Capri Holdings Ltd (CPRI) 2026 Q3 法說會逐字稿

Greetings, and welcome to the Capri Holdings Limited third-quarter fiscal 2026 financial results call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Capri Holdings Limited 2026 財年第三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。

I'd now like to turn the conference over to your host, Jennifer Davis, Vice President of Investor Relations. Thank you. You may begin.

現在我謹將會議交給主持人，投資人關係副總裁珍妮佛戴維斯。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining us on Capri Holdings Limited Third Quarter Fiscal 2026 Conference Call. With me this morning are Chairman and Chief Executive Officer, John Idol; and Interim Chief Financial Officer, Raj Mehta.

各位早安，感謝各位參加 Capri Holdings Limited 2026 財年第三季電話會議。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。

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 the statements made during this call will remain operative at a later time, and the company undertakes no obligation to update any information discussed on today's call.

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所述內容在日後仍然有效，本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 reserves related to a wholesale customer bankruptcy, restructuring and other charges, store renovation program costs, merger and divestiture transaction-related costs, impairment charges, and Capri transformation costs.

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指標不包括與批發客戶破產相關的準備金、重組和其他費用、商店翻新計劃成本、合併和剝離交易相關成本、減值費用以及Capri轉型成本相關的某些成本。

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 today's operations and cash flows from its Versace business as discontinued operations. Unless otherwise noted, all information on today's call relate only to continuing operations.

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，公司已將今日Versace業務的經營績效及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經營有關。

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. We were pleased with our third-quarter performance which exceeded our expectations. Across both Michael Kors and Jimmy Choo, we continue to execute on our strategic initiatives to position our iconic brands for long-term success. Our strategies remain anchored in strengthening brand desirability through delivering compelling storytelling and creating fashion luxury products that excite and inspire consumers.

謝謝你，珍妮弗，大家早安。我們對第三季的業績感到滿意，該業績超出了我們的預期。無論是 Michael Kors 還是 Jimmy Choo，我們都將繼續執行我們的策略舉措，以確保我們的標誌性品牌長期成功。我們的策略依然以增強品牌吸引力為核心，透過引人入勝的故事敘述和創造能夠激發和啟發消費者的時尚奢侈品來實現這一目標。

Together with our advanced data analytics and deep consumer insights, these initiatives are designed to strengthen consumer engagement and reinforce the long-term equity of our brands. We remain confident that these strategies will support a return to growth in fiscal 2027, as well as establish the groundwork for sustainable performance well into the future.

結合我們先進的數據分析和深入的消費者洞察，這些舉措旨在加強消費者參與度，並鞏固我們品牌的長期價值。我們仍然相信，這些策略將有助於公司在 2027 財年恢復成長，並為未來的永續發展奠定基礎。

Recently, we completed the sale of Versace, which was a thoughtful decision to strengthen our financial foundation, ensuring we have the flexibility to support Michael Kors and Jimmy Choo's strategic initiatives, and enhance long-term shareholder value. The proceeds from the sale were used to significantly reduce debt levels. As a result, we ended the quarter with $80 million of net debt.

最近，我們完成了 Versace 的出售，這是一個深思熟慮的決定，旨在加強我們的財務基礎，確保我們有足夠的靈活性來支持 Michael Kors 和 Jimmy Choo 的戰略舉措，並提高股東的長期價值。出售所得款項用於大幅降低債務水準。因此，本季末我們的淨債務為 8,000 萬美元。

Now turning to our third-quarter results. Total company revenue exceeded our expectations, decreasing 4% versus last year to $1.025 billion. Underlying gross margins, excluding the impact of tariffs, expanded 70 basis points, reflecting better-than-expected performance driven primarily by improved full price sell-throughs and reduced promotional activity. Earnings per share increased approximately 30% to $0.81.

現在來看我們第三季的業績。該公司總收入超出預期，但比去年下降了 4%，至 10.25 億美元。不計關稅影響，基本毛利率成長 70 個基點，反映出績效優於預期，主要得益於全價銷售的改善和促銷活動的減少。每股收益成長約 30%，達到 0.81 美元。

Looking at results by brand. Starting with Michael Kors. Third-quarter revenue decreased 5.6% compared to prior year. While some of our strategic initiatives are creating near-term pressure on revenue, they are deliberate steps towards building a stronger, more resilient foundation for our business. In our own retail channel, we saw a modest sequential improvement in trends relative to the second quarter, with sales down mid-single digits. Wholesale also declined mid-single digits.

按品牌查看結果。從邁克爾·科爾斯開始。第三季營收年減5.6%。雖然我們的一些策略性舉措在短期內會對收入造成壓力，但這些舉措是為了給我們的業務建立一個更強大、更具韌性的基礎而採取的深思熟慮的步驟。在我們自己的零售通路中，與第二季相比，趨勢略有改善，銷售額下降了中等個位數。批發業務也出現了中等個位數的下滑。

In terms of total Michael Kors retail sales by channel. In our full-price channel, sales declined due to a reduction in promotional activity. However, we saw a sequential improvement in full price sales in the channel, which increased low-double digits. Importantly, this resulted in a healthier sales mix with higher AURs and higher gross margins. In our outlet channel, revenue continued to be impacted by our strategy to improve our quality of sale by reducing promotional activity.

按通路劃分的 Michael Kors 零售總額。由於促銷活動減少，我們的全價通路銷售額下降。然而，我們看到該通路的全價銷售額環比有所改善，實現了兩位數的低成長。重要的是，這帶來了更健康的銷售組合，提高了平均營業額和毛利率。在我們的直銷管道，為了提高銷售質量，我們減少了促銷活動，但這項策略仍然對收入造成了影響。

In addition, product assortments throughout most of the third quarter reflected our prior design direction. Late in the quarter, we began to introduce more modern on-trend styles, which are generating higher full price sell-throughs and higher AURs.

此外，在第三季的大部分時間裡，產品組合都反映了我們先前的設計方向。本季末，我們開始推出更多現代潮流款式，這些款式帶來了更高的全價銷售率和更高的平均單價。

Looking at total Michael Kors retail sales by region. Europe continued to outperform with trends increasing mid-single digits, while results declined low-double digits in the Americas, and low-single digits in Asia. Although retail revenue declined in both regions, we are encouraged by sequential improvements in trends.

依地區統計Michael Kors零售總銷售額。歐洲持續表現優異，成長趨勢達到中等個位數，而美洲的業績下降了兩位數，亞洲的業績下降了個位數。儘管兩個地區的零售收入均有所下降，但我們對趨勢的逐步改善感到鼓舞。

Now turning to wholesale. Performance at point of sale exceeded our expectations with trends continuing to improve sequentially. Consumer response to our new styles, including our icons, Hamilton, Laila, and Nolita was strong and drove improved full price sell-throughs in the wholesale channel.

現在轉向批發。銷售點業績超乎預期，趨勢持續改善。消費者對我們新款式的反應強烈，包括我們的標誌性款式 Hamilton、Laila 和 Nolita，並推動了批發通路全價銷售的提升。

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. Through our hotel stories franchise, we brought the excitement of travel and the discovery of new destinations to our consumers this holiday season. Our holiday campaign extended this narrative, journeying from the streets of New York City to the snow-covered mountains of Banff, Canada, showcasing a standout winter wardrobe along the way.

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。透過我們的飯店故事系列，我們在這個假期為消費者帶來了旅行的興奮和探索新目的地的樂趣。我們的假期宣傳活動延續了這一敘事，從紐約市的街頭一路走到加拿大班夫白雪皚皚的山脈，沿途展示了一系列出色的冬季服裝。

Throughout the third quarter, we further amplified Hotel Stories with immersive experiences and local activations globally that reflected the brand's jet set spirit. We also celebrated the reopening of two of our flagship locations. Rockefeller Center in New York City and Regent Street in London, with high-profile events. Each event brought together a dynamic mix of celebrities and influencers for memorable experiences.

第三季度，我們透過沉浸式體驗和全球範圍內的在地化活動，進一步強化了飯店故事，體現了品牌的環球旅行精神。我們也慶祝了旗下兩家旗艦店的重新開幕。紐約市的洛克斐勒中心和倫敦的攝政街都曾舉辦過備受矚目的活動。每場活動都匯集了許多名人和網紅，為大家帶來難忘的體驗。

Our new jet set lounge served as a focal point at both locations, reinforcing our modern, elevated in-store experience. These events generated significant social media engagement and press coverage, further extending our reach and deepening our connection with consumers. To broaden the impact of our Hotel Stories narrative and brand moments, we expanded our social media reach and extensive influencer partnerships.

我們全新的貴賓休息室在兩家店都成為了焦點，強化了我們現代化、高端的店內體驗。這些活動在社群媒體上引發了廣泛的關注和媒體報道，進一步擴大了我們的影響力，加深了我們與消費者的聯繫。為了擴大我們的飯店故事敘事和品牌時刻的影響力，我們擴大了社群媒體覆蓋範圍，並建立了廣泛的影響者合作關係。

Influencer-driven content grew significantly during the third quarter, with post up 100% year over year, contributing to a nearly 300% increase in both impressions and engagement. Collectively, these activities helped drive an 8% year-over-year increase in the Michael Kors global consumer database. With our advanced data analytics capabilities, we are leveraging the strength of our extensive database to create deeper, more personal connections with consumers.

第三季度，網紅驅動的內容顯著增長，貼文數量年增 100%，使得曝光量和互動量都增加了近 300%。這些活動共同推動了 Michael Kors 全球消費者資料庫年增 8%。憑藉我們先進的數據分析能力，我們正在利用我們龐大的資料庫的力量，與消費者建立更深入、更個人化的聯繫。

Now turning to product. Guided by Michael's creative vision, we are delivering exciting on-trend fashion with standout style. Additionally, we refined our pricing architecture to better align with historical levels. These actions are driving stronger full price sell-throughs. As a result, we drove higher AURs and gross margin expansion across our full-price accessories, footwear, and ready-to-wear businesses in the third quarter. In accessories, consumers responded positively to new introductions that celebrate our iconic brand coats and align with our new strategic pricing architecture.

