢侈品牌，擁有悠久的歷史，我們渴望在這個堅實的基礎上再接再厲。憑藉從數據分析和消費者回饋中獲得的見解，我們相信我們已經制定了正確的策略，可以讓品牌隨著時間的推移恢復成長。

First, we are focused on engaging new and existing consumers through a modern interpretation of our jet set heritage based on our brand vision of traveling the world in style. Second, we are reinforcing our iconic brand codes and creating exciting product with compelling value to drive higher full-price sell-throughs.

首先，我們專注於透過對我們的噴射機傳統的現代詮釋來吸引新舊消費者，這項詮釋基於我們「時尚環遊世界」的品牌願景。其次，我們正在強化我們的標誌性品牌代碼，並創造具有引人注目的價值的令人興奮的產品，以推動更高的全價銷售。

Third, we are focusing on improving store productivity through our optimization program, which includes store closures and renovations. And fourth, we plan to stabilize our wholesale business and return it to modest growth in the future. In February, we launched our new Jet Set storytelling, which reconnects with the heritage of the Michael Kors brand through our new brand vision of traveling the world in style.

第三，我們正致力於透過優化計畫提高商店生產力，其中包括關閉和翻新商店。第四，我們計劃穩定批發業務並在未來恢復適度成長。今年 2 月，我們推出了全新的 Jet Set 故事，透過我們「時尚環遊世界」的全新品牌願景，重新與 Michael Kors 品牌的傳統相聯繫。

We are amplifying our storytelling strategies around a new franchise called Hotel Stories, a series that captures and conveys the very essence of our brand. The first chapter of Hotel Stories took place in Ibiza at the Montesol Hotel, featuring English actress and singer, Suki Waterhouse.

我們正在圍繞名為“酒店故事”的新系列擴大我們的敘事策略，該系列捕捉並傳達了我們品牌的精髓。《酒店故事》的第一章發生在伊比沙島的蒙特索爾酒店，主角是英國女演員兼歌手蘇琪·沃特豪斯。

The story features exciting fashion moments captured in Ibiza and at the hotel while celebrating the joy of traveling the world in style. We are pleased with the consumer reception to our new Jet Set brand vision, and believe, it is helping us reignite brand desirability. According to our consumer insights, we have seen an inflection in brand affinity as well as a significant improvement in purchase intents.

故事講述了在伊比沙島和酒店捕捉到的激動人心的時尚瞬間，同時也慶祝了時尚環遊世界的樂趣。我們很高興看到消費者對我們新的 Jet Set 品牌願景的接受，並相信這有助於我們重新點燃品牌吸引力。根據我們的消費者洞察，我們看到品牌親和力的變化以及購買意願的顯著改善。

Additionally, our new storytelling is generating higher engagement across social media. We continue to believe that one of our most valuable assets and key differentiators is our Founder and Chief Creative Officer, Michael Kors. As a world-renowned fashion designer, his iconic runway shows cast a powerful halo over the brand.

此外，我們的新故事敘述方式在社群媒體上引起了更高的參與度。我們始終相信，我們最寶貴的資產和關鍵的優勢之一是我們的創辦人兼首席創意長 Michael Kors。作為世界知名的時裝設計師，他標誌性的時裝秀為該品牌蒙上了強大的光環。

Michael's Fall/Winter 2025 runway show channeled relaxed, chic and a space inspired by a classic downtown New York loft. Attendees included Suki Waterhouse, Uma Thurmon, Kerry Washington and Lea Michele among others.

Michael 的 2025 秋冬時裝秀營造出輕鬆、別緻的氛圍，其空間靈感來自紐約市中心的經典閣樓。出席者包括蘇琪沃特豪斯 (Suki Waterhouse)、烏瑪瑟蒙 (Uma Thurmon)、凱莉華盛頓 (Kerry Washington) 和麗婭米雪兒 (Lea Michele) 等。

During New York Fashion Week, Michael Kors was the second most engaged fashion brand on social media. The show generated over 170 million impressions and 60 million video views. The combined power of our Jet Set storytelling and data analytics capabilities helped contribute to a 10% year-over-year increase in Michael Kors global consumer database. Now turning to product. At its core, our strategy is centered around designing fashion products with standout style and compelling value.

在紐約時裝週期間，Michael Kors 是社群媒體上參與度第二高的時尚品牌。該節目的曝光量超過 1.7 億次，影片觀看量超過 6000 萬次。我們的 Jet Set 故事敘述和數據分析能力的結合，幫助 Michael Kors 全球消費者資料庫年增 10%。現在轉向產品。我們的策略核心是圍繞設計具有突出風格和引人注目的價值的時尚產品。

During the fourth quarter, we launched several new accessories groups that celebrate our iconic brand codes and are aligned with our new strategic pricing architecture. We are seeing an overwhelmingly positive response from consumers across these platforms.

在第四季度，我們推出了幾個新的配件組，以慶祝我們的標誌性品牌代碼並與我們的新策略定價架構保持一致。我們看到這些平台上的消費者做出了非常正面的反應。

Our new Laila, Dakota and Bryant groups are experiencing extremely strong full price sell-throughs and attracting new consumers to the brand. Additionally, we are seeing renewed momentum in our iconic core signature groups. We are pleased with the green shoots emerging within accessories and are working diligently to apply the same strategies through our footwear and apparel business.

我們的新 Laila、Dakota 和 Bryant 系列產品正經歷著極其強勁的全價銷售，並吸引了新的消費者購買該品牌。此外，我們看到我們的標誌性核心簽名團體正在煥發新的活力。我們對配件領域出現的復甦感到高興，並正在努力在我們的鞋類和服裝業務中應用相同的策略。

Next, I would like to discuss our store renovation plans. Retail stores are a critical pillar in driving our sales recovery. And we believe our global store renovation program will help change Michael Kors sales trajectory. Over the next three years, we plan to renovate approximately 50% of the store fleet as well as key department store locations. Our new store design concept reflects a modern and warm residential esthetic. With our store renovation process now underway, we look forward to sharing our progress and results with you in the future.

接下來我想討論一下我們店舖的裝修計畫。零售店是推動我們銷售復甦的重要支柱。我們相信，我們的全球門市翻新計畫將有助於改變 Michael Kors 的銷售軌跡。未來三年，我們計劃翻新約 50% 的門市以及主要的百貨公司。我們的新店設計理念體現了現代而溫馨的住宅美學。我們的商店裝修工作正在進行中，我們期待將來與您分享我們的進展和成果。

Now I would like to take a few moments to address current quarter-to-date trends. Overall, first quarter trends to date reflect an improvement in sales momentum. We are also beginning to see improving trends in key indicators that we closely monitor, including our consumer database, store traffic and AUR. The Michael Kors customer database continues to grow both month-over-month and year-over-year, underscoring the continued strength and desirability of the brand.

現在我想花一點時間來討論本季迄今為止的趨勢。總體而言，第一季迄今的趨勢反映出銷售動能有所改善。我們也開始看到我們密切監控的關鍵指標呈現改善趨勢，包括我們的消費者資料庫、商店流量和 AUR。Michael Kors 的客戶資料庫逐月且逐年成長，凸顯了品牌的持續實力和吸引力。

Additionally, we have seen even more robust growth in our VIP loyalty consumer base. In terms of store traffic trends, we have begun to see a moderation in the rate of decline. And lastly, in terms of AUR in our full-price retail stores quarter-to-date trends turned positive.

此外，我們的 VIP 忠誠消費者群體也實現了更強勁的成長。就商店客流量趨勢而言，我們已經開始看到下降速度有所放緩。最後，就我們全價零售店的 AUR 而言，本季迄今的趨勢轉為正面。

Overall, we've been moving very quickly to execute our exciting next chapter for Michael Kors, one that is built on the strength of our heritage and guided by our consumer insights. While still in the early stages of our turnaround initiatives, we are seeing positive indicators that our strategies are beginning to work.

總體而言，我們一直在快速行動，為 Michael Kors 開啟激動人心的下一個篇章，這個篇章建立在我們的傳統優勢之上，並以我們的消費者洞察為指導。儘管我們的扭轉計劃仍處於早期階段，但我們看到積極的跡象表明我們的策略開始發揮作用。

Now moving to Jimmy Choo. Fourth quarter revenue decreased 3% compared to prior year. Jimmy Choo is an iconic globally recognized brand with a sense of glamor and a playfully daring spirit. Over its 29-year history, Jimmy Choo has built a reputation for its dedication to time-honored craftsmanship and innovative design. We have a renewed focus on Jimmy Choo and are developing strategies to realize the full potential of this highly recognized luxury brand.

現在轉向 Jimmy Choo。第四季營收較上年同期下降3%。Jimmy Choo 是一個全球知名的標誌性品牌，具有迷人的魅力和大膽俏皮的精神。在其 29 年的發展歷程中，Jimmy Choo 以其對悠久工藝和創新設計的執著而聞名。我們重新關注 Jimmy Choo，並正在製定策略以充分發揮這個備受認可的奢侈品牌的潛力。

First, we are committed to engaging and energizing both new and loyal consumers through storytelling centered around an empowered sense of glamor. Second, we are focused on growing accessories and expanding our casual footwear offering.

