Capri Holdings Ltd (CPRI) 2026 Q2 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to Capri Holdings Limited second-quarter fiscal 2026 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Capri Holdings Limited 2026 財年第二季財務業績電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce your host, Jennifer Davis, Vice President of Investor Relations. Please go ahead.

現在，我榮幸地向大家介紹主持人，投資人關係副總裁珍妮佛戴維斯。請繼續。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited Second Quarter Fiscal '26 Conference Call. With me this morning are Chairman and Chief Executive Officer, John Idol; and Interim Chief Financial Officer, Raj Mehta. Before we begin, let me remind you that certain statements made on today's call may constitute forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ from those we expect. Those risks and uncertainties are described in today's press release and in the company's SEC filings, which are available on the company's website. Investors should not assume that 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.

各位早安，感謝各位參加 Capri Holdings Limited 2026 財年第二季電話會議。今天早上陪同我的有董事長兼執行長約翰·艾多爾，以及臨時財務長拉傑·梅塔。在開始之前，我想提醒各位，今天電話會議上的一些陳述可能構成前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與我們預期的結果有所不同。這些風險和不確定性在今天的新聞稿和公司向美國證券交易委員會提交的文件中均有描述，這些文件可在公司網站上查閱。投資者不應認為本次電話會議中發表的聲明在以後仍然有效，公司也沒有義務更新今天電話會議中討論的任何資訊。

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, Capri transformation costs, restructuring and other charges, store renovation program costs and transaction-related costs. To view the corresponding GAAP measures and related reconciliation, please review our latest earnings release posted to our website earlier today at capriholdings.com. 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 operation.

除非另有說明，本次電話會議中的所有財務資訊均以非GAAP準則列示。這些非GAAP指標不包括與減損費用、Capri轉型成本、重組和其他費用、門市翻新計畫成本和交易相關成本相關的某些成本。如需查看相應的GAAP指標及相關調節表，請參閱我們今天稍早發佈在公司網站capriholdings.com上的最新獲利報告。此外，公司已將Versace業務的經營業績和現金流量歸類為終止經營業務。除非另有說明，今天電話會議的所有資訊僅與持續運營有關。

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

現在我謹將電話交給董事長兼執行長約翰‧艾多爾先生。約翰？

Thank you, Jennifer, and good morning, everyone. With the Versace sale expected to close in our fiscal third quarter, we are now fully focused on the growth of our 2 iconic brands, Michael Kors and Jimmy Choo. We plan to use the proceeds of the sale to repay the majority of our debt, substantially strengthening our balance sheet and providing greater financial flexibility to both invest in growth as well as return capital to our shareholders in the future. As we stated in our press release earlier today, given our planned reduction in debt levels, and the signs of stabilization across our business, our Board of Directors has authorized a new $1 billion share repurchase program, which the company expects to begin implementing in fiscal '27. Now turning to our fashion luxury houses.

謝謝你，珍妮弗，大家早安。由於 Versace 的出售預計將在本財年第三季完成，我們現在將全力專注於旗下兩大標誌性品牌 Michael Kors 和 Jimmy Choo 的發展。我們計劃將出售所得用於償還大部分債務，從而大幅增強我們的資產負債表，並為未來投資成長和向股東返還資本提供更大的財務靈活性。正如我們今天稍早在新聞稿中所述，鑑於我們計劃降低債務水平，以及我們業務出現穩定跡象，我們的董事會已批准一項新的 10 億美元股票回購計劃，公司預計將於 2027 財年開始實施該計劃。現在讓我們來看看我們的時尚奢侈品牌。

We continue to advance our strategic initiatives across Michael Kors and Jimmy Choo to unlock their full potential. We are encouraged by the early signs of recovery at our fashion luxury houses and remain optimistic about the direction of the business. However, we recognize that it will take more time for the full effect to be reflected in our results. Despite the dynamic global macroeconomic environment, we are on track to stabilize our business this year while establishing a solid foundation for a return to growth in fiscal '27. Now turning to second quarter results.

我們將繼續推進 Michael Kors 和 Jimmy Choo 的策略性舉措，以充分發揮它們的潛力。我們對旗下時尚奢侈品牌出現的早期復甦跡象感到鼓舞，並對業務發展方向保持樂觀。但是，我們也意識到，要讓全部效果反映在我們的結果中，還需要更長的時間。儘管全球宏觀經濟環境瞬息萬變，但我們仍有望在今年穩定業務，同時為 2027 財年恢復成長奠定堅實基礎。現在來看第二季業績。

We are encouraged with the continued sequential improvement in trends, which resulted in revenue, gross margin and operating income exceeding our expectations. However, our results were negatively impacted by $0.20 per share versus our original guidance due to a higher-than-anticipated effective tax rate related to our valuation allowance position. Looking at results in more detail. Total company revenue decreased 2.5% versus last year to $856 million on a reported basis. At Michael Kors, second quarter revenue decreased 2% on a reported basis compared to prior year.

我們對各項趨勢的持續改善感到鼓舞，這些趨勢使得收入、毛利率和營業收入都超出了我們的預期。然而，由於與估值準備金相關的實際稅率高於預期，我們的業績受到負面影響，每股收益比我們最初的預期低了 0.20 美元。更詳細地查看結果。以報告數據計算，公司總收入較前一年下降2.5%，至8.56億美元。Michael Kors 第二季營收按報告數據計算較去年同期下降 2%。

In our own retail channel, year-over-year trends were consistent with the first quarter, while wholesale trends improved sequentially, turning positive primarily due to shipment timing. In our retail channel, we continue to see signs of momentum with a sequential improvement in trends in our full price channel across all regions. In fact, comps in our full price channel turned positive in the second quarter, demonstrating that our strategies are beginning to take hold. Consumers are responding to our modern jet-set lifestyle marketing, standout styles and updated pricing architecture. In the outlet channel, revenue was impacted by our strategy to improve our quality of sales through reduced promotional activity.

在我們自己的零售通路中，年比趨勢與第一季一致，而批發趨勢則是環比有所改善，主要由於出貨時間的改善而轉為正面。在我們的零售通路中，我們持續看到成長勢頭，所有地區的全價通路趨勢均呈現較上季改善。事實上，我們全價通路的同店銷售額在第二季轉正，這顯示我們的策略開始奏效。消費者對我們現代化的高端生活方式行銷、獨特的風格和更新的定價體係做出了積極回應。在直銷管道，我們透過減少促銷活動來提高銷售品質的策略對收入產生了影響。

Additionally, the outlet channel assortment continues to reflect the previous product strategies, which emphasized core and basic styles. More modern on-trend styles will be introduced in our third quarter with a more substantial update planned for the fourth quarter. Now looking at total Michael Kors retail sales by region. In the Americas, revenue was negatively impacted by our quality of sales initiative in our outlet channel, which we believe is an important step to strengthen brand health and increase AURs over time. In Europe, trends remained strong with year-over-year increases consistent with the first quarter.

此外，奧特萊斯通路的產品組合繼續反映出先前的產品策略，即強調核心和基本款式。我們將在第三季推出更現代、更時尚的款式，並計劃在第四季進行更實質的更新。現在來看看邁克爾·科爾斯各地區的零售總額。在美洲，我們的銷售品質提升計畫對門市通路的收入產生了負面影響，但我們認為這是增強品牌健康並隨著時間的推移提高平均單位銷售額的重要一步。歐洲的成長趨勢依然強勁，年成長與第一季持平。

In Asia, trends were also similar to the first quarter, though we saw a modest sequential improvement in China. Now looking at wholesale. Revenue at point of sale, while still negative, saw a meaningful sequential improvement in trends. Turning to brand awareness and consumer engagement. We continue to reinforce Michael Kors modern jet set lifestyle positioning with our brand vision of traveling the world in style.

亞洲的趨勢也與第一季類似，儘管我們看到中國的情況略有環比改善。現在來看批發。雖然銷售點收入仍為負，但其趨勢已出現顯著的環比改善。轉向品牌知名度和消費者參與度。我們將持續強化 Michael Kors 現代時尚生活風格的品牌定位，秉持著「時尚環遊世界」的品牌願景。

Through our Hotel Stories franchise, we are bringing the joy of travel and the discovery of new destinations to our consumers each season. For fall, we traveled to Rome with English actress and singer, Suki Waterhouse; actor, Logan Lerman and our new global brand ambassador, Chinese actor and singer, JC-T. The campaign highlights falls must-have looks, including new interpretations of our iconic Nolita, Leila and Hamilton groups set against the timeless backdrop of Rome's historical landmarks. During the second quarter, we amplified our storytelling through local activation and immersive experiences. We also continue to enhance our social media strategy by broadening our presence across a wider range of platforms and deepening partnerships with influencers.

