Capri Holdings Ltd (CPRI) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Capri Holdings Limited first quarter fiscal 2026 financial results conference call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 Capri Holdings Limited 2026 財年第一季財務業績電話會議。（操作員指示）請注意，本次會議正在錄音。

I would now like to turn the conference over to your host, Jennifer Davis. Please go ahead.

現在我想將會議交給主持人珍妮佛戴維斯 (Jennifer Davis)。請繼續。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited first quarter fiscal 2016 conference call. With me this morning are Chairman and Chief Executive Officer, John Idol; and Interim Chief Financial Officer, Raj Mehta.

大家早安，感謝您參加 Capri Holdings Limited 2016 財年第一季電話會議。今天早上和我一起的還有董事長兼執行長約翰·伊多爾 (John Idol) 和代理財務長拉吉·梅塔 (Raj Mehta)。

Before we begin, let me remind you that certain statements made on may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those we expect. Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website.

在我們開始之前，請允許我提醒您，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。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。

Investors should not 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. Unless otherwise noted, all financial information on today's call will be presented on a non-GAAP basis.

投資人不應認為本次電話會議中所作的陳述將在稍後時間繼續有效，且本公司不承擔更新今天電話會議中討論的任何資訊的義務。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。

These non-GAAP measures exclude certain costs associated with Capri transformation costs, restructuring and other charges and transaction-related costs. To view the corresponding GAAP measures and related reconciliation, please view our latest earnings release posted to our website earlier today at capriholdings.com.

這些非公認會計準則指標不包括與 Capri 轉型成本、重組和其他費用以及與交易相關成本相關的某些成本。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。

Additionally, the company has classified the results of operations and cash flows of its Versace business as discontinued operations. Unless otherwise noted, all information on today's call relates only to continuing operations. I would also like to note that in today's 8-K, we included supplemental quarterly segment data for fiscal 2025.

此外，該公司已將其范思哲業務的經營業績和現金流量歸類為已終止經營業務。除非另有說明，今天電話會議中的所有資訊僅與持續經營有關。我還想指出，在今天的 8-K 中，我們加入了 2025 財年的補充季度分部數據。

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.

謝謝你，詹妮弗，大家早安。

We are encouraged by our first quarter results. Trends improved sequentially, leading to both revenue and earnings per share that exceeded our expectations. This performance demonstrates the progress we are making as we execute against our strategic initiatives to reenergize our fashion luxury houses.

我們對第一季的業績感到鼓舞。趨勢逐級改善，導致營收和每股盈餘都超出我們的預期。這項業績表明，我們在執行策略性舉措以重振時尚奢侈品牌的過程中取得了進展。

While still early, we are beginning to see signs that our strategies are working. Although the global macroeconomic environment remains dynamic, we are on track to stabilize our business this year while establishing a strong foundation for a return to growth in fiscal '27.

雖然還處於早期階段，但我們開始看到我們的策略正在發揮作用的跡象。儘管全球宏觀經濟環境依然充滿活力，但我們今年的業務仍有望穩定下來，同時為27財年恢復成長奠定堅實的基礎。

Now looking at our first quarter results. Total company revenue decreased 6% versus last year to $797 million on a reported basis and earnings per share were $0.50. Our results reflected a sequential improvement in trends across all regions. At Michael Kors, first quarter revenue decreased 6% on a reported basis compared to prior year, with similar trends in both retail and wholesale.

現在來看看我們的第一季業績。公司總收入較去年同期下降6%，報告顯示為7.97億美元，每股收益為0.50美元。我們的業績反映出所有地區的趨勢均有所改善。Michael Kors 第一季的營收與去年同期相比下降了 6%，零售和批發的趨勢類似。

In our retail channel, we are starting to see encouraging signs of momentum. First, traffic trends in our full-price stores improved sequentially. Second, we achieved stronger full price sell-throughs on new styles. And third, AUR trends continued to improve sequentially, turning positive in our full-price channel for the first time in three years.

在我們的零售通路，我們開始看到令人鼓舞的勢頭跡象。首先，我們的正價商店的客流量趨勢持續改善。其次，我們實現了新款式全價銷售的強勁成長。第三，AUR 趨勢持續持續改善，三年來首次在全價通路中轉為正值。

We view these as early but meaningful indicators that our strategies are gaining traction. In the wholesale channel, performance at point of sale improved sequentially. Wholesale shipments also saw a sequential improvement versus prior quarter but continued to be impacted by the broad-based softness in the channel as well as our prior initiatives to reduce wholesale exposure.

我們認為這些都是早期但有意義的指標，顯示我們的策略正在獲得支持。在批發通路，銷售點的表現持續改善。批發貨量與上一季相比也出現了環比改善，但繼續受到通路普遍疲軟以及我們先前減少批發風險舉措的影響。

As a point of reference, we have exited 30% of US department store doors over the past year. We anticipate the majority of wholesale door reductions will be completed by the end of the year. Now turning to brand awareness and consumer engagement. We saw continued positive consumer response to our hotel story series underscoring the appeal of our compelling fashion and travel storytelling approach.

作為參考，過去一年，我們已經退出了 30% 的美國百貨公司。我們預計大部分批發門市降價活動將於今年底完成。現在轉向品牌知名度和消費者參與度。我們看到消費者對我們的飯店故事系列持續積極的反應，凸顯了我們引人入勝的時尚和旅行故事講述方式的吸引力。

The first chapter of hotel stories took place in Ibiza at the Matoso Hotel featuring English, actress and singer, Suky Waterhouse. The narrative captured exciting fashion moments in Ibiza and at the hotel while celebrating the joy of traveling the world in style. As we look ahead to fall, the next chapter of hotel stories will take place in Rome, capturing the glamor of the season through the lens of fashion and culture.

飯店故事的第一章發生在伊比沙島的馬托索酒店，主角是英國演員兼歌手蘇琪沃特豪斯 (Suky Waterhouse)。故事捕捉了伊比沙島和酒店中令人興奮的時尚時刻，同時也慶祝了時尚環遊世界的樂趣。展望秋季，酒店故事的下一章將在羅馬展開，透過時尚和文化的視角捕捉本季的魅力。

During the first quarter, we built upon the hotel stories narrative by broadening our reach with local activations and an expanded network of influencers. We have pivoted our approach to better leverage the power of social media platforms and influencer partnerships to not only engage with consumers whenever and wherever they are, but also to deliver our story through trusted voices in fashion.

在第一季度，我們透過在地活動和擴大影響力網絡來擴大影響力，從而擴大了酒店故事的影響力。我們改變了方法，更好地利用社交媒體平台和影響力合作夥伴的力量，不僅可以隨時隨地與消費者互動，還可以透過時尚界值得信賴的聲音傳遞我們的故事。

By aligning with relevant influencers and celebrities, we are creating more authentic brand moments that resonate with our consumers. We believe our travel the world in style brand vision, combined with our expanded network of influencers is helping us to reignite brand desirability. According to our consumer insights, we have seen a further positive shift in brand affinity, signaling that our strategies are resonating.

透過與相關影響者和名人合作，我們正在創造更多與消費者產生共鳴的真實品牌時刻。我們相信，我們時尚環遊世界的品牌願景，加上我們不斷擴大的影響力網絡，將幫助我們重新點燃品牌的吸引力。根據我們的消費者洞察，我們看到品牌親和力進一步積極轉變，這表明我們的策略正在產生共鳴。

Looking ahead to the fall, we plan to build on this momentum with an expanded influencer strategy designed to not only further extend our reach and deeper consumer engagement, but also drive incremental revenue growth.

展望秋季，我們計劃在此基礎上進一步擴大影響力策略，不僅進一步擴大我們的影響力和加深消費者參與度，而且還將推動收入的成長。

Additionally, Michael Kors once again had a strong presence at the Met Gala with a number of celebrities wearing Michael's tailored sophisticated styles. The event highlighted Michael's leadership in the world of fashion and drove strong consumer engagement, generating nearly 6 billion impressions.

此外，Michael Kors 再次在 Met Gala 上大放異彩，許多名人穿著 Michael Kors 精心訂製的精緻服飾。這場活動凸顯了麥可在時尚界的領導地位，並推動了消費者的積極參與，產生了近 60 億次曝光。

The combined power of our hotel stories narratives, global events, activations and influencer partnerships helped amplify our reach, enhanced by the utilization of our advanced data analytics capabilities, these efforts contributed to a 9% year-over-year increase in Michael Kors global database.

我們的飯店故事敘述、全球活動、活化和影響力合作夥伴關係的綜合力量幫助擴大了我們的影響力，透過利用我們先進的數據分析能力，這些努力促使 Michael Kors 全球資料庫同比增長 9%。

Our data analytics capabilities are reshaping the way we approach marketing enabling us to develop deeper consumer understandings, anticipate behavior and make more informed strategic decisions.

我們的數據分析能力正在重塑我們的行銷方式，使我們能夠更深入地了解消費者、預測行為並做出更明智的策略決策。

Now turning to product. Our strategy is centered around Michael's design vision, delivering exciting fashion with standout style. We have also adjusted our pricing architecture to align with historic levels. In accessories, consumers continue to respond positively to new introductions that celebrate our iconic brand codes and align with our new strategic pricing architecture.

現在轉向產品。我們的策略以邁克爾的設計願景為中心，以出眾的風格打造令人興奮的時尚。我們還調整了定價架構，以與歷史水準保持一致。在配件方面，消費者繼續對頌揚我們標誌性品牌代碼並符合我們新策略定價架構的新產品做出積極反應。

Groups, including Lila, Lalita and Bryant are experiencing strong full price sell-throughs and contributed to a sequential improvement in accessories AURs. Additionally, we saw continued growth in our iconic signature styles reinforcing their appeal with consumers.

Lila、Lalita 和 Bryant 等品牌的全價銷售表現強勁，推動配件 AUR 的連續提升。此外，我們的標誌性標誌性風格持續成長，增強了其對消費者的吸引力。

Turning to footwear. Revenue was down double digits during the quarter, driven by a sequential decline in the dress category. Casual styles continued to perform better. During the quarter, we began introducing new styles that embody iconic Michael Kors branding elements and heritage design details. Early performance of these styles has been strong and we are expanding the assortment to build on this momentum.