首先，我們致力於透過以強大的魅力感為中心的故事來吸引和激勵新消費者和忠實消費者。其次，我們專注於發展配件產品並擴大休閒鞋類產品。

Third, we are taking actions to enhance store productivity and elevate our retail experience. And fourth, we intend to stabilize and return our wholesale businesses to growth. During the fourth quarter, we saw strong performance in new accessory styles, including our Diamond and Cinch Bags. The Cinch Group has been the fastest selling Jimmy Choo day bag in the last five years.

第三，我們正在採取行動提高商店生產力並提升我們的零售體驗。第四，我們打算穩定批發業務並使其恢復成長。在第四季度，我們看到新配件款式表現強勁，包括我們的 Diamond 包款和 Cinch 包款。Cinch Group 是過去五年來銷售最快的 Jimmy Choo 日用包。

Looking ahead, we will build upon the momentum of these successful platforms by introducing new materials and animations each season. At the same time, we will continue to reinforce our leadership in evening bags through an ongoing commitment to innovation, craftsmanship and glamorous design.

展望未來，我們將利用這些成功平台的勢頭，每個季節推出新的素材和動畫。同時，我們將透過持續致力於創新、工藝和迷人設計，繼續鞏固我們在晚裝包領域的領導地位。

Additionally, we have significant potential to broaden Jimmy Choo's reach by expanding our pricing architecture and attracting new audiences. In the fall season, we will be introducing a wider offering of accessories, including three new collections priced between $500 and $1,000 to appeal to a broader base of luxury consumers.

此外，透過擴大定價架構和吸引新的受眾，我們有很大潛力擴大 Jimmy Choo 的影響力。秋季，我們將推出更廣泛的配件產品，包括三個價格在 500 美元到 1,000 美元之間的新系列，以吸引更廣泛的奢侈品消費者。

We believe this initiative will significantly increase sales and accessories, which in turn should strengthen the brand's positioning and increase store productivity. In footwear, we continue to see declines across the dress category, consistent with industry trends.

我們相信這項措施將大幅增加銷售和配件，從而加強品牌定位並提高商店生產力。在鞋類方面，我們繼續看到服裝類別的下滑，這與行業趨勢一致。

We are focused on bringing newness to this category with innovation and animation. The recently launched Scarlett featuring our iconic drop heel is a good example of a new style that is generating excitement and strong sell-throughs. We continue to believe there is a meaningful opportunity to expand our casual offering.

我們致力於透過創新和動畫為這個類別帶來新鮮感。最近推出的 Scarlett 採用我們標誌性的低跟鞋設計，是激發人們興趣並實現強勁銷售的新風格的一個很好的例子。我們始終相信，擴大我們的休閒產品系列具有重大的意義。

Our sneaker business has grown to approximately 10% of our footwear sales. And we are introducing new styles to further expand this category. For example, during the fourth quarter, we launched the Diamond Flex, a new sneaker with an ultrasoft construction featuring a flexible, lightweight sole. Sales of the Diamond Flex far exceeded our expectations, and it has been the fastest selling sneaker in Jimmy Choo's history.

我們的運動鞋業務已成長至佔鞋類銷售額的約 10%。我們正在推出新的款式來進一步擴大這一類別。例如，在第四季度，我們推出了 Diamond Flex，這是一款新運動鞋，採用超柔軟結構，配有靈活、輕巧的鞋底。Diamond Flex 的銷量遠遠超出了我們的預期，它是 Jimmy Choo 歷史上銷售最快的運動鞋。

Turning to brand awareness and consumer engagement. Our storytelling continues to focus on glamor, Igniting joy and empowering achievement. For spring, our initiatives emphasize new seasonal styles featuring American actress and fashion icon, Chloë Sevigny.

轉向品牌知名度和消費者參與度。我們的故事敘述繼續關注魅力、點燃歡樂和賦予成就。對於春季，我們的計劃強調以美國女演員和時尚偶像科洛·塞維尼 (Chloé Sevigny) 為特色的新季節風格。

Additionally, to celebrate the opening of our new Madison Avenue flagship store as well as debut our spring collection, we hosted a series of high-impact events for influencers and clients during New York Fashion Week.

此外，為了慶祝我們新的麥迪遜大道旗艦店的開幕以及春季系列的首次亮相，我們在紐約時裝週期間為有影響力的人士和客戶舉辦了一系列高影響力的活動。

These brand events generated strong engagement and broad social media amplification, driving 20 million impressions across key digital platforms. Complementing these efforts, Jimmy Choo debuted exclusive campaigns around the launch of our new Diamond Trainer styles featuring brand ambassador Wang Yibo.

這些品牌活動引起了強烈的參與度和廣泛的社交媒體關注，在主要數位平台上產生了 2000 萬次曝光。為配合這些努力，Jimmy Choo 圍繞著全新 Diamond Trainer 鞋款的推出，推出了以品牌大使王一博為主角的獨家宣傳活動。

We also partnered with influencers to create social media posts. These activities generated strong engagement and resulted in nearly 50 million impressions across social media platforms. Our engaging consumer communication, which combine storytelling with data analytics, helped contribute to an 11% year-over-year increase in Jimmy Choo's global consumer database.

我們還與有影響力的人合作創建社交媒體貼文。這些活動引起了強烈反響，在社群媒體平台上獲得了近 5000 萬次曝光。我們將故事敘述與數據分析結合，與消費者進行引人入勝的溝通，幫助 Jimmy Choo 的全球消費者資料庫年增 11%。

With our renewed focus on strategic initiatives, we are establishing the essential building blocks to fully harness Jimmy Choo's unique potential and expand its position within the world of fashion luxury. In conclusion, as we enter fiscal 2026, we are optimistic about our path forward.

透過重新關注策略舉措，我們正在建立必要的基礎模組，以充分利用 Jimmy Choo 的獨特潛力並擴大其在時尚奢侈品領域的地位。總之，當我們進入 2026 財年時，我們對未來的道路充滿樂觀。

While still early, we are beginning to see positive indicators that give us confidence that our strategies are working. Looking ahead, we continue to expect trends to improve throughout fiscal 2026, positioning us to return to growth in fiscal 2027 and beyond.

雖然還處於早期階段，但我們開始看到積極的指標，讓我們相信我們的策略正在發揮作用。展望未來，我們預計 2026 財年趨勢將持續改善，這將使我們能夠在 2027 財年及以後恢復成長。

We are confident in our ability to grow Michael Kors to $4 billion in revenue and Jimmy Choo to $800 million in revenue, while restoring operating margins to the double-digit range. Before I hand the call over to Tom, as many of you know, he will be leaving Capri on June 20, and this marks his final earnings call with us. I would like to express my deep appreciation to Tom's exceptional leadership and his many contributions over the past eight years.

我們有信心將 Michael Kors 的營收提升至 40 億美元，將 Jimmy Choo 的營收提升至 8 億美元，同時將營業利潤率恢復至兩位數。在我將電話交給湯姆之前，正如你們許多人所知，他將於 6 月 20 日離開 Capri，這是他與我們進行的最後一次財報電話會議。我要對湯姆過去八年來的卓越領導和許多貢獻表示深深的感謝。

His impact as both CFO and COO has been significant, and I am truly grateful for his partnership throughout his time at Capri Holdings. Thank you, Tom.

他擔任財務長和營運長的影響力十分巨大，我由衷感謝他在 Capri Holdings 任職期間給予我的合作。謝謝你，湯姆。

Now, Tom will review our fourth quarter results and guidance in more detail.

現在，湯姆將更詳細地回顧我們第四季的業績和指導。

Thank you, John, and good morning, everyone. Starting with fourth quarter results. Total company revenue of $1 billion decreased 15% versus prior year, slightly better than our expectations. We reported an operating loss of $33 million, slightly below our expectations. Our net loss was $581 million, resulting in diluted loss per share of $4.90, primarily due to a non-cash tax valuation allowance that I will discuss in more detail shortly.

謝謝你，約翰，大家早安。從第四季業績開始。公司總收入為 10 億美元，較前一年下降 15%，略優於我們的預期。我們報告的營業虧損為 3,300 萬美元，略低於我們的預期。我們的淨虧損為 5.81 億美元，導致每股攤薄虧損 4.90 美元，這主要是由於非現金稅收估值準備金，我將在稍後詳細討論。

Now turning to fourth quarter results in more detail. Starting with revenue by channel. Total company retail sales declined mid-teens with e-commerce performing slightly better than stores. The impact of our store optimization program negatively impacted retail sales in the low single-digit range. In the wholesale channel, revenue declined double digits due to overall softness in the channel as well as to our prior initiatives to reduce wholesale exposure.