透過我們的 Hotel Stories 特許經營模式，我們每季都將旅行的樂趣和發現新目的地的體驗帶給我們的消費者。秋季，我們與英國女演員兼歌手蘇琪沃特豪斯、演員羅根勒曼以及我們新的全球品牌大使、中國演員兼歌手JC-T一起前往羅馬。該宣傳活動重點展示了秋季必備造型，包括對我們標誌性的 Nolita、Leila 和 Hamilton 系列的全新詮釋，並以羅馬歷史地標的永恆背景為襯托。第二季度，我們透過在地化活動和沈浸式體驗，加強了我們的故事敘述。我們也將透過擴大在更廣泛平台上的影響力以及深化與有影響力人士的合作，不斷加強我們的社群媒體策略。

This is enabling us to connect with consumers through authentic relevant voices in fashion and is reigniting brand desirability. According to our consumer insights, we have continued to see a further increase in brand affinity. Additionally, Michael Kors iconic runway shows cast a powerful halo over the brand, reinforcing our leadership in fashion luxury. The Spring/Summer 2026 Runway Show in September drew a notable audience of celebrities and a powerful network of global influencers. Supported by a strong social media amplification, Michael Kors generated 5.5 billion impressions globally and was the second most engaged fashion brand during New York Fashion Week.

這使我們能夠透過時尚界真實相關的聲音與消費者建立聯繫，並重新點燃品牌的吸引力。根據我們的消費者洞察，我們發現品牌親和力持續提升。此外，Michael Kors 標誌性的時裝秀也為該品牌增添了強大的光環，鞏固了我們在時尚奢侈品領域的領導地位。2026 年 9 月舉行的春夏時裝秀吸引了許多名人以及強大的全球影響力網絡。在強大的社群媒體推廣下，Michael Kors 在全球獲得了 55 億次曝光，成為紐約時裝週期間互動量第二高的時尚品牌。

These activities contributed to a 9% year-over-year increase in Michael Kors global consumer database. With our advanced data analytics capabilities, we are leveraging the strength of our extensive consumer database, which now exceeds 90 million to create deeper, more personal connections with consumers. Now turning to product. Guided by Michael's creative vision and enhanced by data analytics, we are delivering exciting on-trend fashion with standout style. Additionally, we have refined our pricing architecture to better align with historical levels and are seeing encouraging results from this strategy.

這些活動促使 Michael Kors 全球消費者資料庫年增 9%。憑藉我們先進的數據分析能力，我們正在利用我們龐大的消費者資料庫（目前已超過 9,000 萬）的優勢，與消費者建立更深入、更個人化的連結。現在來說說產品。在麥可的創意指導和數據分析的助力下，我們正在打造風格獨特、引領潮流的時尚單品。此外，我們還改進了定價架構，使其更好地與歷史水平保持一致，並且已經看到了這一策略帶來的令人鼓舞的結果。

In accessories, consumers continue to respond positively to new introductions that celebrate our iconic brand codes and aligned with our new strategic pricing architecture. For Fall 2025, we introduced new accessories groups, including the Hamilton Moderne, a reinterpretation of the brand's iconic 2009 "it bag", along with exciting updates to our successful Leila and Nolita styles. These groups are experiencing strong full price sell-throughs, driving growth in accessories in the full price channel. In footwear, trends improved sequentially in our full price channel. We saw strong performance in new fashion boots, while casual footwear gained momentum.

在配件方面，消費者對體現我們標誌性品牌理念並符合我們新的策略定價體系的新產品反應積極。2025 年秋季，我們推出了新的配件系列，包括 Hamilton Moderne，這是該品牌 2009 年標誌性「it bag」的重新詮釋，以及對我們成功的 Leila 和 Nolita 款式的令人興奮的更新。這些群體正價商品的銷售情況良好，推動了正價通路配件銷售的成長。在鞋類方面，我們全價通路的趨勢逐一改善。新款時尚靴子表現強勁，休閒鞋履也獲得了成長動能。

Consumers responded positively to new sneaker styles that represent modern trend-right evolutions of proven historical bestsellers as we blend timeless appeal with modern style. Looking at ready-to-wear. Revenue in our own retail channel increased driven by the strong consumer response to seasonal styles that captured Michael's effortless glamor. The fall assortment balanced trend-right designs and tideless wardrobe staples with dresses and outerwear performing exceptionally well. Turning to men's.

消費者對新款運動鞋款式給予了正面評價，這些新款運動鞋是對久經考驗的歷史暢銷款的現代潮流演繹，將永恆的魅力與現代風格完美融合。看看成衣。受消費者對展現邁克爾毫不費力的魅力的當季款式的強烈反響推動，我們自有零售通路的收入有所增長。秋季系列兼顧了符合潮流的設計和永不過時的必備單品，其中連身裙和外套的表現尤為出色。轉向男士。

Revenue in our own retail channel was approximately flat. Men's sportswear styles performed well as we continue to focus on timeless essentials with a modern edge. Next, I'd like to review our store renovation plan, where we are redefining our luxury retail experience with a warm residential design. Our stores remain a cornerstone of our brand and a key driver of our sales recovery, playing a pivotal role in enhancing the client experience and revitalizing growth. Over the next 3 years, we plan to renovate approximately 50% of our store fleet and key department store locations as part of our ongoing investment in brand elevation and retail excellence.

自有零售通路的收入基本持平。男士運動服飾款式表現良好，我們繼續專注於打造具有現代感的經典基本款。接下來，我想回顧我們的店鋪翻新計劃，我們將以溫馨的住宅設計重新定義我們的奢侈品零售體驗。我們的門市仍然是我們品牌的基石，也是我們銷售復甦的關鍵驅動力，在提升客戶體驗和重振成長方面發揮著至關重要的作用。未來 3 年，我們將翻新約 50% 的門市和主要百貨公司，這是我們持續投資提升品牌形象和零售卓越性的一部分。

We recently reopened our London and New York flagship locations. Michael Kors signature jet set lifestyle is evident throughout these stores, transporting consumers to the featured destination of the season and further enhancing the immersive shopping experience. At the heart of our New York flagship store is our new Jet Set Lounge, the brand's first in-store cafe. The lounge embodies a new dimension of the brand's lifestyle experience and is the first of a planned rollout to flagship stores around the world, including Paris, Beijing, Tokyo and Las Vegas. We believe that our store renovation plan will further strengthen the brand's desirability and drive higher sales productivity.

我們最近重新開設了位於倫敦和紐約的旗艦店。Michael Kors 標誌性的環球旅行生活方式在這些門市中隨處可見，將消費者帶到當季的特色目的地，進一步增強了沉浸式購物體驗。我們紐約旗艦店的核心是全新的 Jet Set Lounge，這是該品牌首家店內咖啡館。該休息室體現了品牌生活方式體驗的新維度，也是計劃在全球旗艦店（包括巴黎、北京、東京和拉斯維加斯）推廣的首個項目。我們相信，我們的店鋪翻新計畫將進一步增強品牌吸引力，並提高銷售效率。

Early results are encouraging with locations showing significant increases in traffic and sales versus last year. We look forward to sharing our progress and results with you in the future. Looking ahead, Michael Kors is a powerful fashion luxury brand with a 44-year heritage that continues to resonate with consumers. We are building on this foundation by delivering exciting on-trend fashion with standout style. Combined with advanced data analytics and consumer insights, we believe we have the right strategies underway to return the brand to growth.

初步結果令人鼓舞，各門市的客流量和銷售額與去年相比均有顯著成長。我們期待在未來與您分享我們的進展和成果。展望未來，Michael Kors 是一個擁有 44 年歷史的強大時尚奢侈品牌，至今仍能引起消費者的共鳴。我們以此為基礎，致力於打造風格獨特、引領潮流的時尚服飾。結合先進的數據分析和消費者洞察，我們相信我們正在實施的策略是正確的，能夠使品牌重回成長軌道。

Now moving to Jimmy Choo. Second quarter revenue decreased 6% on a reported basis compared to prior year. Retail sales improved sequentially, declining low single digits. Wholesale revenue declined mid-teens due to shipment timing that negatively impacted the second quarter. Looking at trends in our own retail channel.

現在轉到Jimmy Choo。第二季營收以報告數據計算較上年同期下降6%。零售銷售額較上月改善，下降幅度降至個位數低點。由於出貨時間對第二季造成了負面影響，批發收入下降了兩位數左右。觀察我們自身零售通路的發展趨勢。

While still negative, second quarter improved sequentially, driven by comp growth in our full price channel. We saw a sequential improvement in Jimmy Choo revenue year-over-year across all regions. In the wholesale channel, revenue at point of sale once again improved sequentially, increasing low single digits in North American department stores. Turning to brand awareness and consumer engagement. Our storytelling continued to highlight the playful daring spirit of the house, combined with a relaxed modern sense of glamor.

儘管第二季業績仍為負，但環比有所改善，這主要得益於全價通路同店銷售的成長。我們看到 Jimmy Choo 在所有地區的營收都實現了年比成長。在批發通路方面，銷售點的收入再次環比成長，北美百貨公司的收入實現了個位數低成長。轉向品牌知名度和消費者參與度。我們的故事敘述繼續突出了該住宅俏皮大膽的精神，並融合了輕鬆現代的魅力感。

For autumn, we welcome back Sydney Sweeney, who embodies the modern glamor that defines Jimmy Choo. She perfectly encapsulated the brand's playful daring spirit while showcasing new fall fashion styles, including our newest Bar Hobo handbag and Tylor loafer. In Asia Pacific, brand ambassador, Bai Lu unveiled the Bar Hobo handbag, further amplifying its launch across the region. We also continued to extend our reach and deepen consumer engagement through localized immersive brand experiences. These were amplified with high-impact influencer partnerships that authentically express our modern glamor and daring spirit.