轉向鞋類。由於服飾類別的連續下滑，本季營收下降了兩位數。休閒風格持續表現較好。在本季度，我們開始推出體現標誌性 Michael Kors 品牌元素和傳統設計細節的新款式。這些款式的早期表現一直很強勁，我們正在擴大品種以延續這一勢頭。

Looking at ready-to-wear, revenues increased driven by higher AURs as consumers responded to styles reflecting Michael's effortless glamor and timeless sophistication. Turning to Men's. Revenue was approximately flat. AUR in our full price channel were up and improved sequentially. Consumers responded positively to the latest men's sportswear styles which reflect the brand's modern Jet Set lifestyle.

從成衣來看，由於消費者對體現邁克爾傑克遜輕鬆魅力和永恆精緻風格的服裝風格反應熱烈，AUR 的提高推動了成衣收入的增長。轉向男士。收入基本持平。我們的全價通路中的 AUR 連續上漲並改善。消費者對最新的男士運動服款式反應積極，這些款式體現了該品牌現代的 Jet Set 生活方式。

Next, I'd like to review our fleet optimization program. Our retail stores remain a critical pillar in supporting our sales recovery, and we believe our global store renovation program will play a pivotal role in elevating the overall consumer experience, and revitalizing Michael Kors sales trajectory.

接下來，我想回顧一下我們的車隊優化計劃。我們的零售店仍然是支持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劃將在提升整體消費者體驗和重振 Michael Kors 銷售軌跡方面發揮關鍵作用。

Over the next three years, we plan to renovate approximately 50% of our store fleet as well as key department store locations. We believe that our renovation program will drive higher store productivity, and we look forward to sharing our progress and results with you in the future.

未來三年，我們計劃翻新約 50% 的門市以及主要的百貨公司。我們相信我們的改造計劃將推動更高的商店生產力，我們期待將來與您分享我們的進展和成果。

Additionally, we remain on track to close 75 underproductive Michael Kors stores in fiscal '26. Following these closures, our store rationalization program will be largely complete. Looking forward, Michael Kors is a powerful fashion luxury brand with a 44-year heritage that continues to resonate with consumers.

此外，我們仍計劃在 26 財年關閉 75 家效益不佳的 Michael Kors 商店。關閉這些門市後，我們的門市合理化計畫將基本完成。展望未來，Michael Kors 是一個擁有 44 年歷史的強大時尚奢侈品牌，將繼續引起消費者的共鳴。

Building on this legacy and guided by our data analytics and consumer insights, we believe we have the right strategies underway to return the brand to growth and remain optimistic about our ability to achieve $4 billion in revenues over time.

基於這項傳統，並在我們的數據分析和消費者洞察的指導下，我們相信我們正在實施正確的策略，以使品牌恢復成長，並對我們隨著時間的推移實現 40 億美元收入的能力保持樂觀。

Now moving to Jimmy Choo, which is an iconic brand with a sense of glamor and a playful daring spirit. We are focusing our initiatives to leverage the strength of this highly recognized luxury brand. First quarter revenue decreased 6% on a reported basis compared to prior year. Retail sales declined mid-single digits, while wholesale declined double digits, which was primarily due to shipment phasing.

現在轉向 Jimmy Choo，這是一個具有魅力感和大膽俏皮精神的標誌性品牌。我們正集中精力發揮這個備受認可的奢侈品牌的優勢。據報告，第一季營收與去年同期相比下降了 6%。零售額下降了中等個位數，而批發額下降了兩位數，這主要是由於分階段發貨所致。

Looking at trends in our retail channel. First quarter performance improved sequentially relative to the fourth quarter. Performance also improved sequentially as the quarter progressed, driven by the successful launch of new product introductions. Importantly, these styles are driving higher full price sell-throughs and AURs.

查看我們的零售通路的趨勢。第一季業績較第四季有所改善。受新產品成功推出的推動，本季的業績也隨之環比提升。重要的是，這些款式正在推動更高的全價銷售量和 AUR。

In the wholesale channel, revenue at point of sale improved sequentially and was flat in North American department stores, indicating that our new product is resonating with consumers. Turning to brand awareness and consumer engagement.

在批發管道，銷售點收入環比增長，北美百貨公司收入持平，顯示我們的新產品引起了消費者的共鳴。轉向品牌知名度和消費者參與度。

Our story Tele continues to focus on glamor, inspiring joy and empowering confidence. For summer, our initiatives emphasize new seasonal styles featuring American actress and fashion icon. In June, Jimmy Choo named Chinese actress Balu, as its new Asia Pacific ambassador.

我們的故事 Tele 繼續專注於魅力、激發快樂和增強信心。對於夏季，我們的舉措強調以美國女演員和時尚偶像為特色的新季節風格。今年 6 月，Jimmy Choo 任命中國女演員巴魯為其新任亞太區大使。

Her debut campaign featured the launch of the new curve bag, which she unveiled to her extensive fan base. As one of China's most followed actresses Balu's involvement helped the campaign reach over 56 million consumers across social media channels in Asia Pacific alone.

她的首場宣傳活動推出了新款曲線包，並向廣大粉絲揭曉了這款包。作為中國最受關注的女演員之一，巴魯的參與幫助該活動僅在亞太地區的社群媒體管道上就覆蓋了超過 5,600 萬消費者。

We also continue to extend our reach and deepen consumer engagement through high-impact influencer partnerships that balance glamor with authenticity. By collaborating with style leaders and cultural taste makers, Jimmy Choo is crafting meaningful moments that resonate with consumers.

我們也透過在魅力與真實性之間取得平衡的高影響力的合作夥伴關係，繼續擴大我們的影響力並加深消費者參與度。透過與時尚領導者和文化品味創造者合作，Jimmy Choo 正在創造與消費者產生共鳴的有意義的時刻。

The integration of our storytelling, global events, activations influencer partnerships and clienteling initiatives helped amplify our reach, enhanced by our data analytics capabilities these efforts contributed to a 9% year-over-year increase in Jimmy Choo's global consumer database.

我們的故事敘述、全球活動、激活影響力合作夥伴關係和客戶計畫的整合有助於擴大我們的影響力，再加上我們的數據分析能力，這些努力促使 Jimmy Choo 的全球消費者資料庫年增 9%。

Turning to product. Jimmy Choo's product strategy remains focused on further developing accessories and expanding our casual footwear offer. In accessories, we are pleased with recent momentum, driven by the continued strong sales of our Bonbon and Sinch bags. The Sinch bag is now Jimmy Choo's best-selling day bag of all time.

轉向產品。Jimmy Choo 的產品策略仍然專注於進一步開發配件和擴大我們的休閒鞋類產品。在配件方面，我們對近期的發展勢頭感到滿意，這得益於我們的 Bonbon 和 Sinch 包款持續強勁的銷售。Sinch 包現在是 Jimmy Choo 有史以來最暢銷的日用包。

Additionally, towards the end of the quarter, we introduced the Curve group with styles priced between $595 and $995. While still early, we are encouraged by the strong initial consumer response. We are equally pleased to see curve attracting new consumers to the brand.

此外，在本季末，我們推出了 Curve 系列，其款式價格在 595 美元至 995 美元之間。雖然還處於早期階段，但消費者最初的強烈反應令我們感到鼓舞。我們同樣高興地看到 Curve 為該品牌吸引了新的消費者。

In the fall, we plan to introduce the bar group, an additional collection within this price range to capture a broader segment of luxury consumers. With our strong brand equity and design authority, we believe Jimmy Choo is well positioned to capture share within this luxury price segment. We expect this initiative to drive significant growth in our accessories business over time.

秋季，我們計劃推出酒吧系列，這是該價格範圍內的附加系列，旨在吸引更廣泛的奢侈品消費者。憑藉我們強大的品牌資產和設計權威，我們相信 Jimmy Choo 有能力在這一奢侈品價格區間內佔據有利地位。我們預計這項舉措將隨著時間的推移推動我們的配件業務的顯著成長。

Turning to footwear. Our dress category remains soft. We are focused on bringing excitement to this assortment with innovation and animation. In May, Jimmy Choo launched the archive collection, a curated edit of readdition footwear styles from the first five years of the house.

轉向鞋類。我們的服裝類別依然疲軟。我們致力於透過創新和動畫為這個系列帶來興奮。今年五月，Jimmy Choo 推出了檔案系列，精選了該品牌創立五年來重新添加的鞋類款式。

By fusing nostalgia and discovery, the collection resonated with a wide audience from original Jimmy Choo fans to millennials and Gen Zs. The collection delivered strong sell-through rates while also generating over 50 million social media impressions highlighting its strong market reception and brand resonance.

該系列融合了懷舊與探索，引起了從最初的 Jimmy Choo 粉絲到千禧世代和 Z 世代的廣泛共鳴。該系列不僅銷售率高，還在社交媒體上獲得了超過 5000 萬次曝光，彰顯了其強大的市場反響和品牌共鳴。

Jimmy Choo's strategy to expand day and casual footwear gained traction in the first quarter with an increase in full price sales. We continue to believe there is a meaningful opportunity to expand our offering. Active footwear sales in our full-price channel increased mid-single digits, driven by strong demand for the Vales and Diamond Flex sneakers.

Jimmy Choo 擴大日用鞋和休閒鞋類的策略在第一季取得了進展，全價銷售額有所成長。我們始終相信，有一個有意義的機會來擴大我們的產品範圍。受 Vales 和 Diamond Flex 運動鞋強勁需求的推動，我們全價通路的運動鞋銷售額實現了中等個位數成長。

We are also expanding our casual assortments beyond active. For example, in June, we introduced the Jelly Balarina flat, which blends histologic design with modern glamor, priced at $395 the Jelly is experiencing extremely strong full price sell-throughs and attracting new customers to the brand.

我們也將休閒系列擴展到運動系列之外。例如，6 月份，我們推出了 Jelly Balarina 平底鞋，它將組織學設計與現代魅力融為一體，售價 395 美元，Jelly 的全價銷售非常強勁，並吸引了新客戶。

Looking forward, we believe we are on the right path to unlock Jimmy Choo's unique potential by expanding its position within the world of fashion luxury and ultimately achieving our revenue target of $800 million over time.