現在來說說產品。在麥可的創意指導下，我們正在打造風格獨特、引領潮流的時尚服飾。此外，我們也優化了定價架構，使其更好地與歷史水準保持一致。這些措施正在推動全價商品更有效地售出。因此，我們在第三季推動了全價配件、鞋類和成衣業務的平均銷售率和毛利率的成長。在配件方面，消費者對新推出的、彰顯我們標誌性品牌外套特色並符合我們新的策略定價體系的產品反響積極。

For holiday, we introduced smaller silhouettes, such as the Laila extra small crossbody and the Nolita pochettes, which performed exceptionally well with a pricing architecture designed to appeal to Gen Z consumers. These smaller styles complemented the continued strength of our icons, Hamilton, Laila, and Nolita. In footwear, boots continued to perform well across dress and casual styles.

為了迎接節慶季，我們推出了更小巧的包款，例如 Laila 超小型斜挎包和 Nolita 手拿包，這些包款憑藉其旨在吸引 Z 世代消費者的定價策略，取得了非常好的銷售業績。這些較小的款式與我們的標誌性款式 Hamilton、Laila 和 Nolita 的持續流行相得益彰。在鞋類方面，靴子在正裝和休閒款式中繼續表現良好。

We also saw encouraging momentum in new sneaker styles such as Arla and Rhodes, that embody iconic Michael Kors branding elements and heritage design details. In ready-to-wear, holiday styles that captured Michael's effortless glamor drove strong demand. Jackets, outerwear, and holiday dresses were standout categories. Now I would like to discuss the progress we have made in our store renovation plan. We are redefining our luxury retail experience with a modern, warm residential design.

我們也看到 Arla 和 Rhodes 等新款運動鞋款式呈現出令人鼓舞的發展勢頭，這些款式體現了 Michael Kors 的標誌性品牌元素和傳統設計細節。在成衣方面，能夠捕捉到邁克爾毫不費力的魅力的節日風格，受到了強烈的追捧。夾克、外套和節日禮服是其中的佼佼者。現在我想和大家討論一下我們店鋪翻新計畫的進度。我們正在以現代、溫馨的住宅式設計重新定義我們的奢侈品零售體驗。

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 three years, we plan to renovate approximately 50% of our store fleet and key department store locations as a part of our ongoing investment and brand elevation and retail excellence. While still early, results are encouraging with renovated locations showing meaningful increases in traffic and sales versus last year.

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。未來三年，我們將翻新約 50% 的門市和主要百貨商店，這是我們持續投資、提升品牌形象和追求卓越零售業績的一部分。雖然現在下結論還為時過早，但結果令人鼓舞，翻新後的門市客流量和銷售額與去年相比均有顯著增長。

Looking ahead, we are focused on leveraging Michael Kors' 45-year heritage as a powerful fashion luxury brand that continues to resonate with consumers. We are building on this foundation by exciting consumers with our modern jet set storytelling, and delivering on-trend fashion with standout style. Combined with our advanced data analytics and deep consumer insights, we believe our strategic initiatives provide a strong foundation to return the brand to growth in fiscal 2027 and beyond.

展望未來，我們將專注於利用 Michael Kors 45 年的悠久歷史，使其成為一個強大的時尚奢侈品牌，並持續引起消費者的共鳴。我們以此為基礎，透過現代化的時尚故事來吸引消費者，並提供風格出眾的潮流時尚。結合我們先進的數據分析和深刻的消費者洞察，我們相信我們的策略舉措將為品牌在 2027 財年及以後恢復成長奠定堅實的基礎。

Turning to Jimmy Choo. Third-quarter revenue exceeded our expectations, increasing 5% compared to the prior year, driven by strong brand momentum and the continued traction of our strategic initiatives. Retail sales improved sequentially, increasing low-single digits while wholesale revenue grew double digits.

轉而選擇Jimmy Choo。第三季營收超出預期，比上年同期成長 5%，這主要得益於強勁的品牌發展動能和策略舉措的持續推進。零售額環比增長，實現了低個位數增長，而批發收入實現了兩位數增長。

Looking at trends in our own retail channel. Performance was driven by a mid-single-digit increase in the full price retail channel, reflecting strong consumer responses to our holiday assortments. By region, retail revenue increased high-single digits in the Americas and low-single digits in Europe, with a sequential improvement in comp trends in both regions.

觀察我們自身零售通路的發展趨勢。業績成長主要得益於全價零售通路的個位數中成長，這反映出消費者對我們假日系列產品的強烈迴響。按地區劃分，美洲零售收入實現了高個位數成長，歐洲零售收入實現了低個位數成長，兩個地區的同店銷售趨勢均有所改善。

In Asia, while overall trends remained negative high-single digits similar to the prior quarter, we are encouraged by a sequential improvement in our full-price channel. In the wholesale channel, revenue at point of sale once again improved sequentially, led by high single-digit increases in North American department stores.

在亞洲，雖然整體趨勢仍與上一季類似，保持著接近兩位數的負成長，但我們對全價通路的環比改善感到鼓舞。在批發通路方面，銷售點的收入再次較上季成長，其中北美百貨公司的增幅接近兩位數。

Now turning to brand awareness and consumer engagement. Our storytelling continued to highlight the effortlessly alluring essence of Jimmy Choo. For holiday, we extended our campaign with Sydney Sweeney, who embodied the brand's playful daring spirit while showcasing key holiday styles, including our iconic Bon Bon bag. The campaign generated meaningful brand awareness reaching approximately 150 million consumers across social media platforms. Throughout the third quarter, we further amplified our storytelling with client activations and local events across key markets globally.

接下來談談品牌知名度和消費者互動。我們的故事繼續突出了Jimmy Choo毫不費力的迷人魅力。為了迎接假期，我們與 Sydney Sweeney 合作，進一步推廣我們的活動。 Sydney Sweeney 完美詮釋了品牌俏皮大膽的精神，同時展示了包括我們標誌性的 Bon Bon 包在內的關鍵假日款式。該活動有效提升了品牌知名度，在社群媒體平台上觸及了約 1.5 億消費者。第三季度，我們透過在全球主要市場進行客戶互動和本地活動，進一步加強了我們的故事敘述。

Our Meet Me At The Bar series generated 14 million impressions and drove strong consumer engagement. Additionally, we held over 400 in-store events worldwide, helping deliver double-digit growth across our highest value consumer segments. The integration of our storytelling, global activations, and clienteling initiatives continued to strengthen brand desirability, extend our reach, and deepen consumer engagement. As a result, Jimmy Choo's global consumer database increased 8% year over year.

我們的「酒吧邂逅」系列活動獲得了 1400 萬次曝光，並引發了消費者的強烈參與。此外，我們在全球舉辦了 400 多場店內活動，幫助我們在最有價值的消費群體中實現了兩位數的成長。我們將品牌故事、全球推廣活動和客戶關係維護措施結合，不斷增強品牌吸引力，擴大品牌影響力，並加深消費者參與度。因此，Jimmy Choo 的全球消費者資料庫年增了 8%。

Turning to product. Jimmy Choo's product strategy remains focused on further developing accessories and expanding our casual footwear offering to support sustainable long-term growth. Within accessories, momentum was encouraging as we continue to expand the category with a focus on icons, innovation, and a broader pricing architecture. Collectively, our core groups delivered high-single-digit growth in the full price channel.

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並擴大我們的休閒鞋履產品線，以支持可持續的長期成長。在配件領域，發展勢頭令人鼓舞，我們將繼續擴大該類別，並專注於標誌性產品、創新和更廣泛的定價體系。我們的核心團隊在全價通路實現了接近兩位數的成長。

The strength of our Bon Bon and Cinch groups underscored the enduring appeal and durability of our core icons. The Bon Bon group performed particularly well, with sales increasing double digits, supported by continued demand for elevated expressions at higher price points, as well as by the introduction of more casual materializations.

Bon Bon 和 Cinch 系列的強勢表現，凸顯了我們核心標誌性產品的持久吸引力和耐久性。Bon Bon 系列表現特別出色，銷售額實現了兩位數的成長，這得益於消費者對高價位高階產品的持續需求，以及更多休閒材質的推出。

At the same time, we have seen highly encouraging early consumer response to our newly introduced curve and bar groups, supported by our new strategic pricing architecture which now includes bags positioned below $1,500.

同時，我們看到消費者對我們新推出的曲線和條形包系列給予了非常令人鼓舞的早期反饋，這得益於我們新的戰略定價架構，該架構現在包括售價低於 1500 美元的包袋。

Turning to footwear. Sales increased high-single digits in our full-price retail channel supported by growth in dress and casual styles. Our holiday collection performed well as crystal detailing, playful ribbons, deep tones and enriched textures resonated with the consumers. Styles, including the new Auria with [Crystal Bose], as well as our iconic Azia sandal, performed well underscoring our ability to balance seasonal newness with timeless designs.

轉而討論鞋類。在正裝和休閒服飾銷售成長的帶動下，我們的全價零售通路銷售額實現了接近兩位數的成長。我們的假期系列表現出色，水晶裝飾、俏皮的絲帶、深沉的色調和豐富的質感引起了消費者的共鳴。包括新款 Auria with [Crystal Bose] 以及我們標誌性的 Azia 涼鞋在內的多款產品表現良好，凸顯了我們能夠將當季新品與永恆設計完美融合的能力。

Importantly, our strategy to expand casual footwear continued to gain traction, driving a mid-single-digit increase in full price sales in the third quarter. We saw strength across styles, including casual boots, sneakers, loafers, and ballerina flats. We see significant opportunity to further scale casual footwear, supporting increased lifetime value among existing consumers as well as new customer acquisition.