今年秋季，我們迎來了 Sydney Sweeney 的回歸，她完美地詮釋了 Jimmy Choo 所定義的現代魅力。她完美地詮釋了品牌俏皮大膽的精神，同時展示了最新的秋季時尚款式，包括我們最新的 Bar Hobo 手提包和 Tylor 樂福鞋。在亞太地區，品牌大使白鹿發布了 Bar Hobo 手提包，進一步擴大了該款包在該地區的應用。我們也透過在地化的沉浸式品牌體驗，不斷擴大影響力，加深與消費者的互動。我們透過與高影響力網紅合作，進一步強化了這些理念，真實地展現了我們現代的魅力和大膽的精神。

These initiatives helped expand 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. Turning to product. Jimmy Choo's product strategy remains focused on further developing accessories and expanding our casual footwear offering. In accessories, revenue increased in our full price channel, driven by the continued strength of the Bon Bon and Cinch groups.

這些措施有助於擴大我們的影響力。借助我們的數據分析能力，這些努力使 Jimmy Choo 的全球消費者資料庫年增了 9%。接下來談談產品。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履產品線。在配件方面，由於 Bon Bon 和 Cinch 集團的持續強勁表現，我們全價通路的收入有所成長。

Our recently introduced Curve group launched last quarter also continued to perform well with prices designed to appeal to a broader segment of luxury consumers. Additionally, during the second quarter, we introduced the Bar Hobo Group, which also features price points under $1,500. While still early, we are encouraged by the strong initial consumer response to the modern yet timeless styles and the new strategic pricing architecture. Over time, we expect this initiative to drive significant growth in our accessories business. Turning to footwear.

我們上季推出的 Curve 系列產品也持續表現良好，其定價旨在吸引更廣泛的奢侈品消費者群體。此外，在第二季度，我們推出了 Bar Hobo 系列，該系列的價格也低於 1500 美元。雖然現在還處於早期階段，但我們對消費者對現代而永恆的風格和新的策略定價體系的強烈初步反應感到鼓舞。我們預計，隨著時間的推移，這項舉措將顯著推動我們配件業務的成長。轉而討論鞋類。

Our autumn collection has performed well with versatile styling fusing timeless silhouettes with cultural forms and opulent textures. Key styles, including our iconic Drop Heel families, Scarlett and Ixia performed exceptionally well, underscoring our ability to deliver both innovation and timeless design. Jimmy Choo's strategy to expand day and casual footwear continued to gain traction in the second quarter with an increase in full price sales. Flats and low heels grew in our full price channel, driven by the strong response to new styles, including our Scarlett kitten heels and Jelly ballerina flats. The Diamond Flex sneaker also continued to perform well.

我們的秋季系列憑藉其百搭的款式，將永恆的輪廓與文化元素和華麗的質感完美融合，取得了良好的市場反響。包括我們標誌性的 Drop Heel 系列、Scarlett 和 Ixia 在內的主要款式表現非常出色，突顯了我們兼具創新性和永恆設計的能力。Jimmy Choo 擴大日常休閒鞋履銷售的策略在第二季度繼續取得成效，全價鞋的銷售額有所增長。平底鞋和低跟鞋在我們全價通路的銷售量有所成長，這得益於消費者對新款式的強烈反響，包括我們的 Scarlett 小貓跟鞋和 Jelly 芭蕾平底鞋。Diamond Flex運動鞋也繼續表現出色。

We see significant opportunity to further scale casual footwear, not only to deepen engagement with existing consumers, but also to attract new clients. Looking forward, we believe we are on the right path to unlock Jimmy Choo's unique potential to expand its position within the world of fashion luxury. In conclusion, we are pleased to see early indications that our strategic initiatives are beginning to work. Looking ahead, we continue to expect retail 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.

我們看到了進一步擴大休閒鞋市場規模的巨大機會，不僅可以加深與現有消費者的互動，還可以吸引新客戶。展望未來，我們相信我們正走在正確的道路上，能夠釋放 Jimmy Choo 的獨特潛力，擴大其在時尚奢侈品領域的地位。總之，我們很高興看到初步跡象表明，我們的策略性舉措開始奏效。展望未來，我們繼續預期零售趨勢將在 2026 財年下半年有所改善，這將使我們在 2027 財年恢復成長。從長遠來看，我們對 Michael Kors 和 Jimmy Choo 的永續成長潛力仍然保持樂觀。

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

現在，Raj 將更詳細地審查我們第二季的業績和預期。

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. My discussion today will reflect results from continuing operations, and our financial statements have been adjusted for prior periods to exclude Versace. Now looking at our second quarter results. Revenue, gross margin and operating income exceeded our expectations, driven by better-than-anticipated performance at Michael Kors as our strategic initiatives begin to take hold as well as a wholesale timing shift.

謝謝你，約翰，大家早安。在開始之前，我想提醒各位，今天的財務表現不包括范思哲，該公司已被重新歸類為終止經營業務。我今天的演講將反映持續經營的業績，我們的財務報表已對前期數據進行調整，剔除了范思哲業務。現在來看我們第二季的業績。營收、毛利率和營業收入都超出預期，這主要得益於 Michael Kors 的業績好於預期，因為我們的策略性舉措開始奏效，以及整體時間安排的調整。

However, a higher-than-anticipated effective tax rate versus our original guidance due to our valuation allowance position impacted net income by $24 million and earnings per share by $0.20. Turning to our second quarter results in more detail. Total company revenue of $856 million decreased 2.5% versus prior year on a reported basis and 4.2% in constant currency, representing a sequential year-over-year improvement relative to the first quarter. Looking at revenue by channel. Total company retail sales declined mid-single digits.

然而，由於估值準備金的計提，實際稅率高於預期，導致淨利潤減少 2,400 萬美元，每股收益減少 0.20 美元。接下來，我們將更詳細地分析第二季業績。公司總營收為 8.56 億美元，以報告匯率計算年減 2.5%，以固定匯率計算年減 4.2%，但較第一季年減 2.5%，以固定匯率計算年減 4.2%，但較第一季年減。按管道查看收入。公司零售總額下降了中等個位數百分比。

In the wholesale channel, revenue increased high single digits, primarily due to shipment timing. Turning to revenue performance by geography. In the Americas, revenue decreased 7%. Revenue in EMEA increased 1% and revenue in Asia increased 12%. Looking at revenue performance by brand.

批發通路的收入實現了接近兩位數的成長，主要原因是出貨時間的調整。接下來分析各地區的營收表現。在美洲，收入下降了7%。歐洲、中東和非洲地區的收入成長了 1%，亞洲地區的收入成長了 12%。按品牌分析營收表現。

At Michael Kors, revenue decreased 1.8% compared to prior year on a reported basis and 3.3% in constant currency. Global retail sales declined at a similar rate to the first quarter. Similar to prior quarters, store closures negatively impacted retail sales in the low single-digit range. Wholesale sales increased low double digits due primarily to shipment timing. By geography, sales in the Americas decreased 7%, revenue in EMEA increased 4% and revenue in Asia increased 25% due to higher wholesale shipments.

Michael Kors 的營收以報告匯率計算比去年同期下降 1.8%，以固定匯率計算下降 3.3%。全球零售額下降幅度與第一季類似。與前幾季類似，門市關閉對零售額產生了低個位數百分比的負面影響。批發銷售額實現了兩位數的小幅增長，主要原因是發貨時間的調整。從地理上看，美洲地區的銷售額下降了 7%，歐洲、中東和非洲地區的收入成長了 4%，亞洲地區的收入成長了 25%，這主要得益於批發出貨量的增加。

At Jimmy Choo, revenue decreased 6.4% compared to prior year on a reported basis and 9.3% in constant currency. Global retail sales trends improved sequentially, declining low single digits. Wholesale revenue decreased mid-teens, negatively impacted by the timing of shipments out of the second quarter and into the third quarter. By geography, total Jimmy Choo revenue in the Americas decreased 3%. Revenue in EMEA declined 6% and revenue in Asia decreased 12%.

Jimmy Choo 的營收以報告匯率計算比前一年下降了 6.4%，以固定匯率計算下降了 9.3%。全球零售銷售趨勢較上季改善，降幅收窄至個位數。批發收入下降了十幾個百分點，受到第二季末到第三季末出貨時間安排的負面影響。從地理上看，Jimmy Choo 在美洲的總收入下降了 3%。歐洲、中東和非洲地區的收入下降了 6%，亞洲地區的收入下降了 12%。

Now looking at total company margin performance. Gross margin of 61% declined 130 basis points. Higher tariff rates negatively impacted gross margin by approximately 120 basis points. By brand, Michael Kors gross margin of 59.3% compared to 61.1% last year. The decline versus prior year was predominantly driven by the impact of tariffs.

現在來看公司整體利潤率表現。毛利率為 61%，下降了 130 個基點。關稅上調對毛利率產生了約 120 個基點的負面影響。按品牌劃分，Michael Kors 的毛利率為 59.3%，而去年為 61.1%。與上年相比的下降主要是由關稅的影響造成的。

Jimmy Choo gross margin of 70.2% compared to 68.6% last year. The increase versus prior year was primarily driven by channel mix and higher full price sell-throughs. Operating expense decreased $8 million. The decline versus prior year was primarily attributable to our cost reduction program. As a percentage of revenue, operating expense was 58.6% compared to 58.1% last year, primarily reflecting expense deleverage on lower revenue.