現在來更詳細地了解第四季的業績。從按通路劃分的收入開始。公司零售總額下降了百分之十幾，電子商務的表現略優於商店。我們的店鋪優化計畫對零售額產生了低個位數的負面影響。在批發管道，由於通路整體疲軟以及我們先前減少批發風險的舉措，收入下降了兩位數。

Turning to revenue performance by geography. In the Americas, revenue decreased 13%. Revenue in EMEA declined 14%, while revenue in Asia decreased 23%. Now looking at revenue performance by brand. Given the pending sale of Versace, beginning in fiscal 2026, we will reclassify Versace as a discontinued operation, which means it will no longer be included in our non-GAAP results.

轉向按地區劃分的收入表現。在美洲，收入下降了 13%。歐洲、中東和非洲地區收入下降 14%，亞洲地區收入下降 23%。現在來看看各品牌的收入表現。鑑於范思哲即將出售，從 2026 財年開始，我們將把范思哲重新歸類為已停止經營的業務，這意味著它將不再包含在我們的非 GAAP 業績中。

Therefore, my comments will focus only on the Michael Kors and Jimmy Choo brands. At Michael Kors, revenue decreased 16% compared to prior year. Global retail sales decreased mid-teens while wholesale declined double digits. Excluding the impact of foreign currency and store closures, retail sales declined at a similar rate in the fourth quarter versus the third quarter. By geography, sales in the Americas decreased 12%.

因此，我的評論將只關注 Michael Kors 和 Jimmy Choo 品牌。Michael Kors 的收入與前一年相比下降了 16%。全球零售額下降了百分之十幾，而批發額則下降了兩位數。排除外匯和商店關閉的影響，第四季零售額的下降速度與第三季相似。按地理劃分，美洲地區銷售額下降了 12%。

Revenue in EMEA declined 15%, while revenue in Asia decreased 31%. At Jimmy Choo, revenue decreased 3% compared to prior year. Global retail sales declined high single digits and wholesale increased high teens. By geography, total revenue in the Americas decreased 7%. Revenue in EMEA increased 9%, while revenue in Asia declined 16%.

歐洲、中東和非洲地區收入下降 15%，亞洲地區收入下降 31%。Jimmy Choo 的營收與前一年相比下降了 3%。全球零售額下降了高個位數，而批發額則增加了高十幾個百分點。按地理劃分，美洲地區總收入下降了 7%。歐洲、中東和非洲地區收入成長 9%，亞洲地區收入下降 16%。

Now looking at total company margin performance. Gross margin of 61% declined 170 basis points to prior year. This was below our expectations primarily due to actions taken during the quarter to ensure we enter the year in a more current inventory position. By brand, Michael Kors gross margin of 58.6% compared to 60.8% last year. The decline versus prior year was primarily driven by lower full-price sell-throughs on older styles.

現在來看看公司整體的利潤表現。毛利率為 61%，較前一年下降 170 個基點。這低於我們的預期，主要是因為本季採取了行動，以確保我們以更為當前的庫存狀況進入新的一年。以品牌劃分，Michael Kors 毛利率為 58.6%，去年同期為 60.8%。與去年同期相比，銷量下降的主因是老款車型的全價銷售量下降。

Notably, AUR trends improved from high single-digit declines in the third quarter to mid-single-digit declines in the fourth quarter, driven by a sequential improvement in full price sell-through trends on new styles. Jimmy Choo gross margin of 66.2% compared to 70.1% last year. The decline versus prior year was primarily driven by the impact of inventory actions taken to enter fiscal 2026 in a better position as well as the effect of the April 2024 acquisition of our second footwear factory.

值得注意的是，由於新款式全價銷售趨勢的連續改善，AUR 趨勢從第三季的高個位數下降改善為第四季的中個位數下降。Jimmy Choo 毛利率為 66.2%，去年同期為 70.1%。與去年相比，業績下降主要是由於為進入 2026 財年而採取的庫存措施的影響，以及 2024 年 4 月收購第二家鞋廠的影響。

As a reminder, we acquired footwear factories to further align with the luxury industry's best practices and to strengthen our technical competencies while ensuring consistent future supply for Jimmy Choo. Today, approximately 50% of Jimmy Choo's footwear is vertically integrated.

提醒一下，我們收購鞋類工廠是為了進一步與奢侈品行業的最佳實踐接軌，增強我們的技術能力，同時確保未來對 Jimmy Choo 的穩定供應。如今，Jimmy Choo 約有 50% 的鞋類產品已實現垂直整合。

Operating expense decreased $25 million. The decline versus prior year was the result of our cost reduction program. These benefits were partially offset by higher variable costs and unfavorable foreign currency translation compared to our expectations. As a percent of revenue, operating expense was 64.2% compared to 56.3% last year, primarily reflecting expense deleverage on lower revenue. Total company operating margin was negative 3.2% compared to positive 6.4% last year. By brand, Michael Kors operating margin of 4.6% compared to 14.1% last year and Jimmy Choo operating margin of negative 7.5% compared to negative 5.8% last year.

營運費用減少了 2500 萬美元。與上一年相比的下降是我們成本削減計劃的結果。與我們的預期相比，這些收益被更高的變動成本和不利的外幣折算部分抵消。佔收入的百分比為 64.2%，而去年為 56.3%，主要反映了收入下降導致的費用去槓桿。公司整體營業利益率為負 3.2%，去年同期為正 6.4%。以品牌劃分，Michael Kors 營業利益率為 4.6%，去年為 14.1%，Jimmy Choo 營業利益率為負 7.5%，去年為負 5.8%。

Now I would like to discuss the tax valuation allowance. In light of our recent results, the future use of our deferred tax assets was reevaluated, and we recorded a non-cash valuation allowance of $545 million, $119 million of which was related to Versace. Dependent on our levels of profitability, we may be able to benefit from these deferred tax assets in the future. Taken together, our net loss was $581 million resulted in diluted earnings per share of negative $4.90.

現在我想討論一下稅收估價免稅額。根據我們最近的業績，我們對遞延稅項資產的未來用途進行了重新評估，並記錄了 5.45 億美元的非現金估值準備金，其中 1.19 億美元與范思哲有關。根據我們的獲利水平，我們將來可能會從這些遞延稅務資產中受益。整體而言，我們的淨虧損為 5.81 億美元，導致每股稀釋收益為負 4.90 美元。

Now turning to our balance sheet. Looking at inventory, we ended the quarter with $869 million, a 1% increase versus prior year. We received $60 million worth of inventory earlier than anticipated. The early receipt of inventory will provide a benefit of mitigating the tariff impact in fiscal 2026. By the end of the fiscal year, we anticipate inventory levels will be down in the mid-single-digit range.

現在轉向我們的資產負債表。從庫存來看，本季末我們的庫存為 8.69 億美元，比上年增長 1%。我們比預期提前收到了價值 6000 萬美元的庫存。提前收到庫存將有助於減輕2026財年的關稅影響。到本財年末，我們預期庫存水準將下降至個位數中段。

We ended the quarter with cash of $166 million and debt of $1.5 billion, resulting in net debt of approximately $1.3 billion. This is higher than we originally anticipated due to the earlier timing of inventory receipts as well as the weaker US dollar, which increased the dollar value of our euro-denominated debt. Looking at our leverage ratio, net debt to adjusted EBITDA was 3.2 times at the end of fiscal 2025. Now turning to guidance.

本季末，我們的現金為 1.66 億美元，債務為 15 億美元，淨債務約 13 億美元。這高於我們最初的預期，因為庫存收貨時間較早，而且美元走弱，增加了我們以歐元計價的債務的美元價值。從我們的槓桿率來看，2025 財年末的淨負債與調整後 EBITDA 的比率為 3.2 倍。現在轉向指導。

Compared to prior expectations, there have been a number of changes, including, first, the pending sale of Versace; second, the impact of tariffs; and third, foreign currency exchange rates. I would like to take a few minutes to discuss how each is impacting our guidance.

與先前的預期相比，出現了一些變化，包括：第一，范思哲即將出售；第二，關稅的影響；第三，外幣匯率。我想花幾分鐘來討論每種方法對我們的指導有何影響。

Starting with the pending sale of Versace. Since we will reclassify the business as discontinued operations beginning in fiscal 2026, our guidance now excludes Versace from our results. Additionally, upon completion of the sale, which we expect will occur in the second half of calendar 2025, we plan to use the proceeds to reduce debt. After doing so, we anticipate we will have minimal net debt remaining on our balance sheet. As a result, we anticipate our interest expense will significantly decline.

從即將出售的范思哲 (Versace) 開始。由於我們將從 2026 財年開始將該業務重新歸類為已終止經營的業務，因此我們的指引現在將范思哲排除在我們的業績之外。此外，我們預計出售將在 2025 年下半年完成，出售完成後，我們計劃利用所得款項減少債務。這樣做之後，我們預計資產負債表上剩餘的淨債務將很少。因此，我們預計我們的利息支出將大幅下降。

Turning to tariffs. The situation remains highly dynamic, but we are proactively managing the risk and remain positioned to respond. Our sourcing is broadly diversified with the majority of Michael Kors' fiscal 2026 production volume originating from Vietnam, Cambodia and Indonesia.