展望未來，我們相信我們正走在正確的道路上，透過擴大 Jimmy Choo 在時尚奢侈品領域的地位，釋放其獨特的潛力，並最終實現 8 億美元的收入目標。

In conclusion, with the Versace transaction expected to close in the second half of calendar 2025, we are fully focused on energizing our two iconic brands, Michael Kors and Jimmy Choo. We are pleased to see early indications that our strategic initiatives are beginning to work.

總而言之，范思哲交易預計將於 2025 年下半年完成，我們將全力專注於為我們的兩個標誌性品牌 Michael Kors 和 Jimmy Choo 注入活力。我們很高興看到早期跡象表明我們的策略性舉措開始發揮作用。

Looking ahead, we continue to expect trends to improve in the back half of fiscal '26, positioning us to return to growth in fiscal '27. Long term, we remain optimistic about the sustainable growth potential of both Michael Kors and Jimmy Choo.

展望未來，我們持續預期26財年下半年趨勢將會改善，並有望在27財年恢復成長。從長遠來看，我們仍然看好 Michael Kors 和 Jimmy Choo 的可持續成長潛力。

Now Raj will review our first quarter results and guidance in more detail.

現在 Raj 將更詳細地回顧我們的第一季業績和指導。

Thank you, John, and good morning, everyone. Before we begin, I would like to remind you that today's financial results exclude Versace, which was reclassified as a discontinued operation.

謝謝你，約翰，大家早安。在我們開始之前，我想提醒您，今天的財務結果不包括范思哲，該業務被重新歸類為已停止營運的業務。

My discussion today will reflect results from continuing operations and our financial statements have been adjusted for prior periods to exclude Versace. We continue to anticipate the sale of Versace will close in the second half of calendar 2025.

我今天的討論將反映持續經營的結果，並且我們的財務報表已根據前期進行了調整，以排除范思哲。我們繼續預計范思哲的出售將於 2025 年下半年完成。

Now looking at our first quarter results, total company revenue of $797 million decreased 6% versus prior year on a reported basis and 7.7% in constant currency, representing a sequential year-over-year improvement relative to the fourth quarter.

現在來看我們的第一季業績，公司總營收 7.97 億美元，以報告基礎計算較上年下降 6%，以固定匯率計算則下降 7.7%，與第四季相比，年比有所改善。

Net income was $60 million, resulting in diluted earnings per share of $0.50. Performance exceeded our expectations driven by better-than-anticipated results at both Michael Kors and Jimmy Choo as our strategic initiatives begin to take hold. Results also reflect a discrete tax benefit.

淨利為6000萬美元，每股攤薄收益為0.50美元。由於我們的策略措施開始見效，Michael Kors和Jimmy Choo的業績都優於預期，業績超乎預期。結果也反映出離散稅收優惠。

Now turning to first quarter results in more detail. Starting with revenue by channel, total company retail sales declined mid-single digits. In the wholesale channel, revenue declined high single digits, reflecting continued broad-based softness in the channel as well as our prior initiatives to reduce wholesale exposure.

現在來更詳細地了解第一季的業績。從各通路收入來看，公司零售總額下降了中等個位數。在批發管道，收入下降了高個位數，反映了該管道持續的普遍疲軟以及我們先前減少批發風險的舉措。

Turning to revenue performance by geography. In the Americas, revenue decreased 9%. Revenue in EMEA increased 6%, while revenue in Asia declined 15%. Looking at revenue performance by brand. At Michael Kors, revenue decreased 5.9% compared to prior year on a reported basis and 7.3% in constant currency.

轉向按地區劃分的收入表現。在美洲，收入下降了 9%。歐洲、中東和非洲地區收入成長 6%，亞洲地區收入下降 15%。按品牌查看收入表現。Michael Kors 的報告收入與前一年相比下降了 5.9%，以固定匯率計算則下降了 7.3%。

Global retail and wholesale sales decreased mid-single digits. Store closures negatively impacted retail sales in the low single-digit range. By geography, sales in the Americas decreased 8%. Revenue in EMEA increased 9%, while revenue in Asia declined 16%. At Jimmy Choo, revenue decreased 6.4% compared to prior year on a reported basis and 9.2% in constant currency.

全球零售和批發銷售額下降了中等個位數。商店關閉對零售額產生了低個位數的負面影響。按地理劃分，美洲地區銷售額下降了 8%。歐洲、中東和非洲地區收入成長 9%，亞洲地區收入下降 16%。Jimmy Choo 的報告收入與前一年相比下降了 6.4%，以固定匯率計算則下降了 9.2%。

Global retail sales declined mid-single digits and wholesale decreased double digits. By geography, total revenue in the Americas decreased 12%. Revenue in EMEA increased 1%, while revenue in Asia decreased 14%.

全球零售額下降了中等個位數，批發額下降了兩位數。按地理劃分，美洲地區總收入下降了 12%。歐洲、中東和非洲地區營收成長 1%，亞洲地區營收下降 14%。

Now looking at total company margin performance. Gross margin of 63% was approximately flat to prior year. We estimate higher tariffs negatively impacted gross margin by 30 basis points.

現在來看看公司整體利潤表現。毛利率為63%，與上年基本持平。我們估計關稅上調將對毛利率產生 30 個基點的負面影響。

By brand, Michael Kors gross margin of 61.1% compared to 62.1% last year. The decline versus prior year was primarily driven by the impact of our new strategic pricing architecture and tariffs, giving true gross margin of 70.4% compared to 67.1% last year. The increase versus prior year was primarily driven by channel mix.

以品牌劃分，Michael Kors 毛利率為 61.1%，去年同期為 62.1%。與去年相比，毛利率的下降主要受我們新的策略定價架構和關稅的影響，實際毛利率為 70.4%，而去年為 67.1%。與上年度相比的成長主要得益於通路組合。

Operating expense decreased $22 million. The decline versus prior year was primarily attributable to our cost reduction program. As a percentage of revenue, operating expense was 60.5% compared to 59.5% last year, primarily reflecting expense deleverage on lower revenue.

營運費用減少了 2200 萬美元。與上一年相比的下降主要歸因於我們的成本削減計劃。以收入百分比計算，營業費用為 60.5%，而去年為 59.5%，主要反映了收入下降導致的費用去槓桿化。

Total company operating margin was 2.5% compared to 3.7% last year. By brand, Michael Kors operating margin of 9.9% compared to 11.1% last year, and Jimmy Choo operating margin of 2.5% was slightly above prior year. Our tax rate for the quarter was negative 36.4%, reflecting a tax benefit related to our valuation allowance due to the mix of earnings across jurisdictions.

公司總營業利益率為 2.5%，而去年同期為 3.7%。以品牌劃分，Michael Kors 營業利益率為 9.9%，去年同期為 11.1%，Jimmy Choo 營業利益率為 2.5%，略高於去年同期。我們本季的稅率為-36.4%，反映了由於跨司法管轄區收益組合而產生的與我們的估值準備金相關的稅收優惠。

Now turning to our balance sheet. Looking at inventory. At quarter end, inventory totaled $779 million, a $76 million or 10.8% increase versus prior year. This increase primarily reflects $50 million of planned earlier receipts of product. Additionally, foreign currency exchange rates and tariffs combined increased inventory by approximately $25 million.

現在轉向我們的資產負債表。查看庫存。截至季末，庫存總額為 7.79 億美元，比去年同期增加 7,600 萬美元，即 10.8%。這一增長主要反映了先前計劃的 5000 萬美元產品收據。此外，外匯匯率和關稅合計導致庫存增加約 2,500 萬美元。

Looking ahead, we expect year-over-year inventory levels to sequentially decline. We ended the quarter with cash of $129 million and debt of $1.67 billion, resulting in net debt of approximately $1.5 billion.

展望未來，我們預期庫存水準將較去年同期連續下降。本季末，我們的現金為 1.29 億美元，債務為 16.7 億美元，淨債務約 15 億美元。

Now turning to guidance. While we are encouraged by our first quarter results and the early signs that our strategic initiatives are working, the global macroeconomic environment remains dynamic. Since our last earnings call, trade policies have evolved and tariff rates have increased.

現在轉向指導。儘管我們對第一季的業績和策略性舉措奏效的早期跡象感到鼓舞，但全球宏觀經濟環境仍然充滿活力。自從我們上次財報電話會議以來，貿易政策已經發生了變化，關稅稅率也上升了。

Our updated guidance reflects incremental tariff rates on imports from China at 30% and India at 25%, the rest of Asia at 19% to 20% and the European Union at 15%. As a result, we now estimate unmitigated impact of tariffs on products shipped into the United States will increase our cost of goods sold by approximately $85 million in fiscal 2026, up from our prior estimate of approximately $60 million.

我們的最新指導方針反映了對來自中國的進口產品徵收 30% 的增量關稅，對印度的進口產品徵收 25% 的增量關稅，對亞洲其他地區的進口產品徵收 19% 至 20% 的增量關稅，對歐盟的進口產品徵收 15% 的增量關稅。因此，我們現在估計，對運往美國的產品徵收關稅的未緩解影響將使我們 2026 財年的銷售成本增加約 8,500 萬美元，高於我們先前估計的約 6,000 萬美元。

As a reminder, our sourcing is broadly diversified with the majority of Michael Kors production originating from Vietnam, Cambodia, and Indonesia. Jimmy Choo sources the vast majority of its products from Italy. As a note, China represents approximately 5% of total Capri US production volumes.

提醒一下，我們的採購來源非常多樣化，Michael Kors 的大部分產品來自越南、柬埔寨和印尼。Jimmy Choo 的絕大部分產品均來自義大利。值得注意的是，中國約佔 Capri 美國總產量的 5%。

Our global supply chain is highly agile, supported by long-standing relationships with our manufacturing partners. We anticipate offsetting a majority of the impact from tariffs in fiscal '27 through a combination of: one, working with our sourcing partners to create cost efficiencies; two, sourcing optimization to minimize tariff exposure; and three, implementing targeted price increases.

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。我們預期透過以下方式抵銷27財年關稅的大部分影響：一、與我們的採購夥伴合作，提高成本效率；二、優化採購，以最大限度地降低關稅風險；三、實施有針對性的價格上漲。

Additionally, the benefits of our strategic initiatives, particularly efforts to drive higher full-price sell-throughs will further support gross margin expansion.