重要的是，我們擴大休閒鞋類銷售的策略持續取得成效，推動第三季全價銷售額實現了中等個位數的成長。我們看到各種款式的鞋子都表現強勁，包括休閒靴、運動鞋、樂福鞋和芭蕾平底鞋。我們看到了進一步擴大休閒鞋市場規模的巨大機會，這將有助於提高現有消費者的終身價值，並吸引新客戶。

Looking forward, we are encouraged with the momentum we are seeing at Jimmy Choo and remain confident in our strategies to unlock the brand's unique potential and further strengthen its position within the world of fashion luxury. In conclusion, we are encouraged by the early indications that our strategic initiatives are gaining traction.

展望未來，我們對 Jimmy Choo 目前的發展勢頭感到鼓舞，並對我們的策略充滿信心，我們將釋放該品牌的獨特潛力，並進一步鞏固其在時尚奢侈品領域的地位。總之，初步跡象表明，我們的策略舉措正在取得成效，這令我們倍感鼓舞。

As we look ahead, we anticipate a sequential improvement in retail trends in the fourth quarter, and a 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，我們預計第四季零售趨勢將逐步改善，並在 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 third-quarter results and guidance in more detail.

現在，Raj 將更詳細地審查我們第三季的業績和預期。

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.

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。我今天的發言將反映持續經營的業績，我們的財務報表已對前期財務報表進行調整，剔除了范思哲業務。

Now, looking at third-quarter results. Total company revenue of $1.025 billion decreased 4% versus prior year on a reported basis, and 5.9% in constant currency. Looking at revenue by channel. Total company retail sales declined mid-single digits, representing a slight sequential improvement relative to the second quarter. In the wholesale channel, revenue was flat to last year.

現在，我們來看看第三季的業績。公司總收入為 10.25 億美元，以報告匯率計算比上年下降 4%，以固定匯率計算下降 5.9%。按管道查看收入。公司零售總額下降了中等個位數，但與第二季相比略有改善。批發通路的收入與去年持平。

Turning to revenue performance by geography. Revenue in the Americas decreased 7%. Revenue in EMEA increased 5% and revenue in Asia decreased 4%. Looking at revenue performance by brand. At Michael Kors, revenue decreased 5.6% compared to prior year on a reported basis and 7.3% in constant currency. Global retail sales declined mid-single digits.

接下來分析各地區的營收表現。美洲地區的收入下降了7%。歐洲、中東和非洲地區的收入成長了 5%，而亞洲地區的收入下降了 4%。按品牌分析營收表現。Michael Kors 的營收以報告匯率計算比前一年下降 5.6%，以固定匯率計算下降 7.3%。全球零售額出現個位數中段下滑。

Similar to prior quarters, store closures negatively impacted retail sales in the low-single-digit range. Wholesale sales decreased mid-single digits. Looking at total Michael Kors revenue by geography, the Americas decreased 9%, EMEA increased 6%, and Asia decreased 1%.

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。批發銷售額下降了中等個位數。從地理上看 Michael Kors 的總收入，美洲下降了 9%，歐洲、中東和非洲地區成長了 6%，亞洲下降了 1%。

At Jimmy Choo, revenue increased 5% compared to prior year on a reported basis, and 1.9% in constant currency. Global retail sales trends improved sequentially, increasing low-single digits. Wholesale revenue increased double digits. Looking at total Jimmy Choo revenue by geography, the Americas increased 23%, EMEA increased 3%, and Asia decreased 10%.

Jimmy Choo 的營收以報告匯率計算比前一年成長 5%，以固定匯率計算成長 1.9%。全球零售銷售趨勢較上季改善，實現了低個位數成長。批發收入實現了兩位數成長。從各地區的 Jimmy Choo 總營收來看，美洲成長了 23%，歐洲、中東和非洲地區成長了 3%，亞洲下降了 10%。

Now looking at total company margin performance. Gross margin of 60.8% declined 230 basis points. Underlying gross margin expanded by 70 basis points, due primarily to better full price sell-throughs and a reduction in promotional activity. This was offset by higher-than-anticipated tariffs based on the sales mix of new product.

現在來看公司整體利潤率表現。毛利率為 60.8%，下降了 230 個基點。由於全價銷售情況改善和促銷活動減少，基本毛利率增加了 70 個基點。但這被高於預期、基於新產品銷售組合的關稅所抵消。

By brand, Michael Kors gross margin of 59.7% compared to 62.6% last year. The decline versus prior year was due to higher tariff rates. Excluding the impact of tariffs, Michael Kors gross margin expanded 60 basis points. Jimmy Choo gross margin of 66.5%, compared to 66.0% last year.

按品牌劃分，Michael Kors 的毛利率為 59.7%，而去年為 62.6%。與上年相比下降的原因是關稅稅率提高。剔除關稅影響，Michael Kors 的毛利率成長了 60 個基點。Jimmy Choo 的毛利率為 66.5%，而去年為 66.0%。

The improvement versus prior year was primarily driven by higher full price sell-throughs. Excluding the impact of tariffs, Jimmy Choo gross margin expanded 80 basis points. Operating expense decreased $32 million, resulting in 80 basis points of expense leverage. The decline versus prior year was primarily attributable to our cost reduction program. Total company operating margin of 7.7%, compared to 9.2% last year.

與前一年相比，業績的改善主要得益於全價商品銷售量的提高。剔除關稅影響，Jimmy Choo 的毛利率成長了 80 個基點。營運費用減少了 3,200 萬美元，從而實現了 80 個基點的費用槓桿效應。與前一年相比，下降的主要原因是我們的成本效益計劃。公司總營業利益率為7.7%，而去年同期為9.2%。

The decline versus prior year was due to higher tariff rates. By brand, Michael Kors operating margin of 13.9%, compared to 16.2% last year. And Jimmy Choo operating margin of 1.8% compared to negative 3.8% last year. Now turning to our balance sheet. Inventory at quarter end totaled $663 million, a 6.5% decline versus prior year.

與上年相比下降的原因是關稅稅率提高。按品牌劃分，Michael Kors 的營業利潤率為 13.9%，而去年為 16.2%。Jimmy Choo 的營業利潤率為 1.8%，而去年為負 3.8%。現在來看我們的資產負債表。季末庫存總額為 6.63 億美元，較上年同期下降 6.5%。

Looking ahead, we now expect year-end inventory levels to be approximately flat to prior year, with the decrease in units offset by higher tariff rates and foreign currency exchange rates. During the quarter, we completed the sale of Versace and received approximately $1.4 billion in cash. We used the proceeds from the sale to significantly reduce our debt. As a result, we ended the quarter with cash of $154 million, and debt of $234 million, resulting in net debt of approximately $80 million. This compared to net debt of approximately $1.6 billion at the end of the second quarter.

展望未來，我們預計年底庫存水準將與上年大致持平，單位數量的減少將被更高的關稅稅率和外匯匯率所抵銷。本季度，我們完成了范思哲的出售，並收到了約 14 億美元的現金。我們利用出售所得款項大幅減少了債務。因此，本季末我們擁有現金 1.54 億美元，債務 2.34 億美元，淨債務約 8,000 萬美元。相比之下，第二季末的淨債務約為 16 億美元。

Looking at guidance. We are narrowing our range for fiscal '26. Revenue is now expected to be between $3.45 billion and $3.475 billion. By brand, we anticipate Michael Kors revenue between $2.86 billion and $2.875 billion, and Jimmy Choo revenue between $590 million and $600 million. Gross margin is now anticipated to be approximately 61%.

參考指南。我們正在縮小 2026 財年的範圍。目前預計營收將在 34.5 億美元至 34.75 億美元之間。按品牌劃分，我們預期 Michael Kors 的營收在 28.6 億美元至 28.75 億美元之間，Jimmy Choo 的營收在 5.9 億美元至 6 億美元之間。預計毛利率約 61%。

Operating expenses are now expected to be slightly more than $2 billion, primarily due to the impact of foreign currency. Operating income is anticipated to be approximately $100 million, with Michael Kors operating margin in the high-single-digit range, and Jimmy Choo operating margin in the negative low-single-digit range.

預計營運支出將略高於 20 億美元，主要原因是外匯波動的影響。預計營業收入約 1 億美元，Michael Kors 的營業利潤率將達到高個位數，而 Jimmy Choo 的營業利潤率將達到負個位數。

In terms of nonoperating items, we now anticipate full-year net interest income between $85 million and $90 million, an effective tax rate in the low to mid-teens range, and weighted average shares outstanding of approximately $120 million. As a result of these factors, we now anticipate fiscal '26 diluted earnings per share between $1.30 and $1.40. Looking ahead, based on the progress we are making against our strategic initiatives, we remain confident in our ability to return to growth in fiscal '27.

就非經營性項目而言，我們現在預計全年淨利息收入在 8,500 萬美元至 9,000 萬美元之間，有效稅率在十幾到五成之間，加權平均流通股約為 1.2 億股。鑑於上述因素，我們目前預計2026財年稀釋後每股收益將介於1.30美元至1.40美元之間。展望未來，基於我們在策略性舉措方面的進展，我們仍有信心在2027財年恢復成長。

We also expect gross margin expansion driven by better full price sell-throughs, sourcing cost efficiencies, and targeted price increases. In addition, we remain focused on disciplined expense management across the organization. As a result, we expect to return to both revenue and earnings growth in fiscal '27. Long term, we believe that Capri Holdings is well positioned to deliver sustainable growth while increasing shareholder value.