Jimmy Choo 的毛利率為 70.2%，而去年為 68.6%。與去年相比，成長主要得益於通路組合的最佳化和全價商品銷售率的提高。營運支出減少了800萬美元。與前一年相比，下降的主要原因是我們的成本效益計劃。營業費用佔收入的百分比為 58.6%，而去年為 58.1%，這主要反映了收入下降導致的費用槓桿作用減弱。

Total company operating margin was 2.3% compared to 4.2% last year. By brand, Michael Kors operating margin of 10.1% compared to 11.8% last year and Jimmy Choo operating margin of negative 6.9% compared to negative 3.6% last year. Our tax rate for the quarter was 112%. As a result of being in a valuation allowance position, we are revising our global tax structure. The implementation of this change took longer than anticipated, resulting in a higher-than-expected tax rate during the second quarter.

該公司整體營業利益率為 2.3%，而去年同期為 4.2%。按品牌劃分，Michael Kors 的營業利潤率為 10.1%，而去年為 11.8%；Jimmy Choo 的營業利潤率為 -6.9%，而去年為 -3.6%。本季稅率為112%。由於我們處於估值準備金狀態，我們正在修訂我們的全球稅務架構。這項變更的實施時間比預期要長，導致第二季的稅率高於預期。

Importantly, we continue to forecast a full year tax rate in the mid-teens range. Now turning to our balance sheet. Looking at inventory. At quarter end, inventory totaled $766 million, a 2.8% decline versus prior year. Looking ahead, we continue to expect year-end inventory levels to be up slightly, primarily due to higher tariff rates and foreign currency exchange rates.

重要的是，我們繼續預測全年稅率將在十幾個百分點左右。現在來看我們的資產負債表。查看庫存。截至季末，庫存總額為 7.66 億美元，比上年同期下降 2.8%。展望未來，我們仍然預計年底庫存水準將略有上升，主要原因是關稅稅率和外匯匯率上漲。

We ended the quarter with cash of $120 million and debt of $1.8 billion, resulting in net debt of approximately $1.6 billion. Now turning to guidance. We are reiterating our prior full year guidance of revenue between $3.375 billion and $3.45 billion, with Michael Kors revenue between $2.8 billion and $2.875 billion and Jimmy Choo revenue between $565 million and $575 million. We continue to anticipate full year gross margin of approximately 60.5% to 61%. Excluding the impact of tariffs, full year gross margins would have expanded, driven by the benefits of our strategic initiatives.

本季末，我們擁有現金 1.2 億美元，債務 18 億美元，淨債務約 16 億美元。現在進入指導環節。我們重申先前對全年營收的預期，營收在 33.75 億美元至 34.5 億美元之間，其中 Michael Kors 營收在 28 億美元至 28.75 億美元之間，Jimmy Choo 營收在 5.65 億美元至 5.75 億美元之間。我們繼續預計全年毛利率約為 60.5% 至 61%。剔除關稅的影響，全年毛利率將會成長，這得益於我們策略措施帶來的效益。

We expect year-over-year gross margin declines to moderate through the remainder of the year, reflecting continued traction from our strategic initiatives, ongoing sourcing cost efficiencies and targeted price increases. We continue to expect full year operating expense of approximately $2 billion and operating income of approximately $100 million, with 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 anticipate full year 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 120 million, resulting in diluted earnings per share between $1.20 and $1.40. Turning to capital allocation. Our priorities remain the same.

我們預計今年剩餘時間內毛利率年減幅度將有所緩和，這反映出我們的策略性舉措持續取得成效、採購成本效率不斷提高以及有針對性的價格上漲。我們仍預計全年營運支出約為 20 億美元，營運收入約為 1 億美元，其中 Michael Kors 的營運利潤率將達到較高的個位數，而 Jimmy Choo 的營運利潤率將達到負的個位數中段。就非經營性項目而言，我們預計全年淨利息收入在 8,500 萬美元至 9,500 萬美元之間，有效稅率在 15% 左右，加權平均流通股數約為 1.2 億股，由此得出稀釋後每股收益在 1.20 美元至 1.40 美元之間。接下來是資本配置。我們的工作重點始終不變。

Our first priority is to invest in our brands through store renovations, technology and digital enhancements as well as other brand-building initiatives. As previously stated, we plan to invest approximately $350 million over the next 3 years to execute our store renovation plan. Our second priority is to strengthen our balance sheet. Upon the anticipated completion of the Versace sale, we plan to use the proceeds to significantly reduce debt. And our third priority is to return cash to shareholders via a share repurchase program in the future.

我們的首要任務是透過店鋪翻新、技術和數位化提升以及其他品牌建設舉措來投資我們的品牌。如前所述，我們計劃在未來 3 年內投資約 3.5 億美元來執行我們的門市翻新計劃。我們的第二要務是強化資產負債表。預計范思哲出售完成後，我們將利用所得款項大幅減少債務。我們的第三個優先事項是未來透過股票回購計畫向股東返還現金。

Given the encouraging signs of stabilization across our business and our planned reduction in debt levels, our Board of Directors has authorized a new $1 billion share repurchase program, which the company expects to begin implementing in fiscal '27. Now turning to third quarter guidance. We expect total company revenue to be between $975 million and $1 billion, with Michael Kors revenue between $825 million and $845 million, impacted by an approximate $20 million shift in wholesale shipments out of the third quarter and into the second quarter, and Jimmy Choo revenue between $150 million and $155 million. Looking at gross margin, we expect the third quarter gross margin rate to decline approximately 200 to 250 basis points versus 63.2% last year, impacted by greater tariff headwinds. In terms of operating margin, we expect third quarter operating margin to be approximately 7% to 8%.

鑑於公司業務出現令人鼓舞的穩定跡象，以及我們計劃降低債務水平，董事會已批准一項新的 10 億美元股票回購計劃，該公司預計將於 2027 財年開始實施該計劃。現在來看第三季業績展望。我們預計公司總收入將在 9.75 億美元至 10 億美元之間，其中 Michael Kors 的收入將在 8.25 億美元至 8.45 億美元之間，這主要是由於大約 2000 萬美元的批發貨量從第三季度轉移到了第二季度；Jimmy Choo 的收入將在 1.55 億美元之間。從毛利率來看，我們預計第三季毛利率將比去年同期的 63.2% 下降約 200 至 250 個基點，受到關稅不利因素的影響。就營業利潤率而言，我們預計第三季營業利潤率約為 7% 至 8%。

By brand, we anticipate Michael Kors operating margin in the low teens range and Jimmy Choo operating margin in the negative low to mid-single-digit range. Turning to our expectations around certain nonoperating items. We anticipate third quarter net interest income of approximately $20 million. We forecast an effective tax rate in the low to mid-single-digit range in the third quarter due to the expected shifts in the geographic mix of earnings and the related valuation allowance impacts. We anticipate weighted average shares outstanding of approximately 120 million.

以品牌劃分，我們預期 Michael Kors 的營業利潤率在 10% 左右，而 Jimmy Choo 的營業利潤率在負個位數低到中段的範圍內。接下來談談我們對某些非經營性項目的預期。我們預計第三季淨利息收入約為 2,000 萬美元。我們預測，由於獲利地域構成預期發生變化以及相關的估值準備金影響，第三季實際稅率將在個位數低至中等水平。我們預計加權平均流通股數約為 1.2 億股。

As a result, we expect to generate diluted earnings per share of approximately $0.70 to $0.80. In closing, we are encouraged by the early signs that our strategic initiatives are working. We anticipate retail trends will improve in the back half of fiscal 2026 as our strategic initiatives gain traction. Looking ahead to fiscal '27, we expect to return to revenue and earnings growth. We anticipate gross margin expansion as we mitigate the majority of the impact from higher tariffs, and we continue to benefit from our strategic initiatives.

因此，我們預計稀釋後每股收益約為0.70美元至0.80美元。最後，我們對策略性舉措初步奏效的跡象感到鼓舞。我們預計，隨著我們的策略性措施取得成效，2026 財年下半年零售趨勢將會有所改善。展望 2027 財年，我們預期將恢復營收和獲利成長。我們預計，隨著關稅上漲帶來的影響逐漸緩解，毛利率將有所提高，同時我們將繼續受益於我們的策略性舉措。

Additionally, we anticipate operating expense leverage on higher revenue as we diligently manage expenses. Longer term, we remain confident that Capri Holdings is well positioned to deliver sustainable growth while increasing shareholder value. Now we will open up the line for questions.

此外，我們預計隨著收入的提高，營運費用將隨著收入的增加而降低，因為我們將認真管理各項費用。從長遠來看，我們仍然相信 Capri Holdings 已做好充分準備，在實現永續成長的同時，提升股東價值。現在我們將開放提問環節。

(Operator Instructions) Matthew Boss, JPMorgan Chase.