談到關稅。情況依然高度動態，但我們正在積極管理風險並隨時準備好應對。我們的採購來源非常多樣化，Michael Kors 2026 財年的大部分產量來自越南、柬埔寨和印尼。

Jimmy Choo sources the vast majority of its products from Italy. For Michael Kors and Jimmy Choo combined, China represents approximately 5% of US production volume. We anticipate we will begin to see the impact of current tariff rates in our fiscal first quarter when shipments of affected products commence.

Jimmy Choo 的絕大部分產品均來自義大利。對 Michael Kors 和 Jimmy Choo 來說，中國約占美國產量的 5%。我們預計，當受影響產品開始出貨時，我們將在第一個財季開始看到當前關稅稅率的影響。

As the year progresses, the impacts will increase. Assuming a 10% baseline tariff and a 30% tariff on imports from China, we estimate the impact of tariffs on products shipped into the United States would increase our cost of goods sold by approximately $60 million in fiscal 2026 on an unmitigated basis. Our global supply chain is highly agile, supported by long-standing relationships with our manufacturing partners.

隨著時間的推移，影響將會增加。假設基準關稅為 10%，對從中國進口的產品徵收 30% 的關稅，我們估計，關稅對運往美國的產品的影響將導致我們的 2026 財年銷售成本增加約 6000 萬美元。我們的全球供應鏈高度靈活，並得到與製造合作夥伴的長期合作關係的支持。

In fiscal 2026, we expect to begin to offset the impact of tariffs with the goal of fully mitigating their effect over time. Some of the actions we are taking include sourcing optimization to minimize tariff exposure, working with our sourcing partners to create cost efficiencies and strategically evaluating select price increases.

在 2026 財年，我們預計將開始抵消關稅的影響，目標是隨著時間的推移完全減輕其影響。我們正在採取的一些措施包括優化採購以盡量減少關稅風險、與我們的採購合作夥伴合作以提高成本效率以及策略性地評估選擇性價格上漲。

And finally, looking at foreign currency. Given the recent weakening of the US dollar based on today's exchange rates, foreign currency is now expected to modestly increase both revenue and operating expense dollars in fiscal 2026 compared to fiscal 2025.

最後，看看外幣。鑑於美元近期根據今天的匯率走弱，預計與 2025 財年相比，外幣將小幅增加 2026 財年的收入和營運支出。

Due to the uncertainty around tariffs, including the potential impact on consumer spending as well as fluctuating foreign currency exchange rates, we are providing guidance, assuming a range of outcomes. In fiscal 2026, we expect total company revenue to be between $3.3 billion and $3.4 billion. By brand, we expect Michael Kors revenue between $2.75 billion and $2.85 billion and Jimmy Choo revenue between $540 million and $550 million.

由於關稅的不確定性，包括對消費者支出的潛在影響以及外匯匯率的波動，我們將提供指導，假設一系列結果。2026 財年，我們預計公司總營收將在 33 億至 34 億美元之間。按品牌劃分，我們預期 Michael Kors 的營收在 27.5 億美元至 28.5 億美元之間，Jimmy Choo 的營收在 5.4 億美元至 5.5 億美元之間。

As we think about the cadence of the year, we anticipate gradual progression as our strategic initiatives gain traction. For the year, we anticipate gross margin of approximately 61% to 61.5% compared to a combined Michael Kors and Jimmy Choo gross margin of 62.2% last year.

當我們思考今年的節奏時，我們預計隨著我們的策略性舉措獲得支持，將會逐步取得進展。我們預計今年的毛利率約為 61% 至 61.5%，而去年 Michael Kors 和 Jimmy Choo 的總毛利率為 62.2%。

We expect operating expense of approximately $2 billion, reflecting the removal of Versace from our results as well as our cost reduction initiatives. As a reminder, our cost savings initiatives include store closures, global headcount reductions, office consolidation and other efficiency measures across our supply chain and back office.

我們預計營運費用約為 20 億美元，反映了范思哲從我們的業績中剔除以及我們的成本削減措施。提醒一下，我們的成本節約措施包括關閉商店、裁減全球員工、合併辦公室以及整個供應鏈和後台辦公室的其他效率措施。

Given the significant weakening of the US dollar, we now anticipate foreign currency will modestly increase operating expense dollars. We expect full year operating income in a range around $100 million. By brand, we anticipate Michael Kors operating margin in the high single-digit range and Jimmy Choo operating margin in the negative mid-single-digit range.

鑑於美元大幅貶值，我們現在預計外幣將小幅增加營運費用。我們預計全年營業收入約 1 億美元。按品牌劃分，我們預計 Michael Kors 的營業利潤率將在高個位數範圍內，而 Jimmy Choo 的營業利潤率將在負中個位數範圍內。

Turning to our expectations around certain nonoperating items. We expect net interest income between $85 million and $90 million, reflecting minimal debt levels and lower interest expense in the back half of the year after the completion of the sale of Versace as well as interest income from our net investment hedges.

談談我們對某些非經營項目的預期。我們預計淨利息收入在 8,500 萬美元至 9,000 萬美元之間，這反映了范思哲出售完成後下半年的最低債務水準和較低的利息支出以及來自淨投資對沖的利息收入。

We anticipate an effective tax rate of approximately 15% and weighted average shares outstanding of approximately $119 million. As a result, we expect to generate diluted earnings per share between $1.20 and $1.40.

我們預計有效稅率約為 15%，加權平均流通股數約為 1.19 億美元。因此，我們預計每股攤薄收益將在 1.20 美元至 1.40 美元之間。

Now turning to capital allocation. As I mentioned, we plan to use the proceeds from the sale of Versace to reduce debt. Going forward, as we think about allocating our cash flow, our first priority is to invest in the business. This includes store renovations, as our retail locations are one of the cornerstones to rebuilding sales growth.

現在轉向資本配置。正如我所提到的，我們計劃利用出售范思哲的收益來減少債務。展望未來，當我們考慮分配現金流時，我們的首要任務是投資業務。這包括商店裝修，因為我們的零售店是重建銷售成長的基石之一。

As discussed during our Investor Day, we plan to renovate approximately 50% of the Michael Kors store fleet over the next three years. We anticipate these renovations will cost approximately $350 million over the three-year period and will be included in our store optimization program.

正如我們在投資者日所討論的那樣，我們計劃在未來三年內翻新約 50% 的 Michael Kors 門市。我們預計這些改造將在三年內耗資約 3.5 億美元，並將納入我們的店鋪優化計畫。

Our second priority is to maintain a strong balance sheet and our third priority is to return cash to shareholders via share repurchases. Over time, we anticipate resuming share repurchases to create additional shareholder value.

我們的第二個優先事項是維持強勁的資產負債表，第三個優先事項是透過股票回購向股東返還現金。隨著時間的推移，我們預計將恢復股票回購，以創造額外的股東價值。

In terms of capital expenditures, we anticipate spending approximately $110 million in fiscal '26, which includes Michael Kors and Jimmy Choo store renovations as well as IT expenditures, including investments in our digital and analytical capabilities.

在資本支出方面，我們預計 26 財年的支出約為 1.1 億美元，其中包括 Michael Kors 和 Jimmy Choo 店舖的翻新以及 IT 支出，包括對我們的數位和分析能力的投資。

Now turning to first quarter guidance. We expect total company revenue to be between $765 million and $780 million. By brand, we anticipate Michael Kors revenue between $615 million and $625 million. And Jimmy Choo revenue of approximately $150 million to $155 million.

現在轉向第一季指引。我們預計公司總收入將在 7.65 億美元至 7.8 億美元之間。按品牌劃分，我們預計 Michael Kors 的營收將在 6.15 億至 6.25 億美元之間。而Jimmy Choo的營收約為1.5億至1.55億美元。

Looking at operating margin, we expect first quarter operating margin will be approximately breakeven. In terms of operating margin by brand, we anticipate Michael Kors operating margin in the mid-single-digit range and Jimmy Choo operating margin of approximately breakeven.

從營業利益率來看，我們預期第一季營業利潤率將大致達到損益兩平。就各品牌的營業利潤率而言，我們預計 Michael Kors 的營業利潤率將在中等個位數範圍內，而 Jimmy Choo 的營業利潤率將接近盈虧平衡。

Turning to our expectations around certain nonoperating items. we expect first quarter net interest income of approximately $15 million, reflecting interest income from our net investment hedges. We anticipate an effective tax rate of approximately 15% and weighted average shares outstanding of approximately $119 million. As a result, we expect to generate diluted earnings per share of approximately $0.10 to $0.15.

談談我們對某些非經營項目的預期。我們預計第一季淨利息收入約為 1500 萬美元，反映了我們的淨投資對沖的利息收入。我們預計有效稅率約為 15%，加權平均流通股數約為 1.19 億美元。因此，我們預計每股攤薄收益約為 0.10 美元至 0.15 美元。

In closing, as we enter fiscal 2026, we are encouraged by early signs that validate the effectiveness of our strategic initiatives and reinforce our confidence in our path forward. We expect underlying trends to continue improving through fiscal 2026. Looking to fiscal 2027 and beyond with our strategic initiatives gaining traction, we expect to return to revenue growth and margin expansion.