我們也預計，在全價銷售率提高、採購成本效率提高和有針對性的價格上漲的推動下，毛利率將有所增長。此外，我們將繼續專注於全公司範圍內的嚴格費用管理。因此，我們預計在 2027 財年將恢復營收和獲利成長。從長遠來看，我們相信 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。

Now we will open up the line for questions.

現在我們將開放提問環節。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作說明）Matthew Boss，摩根大通。

So John, at the Michael Kors brand, could you elaborate on the drivers of the slight sequential improvement in retail sales between the second and the third quarter? If you could break down maybe trends at full price relative to outlet? And more specifically, could you break down the low double-digit decline in the Americas that you saw in the third quarter, and just walk through the progression that we should expect for Americas retail sales in the fourth quarter?

約翰，身為 Michael Kors 品牌的負責人，您能否詳細說明第二季和第三季零售額較去年同期略有成長的驅動因素？如果可以的話，能否分析一下正價商品和奧特萊斯商品的價格趨勢？更具體地說，您能否詳細分析一下第三季美洲地區兩位數的低跌幅，並簡要說明我們應該預期第四季度美洲零售銷售額的發展趨勢？

Good morning, Matt, and thank you for the question. I want to start out by saying that we really feel that our strategic initiatives are starting to take hold. I want to remind everyone that we've only been at this for literally one year, almost to this week, when we started to reposition the Michael Kors brand. Under the new jet set brand positioning, we've really been looking at the use of social media channels differently than we had used them previously.

早安，馬特，謝謝你的提問。首先我想說的是，我們真切地感受到，我們的策略舉措正開始奏效。我想提醒大家，我們開始重新定位 Michael Kors 品牌至今才一年，差不多就在這週。在全新的高端品牌定位下，我們看待社群媒體管道的使用方式與以往截然不同。

We've taken influencers. We have hundreds of them now that are brand advocates, and we're seeing real progress for how they're changing the perception of the brand and the way the consumers are interacting with the brand. We -- I think as we told you about a year ago at this time, we're really focused on what we call standout style.

我們邀請了一些有影響力的人加入。我們現在有數百名品牌擁護者，我們看到他們在改變人們對品牌的看法以及消費者與品牌互動的方式方面取得了真正的進展。我們——我想就像我們大約一年前告訴你們的那樣，我們真正專注於我們所謂的獨特風格。

So a unique product that feels very Michael Kors and we've honed in on being much more consistent around what those styles are and how we talk to the consumer about that. We have restructured our pricing architecture in all areas of the business, and we're seeing excellent traction around that initiative. We reduced promotional activity in both channels in the full price and the outlets.

所以，這是一款極具 Michael Kors 特色的獨特產品，我們已經更專注於保持這些風格的一致性，以及如何與消費者溝通這些風格。我們已經對公司所有業務領域的定價架構進行了重組，並且我們看到這項舉措取得了非常好的效果。我們減少了全價通路和奧特萊斯通路的促銷活動。

And while that's creating some headwinds for us, I think you heard in my prepared remarks, what we're seeing coming out that is improved full price sell-throughs. Now we're in our second quarter of seeing that in our full price channel. We're seeing higher AURs, higher gross margins. That's all related -- that all points to healthier business. And as it relates to your question, we significantly reduced the promotional activity in the full price channel.

雖然這給我們帶來了一些不利影響，但我想你們在我事先準備好的發言稿中也聽到了，我們看到的是全價銷售情況有所改善。現在我們已經進入第二個季度，在全價管道也看到了這種情況。我們看到平均使用率更高，毛利率也更高。這一切都是相關的——這一切都指向更健康的商業環境。至於您的問題，我們已大幅減少了全價通路的促銷活動。

So that has -- so we saw a double-digit increase in full price selling in the full price channel, but reduced selling in the markdown channel, which we had more of previously. So therefore, that impacted the channel. And what we're seeing in the outlet channel is some very early indications of the -- of new product flow into that channel. And we're experiencing, again, better full price selling on that. Those products are actually at higher prices than we've been at in the last few years.

因此，我們看到全價通路的全價銷售額實現了兩位數的成長，但降價通路的銷售額卻有所下降，而我們之前在降價通路的銷售額則更高。因此，這影響了該頻道。我們在零售通路看到的是一些非常早期的跡象，顯示新產品正在流入該通路。而且我們再次發現，該產品的全價銷售情況更好。這些產品的價格實際上比過去幾年都要高。

The customer is responding because of the design -- and still the value related to that. And so I think we're very comfortable with what we've seen and what's really driving that sequential improvement. It's better full price selling, better focus on icon products in the full price channel. Some very early indications in outlet with what's working in terms of new product.

顧客之所以做出正面回應，是因為設計──以及與設計相關的價值。所以我覺得我們對目前的情況以及真正推動這種持續改進的因素都非常滿意。全價銷售效果較好，全價通路應該更重視標誌性產品。從門市銷售情況來看，新產品的一些早期跡象表明，哪些產品行之有效。

I would also remind you that in outlet, we've -- we're reducing millions and millions of dollars of [daigou] sales, which is having quite a bit of headwind for us. But again, we know that that's going to be a result in a healthier business. And we'll be kind of through that by about August, September of next year. That's -- was the beginning of when we really started to reduce that channel and consumers' ability to purchase from us for that product.

我還要提醒各位，在奧特萊斯，我們正在減少數百萬美元的代購銷售額，這給我們帶來了相當大的阻力。但我們再次確認，這將最終帶來更健康的企業營運。到了明年八、九月份，我們大概就能度過那段時期。那是我們真正開始減少該管道以及消費者從我們這裡購買該產品的能力的開始。

And so all in all, I would say we're very cautiously optimistic that the strategic initiatives are working. In terms of the Americas, let me turn that over to Raj, because I think he can talk to you a little bit about what we saw and why there's been that double-digit decline in North America.

總而言之，我認為我們對這些策略舉措正在發揮作用持非常謹慎的樂觀態度。至於美洲的情況，我想把這個問題交給拉傑，因為我認為他可以和大家談談我們看到的情況，以及為什麼北美出現了兩位數的下滑。

Thanks, Matt, and thanks, John. We were -- as John said, we were pleased with the sequential improvement, particularly in the retail trends in North America for Michael Kors. We did benefit slightly from some anticipated wholesale shipments, and that was really just due to timing as some came in earlier than we anticipated. But as we look to Q4, we expect continued sequential improvement in retail in the fourth quarter. And most importantly, we expect to return to revenue growth in FY27 as we look forward.

謝謝馬特，也謝謝約翰。正如約翰所說，我們對業績的持續改善感到滿意，尤其是邁克爾·科爾斯在北美的零售趨勢。我們確實從一些預期的批發貨物中略微受益，但這僅僅是因為時間安排，因為有些貨物比我們預期的要早到。但展望第四季度，我們預期零售業將在第四季持續季比改善。最重要的是，展望未來，我們預計在 2027 財年將恢復營收成長。

So we'll provide a little bit more color on that in Q4, but we're pleased about the retail trends in North America that we're currently seeing.

所以我們將在第四季對此進行更詳細的說明，但我們對目前在北美看到的零售趨勢感到滿意。

Simeon Siegel, Guggenheim Securities.

西蒙·西格爾，古根漢證券。

Roger, John, maybe just a follow up on that last point you made. As you think about the revenue growth next year. Any way to help us think about how you're thinking about units versus price, maybe new customers versus reactivating lapsed?

羅傑，約翰，或許我想就你們剛才提出的觀點補充一點。展望明年的營收成長。能否幫助我們思考一下您是如何權衡銷售與價格、新客戶與重新激活流失客戶之間的關係的？

And then any way to just help us just elaborate thinking about those go-forward gross margins? Maybe just bringing apart your thoughts on where you're setting the initial ticket pricing versus promotions, lingering impacts of tariffs, fixed cost leverage, deleverage. Is there anything else we should think about for puts and takes on gross margin?

那麼，有沒有什麼方法可以幫助我們更詳細地思考未來的毛利率呢？或許可以分析一下您在設定初始票價與促銷活動、關稅的持續影響、固定成本槓桿作用、去槓桿化等方面的想法。關於毛利率的買賣，我們還需要考慮其他什麼嗎？

Good morning, Simeon. I'm not sure I followed all the questions in the one question, but we'll do the best we can. So number one, as I said, we're feeling cautiously optimistic. We've been at this with Michael Kors for one year and we're seeing very tangible results. Better full price sell-throughs, higher AURs in the full price area. We're not yet there in outlet, but on the new product we are.

早安，西蒙。我不確定我是否完全理解了這個問題中的所有問題，但我們會盡力而為。所以第一點，正如我所說，我們感到謹慎樂觀。我們與 Michael Kors 合作已經一年了，並且看到了非常明顯的成果。全價商品銷售率較高，全價區域的平均售價較高。我們在銷售通路上還沒有達到目標，但在新產品方面我們已經做到了。

And we're seeing higher gross margins from all of the new product flowing through because we've reduced promotional activity. So I think those are all very solid tangible results from our initiatives. The other thing that's happened that I mentioned earlier was that we've really looked at influencers and the social media channel to reengage the Michael Kors existing customers and newer customers. Gen Z, certain of the younger millennials, and we're seeing that start to really play through. And what we can see is brand awareness is starting to rise and consumer desirability.

由於我們減少了促銷活動，所有新產品的毛利率都提高了。所以我認為這些都是我們各項措施所取得的非常實際的成果。我之前提到的另一件事是，我們確實認真研究了有影響力的人和社交媒體管道，以重新吸引 Michael Kors 的現有客戶和新客戶。Z世代，以及一些年輕的千禧世代，我們正在看到這種情況開始真正顯現出來。我們可以看到，品牌知名度和消費者需求都在不斷提升。

So our data analytics, we're studying the consumer response to everything from our marketing campaigns to products. And all the indicators are positive. The other positive indicator for us is we have had three sequential quarters of traffic improvement online. And that's really quite interesting because as we drive a lot of our traffic to our website, the consumer is really responding and converting. So we like what we see there.