（操作員說明）馬修·博斯，摩根大通。

So John, could you speak to global reception that you're seeing to the Michael Kors full price retail repositioning, elaborate on drivers of full price channel comps turning positive in the second quarter? And then just any change in momentum in October or opportunity you see for the brand versus a year ago during holiday?

約翰，你能否談談你觀察到的全球對邁克爾·科爾斯全價零售重新定位的接受度，並詳細說明第二季度全價通路同店銷售額轉正的驅動因素？那麼，您認為10月品牌的發展動能或機會與去年假期季節相比有何變化？

Thank you, Matt. Number one, I think we are pleased with the fact that the business -- we're starting to see stabilization in the Michael Kors business. As you know, our full price comps turned positive during the quarter and we believe that's a response, the consumer response to our strategic initiatives. That starts first with our branding. And we think that the way the consumer is seeing the modern jet set marketing based around the traveling the world and styles and really, we're doing that from a storytelling point of view through our Hotel Stories delivered with a large group of influencers is really helping consumers engage with the brand and the storytelling of the brand.

謝謝你，馬特。首先，我們很欣慰地看到，Michael Kors 的業務開始趨於穩定。如您所知，本季我們的全價同店銷售額轉正，我們認為這是消費者對我們策略舉措的回應。首先要從我們的品牌建立開始。我們認為，消費者看待現代噴射機時代行銷的方式是基於環遊世界和時尚風格，而我們正是透過與一大群有影響力的人合作，從講故事的角度來講述我們的酒店故事，這確實有助於消費者與品牌和品牌故事互動。

So that's the first very positive sign. And as I said in my prepared remarks, we're seeing consumer sentiment really increase very nicely and brand awareness. The second area is our product. And as our real kind of focus is on standout style. We want to make sure that when we're delivering product, it's first on trend.

這是第一個非常正面的訊號。正如我在準備好的演講稿中所說，我們看到消費者信心和品牌意識都在穩定提升。第二部分是我們的產品。而我們真正的關注點在於出眾的風格。我們希望確保我們交付的產品始終走在潮流前緣。

But secondly, Michael has a very, very strong point of view on style and styling. And as we've reinterpreted that for a more modern point of view, the consumer is really engaging with us on that. And so again, we're very pleased. And as we've said in our previous calls, we've spent the majority of our initiative around the full price initiatives in the company because we think that's where the consumer will first see us, lean into us. And we saw that really globally in terms of the increases in comp.

但其次，麥可對風格和造型有著非常非常強烈的見解。當我們用更現代的視角重新詮釋這個概念時，消費者也確實在積極參與我們的討論中。所以，我們再次感到非常滿足。正如我們在先前的電話會議中所說，我們把大部分精力都放在了公司全價產品上，因為我們認為消費者會先在全價產品中看到我們，並對我們產生興趣。我們看到，就薪酬成長而言，這種情況在全球範圍內確實存在。

And what was also very exciting for us, really, when you said the drivers, the biggest driver was actually our accessories business, which turned positive during the quarter. And that's being driven from 3 iconic groups that we have today. First, Leila, which we introduced in the spring of last year -- over this past year, sorry. Then we have Nolita, which was actually introduced the tail end of last year. And we've brought modern interpretations to both of those.

而真正讓我們感到非常興奮的是，正如你所說，最大的驅動因素實際上是我們的配件業務，該業務在本季度實現了正增長。而這一切的驅動力，正是我們今天所擁有的這三個標誌性團體。首先是 Leila，我們在去年春天推出了它——抱歉，應該是過去一年。然後是 Nolita，它實際上是在去年年底推出的。我們對這兩者都進行了現代化的詮釋。

They're also arriving in the stores as we speak for the holiday season as well, fall and holiday. And then we're really excited about our new Hamilton Moderne introduction, which is far exceeding our expectations to take on our original 2009 "it bag". And the consumer is giving us very positive reception to all 3 of those very strong full price sell-throughs. Some of those bags are actually not even included in our 4 times a year sale inside the full price stores. We've removed those styles from that.

它們也正在陸續上架，為即將到來的假期季節、秋季和假期季節做準備。然後，我們對新推出的 Hamilton Moderne 系列感到非常興奮，它遠遠超出了我們的預期，並有望取代我們 2009 年推出的「it bag」系列。消費者對這三款銷售非常強勁的全價產品都給予了非常正面的評價。有些包包甚至不在我們一年四次的正價店促銷活動中出售。我們已經從中移除了這​​些樣式。

And the sell-throughs are not being impacted. So customers responding to product. They're also responding to our strategic price architecture, which is really helping our full price sell-throughs across the group. And what's also happening is we are seeing stronger engagement with millennials and Zs, both on styling and on the strategic pricing architecture. We're seeing things like watches also start to really see sequential improvement inside the stores.

銷售額並未受到影響。所以顧客對產品的反應。他們也對我們的策略定價架構做出了積極回應，這確實有助於我們集團實現全價銷售。同時，我們也看到千禧世代和 Z 世代在造型和策略定價架構方面都表現出更強的參與度。我們看到，像手錶這樣的商品在店內也開始出現持續改善的趨勢。

Our ready-to-wear business is also very strong inside the stores. So when I look across the landscape and how the consumer is responding to the marketing initiatives, the storytelling, the product and then lastly, we talked about how -- while it's only a handful of stores we've renovated so far, and I hope many of you on this call will get a chance to see our New York flagship, which is located at Rockefeller Center or our London store on Regent Street. We've got some other stores around the world that are opening. I think the new store design really speaks to where the brand is going forward and how we're really communicating with the consumer. And inside of that, we're really excited about our new Jet Set Lounge.

我們的成衣業務在店內也非常強勁。所以，當我縱觀整個市場，以及消費者對行銷活動、品牌故事、產品的反應時，最後，我們談到——雖然到目前為止我們只翻新了少數幾家門市，但我希望參加這次電話會議的各位有機會參觀我們位於洛克菲勒中心的紐約旗艦店或位於攝政街的倫敦門店。我們在世界各地還有一些其他門市即將開業。我認為新的店鋪設計真正體現了品牌未來的發展方向以及我們與消費者溝通的方式。而且，我們對全新的 Jet Set Lounge 也感到非常興奮。

Again, it's very early days. where you'll be able to have coffee and tea and select small bites of food. But it's really increasing dwell time inside the stores. So we feel like we've got a very solid strategy in place in full price. And of course, we have a lot of work to do on the outlet side, but we wanted to really put all of our efforts behind the full price.

再次強調，現在還處於非常早期的階段。屆時，您可以在那裡享用咖啡、茶和一些小吃。但這確實增加了顧客在店內的停留時間。因此，我們感覺我們已經制定了一個非常穩健的全價策略。當然，我們在折扣店方面還有很多工作要做，但我們想把所有的精力都放在正價商品上。

The outlet side of things really in Q3, we'll start to see some new product roll into the stores. We'll actually start to see some -- some of our -- at least one of our new store renovations take place during the quarter, and that's going to happen at Jersey Gardens. And we've got more coming behind that, a similar concept to our full price store and really more in our fourth quarter where the product will be more significantly impacted by some of the initiatives that we're putting in place. So from a trend standpoint, we feel good about where we're going to be for the holiday season and Q3. Product is flowing.

第三季度，奧特萊斯方面，我們將開始看到一些新產品陸續上架。本季我們將開始看到一些——至少有一家——我們新的門市翻新工程將在該門市進行，而這家門市將在澤西花園進行翻新。我們還有更多後續計劃，類似於我們的全價商店的概念，而且在第四季度會有更多舉措，屆時產品將受到我們正在實施的一些舉措的更顯著影響。所以從趨勢的角度來看，我們對假期季節和第三季的發展前景感到樂觀。產品正在流動。

Consumers are responding. The only, I would say, if those are all the puts, the take would be that we are reducing our promotional activity, in particular, in the outlet stores. We've had significant pullbacks as we talked about last quarter, we're doing more of that this quarter. That will have an impact, but we are focused on the quality of sale. We're focused on increasing AURs.

消費者正在做出回應。我只能說，如果以上就是所有預測，那麼結論就是我們將減少促銷活動，尤其是在奧特萊斯商店。正如我們上個季度所討論的那樣，我們已經進行了大幅度的回調，而這個季度我們將繼續這樣做。那會產生影響，但我們更關注銷售品質。我們專注於提高AUR（平均使用率）。

We saw sequential improvement in AURs in the outlet stores. And so again, we have to go through this work to be able to put ourselves in a position to return to revenue and what we think will be some pretty positive operating income growth for next year as well. So again, we don't want to be overly confident, but we're feeling very positive about these last 2 quarters and most importantly, how the consumer is responding to us. So thank you very much for that question, Matt.

我們看到奧特萊斯門市的平均營業收入（AUR）逐年提高。因此，我們必須完成這項工作，才能使自己處於能夠恢復盈利的位置，並且我們認為明年的營業收入也將實現相當積極的增長。所以，我們不想過於自信，但我們對過去兩個季度以及最重要的消費者對我們的反應感到非常樂觀。非常感謝你的提問，馬特。

Brooke Roach, Goldman Sachs.