最後，當我們進入 2026 財年時，早期跡象證實了我們的策略舉措的有效性，並增強了我們對前進道路的信心，這讓我們感到鼓舞。我們預計，到 2026 財年，基本趨勢將持續改善。展望 2027 財年及以後，隨著我們的策略性舉措獲得支持，我們預期營收將恢復成長，利潤率將擴大。

Now on a personal note, as this marks my final earnings call at Capri Holdings, I would like to take a moment to thank John for his support and partnership. It has been a privilege to work together. And I would like to thank the Board of Directors, our leadership team and all of our dedicated colleagues for your collaboration, support and shared commitment over these past eight years.

現在就我個人而言，由於這是我在 Capri Holdings 的最後一次收益電話會議，我想花點時間感謝約翰的支持和合作。能夠與我合作是我的榮幸。我要感謝董事會、領導團隊以及所有敬業的同事在過去八年的合作、支持和共同承諾。

With the strength of Michael Kors and Jimmy Choo, I am confident that under your leadership, Capri Holdings is well positioned to deliver sustained revenue and earnings growth as well as increased shareholder value in the future. Now we will open up the line for questions.

憑藉 Michael Kors 和 Jimmy Choo 的實力，我相信在您的領導下，Capri Holdings 未來將能夠實現持續的收入和盈利增長以及股東價值的提升。現在我們將開放提問熱線。

(Operator Instructions) Simeon Siegel, BMO Capital Markets.

（操作員指示） Simeon Siegel，BMO 資本市場。

Tom, it's been great working with you. Best of luck on your next chapter.

湯姆，和你一起工作很愉快。祝你下一章一切順利。

Thank you, Simeon.

謝謝你，西緬。

So great to see the slight revenue raise at Michael Kors and the discussion around returning to growth in '27. I guess, on the other hand, the margins look lower. So can you guys speak to a little bit of what gives you comfort in the troughing revenue expectations? And then maybe a little bit more color on the drivers you're baking into the margin degradation? I guess, just especially in light of what looks like healthier full-price sell-through.

很高興看到 Michael Kors 的收入略有成長，並討論在 27 年恢復成長。我想，從另一方面來說，利潤率看起來會更低。那麼，你們能否談談，在營收預期會跌至低潮時，是什麼讓你們感到安慰呢？然後也許您對導致利潤率下降的驅動因素有更多的了解？我想，尤其是考慮到看起來更健康的全價銷售情況。

Simeon, I'll take the revenue part. I'll pass the gross margin part on to Tom because I think there's a little more color to that in terms of its actual TY, LY and how the tariffs are impacting that.

西緬，我來負責收入部分。我將把毛利率部分轉交給湯姆，因為我認為就其實際的年銷售額、年利率以及關稅對其的影響而言，這一部分更有說明意義。

Number one, on revenue side, we are optimistic given what we see happening right now for us in Q1. We are two months into the quarter. And the first number I will give you is we were down approximately 15% comp in Michael Kors retail last quarter, and we are almost flat at this point.

首先，就收入方面而言，鑑於目前第一季的情況，我們感到樂觀。本季已過兩個月了。我要告訴你們的第一個數字是，上個季度 Michael Kors 零售額年減了約 15%，而目前幾乎持平。

So there has been a significant step change in the performance of Michael Kors at retail, led by our full-price business, which is really nice to see because we have three groups that we talked about in our prepared remarks, that's Layla, Nolita, Bryant and a further 1 called Dakota, all of which are having excellent full price sell-throughs, and they're all in the $200 to $300 -- I'm sorry, $200 to $400 range.

因此，Michael Kors 在零售領域的業績有了顯著的變化，這主要得益於我們的全價業務，這真的令人高興，因為我們在準備好的發言中談到了三個集團，即 Layla、Nolita、Bryant 和另外一個叫 Dakota 的集團，所有這些集團的全價銷售情況都非常好，而且價格都在 200 到 300 美元之間。

So those are back to our historical kind of price ranges where we did -- where we were very successful in the past. And between the great work that Michael and the design teams have done as well as the great price value relationship that's been put into the product, we're seeing very, very strong green shoots.

所以這些又回到了我們過去曾經非常成功的歷史價格範圍。憑藉邁克爾和設計團隊的出色工作以及產品所體現的卓越性價比，我們看到了非常強勁的復甦跡象。

I should also mention that our Jet Set storytelling, which is around traveling the world in style is really resonating with the consumers. And we're seeing that in some of the existing data analytics in terms of the sales and the consumers that are shopping with us as well as some of the forward-looking analysis that we've done with consumers on intent to purchase. And that has gone up again sequentially very significantly.

我還應該提到，我們的 Jet Set 故事講述的是時尚環遊世界，確實引起了消費者的共鳴。我們在一些現有的數據分析中看到了這一點，這些數據分析包括銷售情況和在我們這裡購物的消費者情況，以及我們對消費者購買意圖進行的一些前瞻性分析。且這一數字已連續大幅上升。

So we believe, at least initially, that we're seeing results from the changes that we started to implement really in the beginning of the fourth quarter. So it's nice to see that happening. We've got more work to do, in particular in the outlet channel to bring some of that excitement level to that channel. And we're going to be doing that starting in the back half of the year.

因此，我們相信，至少在最初階段，我們從第四季初開始實施的變革已經初見成效。我很高興看到這樣的事情發生。我們還有更多的工作要做，特別是在出口管道，為該渠道帶來一些令人興奮的水平。我們將從今年下半年開始這樣做。

So that's what gives us some good feeling about where the revenue projections are that we've just given you as well as how we see a step change into next year. I would like to also add that we will be through most of the store closure program. We've got about 75 stores to close this year, predominantly, those will be Michael Kors. And that would have about a $50 million-plus revenue impact that we will not have to anniversary next year. And additionally, we'll have about another $50 million in wholesale store closures that were planned by us.

因此，這讓我們對我們剛剛給出的收入預測以及我們對明年的階躍變化的預測感到滿意。我還想補充一點，我們將完成大部分商店關閉計劃。我們今年要關閉約 75 家門市，其中大部分是 Michael Kors。這將產生約 5,000 多萬美元的收入影響，而我們明年就不必再為此付出代價了。此外，我們還計劃關閉另外價值約 5,000 萬美元的批發商店。

But, again, that program ends at the end of this fall season. So we'll really be looking at comp doors. So that's almost $100 million impact that we won't be anniversarying next year. So I think that's between our storytelling, around our heritage Jet Set, really the kind of the core of this company, number one. Number two, the product and our standout style with compelling value. Number three, the store closure program will be behind us.

但是，該計劃將在今年秋季末結束。因此，我們確實會關注公司門。因此，這幾乎是 1 億美元的影響，我們明年將無法紀念它。所以我認為這就是我們的故事敘述，圍繞著我們的傳統 Jet Set，這確實是這家公司的核心，第一。第二，我們的產品和風格出眾，具有令人信服的價值。第三，商店關閉計劃將會結束。

And then on a very positive and exciting note as well, we're going to begin -- we've already started a store renovation program where we're going to renovate about 50% of our fleet over the next three years. And we think that's also going to have a significant impact an inflection on our store productivity. So we're feeling very confident around what we see happening at Michael Kors.

然後，同樣非常積極和令人興奮的是，我們將開始——我們已經啟動了一項商店翻新計劃，我們將在未來三年內翻新大約 50% 的店鋪。我們認為這也將對我們商店的生產力產生重大影響。因此，我們對 Michael Kors 的發展充滿信心。

Regarding Jimmy Choo, I think we know we have some issues around the dress shoe category. We've seen ups and downs there. It came out of COVID. It was very strong, and things went back to casual again more from a fashion styling standpoint. We are doing a better job with casual, but we think we can do even more in that category, which obviously is our core category. But we're very excited about the announcement that we made about the three new groups coming for fall season and accessories.

關於 Jimmy Choo，我想我們知道在正裝鞋類別方面存在一些問題。我們見證了那裡的起起落落。它是由 COVID 引起的。它非常強勁，從時尚造型的角度來看，一切又回歸到休閒風格。我們在休閒方面做得更好，但我們認為我們可以在這一類別中做得更多，這顯然是我們的核心類別。但我們對於即將推出的秋季新品和配件的三個新系列感到非常興奮。

We think we've got a very big opportunity as we're in the luxury consumers closet already to be able to take our accessories and put them at more compelling price points, in particular, for the aspirational luxury consumer.

我們認為，我們擁有一個非常大的機會，因為我們已經進入了奢侈品消費者的衣櫥，能夠將我們的配​​件放在更具吸引力的價格上，特別是針對有抱負的奢侈品消費者。

And we think that's a big opportunity for us. I think we've said that we are very engaged with Jimmy Choo. And we think that the brand has great opportunity to grow and develop. So that's what gives us a positive outlook on revenues, in particular for '27 and '28.

我們認為這對我們來說是一個巨大的機會。我想我們已經說過，我們與 Jimmy Choo 的合作非常密切。我們認為該品牌擁有巨大的成長和發展機會。因此，我們對收入前景持樂觀態度，尤其是對 27 年和 28 年的收入前景。

But let me stop there, and I'll turn it over to Tom for the discussion around our gross margins.