所以，我們的數據分析，就是研究消費者對我們所有產品（從行銷活動到產品）的反應。所有指標都呈現正態勢。另一個正面的訊號是，我們的線上流量已經連續三個季度有所成長。這真的很有意思，因為我們把很多流量引到我們的網站上，消費者也確實做出了積極的回應並進行了轉換。我們很喜歡那裡看到的東西。

Store traffic is still running about in line with sales declines as well. So we'd like to see that be the next kind of step up for us to see the next leg of improvement. And as Raj mentioned before, Q4, we will see a sequential improvement in our retail channel, which is what we've been seeing for the last few quarters. And then ultimately, in fiscal year '27 turning positive.

門市客流量仍與銷售額下滑的趨勢基本一致。所以我們希望這能成為我們邁向下一個進步階段的階梯。正如 Raj 之前提到的，第四季度，我們的零售通路將出現環比改善，這也是我們過去幾個季度以來一直看到的情況。最終，在 2027 財年實現了盈利。

So we think that we've got a number of initiatives in place being led by our brand, which is really Michael Kors and our jet set strategy, with our storytelling to Hotel Stories, now with a very large group of influencers that are helping us tell that story and connect in particular, with a younger customer, and we've got product that's really resonating that's got the right price value architecture around it.

所以我們認為，我們已經制定了一系列由我們的品牌（實際上是 Michael Kors）和我們的高端旅行戰略主導的舉措，透過講述酒店故事的方式，現在我們擁有一大批有影響力的人士來幫助我們講述這個故事，並與年輕的客戶建立聯繫。此外，我們還擁有真正引起共鳴的產品，並圍繞其建立了合適的價格價值體系。

So I would say we feel that that creates the foundation for us to really build off of. In terms of units versus price next year, units are going to be down. We are -- as Raj said in his prepared remarks, inventory will end approximately flat. And then when you put the tariffs on top of that, actually units will be down for us. And I think our inventory ends at a very, very healthy position.

所以我覺得這為我們未來的發展奠定了基礎。就明年的銷售和價格而言，銷量將會下降。正如拉傑在事先準備好的演講稿中所說，庫存將大致持平。再加上關稅，實際上我們的銷售量會下降。我認為我們的庫存狀況非常非常健康。

We ended down approximately 6.5%, and that's including the tariffs in that number. So we're in a healthy position to really go into our fiscal '27, and we are really trying to drive, as we've said a number of times, full-price business, so that should, for the year, mean that units will be down. Let me turn it over to Raj to talk to you about gross margin.

我們最終虧損約 6.5%，其中已計入關稅。因此，我們處於一個健康的階段，可以真正進入 2027 財年，正如我們多次所說，我們正在努力推動全價銷售，因此，就今年而言，銷量應該會下降。讓我把麥克風交給拉傑，讓他來跟大家談談毛利率。

Thanks, John. And good morning, Simeon. Yeah, let me start by giving you a little bit more color on what happened in Q3. We saw a little bit of a higher-than-anticipated tariff impact of approximately 50 basis points in the quarter. And that was really due to better sales of new product that had the higher tariff rates on them. We were pleased with the underlying gross margin as it expanded 70 basis points, which is better than we anticipated.

謝謝你，約翰。早安，西蒙。好的，讓我先來詳細介紹一下第三季發生的事情。本季我們看到關稅影響略高於預期，約 50 個基點。這其實是因為稅率較高的新產品銷售量較好。我們對基本毛利率感到滿意，因為它增加了 70 個基點，這比我們預期的要好。

And that was really driven by the better full price sell-throughs at both Michael Kors and Jimmy Choo. And we're really pleased with what we're seeing with the new product. As we look to the fourth quarter, you'll begin to see some of the tariff mitigation efforts continue regarding our sourcing efficiencies and targeted price increases with the continued benefits of our higher full price sell-throughs.

這主要是由於 Michael Kors 和 Jimmy Choo 的正價商品銷售情況較好。我們對新產品的表現非常滿意。展望第四季度，您將會看到我們在提高採購效率和有針對性提價方面繼續採取一些關稅緩解措施，同時繼續享受更高的全價銷售帶來的好處。

And then as we look forward into FY '27, we expect to offset a majority of the tariff impact of the higher tariffs. We continue to deliver on our strategic initiatives and driving higher full price sell-throughs. So we're excited to return to gross margin expansion next year.

展望 2027 財年，我們預期能夠抵銷大部分關稅上漲帶來的影響。我們持續推動策略性舉措，並努力提高全價銷售率。所以我們很高興明年能夠恢復毛利率成長。

And Simeon, one other thing too, what also gives us confidence in terms of revenue growth for next year, Jimmy Choo's results during the quarter were actually very, very strong. And again, the initiatives that we're putting into place at Jimmy Choo to, first off, drive the consumer desire. We are definitely seeing that working. We're -- same thing that we're doing in Michael Kors, we're leaning much more into social media channels, influencers, and clienteling, that's working for us as well. We are seeing some very nice, now two quarters in a row, on our initiatives around accessories.

西蒙，還有一件事，也讓我們對明年的營收成長充滿信心，那就是Jimmy Choo本季的業績實際上非常非常強勁。再次強調，我們在 Jimmy Choo 正在推行一系列舉措，首先是為了激發消費者的購買慾望。我們已經看到這種方法確實奏效了。我們和 Michael Kors 的做法一樣，更重視社群媒體管道、網紅和客戶關係，這對我們來說也很有效。我們看到，連續兩個季度，我們在配件方面的措施都取得了非常好的成效。

And you can see that we are selling our existing icons as well as the new pricing architecture that we've put around some additional product that we've introduced in the line. We get very strong reception to that, both at the consumer level and at the wholesale level, which gives us some very good feeling about what that looks like. And then we discussed in the prepared remarks that our casual business also saw a very nice sequential improvement during the quarter.

您可以看到，我們不僅銷售現有的圖標，還銷售我們圍繞該系列中新推出的一些產品而製定的新定價架構。無論是在消費者層面或批發層面，我們都得到了非常強烈的迴響，這讓我們對產品的發展前景感到非常樂觀。然後我們在準備好的發言稿中討論到，我們的休閒業務在本季度也取得了非常好的環比增長。

So -- and we can, I think, say to you that the trends are continuing in this quarter for Jimmy Choo in particular, that we are excited about what is happening there and the opportunity to not only return that brand to growth, but also to see some very nice operating margin expansion for that next year.

所以——我認為我們可以告訴大家，Jimmy Choo 的趨勢在本季度仍在繼續，我們對目前的情況感到興奮，不僅有機會讓該品牌重回增長軌道，而且有望在明年實現非常可觀的營業利潤率增長。

(Operator Instructions) Brooke Roach, Goldman Sachs.

（操作說明）布魯克·羅奇，高盛。

Given the sequential strength that you're beginning to see in the green shift at the Michael Kors brand, I was hoping you could help frame the potential operating margin expansion potential that you see as you look ahead into FY27. I understand it's a little too early for guidance, but given the magnitude of the gross margin headwind from tariffs on the Michael Kors brand that you're seeing today, how should we be thinking about the opportunity for op margin expansion for Michael Kors and for total consolidated Capri?

鑑於 Michael Kors 品牌綠色轉變的持續強勁勢頭，我希望您能幫助我分析您在展望 2027 財年時所看到的潛在營業利潤率擴張潛力。我知道現在給出業績指引還為時過早，但鑑於目前Michael Kors品牌因關稅而面臨的毛利率下行壓力，我們應該如何看待Michael Kors以及Capri集團整體的營業利潤率擴張機會？

Thank you. Good morning, Brooke. I think it's -- I think we've talked about this before. We believe we will return to revenue growth for the group next year. I think we've said that it's probably in the low-single-digit range. We think that our SG&A will continue. We're going to be very focused on our expense control in the company, and we'd like to see that relatively stable.

謝謝。早上好，布魯克。我想——我想我們以前討論過這個問題。我們相信明年集團的營收將恢復成長。我想我們之前說過，這個數字可能在個位數範圍內。我們認為銷售、管理及行政費用將持續維持。我們將非常注重公司的成本控制，並希望成本保持相對穩定。

And then with gross margin expansion that Raj spoke about, we think that those will lead to leverage and create operating margin expansion for the business. And again, what we're pleased about is -- we're in the early signs with Michael Kors of seeing our retail business improve.

而正如 Raj 所提到的毛利率擴張，我們認為這將帶來槓桿效應，並為企業創造營業利潤率的擴張。再次強調，我們感到欣慰的是——我們已經看到了 Michael Kors 零售業務改善的早期跡象。

One of the other things, as you may recall, Michael Kors had a substantial wholesale business, which because of our initiatives to really pull back on the distribution on that business, and performance related as well, that business has declined substantially. We are forecasting for a decline for next year. I think we mentioned that in our last call that -- and that's really to clean up some of the off-price distribution that's been historical for us.

您可能還記得，Michael Kors 曾經擁有龐大的批發業務，但由於我們採取措施大幅削減該業務的分銷，以及業績方面的原因，該業務已大幅下滑。我們預測明年將出現下滑。我想我們在上次電話會議中提到過——這確實是為了清理我們歷史上存在的一些低價分銷問題。

That being said, at POS and wholesale, we saw a substantial step-up with our wholesale partners, and departments [for our] partners. What we saw, in particular at Michael Kors, was the performance on the icon products where I had mentioned in our last call that they had not really gotten to the same rates of success that we saw in our own stores. That is now starting to equal out.