Brooke Roach，高盛集團。

John, I wanted to dive a little bit deeper into the outlet business as you reposition promotionality and product. What's the profile of the consumer that's engaging with you in North America today? Are you seeing any signs of price sensitivity or stronger or weaker engagement in any particular income or age cohort as you execute the outlet repositioning? And how should we be thinking about the time line and path to improvement for total North America given the green shoots that you're seeing in the full price channel today?

約翰，隨著你重新定位促銷和產品，我想更深入地了解奧特萊斯業務。目前在北美與您互動的消費者有怎樣的畫像？在進行門市重新定位的過程中，您是否觀察到任何價格敏感跡象，或者特定收入群體或年齡層的消費者參與度是否有所增強或減弱？鑑於目前全價通路已經出現了一些正面的跡象，我們應該如何看待北美整體市場的改善時間表和路徑？

Thank you, Brooke. I would first say that we anticipate sequential improvement in the retail -- in our retail channel for both Michael Kors and Jimmy Choo in the back half of the year. As I said, in the full price, we're feeling very good about what we see happening. We feel the same way about Jimmy Choo. We had a very nice performance in our full price in Jimmy Choo as well.

謝謝你，布魯克。首先我想說的是，我們預計下半年 Michael Kors 和 Jimmy Choo 的零售通路表現將逐年改善。正如我所說，以全價出售，我們對目前的情況感到非常滿意。我們對Jimmy Choo也有同樣的感覺。我們在Jimmy Choo的全價訂單中也獲得了非常好的體驗。

And I think we're going to see the same type of sequential improvement. In terms of the outlet, let me first answer the other part of your question. There's no question that the Gen Z customer and consumer, in particular, is more price sensitive, and we've seen that. And actually, some of our strategic pricing architecture, we didn't really understand this in the beginning, but it's really leaning into and helping us get more Gen Z consumers. They are more price sensitive than Millennials and X’s and Boomers.

我認為我們會看到同樣的循序漸進的改進。關於出水口的問題，讓我先回答你問題的另一部分。毫無疑問，Z世代的顧客和消費者尤其對價格更加敏感，這一點我們已經看到了。事實上，我們的一些策略性定價架構，我們一開始並沒有真正理解，但它確實有助於我們吸引更多 Z 世代消費者。他們比千禧世代、X世代和嬰兒潮世代對價格更敏感。

So we think that our strategy of making sure that we're at really focused strategic price points across all products, not just accessories, but in footwear and ready-to-wear -- remember, we significantly reduced our prices in ready-to-wear even much more than we did in our handbag business, and that's working really well for us. And in fact, our wholesale partners are starting to roll out our ready-to-wear again, after we kind of repositioned the pricing without touching any of the quality or anything in the product. So that's really working well for us. We are -- as I said to you before, two things or three things are happening in the outlets. Number one, we are actually strategically raising prices in the outlet business, and that's both from actual price increases and from the reduction in our promotional activity.

所以我們認為，確保所有產品（不僅是配件，還包括鞋履和成衣）都保持高度集中的戰略價格點，這一策略非常有效——記住，我們大幅降低了成衣的價格，甚至比手袋業務的價格降幅還要大得多，而且這對我們來說效果非常好。事實上，我們的批發合作夥伴已經開始重新推出我們的成衣系列，因為我們在不改變產品品質或任何其他方面的情況下，對價格進行了重新調整。所以這對我們來說效果真的很好。正如我之前跟你說過的那樣，目前有兩三件事正在發生。第一，我們實際上正在有策略地提高奧特萊斯業務的價格，這既包括實際的價格上漲，也包括促銷活動的減少。

And so it's -- we have seen a rise in AUR. I think we're going to have some bumps as we go along with that because the consumer has got to become reeducated that Michael Kors is a brand that will sell at a slightly higher price than what they've seen today. And we're doing that for AUR purposes. We're also doing that to offset some of the tariff implications. The second thing, as I've said, is we are going to be introducing a significant amount of new product into the outlet stores that comes a little bit in Q3, a lot more in Q4 and then throughout fiscal '27.

因此，我們看到 AUR 有所上升。我認為在這個過程中我們會遇到一些波折，因為消費者需要重新認識到，Michael Kors 是一個價格會比他們今天看到的略高的品牌。我們這樣做是為了AUR的目的。我們這樣做也是為了抵銷部分關稅影響。第二點，正如我之前所說，我們將向奧特萊斯商店推出大量新產品，第三季度會推出少量，第四季度會推出更多，然後在整個 2027 財年都會持續推出。

We had been too focused on core product inside of our outlet stores and consumers want fashion. It doesn't matter what channel they're shopping in, whether it's our e-commerce, our full price or our outlet channel, they want fashion. And we were not in a strong enough position in that in our outlet. So as I said, we really feel like that's going to be coming more in the back half of the year through next year. And then lastly, we had a daigou business, which was a product that was being purchased in our outlet stores, shipped to multiple places around the world, sold predominantly on online channels, and we're really shrinking that business significantly.

我們之前過於注重奧特萊斯店的核心產品，而消費者想要的是時尚。無論他們透過哪個管道購物，無論是我們的電商平台、正價店或折扣店，他們都想要時尚。而我們當時在通路方面並沒有處於足夠強勢的地位。正如我所說，我們真的覺得這種情況會在今年下半年到明年之間更加明顯。最後，我們還有代購業務，這種產品是在我們的直銷店購買，然後運往世界各地，主要透過線上管道銷售，我們正在大幅縮減這項業務。

So over 60% of the decline that we're having in our outlet business is coming from that real shutdown of a business for us that we think will provide a much healthier company for the long term and actually improve AURs as well. So that's a long-winded way for me to say that really we won't see North America return to positive growth in our retail channel in Michael Kors until next year and probably more in the second quarter of next year. And then we should be in a pretty good trajectory after that point in time. Thank you for that question, Brooke.

因此，我們奧特萊斯業務的下滑有 60% 以上是由於我們認為關閉一家能夠為公司帶來更健康長期發展並實際提高平均營業額的業務而造成的。所以，我囉嗦了這麼多，其實就是想說，我們北美地區的 Michael Kors 零售通路要到明年才能恢復正成長，而且可能要到明年第二季才能實現。從那時起，我們的發展軌跡應該會相當不錯。謝謝你的提問，布魯克。

Ike Boruchow, Wells Fargo.

艾克·博魯喬夫，富國銀行。

Two from me. Just first on the tariffs. So I think you said 120 basis points headwind in the second quarter. Could you just let us know what's baked in on tariffs for both 3Q and 4Q? And then the follow-up is for John.

我投兩票。首先說說關稅問題。所以，我想你說過第二季會有120個基點的不利因素。能否告知我們第三季和第四季的關稅分別包含哪些內容？接下來是給約翰的後續問題。

Maybe just on the wholesale, up low double digits, but you mentioned there's a $20 million shift in there. Could you just comment roughly what's the growth rate for MK wholesale ex shift? I mean my math is flattish, but I'd love to get that clarified. And then, John, how are you viewing that channel just organically ex shifts into 3Q and 4Q from a revenue standpoint?

或許只是批發方面，漲幅在兩位數左右，但你提到其中有 2000 萬美元的變化。能否簡單說明MK批發業務（不含輪班）的成長率是多少？我的數學不太好，但我很想弄清楚這一點。那麼，約翰，從收入的角度來看，你如何看待該頻道在第三季和第四季自然成長的情況？

Thanks, Ike. Our expectations around the tariff headwinds for the full year remain largely unchanged. We still expect the unmitigated tariff impact to be approximately $85 million for the full year. And as you said, in the second quarter, our gross margin was down 130 basis points and 120 of that was related to the tariffs. We saw the tariff headwinds a little bit less than anticipated, and that's really due to the timing of sell-throughs of tariff impacted inventory.

謝謝你，艾克。我們對全年關稅不利因素的預期基本上保持不變。我們仍然預計，全年未加緩解的關稅影響約為 8500 萬美元。正如您所說，第二季度我們的毛利率下降了 130 個基點，其中 120 個基點與關稅有關。我們看到的關稅阻力比預期的要小一些，這主要是由於受關稅影響的庫存的銷售時間表所致。

As we look at Q3, we're expecting gross margins to be down 200 to 250 basis points, and there's a greater weight of inventory that has the full amount of tariffs. So you're going to see a larger impact of that build in Q3 and then further into Q4. But more importantly, as we look forward, we expect to see continued benefits from our strategic initiatives and tariff mitigation efforts. So looking to fiscal '27, we anticipate to offset a majority of tariff impact. And that, coupled with our strategic initiatives around driving higher full price sell-throughs and higher AURs will lead to gross margin expansion next year.

展望第三季度，我們預計毛利率將下降 200 至 250 個基點，並且有更大比例的庫存包含全部關稅。因此，您將在第三季以及第四季看到該建設帶來的更大影響。但更重要的是，展望未來，我們預期我們的策略性措施和關稅緩解措施能夠持續帶來益處。展望 2027 財年，我們預期能夠抵銷大部分關稅影響。此外，我們圍繞著提高全價銷售率和提高平均使用率而採取的策略性舉措，將導致明年毛利率擴張。

Wholesale offset shipment-wise, and I'll take the retail part of it.