但讓我就此打住，然後我將把討論交給湯姆，討論我們的毛利率。

Sure. And Simeon gross margins, there are a couple of points here. The first is just to kind of remind back on our prior guidance where we are improving gross margin for the year based on the strategic initiatives for Jimmy Choo and Michael Kors, getting the right inventory into place and do everything that we are planning and are doing to drive the brand and that we are seeing the first real results in green shoots here in the first quarter.

當然。關於 Simeon 的毛利率，這裡有幾點。首先，我想提醒一下我們先前的預測，根據 Jimmy Choo 和 Michael Kors 的戰略舉措，我們正在提高今年的毛利率，將正確的庫存放到位，並儘我們所能推動品牌發展，我們在第一季度看到了復甦的初步成果。

With that increase and those initiatives, that all still is in place, and we still feel very good about that. What is happening now is there is an overlay for the tariff impact in fiscal '26. And that, as I noted in the prepared remarks, was about $60 million higher costs on an unmitigated basis. And if I just do the math between prior expectations of 50 bps, that tariff amount is about a down 150 plus. So we get to, at a midpoint, down 100 bps -- basis points for gross margin for the year. And that is before we really get the traction on the mitigation activities.

隨著這種成長和這些措施的實施，一切仍然到位，我們對此仍然感到非常高興。現在的情況是，關稅對 26 財年的影響已經疊加。正如我在準備好的演講中指出的，這意味著未經補償的成本增加了約 6,000 萬美元。如果我根據之前預期的 50 個基點進行計算，那麼關稅金額大約會下降 150 多個。因此，我們得到中間值，即年度毛利率下降 100 個基點。那是在我們真正開始採取緩解行動之前。

Our goal is to fully mitigate over time the tariff impact. We're looking at sourcing optimization. We are looking and working with our sourcing partners to create cost efficiencies and we will be strategically evaluating select price increases. So as we move through the year, we'll get more visibility on that. But our first priority in all of that is to maintain the momentum of our brand recovery, and we'll be doing that as we strategically and very carefully assess our reactions, particularly on the pricing front.

我們的目標是隨著時間的推移完全減輕關稅的影響。我們正在研究採購優化。我們正在尋找並與我們採購合作夥伴合作，以提高成本效率，並將策略性地評估選擇性價格上漲。因此，隨著時間的推移，我們將對此有更清晰的認識。但在這一切中，我們的首要任務是保持品牌復甦的勢頭，我們將在策略上非常謹慎地評估我們的反應，特別是在定價方面。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

It sounds like you have a lot of emerging momentum at Michael Kors retail. I was hoping you could discuss the wholesale outlook for the brand this year. How are your partner discussions going today versus your expectations at Investor Day a few months ago, particularly in the North America business?

聽起來 Michael Kors 零售業務發展勢頭強勁。我希望您能討論一下該品牌今年的批發前景。與幾個月前投資者日的預期相比，您今天的合作夥伴討論進展如何，特別是在北美業務方面？

I would say, it's just about where we presented to you in -- at our Investor Day, we've been around the world. We've met with all of our strategic wholesale partners. And I would say, the -- and this is on Michael Kors, I would say the response has been very consistent in that.

我想說，這只是我們在投資者日向你們展示的地方——我們已經走遍了世界各地。我們已經與所有策略批發合作夥伴會面。我想說的是——這是關於邁克爾·科爾斯 (Michael Kors) 的，我想說對此的回應非常一致。

Number one, people are very much feeling positive about us returning to the focus around our Jet Set heritage. They like the new storytelling the way it's been developed around Hotel Stories and traveling the world (technical difficulty) where we have a much (technical difficulty) influencers associated with the Michael Kors brand. I would say, that's also caused a significant inflection in (technical difficulty) that I mentioned before Layla, Nolita, Bryant and Dakota, all seeing very strong sell-throughs on a global basis.

首先，人們對我們重新關注 Jet Set 傳統感到非常樂觀。他們喜歡這種圍繞著「酒店故事」和環遊世界（技術難度）的新的故事講述方式，我們在那裡有很多（技術難度）與 Michael Kors 品牌相關的影響者。我想說，這也導致了我之前提到的（技術難度）的重大變化，Layla、Nolita、Bryant 和 Dakota 在全球範圍內的銷售都非常強勁。

So we're seeing positive response from those partners. In certain cases, they've actually gone back and relooked at their commitments to us and increased those commitments. I would also say that we -- I think you're probably aware, we launched on Amazon recently. And that has been very, very successful. It has exceeded our expectations. And it's also showing the ability to communicate with a broader customer group who has a high level of engagement with us, and our full price selling on that platform has been excellent.

因此，我們看到了這些合作夥伴的積極回應。在某些情況下，他們實際上已經回頭重新審視對我們的承諾，並增加了這些承諾。我還想說，我想你可能知道，我們最近在亞馬遜上推出了產品。這非常非常成功。它已經超出了我們的預期。它還展示了與與我們有著高度互動的更廣泛的客戶群進行溝通的能力，並且我們在該平台上的全價銷售非常出色。

So it's a little hard to see how that's going to all come together when I talk about wholesale because we do, as I mentioned before, we still have some additional store closures that will happen throughout the fall season. Most of it will come to an end in September, October, November.

因此，當我談到批發時，很難想像這一切將如何結合在一起，因為正如我之前提到的，我們在整個秋季仍會關閉一些額外的商店。大部分將在九月、十月、十一月結束。

So I think the kind of the true measurement we will start to see fourth quarter, calendar fourth quarter, and then into spring of next year. So we do have a decline planned for wholesale. But as I've said again in my prepared remarks, our goal and our belief is that we will stabilize that part of our business and actually see some modest growth, especially in years -- in fiscal year '27 and '28.

所以我認為我們將在第四季度、日曆的第四季度，然後到明年春季開始看到真正的衡量標準。因此，我們確實計劃減少批發量。但正如我在準備好的發言中再次提到的那樣，我們的目標和信念是，我們將穩定這部分業務，並實際上看到一些適度的增長，特別是在 2027 和 2028 財年。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

This is Katy on for Oliver. One thing we want to talk about and ask is just on sort of what's within your control to help drive traffic and conversion and those strong trends that you're currently seeing in your own retail channel, given just a more volatile consumer backdrop that we're seeing?

這是凱蒂 (Katy) 取代奧利佛 (Oliver)。我們想要討論和詢問的一件事是，考慮到我們所看到的更加不穩定的消費者背景，您可以控制什麼來幫助推動流量和轉換率以及您目前在自己的零售通路中看到的強勁趨勢？

Yeah, Katy, so I think we're very focused on traffic. As we talked about before, we're seeing a lot of positive indicators, our full-price AURs turn positive, and see that happen really in a quarter is quite extraordinary, and we're very pleased with that. We have not seen traffic turn positive. And I'll say that's more of a North America and China issue. We've got some very nice trends going in Europe for us. But the sequential declines have decelerated significantly.

是的，凱蒂，所以我認為我們非常關注交通。正如我們之前談到的，我們看到了很多積極的指標，我們的全價 AUR 變為正值，並且看到這種情況在一個季度內真正發生是相當不尋常的，我們對此感到非常高興。我們還沒有看到交通量有正面變化。我想說的是，這更多的是北美和中國的問題。我們在歐洲看到了一些非常好的趨勢。但連續的下降趨勢已明顯減緩。

And again, at full price, we're almost close to positive traffic there as well. What we're focused on is really our marketing initiatives and our storytelling along with -- we spent a lot of time and money and have the resources around our data analytics to really give us the tools to be able to engage with new and existing consumers to excite them about the brand and to reengage with them or to drive them into our stores.

而且，以全價計算，我們在那裡的客流量也幾乎接近正值。我們真正關注的是我們的行銷計劃和故事敘述——我們投入了大量的時間和金錢，並擁有數據分析方面的資源，這些資源真正為我們提供工具，使我們能夠與新老消費者互動，讓他們對品牌產生興趣，並重新與他們互動或吸引他們進入我們的商店。

And we're seeing positive results around that initiative. And as I just mentioned, also around the significantly increased influencer program that we have going on, and you're going to see a lot more of that in particular around the Hotel Stories that are really just starting to launch around the globe.

我們看到這項措施取得了積極成果。正如我剛才提到的，我們正在進行的影響力提升計劃也取得了顯著進展，你會看到更多這樣的計劃，特別是在剛開始在全球推出的「酒店故事」計劃中。

So I think while we cannot 100% control traffic, I think we can influence it, and we feel that we have the strategies and many tools within our control to be able to try to move that forward. And of course, having greater brand desirability also referred to a brand heat, will help to drive that as well through our stores.