此外，我們的策略性措施帶來的好處，特別是推動更高全價銷售量的努力將進一步支持毛利率的擴大。

Turning to revenue. In fiscal '26, we now expect total company revenue to be between $3.375 billion and $3.45 billion. We are raising prior revenue guidance to reflect the recent weakening of the US dollar as well as our outperformance in the first quarter.

談到收入。在 26 財年，我們預計公司總營收將在 33.75 億美元至 34.5 億美元之間。我們上調了先前的營收預期，以反映近期美元的疲軟以及我們第一季的優異表現。

By brand, we expect Michael Kors revenue between approximately $2.8 billion and $2.875 billion and Jimmy Choo revenue between $565 million and $575 million. As we think about the cadence of the year, we anticipate a gradual sequential improvement in trends in the back half of the year, supported by new product deliveries and the growing impact of our marketing initiatives.

按品牌劃分，我們預計 Michael Kors 的營收約為 28 億美元至 28.75 億美元之間，Jimmy Choo 的營收約為 5.65 億美元至 5.75 億美元之間。當我們思考今年的節奏時，我們預計在新產品交付和行銷舉措日益增強的影響的支持下，下半年趨勢將逐步改善。

For the year, we now expect gross margin of approximately 60.5% to 61%, reflecting higher tariff rates. We continue to anticipate operating expenses of approximately $2 billion. We continue to expect full year operating income of approximately $100 million reflecting our increased revenue outlook and diligent expense management.

對於今年，我們目前預計毛利率約為 60.5% 至 61%，這反映了更高的關稅稅率。我們繼續預計營運費用約為 20 億美元。我們繼續預計全年營業收入約為 1 億美元，這反映了我們增加的收入前景和勤勉的費用管理。

By brand, we continue to anticipate Michael Kors operating margin in the high single-digit range and Jimmy Choo operating margin in the negative mid-single-digit range. In terms of nonoperating items, we expect net interest income between $85 million and $95 million, an effective tax rate in the mid-teens range and weighted average shares outstanding of approximately $119 million.

按品牌劃分，我們繼續預期 Michael Kors 的營業利潤率將處於高個位數範圍，而 Jimmy Choo 的營業利潤率將處於負中個位數範圍。就非營業項目而言，我們預計淨利息收入在 8,500 萬美元至 9,500 萬美元之間，有效稅率在十幾歲左右，加權平均流通股數約為 1.19 億美元。

As a result, we continue to expect to generate diluted earnings per share between $1.20 and $1.40. In terms of our capital allocation plans, our first priority remains to invest in our brands through store renovations, technology and digital enhancements as well as other brand-building initiatives. Our second priority is to reduce debt, and our third priority is to return cash to shareholders via a share repurchase program in the future.

因此，我們預期每股攤薄收益仍將在1.20美元至1.40美元之間。就資本配置計劃而言，我們的首要任務仍然是透過門市翻新、技術和數位化升級以及其他品牌建設舉措來投資我們的品牌。我們的第二個優先事項是減少債務，第三個優先事項是將來透過股票回購計畫向股東返還現金。

Now turning to second quarter guidance. We expect total company revenue to be between $815 million and $835 million, with Michael Kors revenue between $685 million and $700 million, and Jimmy Choo revenue between $130 million and $135 million.

現在轉向第二季的指引。我們預計公司總收入將在 8.15 億美元至 8.35 億美元之間，其中 Michael Kors 收入將在 6.85 億美元至 7 億美元之間，Jimmy Choo 收入將在 1.3 億美元至 1.35 億美元之間。

Looking at gross margin, we expect the second quarter gross margin rate to decline approximately 250 to 300 basis points impacted by our new strategic pricing architecture and greater tariff headwinds. In terms of operating margin, we expect second quarter operating margin to be slightly positive. 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.

從毛利率來看，受新策略定價架構和更大關稅阻力的影響，我們預計第二季毛利率將下降約 250 至 300 個基點。就營業利潤率而言，我們預期第二季營業利潤率將略微為正。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 anticipate second quarter net interest income of approximately $15 million. We forecast an effective tax rate of approximately 40% in the second quarter due to expected shifts in the geographic mix of earnings and the related valuation allowance impacts.

談談我們對某些非經營項目的預期。我們預計第二季淨利息收入約為 1500 萬美元。由於預期收益的地理分佈將發生變化以及相關的估值準備金影響，我們預測第二季的有效稅率約為 40%。

We anticipate 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. In closing, we are encouraged by the early signs that our strategic initiatives are working. We anticipate trends will improve in the back half of fiscal 2026 as our strategic initiatives gain traction.

我們預計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。最後，我們對策略性舉措奏效的早期跡象感到鼓舞。我們預計，隨著我們的策略性舉措獲得支持，2026 財年下半年的趨勢將會改善。

Looking ahead to fiscal '27, we expect to return to revenue and earnings growth. Longer term, we remain confident that Capri Holdings is well positioned to deliver sustainable growth while increasing shareholder value.

展望27財年，我們預期營收和獲利將恢復成長。從長遠來看，我們仍然相信 Capri Holdings 有能力實現永續成長，同時提高股東價值。

Now we will open up the line for questions.

現在我們將開放提問熱線。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

Congrats on the sequential improvement. So John, on Michael Kors, could you elaborate on recent sell-through trends on product launches across direct-to-consumer and wholesale maybe where the product assortment stands today relative to back half opportunities? And any initial signs of demand elasticity or how best to think about pricing power for the brand?

恭喜您有連續進步。那麼約翰，關於邁克爾·科爾斯 (Michael Kors)，您能否詳細說明一下最近直接面向消費者和批發的產品的銷售趨勢，也許相對於後半部分機會，今天的產品分類情況如何？是否存在需求彈性的初步跡象，或如何最好地考慮品牌的定價能力？

Matt, and thank you for that nice comment about our sequential improvement. At Michael Kors, as you know, from our previous calls, around October, November of last year, we made a decision to first change strategic storytelling around Michael Kors to focus again on Jet Set but through a modern lens, and that was through our hotel stories and traveling the world in style.

馬特，謝謝你對我們連續改進的精彩評論。在 Michael Kors，如您所知，從我們之前的電話會議來看，大約在去年 10 月、11 月，我們決定先改變圍繞 Michael Kors 的戰略敘事，再次將重點放在 Jet Set 上，但要透過現代視角，也就是透過我們的酒店故事和時尚的環球旅行。

So the first results are that we're seeing consumers very much engaged with that storytelling. The second thing that we did was we changed our marketing approach and leaned much more heavily into influencers and into certain social media channels where we might not have had as great of a presence, and you're going to see that continue to grow throughout the fiscal year.

因此，第一個結果是，我們看到消費者非常關注這個故事。我們做的第二件事是改變了我們的行銷方式，更多地依靠有影響力的人和某些社交媒體管道，我們以前在這些管道上的存在感可能沒有那麼強，你會看到這種情況在整個財政年度繼續增長。

And as we are seeing these improved results from marketing through those channels and seeing the consumer response, we are increasing certain of our marketing spend whether that's in channels or in totality from our original budgets inside the company.

當我們看到透過這些管道進行的行銷效果有所改善，並看到消費者的反應時，我們正在增加某些行銷支出，無論是在管道上還是在公司內部原始預算的全部上。

So it's nice to be able to see results. And it's nice to be able to see that we can put our foot gently on the accelerator as we're seeing the consumer respond. And the last point around that is we have a very robust consumer insight program that's been going on now for close to two years. And so we really understand a lot more about the consumers' intent around the brand, around engaging with the brand and now engaging with the product that we think is the right product.

所以能夠看到結果真是太好了。我們很高興能夠看到，在看到消費者的反應後，我們可以輕輕踩下油門。最後一點是，我們有一個非常強大的消費者洞察計劃，該計劃已經運行了近兩年。因此，我們真正了解更多關於消費者對品牌的意圖、與品牌的互動以及與我們認為合適的產品的互動。

So the last part of what we did is we analyzed our sell-throughs and for the prior 18 months to when we started making changes, which really most of which happened from January on. We saw our discounting actually growing because we were marking product down because the consumer just wasn't responding to the prices that we had at that. And there were design issues as well.

因此，我們所做的最後一部分是分析我們的銷售情況以及我們開始做出改變之前的 18 個月的情況，實際上大部分的改變都是從 1 月開始發生。我們發現折扣實際上在增加，因為我們降低了產品價格，因為消費者對我們當時的價格沒有反應。另外也存在一些設計問題。

So we've changed the design, in particular, on handbags. In particular, we were able to get the price value relationship on ready-to-wear as well. We haven't quite got it right on footwear. And what we've seen is the trends in our own retail stores, as you heard, we did turn AUR positive in full price, and that's been quite some time.

因此我們改變了設計，特別是手提包的設計。特別是，我們也能夠獲得成衣的價格價值關係。我們在鞋類方面做得還不夠好。正如您所聽到的，我們看到的是我們自己的零售店的趨勢，我們確實以全價將 AUR 變成了正數，而且這已經過去了相當長一段時間。

We have seen a very significant sequential improvement in comps in our full-price stores. We're also seeing that again this quarter, which is very nice to see, two quarters does not make a year or a long-term trend, but it certainly is a very good indicator that our strategic initiatives are working, and we saw also our women's ready-to-wear turn positive. So it was AURs and accessories, AURs in our women's ready-to-wear, we've really seen some positive indicators that our strategies are working.

我們發現全價商店的銷售額連續顯著改善。我們本季再次看到了這一點，很高興看到，兩個季度不能代表一年或長期趨勢，但這無疑是一個很好的指標，表明我們的戰略舉措正在發揮作用，我們也看到我們的女裝成衣業務出現積極變化。因此，對於 AUR 和配件，以及我們女裝成衣中的 AUR，我們確實看到了一些積極的指標，表明我們的策略正在發揮作用。

The wholesale channel is also seeing that. I wouldn't say it's turned positive yet, but it's definitely heading in the right direction. And I think I commented to you on our last call that we have pretty much been around the globe met with our partners, really shown everyone the new strategies.

批發管道也看到了這一點。我不會說它已經變得積極，但它肯定正朝著正確的方向發展。我想我在上次電話會議上已經告訴過你們，我們幾乎走遍了全球，與我們的合作夥伴會面，向所有人展示了新的策略。

And there's a real excitement level, whether that's the various mall owners around the world, who are really embracing our project to renovate approximately half of our store fleet as well as our department store partners who are also on board, and you're going to see a lot of that starting to happen.