也就是說，在 POS 和批發方面，我們看到批發合作夥伴和合作夥伴部門都取得了顯著進步。尤其是在 Michael Kors，我們看到的是標誌性產品的表現，我在上次電話會議中提到過，這些產品的銷售情況並沒有達到我們自己門市所取得的成功水準。現在這種情況開始趨於平衡了。

And so while we were very, very pleased with that, we think long term, there is an upside for us in wholesale as our partners continue to experience this very positive selling. And as you heard in Jimmy Choo, we had an outstanding quarter with our wholesale partners and the product really resonated, and that was both in accessories and in footwear.

因此，雖然我們對此非常非常滿意，但我們認為從長遠來看，隨著我們的合作夥伴繼續體驗到這種非常積極的銷售情況，批發業務對我們來說還有上升空間。正如您在 Jimmy Choo 的節目中聽到的那樣，我們與批發合作夥伴度過了一個非常出色的季度，產品反應非常好，無論是配件還是鞋類都是如此。

So I think that that gives us the confidence to go into next year and look at revenue growth, look at margin expansion, controlling our expenses, and with some modest increase in SG&A, and that should really turn into operating margin expansion.

所以我認為這給了我們信心，讓我們展望明年，著眼於收入增長、利潤率擴張、控制支出，並在銷售、一般及行政費用適度增長的情況下，真正實現營業利潤率的擴張。

Adrienne Yih, Barclays.

艾德琳伊，巴克萊銀行。

Great. It's really nice to see the progress at full [light]. It's very evident. John, can you talk about kind of what the contribution of sales outlet versus full line? And where you kind of want that mix to be over time?

偉大的。看到進展如此順利，真是太好了。[光]。這一點顯而易見。約翰，你能談談銷售網點和全線產品各自的貢獻嗎？隨著時間的推移，你希望這種組合最終達到什麼狀態？

Secondly, we did see you move through, whether it's SKU count or however inventory from the beginning of the quarter and outlook to the end of the quarter. It looks like you're really clean, or much cleaner in outlet. So wondering if we could potentially see a gross margin inflection at outlet in this current quarter?

其次，我們看到您從季度初到季度末，無論是 SKU 數量還是庫存情況，都發生了變化，並展望了未來發展。看起來你真的很乾淨，或者說插座非常乾淨。所以我想知道本季奧特萊斯的毛利率是否有可能出現轉折點？

And then just a comment on the tax reserve that you took, the $15 million. Who is selling into them? And was it two collection? Was there a little bit of Versace? And how should we think about kind of derisking that kind of on the forward 12 months?

然後，我想就您提取的 1500 萬美元稅收儲備金發表一下看法。誰在向他們出售產品？是兩套系列嗎？裡面有一點范思哲的元素嗎？那我們該如何考慮降低未來 12 個月的風險呢？

Thank you, Adrienne. First of all, we don't break out the full price versus outlet numbers. And we think they're both opportunities for us. So we're excited about, again, what we've seen in the last year. As it relates to outlet, I think we have been clearing some of the core product that was part of our more historical strategies, and that product just wasn't working as well as it had in previous years. And so we're not quite finished with that yet.

謝謝你，艾德琳。首先，我們不單獨列出全價商品與折扣店商品的價格。我們認為這對我們來說都是機會。所以，我們對過去一年所取得的成就感到非常興奮。就銷售管道而言，我認為我們一直在清理一些核心產品，這些產品是我們過去策略的一部分，但這些產品的銷售情況不如往年那麼好。所以，我們還沒完全完成這項工作。

There'll be some more of that going on towards the first half of calendar 2026. But that's really going to start to mitigate as we get into the back half with new product coming into outlet. I think I had mentioned to you on the last call that we've only really begun to have a small amount of product coming into the outlet channel that is new. And it's going to continue to flow throughout the spring season, much more trend on, and trend-styled product, that will be coming into that channel.

2026 年上半年還會出現更多類似的情況。但隨著下半年新產品陸續上市，這種情況將會得到緩解。我想我在上次通話中跟你提過，我們目前只有少量新產品進入銷售管道。而且這種趨勢將在整個春季持續下去，更多引領潮流和符合潮流的產品將進入該通路。

And that channel is because consumers just as discerning on what they want in terms of fashion and trend as the full price channel is today. They're excited to see great product from Michael Kors associated with some very strong value with that. So I think you'll see gross margin expansion in the outlet channel. We would think more towards the second half of calendar year but that will be included in some of our guidance that we talked to you about in our May call, where we will talk about overall gross margin expansion for both Jimmy Choo and Michael Kors, because we think there's some very significant opportunity also on gross margin for Jimmy Choo.

之所以選擇這個通路，是因為如今消費者對時尚和潮流的眼光與全價通路的消費者一樣挑剔。他們很高興看到 Michael Kors 的優質產品與極具競爭力的價格相結合。所以我認為你會看到奧特萊斯頻道的毛利率擴張。我們更傾向於考慮下半年的情況，但這將包含在我們在五月電話會議上與您討論的一些指導意見中，屆時我們將討論 Jimmy Choo 和 Michael Kors 的整體毛利率擴張，因為我們認為 Jimmy Choo 的毛利率也有一些非常重要的機會。

And I might remind you that Raj mentioned that both Michael Kors and Jimmy Choo, we've been taking selective price increases. They're moderate -- are modest. But you'll start to see that flow through in our gross margin even in Q4. I'm going to let Raj take the Saks question.

我還要提醒大家，Raj 提到過，Michael Kors 和 Jimmy Choo 這兩個品牌都採取了有選擇的價格上漲措施。他們很溫和——很謙遜。但你很快就會發現，即使在第四季度，我們的毛利率也會開始出現這種變化。我請拉傑來回答薩克斯的問題。

Thanks. Very helpful.

謝謝。很有幫助。

Thanks, Adrienne. Yeah, regarding Saks, as you mentioned, we did a reserve for $15 million, which is really not too material for us. It is across all the brands areas within Jimmy Choo, Michael Kors collection as well as MK product. But as I stated, we have reserved for that, and we are encouraged that we can work with them to begin shipping to that --

謝謝你，艾德琳。是的，關於 Saks，正如你提到的，我們預留了 1500 萬美元，但這對我們來說真的不算什麼大事。它涵蓋了 Jimmy Choo、Michael Kors 系列以及 MK 產品的所有品牌領域。但正如我所說，我們已經為此預留了空間，我們很高興能夠與他們合作，並開始向那裡發貨。--

Yeah. Let me further add that we're excited about the new management team that's leading Saks Global now. They've been through this before with (inaudible). And we have a lot of confidence in what their strategy is. We also think that a leaner Saks Global will be one that will be successful and very focused.

是的。我還要補充一點，我們對現在領導 Saks Global 的新管理團隊感到非常興奮。他們以前就經歷過這種情況。（聽不清楚）我們非常信任他們的戰略。我們也認為，精簡後的 Saks Global 將會更成功，也更專注。

And so we intend on being very, very supportive of their strategies and to help them succeed. We think that's good for the industry and ultimately, good for the consumer as well.

因此，我們打算全力支持他們的策略，幫助他們成功。我們認為這對產業有好處，最終對消費者也有好處。

Fantastic color. Thank you.

顏色真棒。謝謝。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

Regarding the opportunity for positive growth at Michael Kors, it sounded like the back half was more likely for next year? Would love any color there? And as you look across the channels, what do you (inaudible) with traffic levels that we should be aware of? It looks like online has been attractive?

關於Michael Kors的積極成長機會，聽起來明年下半年更有可能成長？我喜歡那裡的任何顏色？當你觀察各個頻道時，你認為我們應該注意哪些流量等級？ （聽不清楚）看來網路行銷很有吸引力？

And lastly, marketing spend and marketing dollars, or as a percentage of sales, what's your framework for thinking about how to leverage that? And nice job on all the new products.

最後，關於行銷支出和行銷資金（或占銷售額的百分比），您是如何考慮如何利用這些資金的？新產品都做得非常棒。

Thank you, Oliver. So I think your assessment of a little more acceleration in the back half of next year, on a TY/LY basis is probably right. And when I say back half, it's more calendar back half of the year. I'll start out by saying we will, hopefully, at that point, be fully transitioned in our full price with all new product in the channel. We will not be up against this year's where we didn't anniversary the promotional activity. So that should be a positive for us.

謝謝你，奧利佛。所以我認為你對明年下半年增速將略有加快的評估（以今年/去年同期計算）可能是正確的。我說的下半年，指的是行事曆上的下半年。首先我想說的是，希望到那時，我們能夠全面過渡到全價銷售管道中的所有新產品。今年我們沒有舉辦週年紀念促銷活動，所以不會面臨同樣的問題。這對我們來說應該是個好消息。

I think we will also have our full expansion in the additional social media channels in place at that point in time. A good part of that will be in place in the spring season, but I think we'll be even in a much better place in the fall season. And then on the outlet side, we should be, again, maybe not fully transitioned, but we should be 75% transitioned at that point in time, which would put us again in a very good place for the back half of next year. And then the other thing is we will -- as I said, hope -- not hopefully, but we will be -- we will have the daigou sales reductions behind us.

我認為屆時我們也將全面拓展其他社群媒體管道。其中很大一部分將在春季到位，但我認為到了秋季我們會處境更好。而在門市方面，我們或許還不能完全轉型，但到那時應該能完成 75% 的轉型，這將使我們在明年下半年再次處於非常有利的位置。還有一件事，正如我所說，我們希望——不是希望，而是我們將——我們將擺脫代購銷售減少的局面。

So we think there will be less headwinds in the back half of next year, and quite frankly, some tailwinds that really will be driven by product and by marketing. And then the headwind will be -- we will be continuing to reduce our off-price distribution and that's primarily in New York -- I'm sorry, US issue. So you'll see that in North America. But we're committed to continuing to reduce that and create a healthier place for of the consumer to see the Michael Kors brand.