批發部分我負責抵銷出貨量，零售部分我負責。

Yes. So we did see in the second quarter, there were $20 million of Michael Kors wholesale shipments that ended up going out in Q2 where we were forecasting them to go out in Q3, so that's really just a timing shift between the quarters. What we're really proud of, and John spoke to earlier, is the retail sequential improvement that we'll see in Q3 as well as Q4 coming out.

是的。因此，我們在第二季度看到，有價值 2000 萬美元的 Michael Kors 批發貨物在第二季度發出，而我們原本預測這些貨物會在第三季度發出，所以這實際上只是季度之間的時間差而已。我們真正引以為傲的是，正如約翰之前提到的，我們將在第三季和第四季看到零售業務的環比改善。

Yes. And I think I said in my prepared remarks that we actually saw quite a step change in the wholesale point-of-sale sales. We're starting to get that business turned around. So it's no longer double digits. It's single-digit decline.

是的。我想我在事先準備好的發言稿中說過，我們實際上看到了批發銷售點銷售額的顯著變化。我們正在逐步扭轉這家企業的局面。所以現在不再是兩位數了。這是個位數的下降。

Again, we're not calling a victory at this point in time, but there's no question, things are starting to get better. We have -- our partners, as I said on the last call, are very excited about doing shop renovations with us, so that's -- we've got a pretty significant program rollout going on there. I've been out visiting with our teams to all the major -- all of our major partners, and we'll conclude some more actually next week in Europe. And there's absolutely positive sentiment for our strategic initiatives and for the brand in general. And as you know, the -- I think there's been obviously a very, very significant move by many stores to the higher side of the luxury business.

再次聲明，我們現在還不能宣布勝利，但毫無疑問，情況正在好轉。正如我在上次電話會議上所說，我們的合作夥伴非常興奮能與我們一起進行店鋪翻新，所以我們正在那裡開展一個相當重要的項目。我一直和我們的團隊一起拜訪我們所有的主要合作夥伴，下週我們也會去歐洲拜訪一些主要合作夥伴。人們對我們的策略舉措和品牌整體評價都非常正面。如你所知，我認為很多商店顯然已經非常、非常顯著地轉向了奢侈品行業的高端領域。

That business has definitely seen a slowdown. And so the more entry levels of luxury, where Michael Kors plays in particular, and some other competitors, I think there's a very strong renewed interest in that category as customers are more choiceful. There's no question that they're looking at price value relationship. And what's so interesting is in all 3 of our companies in Michael Kors and Jimmy Choo and Versace, all 3 of our full price businesses are actually significantly better than they were a year and even 2 years ago. And it's a bit more in the off-price channels where the customer is -- they're really, really being selective on pricing.

該產業的業務成長明顯放緩。因此，在入門級奢侈品領域，尤其是 Michael Kors 和其他一些競爭對手所處的領域，我認為隨著消費者選擇更多，人們對這一類別的興趣又重新高漲起來。毫無疑問，他們是在檢視價格價值關係。更有趣的是，在我們旗下的 Michael Kors、Jimmy Choo 和 Versace 這三家公司中，所有三個品牌的全價業務實際上都比一年前甚至兩年前有了顯著的改善。而且在折扣通路，顧客對價格的挑剔程度更高。

So we think that we're seeing our wholesale partners look and want to lean into this strategy with ourselves and other people who are in this same category of more opening price point luxury. So I think for next year, I wouldn't say there's going to be an improvement in the wholesale revenues because, again, we're going to do some cleanup work around off-price where we are not only cleaning up our daigou business in the outlet channel, but we're also doing some pretty significant cleanup work around some other areas of off-price inside the company. And again, this all translates back to quality of sale. We're focused on that. We want to raise AURs.

因此，我們認為，我們的批發合作夥伴正在考慮並希望與我們以及其他處於同一價格區間高端市場的公司一起採用這種策略。所以我認為明年批發收入不會有所改善，因為我們將對折扣店業務進行一些清理工作，不僅要清理奧特萊斯渠道的代購業務，還要對公司內部其他一些折扣店業務領域進行一些非常重要的清理工作。而這一切，最終都歸結於銷售品質。我們正專注於此。我們希望提高AUR。

We want to raise full price sell-throughs. And as Raj said, we're excited about the gross margin expansion we will finally get to next year after we kind of lapse where we are in the tariffs. Again, we're working with inventory that does not have tariffs on it, and we're working with inventories that has tariffs on it. We'll probably feel the hardest effect of those in fourth quarter and probably first quarter of next year, and then we'll start to lap that and our strategic initiatives will take hold. And I think you'll see some very positive results in that.

我們希望提高全價商品的銷售轉換率。正如 Raj 所說，我們很興奮明年毛利率將最終實現成長，因為我們目前的關稅政策已經失效。再次強調，我們既要處理不含關稅的庫存，也要處理含關稅的庫存。我們可能會在第四季和明年第一季感受到這些因素最嚴重的影響，然後我們將開始逐漸擺脫這種影響，我們的策略舉措也將奏效。我認為你會看到一些非常正面的結果。

One other thing just to note, when you look at our gross margins today, and as Raj pointed out, the majority of the impact came from tariffs, we also are without those tariffs, more or less holding our gross margins with, if you recall, lowering our prices in our full price channel and clearing some other product, as we talked about in our prepared remarks, in the outlet channel. So I'm really happy about that because it shows you what our sell-throughs are starting to look like. They're looking good. Our inventories are really tight inside the company. So we're in a good position now to move forward on both our retail channel and our wholesale channel.

還有一點要注意，正如 Raj 指出的那樣，我們今天的毛利率主要受到關稅的影響，而我們現在沒有這些關稅，毛利率也基本上保持不變。如果你還記得的話，我們降低了全價通路的價格，並清理了奧特萊斯頻道的一些其他產品，正如我們在準備好的發言稿中提到的那樣。所以我真的很高興，因為它向你展示了我們的銷售情況開始變得如何。他們看起來不錯。公司內部庫存非常緊張。因此，我們現在處於有利地位，可以推動零售通路和批發通路的發展。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

John, last quarter, you commented that in the full price channel, you've kind of stabilized the assortment in terms of price points and selection. Are you still seeing AUR increases in full price? Can you comment a little bit on volume versus AUR that's driving that positive full price comp? And then in the guidance for the back half of kind of minus high single digits for Michael Kors, what's embedded in that? You said earlier that about 2% of it is from the timing shift.

約翰，上個季度你曾說過，在全價通路，你們在價格點和選擇方面已經穩定了產品組合。您是否仍然看到全價商品的 AUR 價格上漲？您能否就銷售量與平均售價之間的關係，談談推動全價銷售成長的原因？那麼，對於麥可‧科爾斯來說，下半年的指導意見中，究竟蘊含著什麼呢？你之前說過，其中大約 2% 是由於時間變化造成的。

For the remainder, are you assuming continued positive full price comps with wholesale and outlet being negative? A little bit more color on that would be helpful.

至於其他方面，您是否假設全價商品持續保持正成長，而批發和折扣店商品則為負成長？如果能再多一些細節描述就更好了。

Okay. I'll take the full price part. I think there might be a misunderstanding on the guidance for the back half, which Raj will walk you through. On the full price AURs, they're actually down slightly. And again, remember, that's because we lowered our price points.

好的。我接受全價部分。我認為大家可能對後半部的指導有誤解，Raj 會為大家詳細解說。全價AUR實際上略有下降。再次提醒大家，這是因為我們降低了價格。

So full price sell-throughs are up significantly. Price points are down -- our AUR is down slightly. We knew that would be the case given the fact that we took some fairly significant price adjustments in our strategic pricing architecture. I would also point out to you that when we end the year, our inventories, while they will be up slightly in dollars, that's an impact of the foreign exchange rates and the tariffs. Our units are going to be down very significantly.

因此，全價商品的銷售量顯著上升。價格下降了——我們的平均售價也略有下降。鑑於我們在策略定價架構中做出了一些相當大的價格調整，我們知道情況會是這樣。我還想指出，到年底時，雖然我們的庫存以美元計價會略有增加，但這主要是受外匯匯率和關稅的影響。我們的設備將大幅下降。

So again, quality of sale, we feel super good about that and think that will continue on. I'll let Raj speak to you about the guidance.

所以，就銷售品質而言，我們感到非常滿意，並認為這種情況會繼續下去。我會讓拉傑跟你談談指引。

Yes. And as far as the guidance in the back half of the year, I think we were referring to it sequentially improving, not turning positive. So I think we're pleased with what we're currently seeing in the business and the trends. And as John mentioned, it's going to take time to inflect to positive in the retail channel and be positive, and we won't see that until next year in our overall retail channel. So we'll see sequential improvement continue into Q3 and Q4.

是的。至於下半年的業績指引，我認為我們指的是業績季比改善，而不是轉正。所以我覺得我們對目前業務發展狀況和趨勢感到滿意。正如約翰所提到的，零售通路需要時間才能好轉，而且要真正好轉，我們可能要到明年才能在整個零售通路看到這種情況。因此，我們將看到第三季和第四季繼續保持穩定改善的勢頭。

Sorry, just a clarification, Raj. My question was specifically on full price. So you're seeing positive comps in the full price business. Are you assuming continued positive comps in full price for the second half with wholesale and outlet then driving the total into negative territory?