人們真的非常興奮，無論是來自世界各地的各種購物中心業主，他們都熱烈歡迎我們翻新大約一半門店的項目，還有我們的百貨公司合作夥伴也參與其中，你會看到很多這樣的項目開始發生。

It will be more in the spring season of next year, but you'll see some happening here in New York, hopefully, will get you all up to our Rock Center store, which will be renovated and reopened mid- to late October, our Regent Street store as well. And then there'll be dozens behind that, that are coming quite quickly.

明年春季會有更多活動，但你會看到紐約也有一些活動，希望你們能來到我們的 Rock Center 商店，該商店將於 10 月中下旬進行翻新並重新開業，我們的 Regent Street 商店也是如此。隨後還會有數十個，而且進展相當快。

We've had a few open so far and we are seeing positive lift from the renovation. So what we can report to you today is that the strategies we've put in place are working and the consumer is responding to them and the forward-looking

到目前為止，我們已經開業了幾家店，並且看到了裝修帶來的正面影響。因此，我們今天可以向大家報告的是，我們實施的策略正在發揮作用，消費者也對此做出了回應，而且前瞻性的

data that we've gotten from our consumer insights show that actually our fall marketing fall product and the way the customer is perceiving the brand is even stronger than what we saw in the spring season that we obviously have to see that come to fruition and sell-throughs of product.

我們從消費者洞察中獲得的數據表明，實際上我們的秋季行銷秋季產品以及客戶對品牌的看法比我們在春季看到的更為強勁，我們顯然必須看到這一點取得成果並實現產品的銷售。

But all the leading indicators show things are positive. And so far in the quarter, again, we're only a month or so into it, but we are seeing actually better results than we even saw in our Q1 to date.

但所有領先指標都顯示情況是正面的。到目前為止，本季度才剛開始一個月左右，但我們實際上看到的結果甚至比迄今為止第一季的結果還要好。

Brooke Roach, Goldman Sachs.

高盛的布魯克·羅奇。

It's great to hear the commentary regarding the positive AUR and pricing strategy trends. Can you talk a little bit about how you expect that to translate to margins into the back half of this fiscal year and into FY27. Can you help us talk through the puts and takes of the tariff mitigation opportunity over time as you look to offset some of those incremental costs? And where you see the largest opportunities in gross margin ahead?

很高興聽到有關積極的 AUR 和定價策略趨勢的評論。您能否稍微談談您預計這將如何影響本財年下半年和 27 財年的利潤率？當您尋求抵銷部分增量成本時，您能否幫助我們討論一下隨著時間的推移關稅減免機會的利弊？您認為未來毛利率最大的機率在哪裡？

Look, I'm going to let Raj take that. But before he does, I just want to say, I think the company has done an excellent job since we started the year, we've had approximately $85 million of tariff impact to the company, and we just gave our guidance where we've raised our revenue and we've been able to hold our operating income.

聽著，我要讓 Raj 拿走它。但在此之前，我只想說，我認為自今年年初以來，公司做得非常出色，關稅對公司的影響約為 8500 萬美元，我們剛剛給出了指導，即我們已經提高了收入，並且能夠保持我們的營業收入。

And I think that's a testament to some of the things that Raj is going to talk about in our margin. But it's also a testament to the fact that the teams are doing a great job with our cost reduction programs throughout the organization, our store -- our fleet optimization programs, which we talked about in our prepared remarks.

我認為這證明了 Raj 將在我們的空白處談論的一些事情。但這也證明了團隊在整個組織、我們的商店以及我們的車隊優化計劃中都做得很好，我們在準備好的演講中談到了這些。

So there's a real focus on continuing to reduce the SG&A impact in the company. And next year, we feel very strongly we're going to create leverage with modest revenue growth, Raj will talk about some gross margin growth and then really being able to hold that SG&A relatively tight.

因此，我們真正關注的是繼續減少銷售、一般和行政費用對公司的影響。明年，我們強烈感覺到，我們將透過適度的收入成長來創造槓桿作用，Raj 將談論一些毛利率成長，然後真正能夠將銷售、一般及行政費用控制在相對緊張的水平。

And so we think there's going to be a significant inflection in next year, again, assuming that our strategic initiatives at both Michael Kors and Jimmy Choo continued to bear fruit and show this in particular, back half improvement where we anticipate not being 100% positive, but pretty close to it, and that will be a real sign for where the company should be able to leverage off of for fiscal year 2017.

因此，我們認為明年將會出現重大轉折，再次假設我們在 Michael Kors 和 Jimmy Choo 的戰略舉措繼續取得成果，並特別顯示出下半年的改善，我們預計雖然不是 100% 積極，但非常接近，這將是公司應該能夠在 2017 財年利用的真正信號。

But let me turn it over to Raj for the gross margin piece.

但讓我把毛利率部分交給 Raj。

Thanks, John, and good morning, Brooke. So obviously, as John stated, there have been -- the tariff situation has been extremely fluid. And we've now incorporated some additional new information into our guidance. We now anticipate approximately $85 million of unmitigated tariff impact in this year, up from our previous estimate of $60 million.

謝謝，約翰，早安，布魯克。顯然，正如約翰所說，關稅情況一直非常不穩定。現在我們已將一些額外的新資訊納入我們的指導中。我們現在預計今年未緩解的關稅影響約為 8500 萬美元，高於我們先前估計的 6000 萬美元。

And then as we look at the quarter, in the first quarter, gross margin was approximately flat to last year. We saw some puts and takes in reference to the resetting of our pricing and approximately a 30 basis point impact of tariffs, offset by some upside in channel mix.

然後我們來看本季，第一季的毛利率與去年基本持平。我們看到，在重新設定定價方面存在一些利弊，關稅的影響約為 30 個基點，但通路組合的一些上行空間抵消了這些影響。

And then as we look to the second quarter, we're forecasting to be down approximately 250 to 300 basis points as we'll see increased tariff impact as well as the continued impacts of the pricing strategy that we previously spoke about.

然後，當我們展望第二季度時，我們預計將下降約 250 至 300 個基點，因為我們將看到關稅影響的增加以及我們之前談到的定價策略的持續影響。

And then the higher tariff impact is going to continue throughout the quarter and throughout the year. The second half will see some offsets from the benefits of our strategic initiatives as we realized some of the offsets of the mitigation efforts that are related to creating cost efficiencies with our sourcing partners, sourcing optimization and targeted price increases.

更高的關稅影響將持續整個季度甚至全年。下半年，我們策略性措施的效益將有所抵消，因為我們意識到與採購合作夥伴一起創造成本效率、採購優化和有針對性的價格提高有關的緩解措施將帶來一些抵消。

And then as we look to fiscal '27, we expect to return to gross margin expansion, and that's really going to come from our strategic initiatives around driving higher full-price sell throughs and AURs coupled with our mitigation efforts. Thanks, Brooke.

然後，當我們展望 27 財年時，我們預計毛利率將恢復擴張，而這實際上將來自於我們圍繞推動更高的全價銷售量和 AUR 的戰略舉措以及我們的緩解措施。謝謝，布魯克。

And Brooke, let me add one further note as well. One of the things that you're going to start to see in the back half of the year and certainly into next year's, we have reduced our promotional cadence, in particular, in our outlet channel.

布魯克，請容許我再補充一點。您將在今年下半年以及明年開始看到的一件事是，我們減少了促銷節奏，特別是在我們的直銷管道。

We're down approximately 35% in storewide promotional activity. That's having an impact on revenue. We know that we're going to continue that strategy. We're very focused on improving gross margin.

我們的全店促銷活動減少了約 35%。這對收入產生了影響。我們知道我們將繼續這項策略。我們非常注重提高毛利率。

So to improve gross margin, we need to reduce the sale activity. That's the first thing. Secondly, we have done some things, in particular, related to the Daigou channel, where the company has had a history of servicing that channel as do many of our competitors. And we have reduced the discount there significantly. And therefore, that has also reduced revenues because of our reduction of that.

因此，為了提高毛利率，我們需要減少銷售活動。這是第一件事。其次，我們做了一些事情，特別是與代購管道相關的，公司和許多競爭對手一樣，都有為該通路提供服務的歷史。我們已大幅降低了那裡的折扣。因此，由於我們減少了這部分開支，收入也減少了。

And again, we think that's a good thing for us. It's healthy long term. It reduces product that flows to certain air channels, both inside the United States and outside and we're going to look to really tighten that considerably going forward.

我們再次認為這對我們來說是件好事。從長遠來看，這是有益健康的。它減少了流向某些空中渠道（包括美國境內和境外）的產品，我們將在未來真正大幅收緊這一渠道。

So that will have an impact, in particular in our outlet channel. So we're going to work our way through that over the next year. And we hope to see gross margin improvement from that and AUR.

這會產生影響，特別是對我們的出口管道。因此我們將在明年努力解決這個問題。我們希望看到毛利率和 AUR 的提高。

As we've said to you previously, we're very focused on raising the AURs in the company and that will be one of the initiatives around doing that. Thank you, Brooke.

正如我們之前所說的那樣，我們非常注重提高公司的 AUR，這將是實現這一目標的舉措之一。謝謝你，布魯克。

Ike Boruchow, Wells Fargo.

富國銀行的艾克·博魯喬（Ike Boruchow）。

Congrats, John, on the sequential improvement. A couple of things from me. Just from a modeling perspective, John, are you guys -- in your guidance, are you baking in growth in any quarter this year at Michael Kors in either the retail or the wholesale channel? And then to that point, which channel would you expect an inflection to hit first?

祝賀約翰取得了連續的進步。我要說幾件事。僅從模型的角度來看，約翰，你們——在你們的指導下，今年 Michael Kors 在零售或批發管道的任何一個季度是否會實現成長？那麼到那時，您預計哪個管道會先出現拐點？

And then just a quick follow-up is just once the Versace sale closes, just can you give us a high-level perspective on what you expect the balance sheet to look like? Are you going to go zero debt? Just an update there would be helpful.

然後快速跟進一下，一旦范思哲出售結束，您能否從高層次的角度告訴我們您預期的資產負債表是什麼樣子？您要實現零負債嗎？只要有更新就會有幫助。

Sure. So there is no growth -- obviously, there's sequential improvement, but there is no year-over-year growth plan in any of the channels yet.