因此，我們認為明年下半年的不利因素會減少，坦白說，還會有一些順風，而這些順風將真正由產品和行銷驅動。然後，我們面臨的不利因素是——我們將繼續減少折扣商品的分銷，這主要是在紐約——抱歉，是美國的問題。所以你在北美會看到這種情況。但我們致力於持續減少這種情況，並為消費者創造一個更健康的環境來了解 Michael Kors 品牌。

Why don't I turn it over to Raj to talk about marketing because we have taken that up, but I'll let him speak to that.

不如我把麥克風交給拉傑來談談行銷吧，因為我們已經討論過這個問題了，就讓他來談談吧。

Yeah. Thanks, Oliver. So regarding the marketing, we're spending just north of approximately 8%, which we feel is a healthy percentage, and we're looking to where we spend those dollars regarding influencers, TikTok spend and spending a little bit more wisely. The Michael Kors number is a little bit more north of that. But overall, we feel really good about the levels that we're spending to and which will drive the growth for next year.

是的。謝謝你，奧利佛。所以，關於行銷，我們的支出略高於大約 8%，我們認為這是一個健康的百分比，我們正在考慮將這些錢花在哪些方面，例如網紅行銷、TikTok 支出等等，以便更明智地花錢。Michael Kors 的價格比這個數字略高一些。但總的來說，我們對目前的支出水準感到非常滿意，這將推動明年的成長。

(Operator Instructions) Paul Lejuez, Citigroup.

（操作員說明）Paul Lejuez，花旗集團。

Curious if you can talk a little bit more about performance at the Kors brand by price range, where you saw the strongest trends overall? But also, where did you see the strongest full price selling in what bands, and then price bands. And then also curious about performance by age, what you saw during holiday?

能否請您詳細談談 Kors 品牌在不同價格區間的表現，以及您觀察到的整體趨勢最強勁的區間？此外，您還看到哪些價位段的全價銷售最強？具體是哪些價位段？另外，我還想了解不同年齡層的表現，你在假期中看到了什麼？

Thank you, Paul. So what is very interesting for us is we've kind of seen two steps in the business. The first step was our -- when we looked at our strategic pricing architecture and in our full price business, we changed that in the spring season of this past year. And we saw an immediate lift based upon that.

謝謝你，保羅。所以對我們來說非常有趣的是，我們已經看到了這個產業發展的兩個階段。第一步是——當我們審視我們的策略定價架構以及我們的全價業務時，我們在去年春季對此進行了改變。我們因此立即看到了增長。

In the fall season, what we were able to do is we have brought in a lot more product between the $150 and $250 range. And those are just smaller bags. In particular, that is where we're seeing the Gen Z customer, in particular, lean into that product, both from a trend standpoint and a pricing standpoint. So we're definitely seeing a lift in that customer based around that product that we are delivering into the full price channel.

秋季，我們引進了更多價格在 150 美元到 250 美元之間的產品。這些只是小包裝袋而已。尤其值得注意的是，我們看到 Z 世代消費者尤其青睞這類產品，無論從潮流角度或價格角度來看都是如此。因此，我們確實看到，圍繞我們向全價通路提供的該產品的客戶數量有所增加。

And as I mentioned also in our previous call, actually, in the outlet channel, we took prices up slightly in our Q3. And we're not seeing resistance in particular in the newer product that we're bringing in where she is excited because it is representing trend for the company. So we think that we're making the right decisions on product, both styling and leaning into certain price areas that are more relevant to certain cohorts.

正如我在之前的電話會議中提到的，實際上，在奧特萊斯頻道，我們在第三季略微提高了價格。而且，我們並沒有看到對我們引進的新產品有任何抵觸情緒，她對此感到很興奮，因為這代表了公司的一個發展趨勢。因此，我們認為我們在產品方面做出了正確的決定，包括產品造型和針對特定群體更相關的價格區間。

Rick Patel, Raymond James.

Rick Patel，Raymond James。

I'm hoping you can paint a picture with a little bit more detail about the return to growth in fiscal '27. Just curious which areas of the business you have the most confidence in? It sounds like it might be led by full price retail, but just wondering what will take a little bit longer to turn aside from wholesale? And then any thoughts on just the geographic performance as we think about variability by region?

我希望您能更詳細地描述一下 2027 財年經濟恢復成長的情況。我很好奇，您對公司哪些業務領域最有信心？聽起來像是全價零售會引領潮流，但我想知道除了批發之外，還有哪些環節需要更長的周轉時間？那麼，當我們考慮區域差異時，對於地理表現方面有什麼看法呢？

Thank you, Rick. Well, first thing I'm going to point out is that we're excited about the growth that we're seeing with Jimmy Choo. And we continue to believe that, that business will be an $800 million business for us over the next few years. \

謝謝你，里克。首先我要指出的是，我們對Jimmy Choo的成長感到非常興奮。我們仍然相信，在未來幾年內，這項業務將為我們帶來 8 億美元的收入。\

And we're excited about the fact that we think the accessories part of that business is a very big opportunity for us, and the response that we're getting from not only the consumers but from our wholesale partners around the globe, given that luxury prices have moved into certain areas where they think there's a very big opportunity for a well-loved brand like Jimmy Choo to begin to be a part of their assortments.

我們很高興地看到，我們認為配件業務對我們來說是一個非常大的機會，而且我們不僅從消費者那裡，而且從我們在全球各地的批發合作夥伴那裡都得到了積極的反饋。鑑於奢侈品價格已經上升到某些地區，他們認為像 Jimmy Choo 這樣備受喜愛的品牌進入他們的產品系列是一個非常大的機會。

So we're excited about that in our own stores, and we're excited about that in our wholesale distribution. We also think that Jimmy Choo has an opportunity to significantly increase the productivity in our store fleet. I think we've told you before, we've spent a fair amount of money over the last few years rebuilding that store fleet. And so we're in a good position now to leverage what we've put in place. So we think Jimmy Choo is going to provide some very nice revenue growth for us.

所以，我們對自己門市的銷售情況感到興奮，對批發分銷管道的銷售情況也感到興奮。我們也認為 Jimmy Choo 有機會大幅提高我們門市的生產力。我想我們之前已經告訴過你們，過去幾年我們花了不少錢來重建門市網路。因此，我們現在處於有利地位，可以充分利用我們已經建立的資源。因此，我們認為 Jimmy Choo 將為我們帶來非常可觀的營收成長。

In terms of Michael Kors, again, we're -- I think we said to you before, that we want to build sustainable growth for us. And we think that's about creating an exciting story for the consumer around the jet set positioning, which is traveling the world in style.

關於 Michael Kors，我們——我想我們之前也跟你們說過——我們希望實現永續成長。我們認為，這關乎圍繞「噴射機時代」的定位，為消費者創造一個令人興奮的故事，即以時尚的方式環遊世界。

And we think that's a very relevant concept given especially how younger consumers really embrace and love travel, and how we're doing storytelling around that. And now we're making the product the hero in that storytelling, and that's also resonating particular with the influencers and the media channels that we're targeting around social media, in particular, to tell that story to that younger consumer.

我們認為這是一個非常相關的概念，特別是考慮到年輕消費者對旅行的熱情和喜愛，以及我們圍繞這一點的故事講述。現在，我們將產品本身塑造成故事中的主角，這尤其引起了我們瞄準的社交媒體上的影響者和媒體管道的共鳴，我們想透過這些管道向年輕消費者講述這個故事。

And so I think that full price will be a part of that expansion in revenues, but also return to growth in our outlet channel. There's a very strong business there. And we want to be exciting for the customer wherever they shop, whichever channel it is that they shop. So again, we are optimistic about our return to growth.

因此，我認為全價銷售將成為收入成長的一部分，同時也將帶動我們奧特萊斯通路的成長。那裡的商業實力非常強勁。我們希望無論顧客透過什麼管道購物，都能為他們帶來令人興奮的購物體驗。所以，我們再次對恢復成長持樂觀態度。

We're also optimistic about our SG&A expansion next year. With modest price increases. With -- we've been working very closely with our suppliers on cost reductions. That's starting to come through, as well as better full price sell-throughs. That's all going to impact our gross margin.

我們對明年的銷售、管理及行政費用成長也持樂觀態度。價格略有上漲。我們一直在與供應商密切合作，努力降低成本。這種情況開始顯現，全價銷售情況也更好了。所有這些都會對我們的毛利率產生影響。

And then, of course, we've, I think, done a very good job over the last two years, reducing our SG&A and controlling that, and we think there's opportunity for us to continue to do work in that area across the both Jimmy Choo and Michael Kors. So we think we're in a very good place with two excellent brands that are beloved by consumers and we're seeing with our database growth. I think you saw that.

當然，我認為我們在過去兩年裡做得非常好，降低了銷售、管理及行政費用並加以控制，我們認為我們有機會繼續在 Jimmy Choo 和 Michael Kors 這兩個領域開展工作。所以我們認為我們目前處境非常好，擁有兩個深受消費者喜愛的優秀品牌，而且我們的資料庫也不斷成長。我想你已經看到了。

We've been doing this quarter after quarter, and you're also seeing the resonation in particular at Michael Kors on e-commerce with three quarters of traffic growth in a row, and we think that's going to also have a halo impact on our stores, and we would expect that to be coming in the not-too-distant future. So Rick, thank you very much for that.

我們每季都在這樣做，而且您也看到了這種趨勢在 Michael Kors 的電子商務領域尤其顯著，其流量已連續三個季度增長，我們認為這也會對我們的實體店產生積極影響，我們預計這種情況會在不久的將來出現。里克，非常感謝你。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

My question is just about the balance sheet. Now that you've reduced net debt to just $80 million, what are your plans with free cash flow? Do you plan on using it to update the stores, or buy back stock? More other actions? If you could maybe help us with that, that'd be great.