因此，我認為，雖然我們無法 100% 控制交通，但我認為我們可以影響它，而且我們認為我們擁有可控的策略和許多工具，可以嘗試推動這一進程。當然，更高的品牌吸引力（也指品牌熱度）也有助於推動我們的商店的發展。

Conversion has always been something that even through all of our ups and downs, we've had very strong conversion rates at Michael Kors. So once they come in the door, converting with our customers has been less the issue for us. It's been more footfall, which obviously goes back to brand desirability, which goes back to brand heat, et cetera.

轉換率始終是很重要的，即使經歷了所有的起起落落，Michael Kors 的轉換率仍然非常高。因此，一旦他們進門，與客戶的轉換對我們來說就不再是問題了。客流量增加了，這顯然與品牌吸引力有關，而品牌吸引力又與品牌熱度有關，等等。

And I don't want to say that we've called the bottom, but we've definitely seen a change in Michael Kors. And it's nice to see that in such a short window of time. We've got a long way to go to rebuild this business to the $4 billion that we're aspiring to get to. But again, we are beginning to see the results of our initiatives, and we're quite hopeful given the results. Thank you.

我不想說我們已經觸底，但我們確實看到了 Michael Kors 的變化。很高興能在這麼短的時間內看到這一點。要將這項業務重建到我們期望的 40 億美元規模，我們還有很長的路要走。但是，我們再次開始看到我們舉措的成果，我們對這些成果充滿希望。謝謝。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

John, I'm just wondering if you can elaborate a little bit more on some of the strategies and things that you want to do to improve the sales trajectory of the Michael Kors brand. I mean you talked about initiatives when it comes to product and marketing and store experience. I think you mentioned the pricing that some of the newer bags are selling for us within that traditional area where you've had a lot of success.

約翰，我只是想知道您是否可以更詳細地闡述您想要採取的一些策略和措施，以改善 Michael Kors 品牌的銷售軌跡。我的意思是，您談到了有關產品、行銷和商店體驗的舉措。我想您提到了一些新款包款在傳統領域內的銷售定價，而您在這個領域已經取得了巨大的成功。

But if you look back over the history of the brand, at some moment, you've had a lot of momentum, some probably less momentum than you wanted. What are some of the core things that like you know work consistently to drive the brand for that maybe had fallen away a little bit in the last couple of years that you know you can get back to get to that positive sales growth rate on a sustainable basis that you know you can do.

但如果你回顧品牌的歷史，你會發現在某些時刻，你會擁有很大的發展勢頭，而有些時刻，你的發展勢頭可能比你想要的要弱。您知道，哪些核心因素可以持續推動品牌發展，而這些因素在過去幾年中可能有所減弱，您知道您可以重新獲得可持續的正銷售成長率。

Jay, I think we've talked about this in the past, and we clearly have made missteps over the past few years, and I don't want to go back into some of the causes of that and some of them were self-inflicted, et cetera. But I think what happened is in November, December, we got clarity in this company about -- this business was built by Michael originally, some 40-plus years ago. And he really had a vision for the way a consumer wanted to look and an exciting lifestyle that they wanted to live. And that's still a very relevant positioning.

傑伊，我想我們過去已經討論過這個問題，過去幾年我們顯然犯了一些失誤，我不想再回顧其中的一些原因，其中一些是我們自己造成的，等等。但我認為，在 11 月和 12 月發生的事情是，我們在這家公司裡弄清楚了——這項業務最初是由邁克爾在 40 多年前創建的。他確實對消費者想要的外表和他們想要的令人興奮的生活方式有著清晰的認識。這仍然是一個非常相關的定位。

And we, I think, lost our way and decided at various points in time that that either wasn't the right thing for us, or there were other trends happening that maybe were more exciting. And what -- again, our consumer research really told us was the customer likes our positioning, and they really -- yeah, they wanted it maybe a little more modern and certain products need to be a bit more relevant, but when you build a brand over that period of time to try to either completely reset it or to run away from your history, those weren't the right things for us to do.

而我認為，我們迷失了方向，並在不同的時間點決定這對我們來說不是正確的事情，或者正在發生其他可能更令人興奮的趨勢。而且 — — 再次強調，我們的消費者研究確實告訴我們，客戶喜歡我們的定位，而且他們真的 — — 是的，他們希望我們的定位更現代化一些，某些產品需要更具相關性，但是當你在那段時間內建立一個品牌並試圖完全重置它或逃避你的歷史時，這些都不是我們應該做的事情。

So I think that -- we look at that as a first starting point and the entire management team and all of our store managers are excited. Our retail partners are excited. So we think we're on to something when it comes to that. Secondly, we had aspirations of elevating the brand. And while that worked at certain moments, certainly coming out of COVID, we raised prices considerably. It worked for a while. But then the customer came back and said, that's not exactly what we expect from Michael Kors. There is a window of pricing that we enjoy consuming your products in, and we'd really like you to stay there.

所以我認為——我們將其視為第一個起點，整個管理團隊和所有商店經理都感到興奮。我們的零售合作夥伴非常興奮。因此，我們認為我們在這方面取得了一些進展。其次，我們有提升品牌的願望。雖然這種方法在某些時候確實有效，尤其是在新冠疫情結束後，我們大幅提高了價格。它起了一段時間的作用。但後來顧客回來說，這並不是我們對 Michael Kors 的期望。我們樂意在某個定價窗口內消費您的產品，我們非常希望您能保持這個定價窗口。

And so once we finally acknowledge that that's what the consumer has voted and said, you can see the results are already starting. And even though, again, in my prepared remarks, I said we're working on our footwear and ready-to-wear businesses to get that same level of product reception, actually, and ready to -- we're starting to see it very, very quickly as well where the customer has leaned into some of our very important key styles that we've been marketing and the sell-throughs are very, very high -- sell-throughs we haven't seen in three or four years.

因此，一旦我們最終承認這是消費者投票和表達的意見，你就會看到結果已經開始顯現。儘管我在準備好的發言中再次表示，我們正在努力讓我們的鞋類和成衣業務獲得同樣的產品接受度，但實際上，我們也開始非常非常快地看到，客戶已經傾向於我們一直在營銷的一些非常重要的關鍵款式，而且銷售率非常非常高——這是我們三四年來從未見過的銷售率。

So again, I think that you have to learn from your mistakes. You have to be honest with yourself about what those mistakes were. I believe we are doing both of those things today. And then we're going to stay much more focused, much more committed to, I think, a brand positioning that is very important. And other brands who we compete with, will have their positioning, and we should stay in our lane and try to be true to ourselves.

所以，我再次認為你必須從錯誤中學習。你必須誠實地面對自己，看看自己犯了什麼錯誤。我相信我們今天正在做這兩件事。然後，我們將更加專注，並更加致力於我認為非常重要的品牌定位。與我們競爭的其他品牌都有自己的定位，我們應該堅守自己的定位，努力做真實的自己。

I would also say, similar in Jimmy Choo, with the exception -- Jimmy Choo is glamor. It's playful. It's really got an exciting DNA and consumers love Jimmy Choo. You don't find consumers saying anything negative or you've gone off brand, et cetera. But what we do have to do with Jimmy Choo is we have to expand the use for the consumer because she loves the brand, but she associates it very, very much with a more dressed up and a more formal and a more occasion vision of what the brand is. And we've got to do a better job of bringing her the other parts of how Jimmy Choo can be a part of her lifestyle.

我想說，Jimmy Choo 也有類似之處，但不同之處在於——Jimmy Choo 很有魅力。很有趣。它確實擁有令人興奮的 DNA，而且消費者喜愛 Jimmy Choo。你不會發現消費者說出任何負面言論，或是你的品牌偏離了預期等等。但我們對 Jimmy Choo 所做的是，我們必須擴大對消費者的用途，因為消費者喜愛這個品牌，但她又非常非常將其與更正式、更適合場合的品牌形象聯繫在一起。我們必須更好地向她展示 Jimmy Choo 如何成為她生活方式的一部分。

And one of those areas is casual footwear. And the other area, quite frankly, which we were off to a very good start, we got distracted, and we're more reengaged and refocused, is on accessories. Again, she comes into our store. She's willing to spend very large amounts of money on footwear. And now to be able to say, yeah, we'll still have our great Cinch Bag and our Diamond Bag, which will retail in the $1,400 to $2,500 range or our Bon Bons that will be $3,000 and higher, but to have this other range of product, which is still very expensive, and be able to have that not only in our own stores, but also on a wholesale distribution basis in the best luxury stores in the world, is going to give Jimmy Choo, I think, another leg to be able to drive to.

其中一個領域就是休閒鞋。坦白說，另一個領域是配件，我們一開始就取得了很好的成績，後來我們分心了，現在我們重新投入並重新集中精力。她又一次來到我們的商店。她願意花大筆錢買鞋。現在我們可以說，是的，我們仍然會有很棒的 Cinch Bag 和 Diamond Bag，零售價在 1,400 至 2,500 美元之間，而我們的 Bon Bons 售價將在 3,000 美元或更高，但是我們還有這一系列仍然非常昂貴的產品，並且不僅能夠在我們自己的商店中銷售，而且還可以在頂級世界銷售的方式中銷售，而且我認為這 Jimmy 的方式將另一條銷售，而且還可以在頂級的方式上銷售，而且我認為這將

And so again, we just have laid out this additional strategy since we met with you at Investor Day. And so we're excited about where Jimmy Choo can go. We've got a store fleet located in the best locations in the world, best streets, best cities sitting next to the best retailers in the world, and we should be able to capitalize on the brand and its recognition as well as the fact that we've got customers who come in who are ready to shop, and we should be there with them with the right products. So thanks a lot, Jay.