當然。因此沒有成長——顯然，雖然有連續的改善，但目前還沒有任何通路的年成長計畫。

I would say the first channel that we're anticipating seeing that is in our full price channel, and we're getting close to that right now. And that's a very good indicator, as you know. If you've got the full price channel working that's an area where you can really solidify the rest of the company.

我想說，我們預計看到的第一個管道是我們的全價管道，我們現在正在接近這個目標。如你所知，這是一個非常好的指標。如果您擁有全價管道，那麼您就可以真正鞏固公司的其他部分。

And again, we moved very quickly last October, November around the full price, it was making sure that we got different product to the floor more quickly. We took a very focused approach to our strategic pricing architecture and that is absolutely paying off.

再次，我們在去年 10 月和 11 月迅速調整了全價，以確保我們能更快地將不同的產品推向市場。我們對策略定價架構採取了非常專注的方法，而這種方法絕對有回報。

We did not -- we weren't -- just couldn't move as fast to do that in the outlet channel. And so that's going to come into -- you're going to see that new product flowing into the outlet channel, really in the fourth calendar quarter of this year.

我們沒有——我們沒有——只是無法在出口管道中快速做到這一點。因此，您會看到新產品流入直銷管道，實際上是在今年第四季。

So more of our third quarter fiscal where you're going to see that product flowing in a lot more newness and at higher price points. So we're doing a lot of things in the outlet channel that might impact us from a revenue standpoint. But from a health standpoint, it's going to be much better for the company from an AUR standpoint, from less promotional activity and just a lot more newness.

因此，在我們的第三季財報中，您將會看到更多的新產品和更高的價格。因此，我們在直銷管道做了很多事情，這些事情可能會從收入的角度對我們產生影響。但從健康角度來看，從 AUR 的角度來看，這對公司來說會更好，因為促銷活動減少，新事物增加。

Additionally, in our outlet channel, us, like many of our people who are in our world, we will be introducing our full price product into the outlet channel in September. So this is a program called Icons. And inside of that will be three of our best-selling full-price handbag groups, we've seen in that channel anywhere between 10% and 20% of multiple companies revenue coming from full price product in that channel.

此外，在我們的奧特萊斯頻道中，我們和我們這個世界中的許多人一樣，將於 9 月將我們的全價產品引入奧特萊斯通路。這是一個名為 Icons 的程式。其中將包含我們最暢銷的三款全價手提包系列，我們發現在該通路中，多家公司 10% 到 20% 的收入來自該通路的全價產品。

And so we're going to take advantage of what we think is a very strong opportunity for us. We actually already do it in Jimmy Choo in a number of locations that were expanded for Jimmy Choo as well. So I would tell you, again, I think the full price channel is the first place that we are expecting 2C growth and I would look at that as more of a third and fourth quarter area and initiative for us.

因此，我們將利用我們認為對我們來說非常好的機會。事實上，我們已經在 Jimmy Choo 的多個門市實施了這項舉措，而這些門市也為 Jimmy Choo 進行了擴展。因此，我想再次告訴您，我認為全價通路是我們預計實現 2C 成長的第一個領域，我將其視為我們第三季和第四季的領域和舉措。

The last thing I want to note is that across the group, at all three of our houses, we are seeing a much better sell-through on new product and full price product. The customer, while they're very discerning, and yes, they are looking very closely at pricing, they definitely want newness.

我最後要指出的是，在整個集團，在我們所有的三家公司，我們都看到新產品和全價產品的銷售情況有了更好的改善。雖然顧客非常挑剔，而且他們確實非常關注價格，但他們肯定想要新鮮事物。

So our full price new product sell-throughs are up double digit, and that's right across the group. So that's a very good sign. And probably if anywhere, we're seeing softness, it's really more in the clearance -- heavy clearance product where it's -- she's just not turning to that. That's not her go to.

因此，我們的全價新產品的銷售量增加了兩位數，而且是整個集團的銷售量。這是一個非常好的跡象。而且，如果我們在任何地方看到疲軟，那可能更多的是清倉商品——重倉商品——她只是沒有轉向這些商品。那不是她要去的地方。

And that also may be a consumer issue in terms of where they are in their fiscal situations. So again, that's how we think that the year will flow out. And I don't think we'll see a return to positive growth in the outlet channel until next year. In terms of Versace, I will turn it over to Raj to talk about that.

就消費者的財務狀況而言，這也可能是個問題。所以，我們再次認為今年將會如此度過。我認為直到明年我們才能看到奧特萊斯頻道恢復正成長。關於范思哲 (Versace)，我將交給 Raj 來談。

Yes, regarding the Versace gross sale proceeds, as we stated previously, we expect the Versace transaction to close in the back half of this calendar year. And as I spoke about, we plan to use the proceeds to substantially reduce our debt.

是的，關於范思哲的總銷售收益，正如我們之前所說，我們預計范思哲交易將在今年下半年完成。正如我所說的，我們計劃利用收益大幅減少我們的債務。

So post the deal closing, we expect to have minimal debt remaining on our balance sheet. And then as the business stabilizes, we'll look to reevaluate reinstating a share repurchase program. So we feel really good about having a strong balance sheet as we approach the end of the year.

因此，交易結束後，我們預計資產負債表上剩餘的債務將很少。隨著業務穩定，我們將重新評估恢復股票回購計畫。因此，在接近年底之際，我們對擁有強勁的資產負債表感到非常高興。

And the last on that Ike as well. I think we've said in our previous calls, we intend on spending about $350 million over the next three years on our store renovation program. And we're going to have not only the cash from the transaction, but actually we'll be returning to a better free cash flow situation, in particular next year.

最後也是關於艾克的。我想我們在之前的電話會議中已經說過，我們打算在未來三年內花費約 3.5 億美元用於我們的商店翻新計劃。我們不僅會從交易中獲得現金，而且實際上我們將恢復更好的自由現金流狀況，特別是明年。

So we want the money to really invest in the business to get the top line of this company going again. We are starting to see some very nice returns on the $100-plus million that we spent over the last couple of years on our data analytics and replatforming our e-commerce areas.

因此，我們希望這筆錢能真正投資於業務，讓公司的營收再次成長。我們在過去幾年中對數據分析和電子商務領域平台重建投入了超過 1 億美元，現在開始看到非常可觀的回報。

So again, we want to be strategic about how we invest, but we have some very clear plans because we think that revenue growth -- very healthy revenue growth is the most important opportunity for this company.

所以，我們再次強調，我們希望在投資方面採取策略性，但我們有一些非常明確的計劃，因為我們認為收入成長——非常健康的收入成長是這家公司最重要的機會。

And then we create that leverage that I talked about before holding the SG&A very, very tight, and then as Raj mentioned, some gross margin expansion next year based around, first and foremost, our better full price sell-throughs, which we're already seeing engaging with the customer; second, reduced promotional activity and then third, mitigating with our manufacturing partners who have been great.

然後，我們創造了我之前談到的槓桿作用，將銷售、一般及行政費用控制得非常嚴格，然後正如 Raj 提到的，明年的毛利率將有所擴大，首先也是最重要的，是我們更好的全價銷售，我們已經看到它與客戶的互動；其次，減少促銷活動；第三，與我們一直很優秀的製造夥伴進行緩和。

They're already working with us, we are going to get some of that benefit in this year. That's already included in our guidance, but they have been terrific in helping us through what will be for every company, a challenge to work through the tariffs, but we're committed to that.

他們已經與我們合作了，今年我們將獲得一些好處。這已經包含在我們的指導中，但他們非常出色地幫助我們解決了對每家公司來說都是一個挑戰的關稅問題，但我們致力於做到這一點。

And I forgot on strategic price increases, which for us will really start in our fiscal year -- our fiscal fourth quarter, that's when you'll start to see some of that, and they will be modest, thank you, Ike.

我忘了策略性提價，對我們來說，這實際上會在我們的財政年度——我們的第四財季——開始，那時你就會開始看到一些提價，而且幅度會比較小，謝謝你，艾克。

Oliver Chen, TD Securities.

道明證券的 Oliver Chen。

John, as we look forward to the sequential improvement opportunity to continue what handbag families might be most important?

約翰，當我們期待連續改進的機會繼續時，哪些手提包系列可能是最重要的？

And how would you help us dissect traffic relative to AUR looking ahead? And then a quick follow-up. The store renovation sounds quite compelling in terms of what you're doing there? What are some of the principles or frameworks and what you want to see to continue to elevate the brand.

您將如何協助我們分析未來與 AUR 相關的流量？然後進行快速跟進。就你們正在做的事情而言，商店的翻新聽起來非常引人注目？有哪些原則或框架以及您希望看到什麼來繼續提升品牌。

Thank you, and good morning, Oliver. So I think what we discussed in our, again, prepared remarks was in the full price, there's three handbag families. There's Laila, there is Lolita and there is Bryant which are bags that are already in the pipeline today and have seen some of the highest sell-throughs this company's had in four-plus years. So that's really encouraging for us.

謝謝，早安，奧利佛。所以我認為我們在準備好的發言中討論的是全價，有三個手提包系列。有 Laila、Lolita 和 Bryant 等包款，這些包款目前已在籌備中，並且是該公司四年多來銷量最高的包款之一。這對我們來說確實令人鼓舞。

The other thing that is starting to happen is we do have events that we -- that where we periodically will put the entire assortments in our store on sale. We are removing certain products from those sales, and they have not impacted the sell-throughs at all, which has been terrific.

另一件開始發生的事情是，我們確實會舉辦一些活動——我們會定期將商店裡的所有商品進行銷售。我們正在從銷售中移除某些產品，但這對銷售量沒有任何影響，這非常好。

So we're going to take higher, we're going to see more of the assortment and remove them from certain sale activities inside of our store, really, again, reinforcing the importance of a platform to the consumer.

因此，我們將採取更高的措施，我們將看到更多的品種，並將它們從我們商店內的某些銷售活動中移除，這再次強調了平台對消費者的重要性。

We're very excited about a new group coming out for the fall season, which is called Hamilton. You may remember, it's a legacy group from this company. It's been redesigned and quite interesting in our consumer insights, it has ranked now the high --

我們非常高興秋天能有一個新的樂團出現，他們叫做漢密爾頓 (Hamilton)。您可能還記得，這是該公司的遺留集團。它經過重新設計，在我們的消費者洞察中相當有趣，它現在排名最高--

Before we've even shipped the piece, before we've gotten any sell-through results, it's had the highest response from the consumer in terms of the product and the marketing that we've given to this research, and so we are very excited about what that will mean for us.