我的問題僅與資產負債表有關。既然你們已將淨債務減少到僅 8000 萬美元，你們對自由現金流有何計劃？您打算用它來更新店鋪，還是回購庫存？還有其他行動嗎？如果你能在這方面幫我們一把，那就太好了。

Thank you, Jay, and good morning. Well, let me start by saying, as you stated, in December, we successfully completed the sale of Versace, which we stated was a thoughtful decision. And immediately following the close, we significantly reduced our debt to approximately $80 million net debt, which we feel it puts us in a great position to continue to invest in the business.

謝謝你，傑伊，早安。首先，正如您所說，我們在 12 月成功完成了 Versace 的出售，我們當時也表示這是一個經過深思熟慮的決定。交易完成後，我們立即大幅減少了債務，淨債務降至約 8,000 萬美元，我們認為這使我們能夠繼續對業務進行投資。

Our priority remains to invest in the brands through the store renovation program that we spoke about, as well as technology and digital enhancements and other brand-building initiatives. And our second priority is to return cash to shareholders via the share repurchase program.

我們的首要任務仍然是透過我們之前提到的門市翻新計劃、技術和數位化提升以及其他品牌建設舉措來投資品牌。我們的第二要務是透過股票回購計畫向股東返還現金。

We announced last quarter that our Board of Directors have authorized a $1 billion share repurchase program, which will commence in FY27. And it really shows the belief that the Board has in Capri Holdings. So with our strong balance sheet, it really gives us flexibility to continue to invest in the brands for future growth.

我們上個季度宣布，董事會已批准一項 10 億美元的股票回購計劃，該計劃將於 2027 財年開始實施。這充分體現了董事會對 Capri Holdings 的信心。憑藉我們強勁的資產負債表，我們確實擁有足夠的靈活性，可以繼續投資於品牌，以實現未來的成長。

Got it.

知道了。

Bob Drbul, BTIG.

Bob Drbul，BTIG。

Just on Michael Kors business, can you just tell us where the signature piece of this is, the penetration of it, and the trends that are going on with your signature offering?

僅就 Michael Kors 的業務而言，您能否告訴我們該品牌的標誌性產品是什麼，其市場滲透率如何，以及該標誌性產品的發展趨勢？

Bob, thank you for that question. Yeah, signature, as you know, we -- about two years ago, there was a very strong position to reduce that in the company. And we probably went too far on that, bringing it down significantly. It's running now approximately 40% of our sales. We think that will probably go down a little bit more.

鮑勃，謝謝你的提問。是的，簽名，如你所知，大約兩年前，公司內部曾強烈要求減少這部分支出。我們可能在這方面做得太過頭了，導致它大幅下降。目前，該產品約占我們銷售額的 40%。我們認為這個數字可能還會再下降一些。

We think that leather and suede and some of the other materializations are much stronger from a trend standpoint than where signature had been, traditionally had gotten up to as high as 50% of our business. So I think we always are going to see it as a balance inside the organization. It was probably also a little more prevalent in some of our ready-to-wear and some of our footwear where it's come down there as well.

我們認為，從潮流的角度來看，皮革、絨面革和其他一些材質比我們以往的標誌性材質強得多，而標誌性材質的傳統用途曾占我們業務的 50% 之多。所以我認為我們始終會將其視為組織內部的一種平衡。這種情況可能也更普遍一些，在我們的一些成衣和一些鞋類產品中也出現了這種情況。

So I think we just have to look at it, like everything is a trend. Some companies are actually leaning back into it more strongly this as we speak, some of the big luxury houses. So we'll just watch that also with our data analytics. I think we can quickly see how the consumer feels about how much that represents of what our brand and marketing is.

所以我覺得我們應該把它看作是一種趨勢。就在我們說話的時候，一些公司，包括一些大型奢侈品牌，實際上正在更加大力地重新採用這種模式。所以我們會透過數據分析來觀察這一點。我認為我們可以很快看出消費者對這在多大程度上代表了我們的品牌和行銷理念有何感受。

Aneesha Sherman, Bernstein.

阿妮莎·謝爾曼，伯恩斯坦。

I have a question about long-term margins. You talked a lot about the puts and takes on margin going into next year. Historically, Michael Kors operating margins have been just over 20%. That was the number that was in your last Investor Day a year or two ago. As you think about long term, is there anything structural preventing an eventual return to those levels of margin?

我有一個關於長期利潤率的問題。你談到了很多關於明年保證金交易的賣出和賣出策略。從歷史上看，Michael Kors 的營業利潤率略高於 20%。這個數字和你們一兩年前上次投資者日上公佈的數字一樣。從長遠來看，是否存在任何結構性因素阻礙最終恢復到先前的利潤率水準？

Yeah. Thank you, Aneesha. So number one, as we've said previously, we think Michael Kors over the next few years will reach approximately $4 billion of revenue. And as we see that happening, you're going to see leverage clearly take place. I think as we demonstrate the ability to -- we shrunk our cost structure in the company fairly significantly over the last couple of years.

是的。謝謝你，阿妮莎。第一，正如我們之前所說，我們認為邁克爾科爾斯在未來幾年內的收入將達到約 40 億美元。隨著這種情況的發生，你會明顯看到槓桿作用的出現。我認為，正如我們所展現的能力——在過去幾年裡，我們大幅降低了公司的成本結構。

A big piece of that was our store a closure program. We're close to over 150 stores. We have a few more to go. Still going forward, we're going to look at those stores where they're not profitable, and continue to do that. We'll also open a few stores as well. I think I talked about that we're excited about.

其中很重要的一部分是我們的門市關閉計劃。我們距離超過150家門市很近。我們還有幾個要走。接下來，我們將繼續關注那些不盈利的門市，並繼續這樣做。我們還會開設幾家門市。我想我之前已經談到過我們為此感到興奮的事情了。

We've had a number of mall owners come back to us. They love the new store program that we've opened a number of locations around the world. And so that's got some of our mall partners very excited about us coming back into that. So we'll look at that as well.

已經有不少商場業主重新聯絡我們了。他們很喜歡我們新推出的門市計劃，我們在世界各地開設了多家分店。因此，我們的一些購物中心合作夥伴對我們重返商場感到非常興奮。所以我們也會研究這個問題。

And we've also rationalized the overall structure of the employee base inside the company. So I think as we see revenues grow, we're going to see a leverage created for us. So I would tell you in Michael Kors, that we absolutely believe that, over time, we could reach a 20%-plus operating margin. We just want to make sure that's sustainable. So I would tell you that over the next couple of years, we're going to be focused on really making sure that the consumer is drawn to the brand, and we're not just trying to push the brand on to the consumer.

我們也對公司內部員工團隊的整體結構進行了合理化調整。所以我認為，隨著收入的成長，我們將獲得更大的優勢。因此，我可以告訴大家，在 Michael Kors，我們絕對相信，隨著時間的推移，我們可以達到 20% 以上的營業利潤率。我們只是想確保這是可持續的。因此，我想告訴大家，在接下來的幾年裡，我們將專注於真正確保消費者被品牌所吸引，而不僅僅是試圖將品牌強加給消費者。

As it relates to Jimmy Choo, again, I just mentioned, we think that, that is an $800 million business. Could be bigger depending on how big the accessories portion becomes of the company. And as that accessories part of the business becomes bigger, it carries higher margins, which we think Jimmy Choo will definitely return to a double-digit margin also over the next few years.

至於 Jimmy Choo，正如我剛才提到的，我們認為那是一個價值 8 億美元的企業。具體規模可能更大，取決於公司配件業務的規模發展到什麼程度。隨著配件業務規模的擴大，其利潤率也隨之提高，我們認為 Jimmy Choo 在未來幾年內肯定會恢復到兩位數的利潤率。

So given the fact that we have this opportunity with Michael Kors and with Jimmy Choo, and we're seeing product resonating with the consumer, and we're seeing brand desirability increase at both brands. We're seeing our database increase. I would say we are cautiously optimistic. I think we'll become more optimistic after spring season when we've seen a longer-term consistency with the initiatives that we put in place.

鑑於我們有機會與 Michael Kors 和 Jimmy Choo 合作，並且我們看到產品引起了消費者的共鳴，我們也看到這兩個品牌的品牌吸引力正在提高。我們的資料庫正在成長。我認為我們持謹慎樂觀態度。我認為，在春季過後，當我們看到我們採取的各項措施能夠長期保持成效時，我們會變得更加樂觀。

But we're getting close to a place where we can come back to you and say, it's fully working, and we are ready to, even possibly, invest more to accelerate the growth inside the company. But as I said, we really want the customer to come to us and we're definitely seeing that happen. So thank you very much for the question, Aneesha.

但我們即將達到可以向你們宣布的階段，它已經完全奏效，我們甚至可能準備投入更多資金來加速公司內部的成長。但正如我所說，我們真心希望顧客主動來找我們，而我們確實看到了這種情況正在發生。非常感謝你的提問，阿妮莎。

I'd like to conclude by saying thank you for spending the time with us today. We're excited to report back to you in May with our fourth-quarter results, as well as our guidance for next fiscal year. I want to thank, in particular, our 11,000 employees around the world. They are really the heroes of this story. They worked incredibly hard in a very short window of time at both Michael Kors and Jimmy Choo, to really begin the turnaround for both of these companies to return to growth, and we're excited about what the future holds for us.

最後，我要感謝各位今天抽空與我們共度時光。我們很高興能在五月向您報告第四季業績，以及我們對下一財年的展望。我尤其要感謝我們遍佈全球的11,000名員工。他們才是這個故事中真正的英雄。他們在很短的時間內為 Michael Kors 和 Jimmy Choo 都付出了巨大的努力，真正開始扭轉這兩家公司的頹勢，使其重回成長軌道，我們對未來充滿期待。

Thank you very much.

非常感謝。

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

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。