因此，自從我們在投資者日與您會面以來，我們剛剛制定了這項附加策略。因此，我們對 Jimmy Choo 的未來發展充滿期待。我們的商店群位於世界上最好的地點、最好的街道、最好的城市，毗鄰世界上最好的零售商，我們應該能夠利用品牌和它的知名度，以及我們擁有準備購物的顧客這一事實，我們應該為他們提供合適的產品。非常感謝，傑伊。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

My question is around your pricing strategy. So you've talked a few times now, including on this call, about the need to offer those better value price points to the consumer, and you're seeing some success there. When do you expect to be at steady state there on where you want to be on pricing?

我的問題是關於你們的定價策略。因此，您現在已經談過幾次了，包括在這次電話會議上，談到了向消費者提供更有價值的價格點的必要性，並且您看到了一些成功。您預計何時定價能夠達到穩定狀態？

And then you also made a comment, I think, Tom, earlier on strategically evaluating price increases to mitigate some of that tariff risk. Can you talk about how that fits into your broader pricing strategy? And could there be some risk around blurring the positioning of the brand there?

湯姆，我想你之前也曾評論過如何從策略上評估價格上漲，以減輕部分關稅風險。您能談談這如何適應您的更廣泛的定價策略嗎？那麼，模糊該品牌的定位是否有風險呢？

So first off, good morning. Number one, we should be where we need to be by the fall season with the Michael Kors brand. We're -- I'm guessing right now, but let's say we're 60% or 70% of the way now. We made a lot of changes quickly. That also impacted some of our margin as well. We just lowered certain prices because we knew it was the right place to be.

首先，早安。首先，到秋季，Michael Kors 品牌應該會達到應有的水準。我們——我現在猜測，但我們假設我們已經完成了 60% 或 70%。我們很快就做出了很多改變。這也影響了我們的部分利潤。我們只是降低了某些價格，因為我們知道這是正確的選擇。

And by the way, those are historical prices. So I want to be very clear that we're not going to levels that were -- where we haven't been before. So that put a little pressure on us on margin. And we'll see a bit of that in first quarter as well as we slowly start to work with our supply base, et cetera, on some of those changes that we needed to make. But we should be in a very good place by the fall season.

順便說一下，這些都是歷史價格。因此，我想非常明確地指出，我們不會達到以前從未達到的水平。所以這給我們的利潤帶來了一點壓力。我們將在第一季看到一些這樣的情況，同時我們也會慢慢開始與我們的供應基地等合作，進行我們需要做的一些改變。但到了秋季，我們的狀態應該會非常好。

I might also say to you that conversely also one of the things that's going to help impact AUR. In our outlet channel, we've actually raised some prices, where we found that some of our pricing was not commensurate with what we think the brand offered as value. Nothing overly significant, but enough that will hopefully help us impact our margins on a go-forward basis. But also, that help us raise our AUR and selling.

我可能還會告訴你，反過來，這也是影響 AUR 的事情之一。在我們的直銷管道中，我們實際上已經提高了一些價格，我們發現一些定價與我們認為的品牌所提供的價值不成比例。沒有什麼特別重大的事情，但足以幫助我們在未來影響我們的利潤率。而且，這也有助於我們提高 AUR 和銷售額。

We're also, in particular, in our outlet channel, we are reducing a significant level of promotional activity, and that is actually that started already in the fourth quarter that did impact some of our revenues in that channel, but that's what we wanted to do. We thought that was the right thing for us to do.

特別是在我們的直銷管道，我們正在大幅減少促銷活動，這實際上從第四季度就開始了，確實影響了我們在該管道的部分收入，但這正是我們想要做的。我們認為這是我們應該做的正確的事。

So again, there's a little bit of puts and takes here. And I'll -- before I turn it over to Tom in a second, I think the pricing increases as it relates to mitigating tariffs, I think we're going to go slowly around that. I think we want to first and foremost get the Michael Kors brand back on track, moving forward, reengaging with that consumer so that they're having a great experience with us, and how and where we need to tweak -- I will call it, tweaking prices, there's not going to be any significant price changes. That will also depend on how much we're looking to do after we get done working with all of our suppliers on mitigating some of these tariffs.

所以，這裡又存在一些得失。在我把話題交給湯姆之前，我認為價格上漲與降低關稅有關，我們會慢慢解決這個問題。我認為我們首先要讓 Michael Kors 品牌回到正軌，繼續前進，重新與消費者接觸，讓他們擁有良好的體驗，以及我們需要如何以及在何處進行調整——我稱之為調整價格，不會有任何重大的價格變化。這也取決於我們與所有供應商合作降低部分關稅後希望做多少工作。

And I think lastly, we need to also determine where the tariffs are because none of us actually sit here today, and we've given you a range in our guidance. Again, we're all sitting here as everyone is waiting to find out what is happening. And I think we'll know more of that towards the tail end of the summer. So we can have a better understanding of what, in fact, we are going to need to mitigate. And so that would also kind of get into where we would take price increases or not.

最後，我認為我們還需要確定關稅，因為今天我們實際上都沒有坐在這裡，而且我們在指導中給出了一個範圍。再說一次，我們都坐在這裡，大家都在等著看到底發生了什麼事。我認為我們將在夏季末了解更多相關資訊。這樣我們就可以更了解我們實際上需要緩解什麼。所以這也牽涉到我們是否接受價格上漲的問題。

But I want to be clear. The first thing that we want to do is to make sure that we have an exciting experience with the consumer. And again, if we can drive more revenues, that will increase our profitability. You can see that the leverage that just by having a small mid-single-digit increase in fiscal '27 and fiscal '28 will bring to us is quite significant. And we'll have a very, very big EPS impact as well as when you layer on top of that if we do restart the share repurchase program. I think you're going to see quite a significant lift in EPS for the company in a relatively short period of time.

但我想說清楚。我們要做的第一件事就是確保消費者擁有令人興奮的體驗。再說一次，如果我們能夠增加收入，那就會提高我們的獲利能力。您可以看到，27 財年和 28 財年僅實現中等個位數的小幅成長就能為我們帶來相當大的槓桿作用。如果我們確實重新啟動股票回購計劃，那麼我們的每股盈餘也會受到非常大的影響。我認為您將會在相對較短的時間內看到公司每股收益的顯著提升。

Let me stop there, and I'm going to turn it over to Tom on the pricing piece.

我就此打住，然後我將把定價部分交給湯姆。

Thank you, John. And Aneesha, I just want to reiterate what John said. Our first priority is really brand momentum. That is the primary goal, and it's the primary really basis for future success. So we will proceed extremely carefully on assessing any pricing actions.

謝謝你，約翰。安妮莎，我只想重申約翰所說的話。我們的首要任務確實是品牌動能。這是首要目標，也是未來成功的主要基礎。因此，我們將非常謹慎地評估任何定價行動。

When ultimate tariff levels are better known, we'll certainly assess market reaction and look at this on a very granular basis. But our efforts now are really focused on the sourcing side, working with our sourcing partners and sourcing optimization.

當最終關稅水準更加明確時，我們肯定會評估市場反應，並以非常細緻的方式審視這個問題。但我們現在的努力確實集中在採購方面，與我們的採購合作夥伴合作並進行採購優化。

And thank you, everyone, for joining us today. I'd like to remind everyone before we conclude the call that we are awaiting approvals from various jurisdictions around the world on the Versace transaction. We are very optimistic that that transaction will be completed sometime in the fall season.

感謝大家今天的參與。在我們結束通話之前，我想提醒大家，我們正在等待世界各地各個司法管轄區對范思哲交易的批准。我們非常樂觀地認為該交易將在秋季的某個時候完成。

And as a result of that, the company will have very, very low net debt, which puts us in a very strong position to be able to invest in the future of both Michael Kors and Jimmy Choo. It additionally has a very strong EPS impact for the company as our carry forward interest go down significantly.

因此，公司的淨債務將非常非常低，這使我們能夠處於非常有利的地位，能夠投資於 Michael Kors 和 Jimmy Choo 的未來。由於我們的結轉利息大幅下降，它對公司的每股盈餘也產生了非常強烈的影響。

So we're very pleased about the results of that transaction and hopeful that it will conclude in the fall season, which will set us up for another very positive positioning for Capri Holdings. Thank you for joining us today and look forward to updating you on our next call.

因此，我們對這筆交易的結果感到非常滿意，並希望它能在秋季完成，這將為 Capri Holdings 的另一個非常積極的定位奠定基礎。感謝您今天加入我們，並期待在下次電話會議中向您通報最新情況。

Thank you. This does conclude today's conference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的會議到此結束。感謝您的參與。現在您可以斷開線路。享受你剩餘的一天。