在我們發貨之前，在我們獲得任何銷售結果之前，它已經獲得了消費者對我們為這項研究提供的產品和營銷方面最高的反響，因此我們對這對我們意味著什麼感到非常興奮。

We really need to stay more focused and not try to introduce as much new product and really spend a lot more time on the storytelling on the products that exist inside of our families. So we feel good about that. And hopefully, at this time, when we speak on our next call, we'll be able to talk about some of the same initiatives that we will take inside the outlet channel as well.

我們確實需要更加專注，不要試圖推出太多新產品，而是花更多的時間講述我們家庭內部存在的產品的故事。因此我們對此感到很高興。希望在下一次電話會議中，我們能夠討論一些我們將在出口管道內部採取的相同舉措。

Yes, as I said, we're introducing the full price product into an n amount of stores. We're not prepared to say how many at this moment. But -- and then secondly, we will have a similar strategy around really highlighting very iconic Michael Kors families and shapes.

是的，正如我所說，我們正在將全價產品引入 n 家商店。目前我們還沒有準備透露具體數字。但是——其次，我們將採取類似的策略，真正突出 Michael Kors 的標誌性系列和造型。

The bigger -- we're having, I would say, some very, very strong results from our accessories world. We're having a bit more of a challenge in our footwear world. I think I said that on our call. We have some initiatives in place to take advantage of that. It's still a big part of our business.

更大的是——我想說，我們在配件領域取得了非常非常強勁的成果。我們在鞋類領域面臨更大的挑戰。我想我在通話中說過這一點。我們已經採取了一些措施來利用這一點。它仍然是我們業務的重要組成部分。

And you have seen and we've mentioned this about Jimmy Choo as well there's been a softness in the very, very formal dress piece of the business where casual and certain of the sneaker business has been a much stronger growth opportunity.

您可能已經看到，我們也提到 Jimmy Choo 的情況，非常正式的服裝業務表現疲軟，而休閒和某些運動鞋業務則擁有更強勁的成長機會。

We've always had a big sneaker business at Michael Kors. We need to be a little faster with the fashion trends in that area. And I think you're going to see that dealt with actually coming up here very shortly, in the next 60 days. So we feel good about what could happen there, too, because we've got our handbag and our ready-to-wear business moving in the right direction.

Michael Kors 的運動鞋業務一直很龐大。我們需要更快地跟上該地區的時尚潮流。我認為，您很快就會看到這個問題得到解決，也就是在未來 60 天內。因此，我們對那裡可能發生的事情也感到高興，因為我們的手袋和成衣業務正朝著正確的方向發展。

If we can get that footwear business going as well, I think that's going to also help not only traffic, but also AURs. Once again, when you're not delivering the right fashion or trend product, then you're marking it down and it hurts your AUR. So I think that's a little bit of the last piece of the puzzle for our full-price stores is getting that footwear fixed. And hopefully, on our next call, I'll be able to have some good results for you.

如果我們也能開展鞋類業務，我認為這不僅有助於增加流量，還有助於提高 AUR。再說一次，當您沒有提供正確的時尚或潮流產品時，您就會降低其價格，這會損害您的 AUR。所以我認為這對我們的正價商店來說，最後一點難題就是修復鞋子的問題。希望下次通話時，我能為您帶來一些好的結果。

In terms of the store program, there's two things. Number one, the stores are quite aged. And for various reasons, we didn't move as quickly as we needed to renovate a very, very large piece of the fleet. Some of that was related to what we were pending during the transaction with Tapestry. And part of that was prior to that we were spending more money on Versace and Jimmy Choo.

就商店計劃而言，有兩件事。第一，這些商店相當老舊。但由於各種原因，我們未能及時採取行動來翻新車隊中很大一部分。其中一些與我們與 Tapestry 交易期間懸而未決的問題有關。部分原因是我們在此之前在 Versace 和 Jimmy Choo 上花了更多錢。

I would say the lion's share, 90%-plus of our dollars are going directed right at Michael Kors. And what we're looking to do is not only renovate and improve the consumer experience, which, again, we're having some very good results just in a short window of time of a handful of stores we've renovated, both full price and outlet, I might add, but also it's a little bit of a good thing that happened in that we're very clear about what that aesthetic should be.

我想說，我們投入的大部分資金（90% 以上）都直接流向了 Michael Kors。我們希望做的不僅僅是翻新和改善消費者體驗，而且，在短時間內，我們對幾家商店進行了翻新，包括全價店和奧特萊斯店，取得了非常好的效果，我想補充一下，但這也是一件好事，因為我們非常清楚這種審美應該是什麼樣子。

And I think when you see the store, you're going to see the very unique aesthetic that it has. And the last piece of this, which we will get into more, there is going to be an experience inside the store. We'll make that announcement a little bit later, closer towards when the store opening happens. But we are going to have a different experience inside the store that is not just a typical retail ready-to-wear experience.

我認為當您看到這家商店時，您會看到它獨特的美感。最後一點，我們將會更深入地討論，那就是店內體驗。我們會在商店開業前不久發布這項公告。但我們在店內將會擁有不同的體驗，而不僅僅是典型的零售成衣體驗。

So I'll leave that with a little bit of a surprise as we get closer to the store opening at the Rockefeller Center, where we can hopefully take most, if not all of you there to see the location.

因此，隨著洛克斐勒中心新店開幕的臨近，我會帶給大家一點驚喜，我們希望能夠帶領大多數（如果不是全部的話）顧客參觀該店。

Rick Patel, Raymond James.

瑞克·帕特爾、雷蒙·詹姆斯。

I'll have my congrats on the progress.

我將對這項進展表示祝賀。

Can you expand on the evolving US distribution as you shrink exposure to US department stores and leaning into retail, are you seeing signs that consumers are following you into the retail channel? And then just bigger picture, how are you envisioning the role of wholesale versus retail over the long term?

隨著您減少對美國百貨公司的曝光並轉向零售業，您能否擴大不斷發展的美國分銷管道，您是否看到消費者正在跟隨您進入零售通路的跡象？那麼從更大的角度來看，您如何看待批發與零售在長期內的作用？

So a couple of things. Number one, on retail, I think you saw in our prepared remarks, we said we're going to close about 75 million stores this year, which should more or less complete the fleet optimization program for Michael Kors. There'll be a few more in fiscal year '27, but nothing of this magnitude. And quite interestingly, we are actually doing something different right now.

有幾件事。第一，關於零售，我想你們在我們準備好的發言中看到了，我們說過今年我們將關閉大約 7500 萬家門市，這或多或少應該可以完成 Michael Kors 的門市優化計劃。27 財年還會有更多這類事件發生，但規模都不會像這次這麼大。有趣的是，我們現在實際上正在做一些不同的事情。

We are going back and looking at certain malls that we've actually left. What we have seen is when we close a store in an area or a location, we are not recapturing that business, either at an outlet store that's nearby or in e-commerce.

我們正在回去看看我們實際上已經離開的某些商場。我們看到的情況是，當我們關閉某個地區或某個地點的一家商店時，我們無法重新獲得該業務，無論是在附近的直銷店還是在電子商務中。

So we know there are customers we're not servicing and in certain markets, we may have left the market with our own store as well as the department store. So we've exited the market completely. And I'll give you a good example, that's Manchester, England, as a good example where downtown Manchester as a brand doesn't exist any longer. So we're in the process of opening -- reopening a freestanding store in that area.

因此，我們知道有些客戶我們沒有得到服務，在某些市場，我們可能已經放棄了自己的商店和百貨公司。因此我們已經徹底退出市場。我給你一個很好的例子，那就是英國的曼徹斯特，曼徹斯特市中心作為一個品牌已經不存在了。因此，我們正在該地區重新開設一家獨立商店。

We now know the sizes that we need to really open a store that's between 1,500 and 2,000 square feet, and we have some pretty good understanding on the economics around what we need to do to be profitable in those stores.

我們現在知道開設一家面積在 1,500 到 2,000 平方英尺之間的商店真正需要多大的面積，並且我們對如何才能在這些商店中盈利的經濟效益有了相當好的了解。

So I'm hoping that when we start to give you guidance for fiscal year '27, you're actually going to hear about modest store growth in certain areas of the US and in certain areas of Europe where we have left markets, and I'll talk about wholesaler in a second, but where we think we have an opportunity to engage and these are going to be fairly large markets. They're not going to be small markets that wouldn't be able to house a Michael Kors store.

因此，我希望，當我們開始為您提供 27 財年的指導時，您實際上會聽到有關美國某些地區和歐洲某些地區的適度門店增長的消息，我們已經離開了這些市場，我稍後會談到批發商，但我們認為我們有機會參與，這些將是相當大的市場。它們不會成為無法容納 Michael Kors 商店的小型市場。

And I would again like to reiterate that our partners at the various malls around the world actually, have been super excited to work with us on this concept and you're going to hear about a further flagship concept when we talk about it in more in October. It's also getting a lot of real good support from the retail mall community and street store community.

我想再次重申，我們在世界各地各個商場的合作夥伴實際上都非常高興能與我們合作實現這一概念，當我們在十月份進一步討論這一概念時，您將聽到有關進一步的旗艦概念的信息。它也得到了零售商場社區和街頭商店社區的大力支持。

In terms of wholesale, we'll be almost complete with the closure of wholesale at the end of this calendar year, a few more to go in spring. And there, we're not looking to expand, there'll be a handful of department store doors that will reenter, but it will be very minimal.

就批發而言，我們將在今年年底基本完成批發業務的關閉，春季還會關閉一些業務。而且，我們並不打算擴張，將會有少數百貨商店重新開業，但數量將非常少。

What we're really looking to do is go back in renovate our existing shop-in-shops. We have fantastic locations in most of the department store partners that we're in today. The shops are old, they're tired. They need to reflect the new modern image of Michael Kors and get that and traveling the world in style.