抱歉，拉傑，我只是想確認一下。我的問題具體是關於全價的。所以，在全價銷售業務中，我們看到了積極的同店銷售表現。您是否假設下半年全價商品持續維持正成長，而批發和折扣店商品則導致總銷售額出現負成長？

Yes, that's correct. That is correct.

是的，沒錯。沒錯。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

Congrats on the progress. Can you help us with your expectations for revenue by geography as we think about the back half? What's the right way to think about the progress being made in the Americas and EMEA? And Asia did quite well in Q2 for Michael Kors. What would you attribute that to?

恭喜你取得進展。在考慮下半年業績時，您能否提供一下您對各地區收入的預期？看待美洲和歐洲、中東及非洲地區的進展，該採取怎樣的正確方式？邁克爾·科爾斯在亞洲市場第二季表現相當不錯。你認為這是什麼原因造成的？

And how sustainable do you think that growth is?

你認為這種成長的可持續性如何？

Rick, so we kind of don't guide by geography on a go-forward basis. What I will comment to is the following. Number one, in Michael Kors, Europe is clearly the best performing part of our business, and we anticipate that to continue. And again, Europe never had the kind of declines that we had in North America. And it's interesting, even without store renovations, et cetera, the product and the consumer reception to the new product introductions has been very, very strong, very quickly.

里克，所以我們今後的發展方向基本上不會以地理位置為指導。我要評論的是以下內容。首先，在 Michael Kors 品牌中，歐洲顯然是我們業務表現最好的部分，我們預計這種情況將持續下去。而且，歐洲從未經歷過像北美那樣的衰退。有趣的是，即使沒有店鋪翻新等等，新產品的推出以及消費者的反應都非常強烈，而且速度非常快。

And so we're super pleased with that. Also, the outlet business over there is actually relatively stable versus the North American outlet business. And we definitely are seeing -- let me break out Asia into 2 parts. Japan remains flattish, but still has been positive coming out of last year. And that's -- there's some currency issues going on there.

所以，我們對此非常滿意。此外，與北美奧特萊斯業務相比，那裡的奧特萊斯業務實際上相對穩定。我們確實看到了——讓我把亞洲分成兩部分來討論。日本經濟依然較為平穩，但與去年相比仍呈現正面態勢。那是——那裡存在一些貨幣問題。

So we still feel very good about our business in Japan. China is definitely seeing an improvement. It's modest, moderate, but we are seeing some very significant consumer engagement. Our storytelling is resonating. There is no question that the consumer is now -- our best-selling products in the United States and in Europe are now the best-selling products in Asia.

所以，我們仍然對我們在日本的業務感到非常滿意。中國的情況無疑正在好轉。雖然規模不大，但我們看到了消費者參與度的顯著提升。我們的故事引起了共鳴。毫無疑問，消費者現在——我們在美國和歐洲最暢銷的產品現在也是亞洲最暢銷的產品。

That wasn't always the case over the last couple of years. And some of that was self-inflicted. And so we're definitely feeling like we're going to get some momentum -- continued momentum in our business in China and in Southeast Asia. In Jimmy Choo, I would say that North America is very, very strong for us and getting stronger. And it's interesting in Jimmy Choo also our retail partners are really leaning into us.

但在過去幾年裡，情況並非總是如此。其中有些是咎由自取。因此，我們絕對感覺到我們將獲得一些發展勢頭——我們在中國和東南亞的業務將持續保持成長勢頭。就 Jimmy Choo 而言，我認為北美市場對我們來說非常非常強大，而且還在不斷增強中。有趣的是，Jimmy Choo 的零售合作夥伴也非常重視我們。

Our -- the -- again, the higher -- some of the luxury competitors have raised prices very, very significantly. And while we have raised prices as well, we represent an area where I think that our very core partners, not only in North America but around the world, want to protect. And then our new handbag strategy is also off to a great start, both in our own retail stores and at the wholesale level. So North America for Jimmy Choo represents a very exciting opportunity for the company. Europe has been stable and kind of growing.

我們的——再次強調，價格越高——一些奢侈品競爭對手已經大幅提高了價格。雖然我們也提高了價格，但我認為，我們所代表的領域，不僅是北美，也是全世界的核心合作夥伴都希望保護的領域。此外，我們的新手提包策略也取得了良好的開端，無論是在我們自己的零售店還是批發層面。因此，北美市場對 Jimmy Choo 來說是一個非常令人興奮的機會。歐洲一直保持穩定，並且處於發展階段。

We've got some work to do in both Japan and in China. And that is more of an issue for us than I'd say the trend that we see happening in the regions.

我們在日本和中國都還有一些工作要做。對我們來說，這比我們在各地區看到的趨勢更值得關注。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Just two questions for me. The first one, John, in terms of your team, what team do you need in place as you continue to move the company forward from where we are? I know that Raj is still interim. And I guess the second question is for Raj, which is, can you expand a bit on sort of the net interest income, the currency hedging as you look into the future and how the company is positioned from that. Sometimes those numbers are a little confusing to us?

我只有兩個問題。約翰，首先，就你的團隊而言，為了繼續推動公司向前發展，你需要組建怎樣的團隊？我知道拉傑目前仍是臨時職務。我想第二個問題是問 Raj 的，你能否詳細談談淨利息收入、貨幣對沖以及公司未來的定位？有時候這些數字對我們來說有點令人困惑？

We have a great team in place. We'll start out with -- at Michael Kors, we have a man called Michael Kors. He's been here for 44 years. He's been here since the start, and he continues to be our kind of visionary for the brand. And I think the product that he and our design tech teams are putting out now is some of the best that I've ever been associated with company.

我們擁有一支優秀的團隊。我們先從邁克爾·科爾斯說起——在邁克爾·科爾斯，我們有一個名叫邁克爾·科爾斯的人。他在這裡已經待了44年了。他從公司創立之初就在這裡，而且他一直是我們品牌的遠見卓識者。我認為他和我們設計技術團隊現在推出的產品是我接觸過的公司裡最好的產品之一。

So I'm really proud and happy with what's happening there. We've got strong teams around the world who are helping us implement our strategies. And then we've got great teams in place for everything from our worldwide logistics to our production, to our finance teams. And yes, Raj is the interim CFO, but we got great people who are here working with Raj. And so I'm really proud and our teams are, I think, doing a great job.

所以我對那裡發生的一切感到非常自豪和高興。我們在世界各地都有強大的團隊，他們正在幫助我們實施各項策略。此外，我們還組建了優秀的團隊，涵蓋從全球物流到生產，再到財務等各個方面。是的，Raj 是臨時財務官，但我們這裡有很多優秀的人才與 Raj 一起工作。所以我真的非常自豪，我認為我們的團隊做得非常出色。

And to also say to you, our previous situation was quite disruptive for the company when we went through an 18-plus month period of time, where people weren't exactly clear about what was happening and now they are. And I think they're resolute in getting our company back in a positive direction. And so we're excited about finishing up fiscal '26 on a -- while it will be down. I'll call that a positive note because we're going to stabilize this business. And really, we're looking forward to fiscal '27 when we think we're returning to revenue growth and some very strong operating income growth, which I think will be very important for our shareholders, but also important for our teams inside the company.

另外，也要告訴你們，我們之前的情況對公司造成了相當大的干擾，當時我們經歷了長達 18 個月的時間，人們並不清楚發生了什麼，而現在他們清楚了。我認為他們決心要讓公司重回正軌。所以我們很高興能在 2026 財年結束之際——儘管情況會變得更糟。我認為這是個好消息，因為我們將穩定這項業務。我們非常期待 2027 財年，屆時我們認為我們將恢復營收成長和非常強勁的營業收入成長，我認為這對我們的股東來說非常重要，對公司內部的團隊來說也很重要。

Thanks, Bob. So we continue to receive income from our net investment hedges, as you mentioned and the hedges really related to intercompany investments in our European subsidiaries. We pay out interest rates in euros, and we received interest payments in USD. So that's sort of the pickup that you're seeing. And then on the other side, when we receive the proceeds from the sale of Versace, we expect to substantially reduce our debt levels, which will result in lower interest expense, and we'll have minimal debt on our balance sheet.

謝謝你，鮑伯。因此，正如您所提到的，我們繼續從淨投資對沖中獲得收入，而這些對沖實際上與我們在歐洲子公司之間的公司間投資有關。我們以歐元支付利息，並以美元收取利息。所以這就是你現在看到的這種成長趨勢。另一方面，當我們收到出售范思哲的收益時，我們預計可以大幅降低債務水平，從而降低利息支出，使我們的資產負債表上的債務降至最低。

So you'll see a lot of the interest expense go away and really the interest income continue with our net investment hedges.

因此，你會看到很多利息支出消失，而利息收入則透過我們的淨投資對沖繼續成長。

I'd like to thank everyone for joining us today, and we look forward to continued exciting news about Capri and how we are moving forward. And we thank you for your opportunity to spend time with us today and look forward to updating you more in the future. Thank you all.

感謝各位今天蒞臨現場，我們期待著繼續為大家帶來關於卡布里島以及我們未來發展方向的激動人心的消息。感謝您今天抽出時間與我們交流，我們期待未來能與您分享更多資訊。謝謝大家。

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。