我們真正想做的是重新翻新我們現有的店中店。目前，我們在大多數百貨公司合作夥伴中都擁有絕佳的地理位置。這些商店很舊，很破舊。他們需要體現 Michael Kors 的全新現代形象，並以時尚的方式環遊世界。

And so far, we've had nothing but great support in the US department stores are on board to begin renovations and those will begin this fall season, and we're just starting to roll that concept out with our European partners.

到目前為止，我們得到了美國百貨公司的大力支持，這些百貨公司已開始進行翻新工程，並將於今年秋季開始，我們剛開始與歐洲合作夥伴一起推廣這一理念。

So, so far, so good. And I'd say a handful of limited additional doors that we'll have in the full price market really remaining static in wholesale for what we'll call all this calendar '27 and really focus on productivity increases.

所以，到目前為止，一切都很好。我想說的是，我們將在全價市場上推出少量有限的額外門，而批發業務實際上將保持不變，我們稱之為 27 年日曆，並真正專注於提高生產力。

We are looking for the wholesale channel to turn positive in fiscal year '20 -- or call it, calendar year '27. And again, we're not there yet. But there's some very good lead indicators that we should be able to get on to that track for modest retail growth in calendar year '27.

我們希望批發通路在 20 財年（或 27 日曆年）獲利。再說一遍，我們還沒到達那一步。但有一些非常好的領先指標表明我們應該能夠在 2027 年實現零售業適度成長。

Aneesha Sherman, Bernstein Research.

伯恩斯坦研究公司的 Aneesha Sherman。

Great to hear all the positive comments on this call. John, I want to ask about Jimmy Choo. It's historically been a different core category, different brand heritage, different sourcing mix from Kors maybe some of those differences may be narrowing as you grow the handbag assortment and if you grow footwear of course.

很高興聽到對這次通話的所有正面評論。約翰，我想問關於 Jimmy Choo 的問題。從歷史上看，它與 Kors 有著不同的核心類別、不同的品牌傳統、不同的採購組合，但隨著手袋系列和鞋類產品的增加，這些差異可能會逐漸縮小。

But can you talk about how you think about the value added and Jimmy Choo the portfolio? How does it complement core, where is it incremental? And would you ever consider divesting of this brand as you did with Versace?

但是您能談談您對附加價值和 Jimmy Choo 產品組合的看法嗎？它如何補充核心，在哪裡增加？您是否會考慮像剝離范思哲一樣剝離這個品牌？

Thank you, Aneesha. So let me start with the last part of it. Jimmy Choo is not for sale. We do not have an intent on selling Jimmy Choo. And in fact, we're excited about the growth opportunity that Jimmy Choo represents for the company.

謝謝你，Aneesha。那麼讓我從最後一部分開始。Jimmy Choo 不賣。我們無意出售 Jimmy Choo。事實上，我們對 Jimmy Choo 為公司帶來的成長機會感到非常興奮。

When we bought Jimmy Choo many years ago, one of the reasons, first, we bought it is because it has an incredible name and history and heritage with the fashion luxury consumer. It's highly recognized. And it is in the shoe business, and we thought we would actually learn a lot from them, which we have.

多年前，我們收購 Jimmy Choo 的原因之一，首先是因為它在時尚奢侈品消費者心目中有著令人難以置信的品牌知名度、歷史和傳承。認可度很高。這是鞋業，我們認為我們實際上可以從他們身上學到很多東西，事實也確實如此。

And I might add also, over the years, I'm not sure this has been clear, but we've actually bought two manufacturing facilities. So we produce over 50% of our own product in-house.

我還要補充一點，多年來，我不確定這一點是否明確，但我們實際上已經購買了兩家製造工廠。因此，我們 50% 以上的產品都是內部生產的。

We are truly vertical with Jimmy Choo two beautiful factories that we have in Italy. And we've just built a brand-new spectacular R&D center for our employees there to work out of, so Jimmy Choo in very good shape. Store fleet is in excellent shape. We spent a lot of money over the years renovating the stores and hopefully, you get a chance to see our new flagship on Madison Avenue. It's fantastic and doing really well.

我們與 Jimmy Choo 真正垂直，我們在義大利擁有兩家美麗的工廠。我們剛剛為員工建造了一個全新的、壯觀的研發中心，因此 Jimmy Choo 的狀況非常好。商店車隊狀況極佳。多年來，我們花費了大量資金來翻新商店，希望您有機會看到我們在麥迪遜大道上的新旗艦店。這真是太棒了，而且效果非常好。

And so the investments we've made, now we can leverage. We bought the company knowing that we could add some value to that, in particular, around accessories, which is something we think we know a little bit about. We got distracted over the last couple of years.

因此，我們現在可以利用我們所做的投資。我們收購這家公司時就知道，我們可以為其增加一些價值，特別是在配件方面，我們認為我們對此有所了解。過去幾年裡，我們一直心不在焉。

Again, the merger did not help things. People didn't spend as much time focusing on that. We are completely reengaged on the accessories side.

再次，合併並沒有起到什麼作用。人們並沒有花太多時間關注這一點。我們已完全重新投入配件業務。

There's a very big opportunity for Jimmy Choo. We're in a luxury consumers wardrobe today. We're in their closet. So it's not a matter of getting people to say, oh, I like or dislike Jimmy Choo. That's not the issue. The issue is getting product in particular, in accessories that is more relevant to that consumer.

這對 Jimmy Choo 來說是一個非常大的機會。今天我們正處於奢侈品消費者的衣櫥裡。我們在他們的衣櫃裡。所以，問題並不在於讓人們說「我喜歡或不喜歡 Jimmy Choo」。這不是問題所在。問題在於獲得與消費者更相關的產品，特別是配件。

And as we pointed out, our Jimmy Choo accessories business has been getting healthier, especially as of late around two bags. One is an evening group called Bonbon, and the one is more of a day bag called Sinch. And Sinch's now become the largest selling day bag group for the company in its history.

正如我們所指出的，我們的 Jimmy Choo 配件業務一直在變得越來越健康，尤其是最近的兩款包款。一款是名為 Bonbon 的晚裝包，另一款是名為 Sinch 的日用包。Sinch's 現已成為該公司歷史上銷量最大的日用包系列。

We've just done something very strategic, we've introduced something called the curve bag, which you may have seen online. And we took a very strategic pricing approach to it. The bags retail from $995 to $595. We think that there's been a lot of very significant pricing increase in the upper end of luxury. And we think there's customer resistance to that.

我們剛剛做了一件非常有戰略意義的事情，我們推出了一種叫做曲線包的東西，你可能在網路上看到過。我們對此採取了非常有策略性的定價方法。這些包的零售價從 995 美元到 595 美元不等。我們認為高端奢侈品的價格已經出現非常顯著的上漲。我們認為客戶對此有所抵觸。

So we want to use Jimmy Choo and try to have both. We're going to have bags that are in the $1,500 to $2,500 range, but we are going to have two groups, one being the new curve. And we just are introducing -- I think it's going to launch today actually online with Sydney Sweeney, hopefully today or tomorrow, our bar group, which is also priced in that same range.

因此我們想使用 Jimmy Choo 並嘗試兩者兼得。我們的包價格在 1,500 美元到 2,500 美元之間，但分為兩組，一組是新曲線包。我們剛剛推出——我認為它將在今天或明天與 Sydney Sweeney 在線推出，我們的酒吧組也將在今天或明天推出，價格也在同一範圍內。

So -- and I think you also heard me say in my prepared remarks that our sneaker category has had some very strong growth as well as we just introduced this new jelly, which has been fantastic and retails for $395. So these are still very healthy price points, but they're also broadening our strategy around pricing and using the great leverage of the Jimmy Choo name and brand affinity with the consumer.

所以——我想你們也聽到我在準備好的發言中說過，我們的運動鞋類別取得了非常強勁的增長，而且我們剛剛推出了這款新的果凍鞋，它非常棒，零售價為 395 美元。因此，這些仍然是非常健康的價格點，但它們也拓寬了我們的定價策略，並利用了 Jimmy Choo 名稱和品牌與消費者的親和力的巨大優勢。

So we're excited about what Jimmy Choo can do for the company. We do need to build more product in the accessories range because Jimmy Choo is today 80%-ish in footwear. Footwear is always a tougher margin business because it's sized. But if we can really leverage our know-how knowledge and this customer affinity to the brand with accessories, we think we've got a very nice margin lift opportunity.

因此，我們對 Jimmy Choo 能為公司帶來的改變感到非常興奮。我們確實需要在配件系列中推出更多產品，因為目前 Jimmy Choo 的 80% 左右產品都是鞋類。鞋類始終是利潤較高的行業，因為它的尺寸較大。但如果我們能夠真正利用我們的專業知識和客戶對配件品牌的親和力，我們認為我們將獲得非常好的利潤提升機會。

We can get this business back to a double-digit operating margin. I don't know, $600, $700 million, maybe $800 million business, that's a very nice return. And so we've made all the investment. We're excited about Jimmy Choo, and we think it's going to be very much a core part of the Capri family.

我們可以讓這項業務恢復到兩位數的營業利潤率。我不知道，6億美元、7億美元，也許是8億美元的生意，這是非常好的回報。因此我們進行了全部投資。我們對 Jimmy Choo 感到非常興奮，我們認為它將成為 Capri 家族的核心部分。

So thank you, Aneesha. On that note, I'd like to say thank you for everyone for joining us today. We are encouraged by the first quarter results. We are also encouraged by what we see so far in the second quarter. The consumer remains engaged, and appears to be getting more engaged with both brands.

所以謝謝你，Aneesha。在此，我想對今天參加我們會議的各位表示感謝。第一季的業績令我們感到鼓舞。我們對第二季迄今所看到的情況也感到鼓舞。消費者仍然保持關注，並且似乎對這兩個品牌的關注度都越來越高。

And if we continue to stay focused on our initiatives, we believe that we will end the year with -- in the range of the guidance that we gave. And we feel that in fiscal year '27, we will return Capri to growth. And we think the leverage that will create along with mitigating the majority of the current tariffs will bode very well for the earnings per share growth for the company. So thank you for joining us today.

如果我們繼續專注於我們的計劃，我們相信我們將在今年年底實現我們給予的指導範圍。我們相信，在 2027 財年，Capri 將恢復成長。我們認為，隨著大部分現行關稅的減輕，由此產生的槓桿作用將對公司每股盈餘的成長產生正面影響。感謝您今天加入我們。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路，享受美好的一天。